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Wednesday, May 03, 2017

Real Estate Report: Market Remains Brisk

By Judy Szablak

Special to WestportNow

The spring selling season is almost half over, and the Westport real estate market remains brisk. Image
Featured Home: This home at 88 Morningside Drive South is listed at $2,999,000.  (CLICK TO ENLARGE) Photo courtesy of The Higgins Group/Westport

In order to maximize the rest of the season, it is imperative that sellers show your home at its very best. That includes pricing as well as appearance.

Proper pricing of your home remains key at this time, and it is certainly not advisable to “test the waters” with a higher than suggested asking price.

This will only deter buyers and hurt your chances of obtaining the best price possible at a later date.

Our Multiple Listing Service (MLS) records every past listing of every property.

It is easily researched by agents, and does not paint either homeowner or property in the best light for the highest possible future sale.

Handling repairs before your home goes on the market is also a good idea. A pre-inspection can uncover items that are better off addressed prior to formally placing your home on the market, as buyers still tend to nitpick on small items.

The interior of your home should show bright, clean and devoid of personal effects and clutter. Bring out the spring and summer linens, and begin the moving process by packing unneeded items, thereby creating the look of additional living space and storage areas.

Curb appeal remains especially important, as many buyers will conduct a “drive by,” so first impressions do count.

Adding flowers where feasible and freshening up mulch is also a low cost, high impact approach to beautifying the exterior, as well as trimming trees and bushes.

Windows should be clean and sparkling, and also consider power washing the walkway, patio, deck and house if needed.

Market Stats

There are 346 homes actively on the market, which have been listed for an average of 107 days, with a cumulative market time of 199 days. The average list price is $2,154,424 and the median price remains at $1,699,000.

A home on Beachside Avenue is the highest priced property for sale at $28 million, and the lowest available priced single-family is a two-bedroom home on Hales Road for $300,000.

Twenty-six new homes came on the market in the last seven days. One property came back on the market after being under deposit, or temporarily withdrawn. Twenty-nine properties had a price change.

Fifteen properties have gone under the initial deposit stage, which we call CTS, and another 20 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 20 pending properties was $2,171,150. There are currently 44 homes in CTS status throughout Westport, and another 76 properties scheduled to close town-wide, with an average price of $1,816,682.

Closings: There were 20 single-family homes reported as sold in the last week, and they were listed on average at $1,717,220 with an average market time of 123 days. There were 119 status changes in the last seven days.

Condos: There are 12 condominiums that are available, and they have been listed an average of 111 days. Their average listing price is $726,283 and the median price is $730,080.

The highest priced condo in town is listed at $1,275,000 and is a three-bedroom home at Terra Nova Circle, and the lowest priced unit for sale is a two-bedroom home on Hills Lane for $285,000.

There were no new listings this week, and no homes came back on the market. There was one price change, and no properties went under the initial stage of deposit. Two properties entered pending status, and were listed on average at $569,000.

There is one property town-wide that is currently in CTS status, and there are five properties scheduled to close, with an average list price of $896,400.

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 63 homes or apartments available. The median price is $6,400 per month and the average price is $7,203 per month. These year-round rental opportunities have been on the market an average of 74 days.

There are 75 short-term rental opportunities that are available, and they have been on the market an average of 74 days. Their average price is $15,339 and the median price is $14,500.

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 GFC-CMLS and represents activity through our local MLS system. Private sales are not included in these statistics.

Featured Home

This home at 88 Morningside Drive South is listed at $2,999,000.

This elegant and stately Greens Farms colonial is full of vintage character, while incorporating all of today’s modern amenities.

Originally built in 1900, this 11-room home has over 6,800-square feet of living area and nearly every room has wonderfully charming details.

Gently arched doorways, arched sunburst detailing, crown molding, picture frame wainscoting, and recessed wall built-ins all create a warm, elegant and refined feeling throughout.

The grand formal living room has a fireplace, and exceptionally designed built-ins include the themed arched accent woodwork that also is incorporated in other parts of the home.

An arched doorway to the dining room also adds to the vintage charm, along with picture frame wainscoting. The butlers pantry has granite tops and a beverage fridge.

The custom-designed kitchen has granite tops, stainless steel appliances and charming arches and built-ins that provide a vintage accent.

A breakfast bar seats four comfortably, and the informal dining area has a lightly implemented tray ceiling, and overlooks the level and professionally landscaped and magnificent 3.24-acre property through an oversized picture window.

The expansive family room has beamed cathedral ceilings, a fireplace, and a wall of built-ins.

The main level office has picture frame molding, and a built-in desk and shelving.

Upstairs, the master bedroom suite with fireplace has its own reading room that steps out to a private 18-foot by 20-foot balcony, a dressing area and two walk-in closets. The sumptuous marble bath has cathedral ceilings and includes a whirlpool and separate glass enclosed shower.

There is also an en suite bedroom on this level, as well as two other bedrooms which share a Jack and Jill style bath.

Additionally, two bedrooms and bath are on the third floor, as well as a large bonus room, which could easily be converted to au pair quarters or a nanny suite

Extras and items to note—six bedrooms, five full and one-half baths, three fireplaces, central vacuum, security system, 9-foot ceilings on main level, sitting room with fireplace, screened porch, playroom in finished lower level,  three-car garage, inground pool, tennis court, gazebo, generator.

Annual taxes are $30,434.

Listing/photo courtesy of The Higgins Group/Westport.

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


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