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Thursday, June 27, 2013

Real Estate Report: More Positive News

By Judy Szablak

The latest S&P/Case Shiller report affirms what Westporters already know—home prices have been gaining steadily, and year over year gains are the best they have been in years.

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This home at 3 Caccamo Lane is listed at $1,795,000. (CLICK TO ENLARGE) Photo courtesy of Coldwell Banker Westport-Riverside

Data through April 2013 showed that home prices increased 11.6 percent for the 10-city composite index, and 12.1 percent for the 20-city composite index.

“The 10- and 20-City Composites posted their highest monthly gains in the history of S&P/CaseShiller Home Price Indices,” said Chairman David Blitzer.

We can expect that May’s report will be much of the same. However, be prepared for a seasonal slow-down.

Time will tell whether the rising interest rates will take its toll on the local market, or leave it virtually unaffected.

Market Stats

There are now 287 homes that are actively on the market. The average list price of these available homes is up slightly to $2,211,474, and these properties have been listed for average of 108 days, with a cumulative market time of 168 days.

The median price is steady at $1,875,000. The highest asking price for all homes currently on the market is $12 million, and the lowest available priced home is $309,000.

Thirteen new listings came on the market in the last seven days, and six homes came back on the market after being under deposit. Nineteen properties had a price change.

Fifteen properties have gone under the initial deposit stage, which we call CTS, and 22 properties went into pending status, which means that the conditions have been satisfied, and the property is scheduled to close.

The average price of these 22 pending properties is $1,702,218. There are currently 38 homes in CTS status throughout Westport, and another 94 properties scheduled to close town-wide, with an average price of $1,541,983.

Closings: There were 13 single family homes reported as sold in the last week, were listed on average at $1,608,858, and sold with an average market time of 132 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 62 days. Their average listing price is $553,083, and the median price is $511,000.

The highest priced condo in town is listed at $919,000, and the lowest offering price is $289,000.

There were two new listings this week, no homes came back on the market after being under deposit, and there was one price change. One property has entered into the initial stage of deposit, and one property entered the pending stage, which was listed at $775,000.

There are four properties town-wide that are currently in CTS status, and three homes are scheduled to close that are listed on average at $644,667.

Three sales were reported during the last week, and were listed on average at $679,000. There were nine status changes reported.

Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 59 homes or apartments available. The median price is $4,150 per month and the average price is $4,609 per month.

These year round rental opportunities have been on the market an average of 38 days.

There are 48 short-term rental opportunities that are available, and they have been on the market an average of 52 days. Their average price is $14,059, and the median price is $13,000.

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 3 Caccamo Lane is listed at $1,795,000.

Beautifully appointed inside as well as out, this 4,353-square foot Craftsman-style home on .60 acres has an abundance of natural light, just the right amount of southwestern flair, and noticeably high-end workmanship that make it very special, indeed.

This 10-room home was inspired by the works of Greene & Greene in Pasadena, Calif., designers of “The Gamble House,” which is considered one of the finest examples of residential architecture in the United States.

Caccamo was originally built in 1960, and noted local architect Richard Swann masterminded the exceptional remodel, which pays homage and tribute to the original design.

The living room has soaring ceilings, and a three-sided floor-to-ceiling native Connecticut stone fireplace is quite a nice focal point.

The refinished Patagonian rosewood flooring also adds a stunning detail to this room, and this specialty flooring is also throughout the main level, which suits this home perfectly.

The dining room has a cathedral ceiling, and has access to the butler’s pantry/wet bar complete with a beverage cooler, icemaker, and sink.

A solid cherry kitchen has vaulted ceilings, and was designed for the culinary enthusiast as well as the entertainer. Two sinks, two dishwashers, a Wolfe cooktop, double ovens, and a warming drawer cater to the chef.

A matching center island that seats four, and built-in window seating are perfect for the inevitable crowd that will gather here. Radiant heated and cooled flooring ensures everyone’s comfort throughout the year.

The family room has a built-in cherry entertainment center with 70-inch large-screen built-in TV, along with surround sound.

Three bedrooms are on the main level, and are guaranteed privacy through a pocket door that separates the living area from the personal space.

The master bedroom suite occupies the entire upper level, has two walk-in closets, a whirlpool, and enclosed glass block shower. A unique tempered glass vanity with double cobalt blue sinks adds a little Santa Fe flavor to the bath as well.

Extras and items to note – award-winning gardens as featured in the Westport Garden tour, security system, audio system, sauna.

Annual taxes are $18,539.

Listing/photo courtesy of Coldwell Banker Westport-Riverside.
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(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 06/27/13 at 02:33 AM  Permalink



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