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Friday, July 28, 2017

Real Estate Report: Large Properties Increasingly Scarce

By Judy Szablak

Special to WestportNow

Only nine homes with three acres or more have sold in Westport since the beginning of the year, and only five sold in all of 2016.

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Featured Home: This home at 315 North Ave. is listed at $1,799,000. (CLICK TO ENLARGE) Photo courtesy of Westport Residential

That’s not because they are not in demand. There just aren’t that many that exist townwide.

Over the years, many of the existing larger parcels have been prime candidates for subdivisions.

That kind of acreage is just not too common anymore. Some homeowners have even purchased neighboring properties to obtain additional land.

According to our MLS tax records, only 141 single family homes have over three acres of property. Just 12 are available, and they carry a hefty average price of just over $6.2 million.

Only four residential properties exist that have over 10 acres of property, and just one is available on North Avenue and is listed at $7.995 million.

Note: Separately taxed adjoining parcels owned by one individual or entity are not included in the above statistics.

Market Stats

There are now 379 homes that are actively on the market, and these currently available properties have been listed for an average of 117 days, with a cumulative market time of 214 days. The average list price is now $2,142,975 and the median price is $1,649,000.

A home at 114 Beachside Ave. is the highest priced property for sale at $28 million, and the lowest available priced single family is a four-bedroom home on Saugatuck Avenue for $339,000.

Seventeen new listings came on the market in the last seven days, and three properties came back on the market after being under deposit, or temporarily withdrawn. Twenty-seven properties had a price change.

Twelve properties have gone under the initial deposit stage, which we call CTS, and another ten properties went into pending status, which means that the conditions have been satisfied, and the property is scheduled to close.

The average price of those 10 pending properties was $1,459,500. There are currently 32 homes in CTS status throughout Westport, and another 50 properties scheduled to close townwide, with an average price of $1,465,957.

Closings: There were 11 single family homes reported as sold in the last week, and they were listed on average at $1,886,136 with an average market time of 127 days. There were 92 status changes in the last seven days.

Condos: There are 12 condominiums that are available, and they have been listed an average of 82 days. Their average listing price is $877,400 and the median price is $817,450.

The highest priced condo in town is listed at $1,395,000 and is a three-bedroom home at Terra Nova Circle, and the lowest priced unit for sale is a three-bedroom home on Whitney Glen for $450,000.

There were two new listings this week, and no homes came back on the market. There were two price changes, and no properties went under the initial stage of deposit. One entered pending status, and was listed at $215,564.

There are two properties townwide that are currently in CTS status, and there are two properties scheduled to close that are listed on average at $357,282.

No sales were reported during the last week. There were three status changes.

Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 67 homes or apartments available. The median price is $4,775 per month and the average price is $5,860 per month. These year round rental opportunities have been on the market an average of 70 days.

There are 45 short-term rental opportunities that are available, and they have been on the market an average of 132 days. Their average price is $14,362 and the median price is $12,500.

Please note that seasonal rental prices are sometimes listed as an aggregate price for the season, or they can be listed as per the monthly rental cost.

Source — Market Data is compiled from the SmartMLS and represents activity through our statewide MLS system. Private sales are not included in these statistics.

Featured Home

This home at 315 North Ave. is listed at $1,799,000.

This 11-room country compound in the Coleytown area is perfect for year round living as well as a summer hideaway.

A 5,880-square foot contemporized colonial is nestled beautifully among 3.93 lavishly landscaped acres on the Westport/Weston line; 2.71 acres of which are actually in Weston, and afford the homeowner both town’s amenities, including choice of public schools.

The living room with herringbone detailed wood flooring has a fireplace with a custom mantel, and French doors to the sunroom.

A banquet-sized dining room has a regally designed arched entry, wainscoting, and matching herringbone wood floors.

The gourmet kitchen has a substantial and elegant look and feel, with granite counters, stainless steel appliances, a contrasting service island, and oversized breakfast area. Two sets of French doors lead outside to magnificent grounds and one of two foot stone patios.

The sun-filled two-story family room has a floor-to-ceiling fieldstone fireplace with raised hearth, and exudes warmth and comfort.

A main level office has two large picture windows that overlook the scenic property, a built-in desk, and plenty of cabinetry and shelving.

The second floor landing has a nicely tucked away and built-in mini workspace with desk and shelving.

Upstairs, the master bedroom suite with tray ceiling has a romantic fireplace with marble surround, a dressing room, and a luxurious spalike bath with whirlpool and separate shower.

There are four additional bedrooms and three are on en suite

The lower level includes a gym/recreation room.

Additionally, an exceptionally charming 1,147-square foot guesthouse on the property was designed by Peter Cadoux, and has a kitchen with granite counters, two-story great room, office and full bath.

Extras and items to note — five bedrooms, four full and two half baths, three fireplaces, security system, audio system, central vacuum system, hydro-air heating, three-car garage, temperature controlled wine closet, heated Gunite pool, pool house/guesthouse

Listing/photo courtesy of Westport Residential.

Annual taxes are $33,848.


Judy Szablak
(Editor’s Note: Judy Szablak of Coldwell Banker Westport — Riverside, Fairfield County CT Realtor since 1984 is author of “The Art of Buying or Selling a Home,” and featured on HGTV’s real estate show, “Desperate to Buy.” Email .(JavaScript must be enabled to view this email address) or visit her online at http://www.CThomesAndRealEstate.com.

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Posted 07/28/17 at 02:20 PM  Permalink



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