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Tuesday, December 17, 2013

Real Estate Report: New and Nearly New in Demand

By Judy Szablak

New and nearly new homes are clearly in demand in Westport, and homes that were built on or after 2000 have accounted for 128 of the 463 sales in the last year.

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This home at 7 Burnham Hill is listed at $3,345,000. (CLICK TO ENLARGE) Photo courtesy of William Raveis/Westport

More than 1,000 new homes have been built in town since 2000. That figure represents just over 12 percent of the single family home stock, yet these newer homes comprised more than 27 percent of all homes sold in the last year.

The years 2005 and 2007 were both productive, with the creation of almost one-third of all new homes in this century constructed during just these two years alone. Last year was another brisk year with more than 100 new homes being completed.

Eighteen percent of what is currently for sale today was built since 2000, which includes more than 50 brand new homes as being built in 2013, and/or estimated completion date of 2014, according to our local Multiple Listing Service.

Market Stats

Inventory has remained fairly stable in the last few weeks, and there are now 212 homes that are actively on the market. These properties have been listed for average of 133 days, with a cumulative market time of 212 days.

The average list price of the available homes is up almost $90,000 to $2,534,806. This comes after a $50,000 rise the week before, however the hefty increases are not the norm, and are not expected to continue. The median price has increased again to $1,899,000.

A new five-bedroom colonial at 8 Bluewater Lane is the highest priced home for sale at $14.5 million, and the lowest available priced home is a two-bedroom ranch on Crescent Park for $289,000.

Fifteen new listings came on the market in the last seven days, and no homes came back on the market after being under deposit. Four properties had a price change.

Six properties have gone under the initial deposit stage, which we call CTS, and eight 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 eight pending properties is $1.7 million.  There are currently 17 homes in CTS status throughout Westport, and another 40 properties scheduled to close town-wide, with an average price of $1,816,785.

Closings:  There were 16 single family homes reported as sold in the last week, were listed on average at $1,260,956, and sold with an average market time of 141 days. There were 63 status changes in the last seven days.

Condos: There are eight condominiums that are available, and they have been listed an average of 88 days. Their average listing price is $770,063 and the median price is $761,500.

The highest priced condo in town is $899,000 and is a three-bedroom home located at Regents Park, and the lowest priced unit for sale is a two bedroom home on Bradley Lane for $626,500.

There were no new listings this week, and no homes came back on the market after being under deposit. There were no price changes, and no properties entered into the initial stage of deposit. One home entered the pending stage of deposit, and was listed at $935,000.

There are three properties town-wide that are currently in CTS status, and two homes that are scheduled to close, which are listed on average at $905,000.

Two sales were reported during the last week, and were listed on average at $624,000.There were three status changes reported.

Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 47 homes or apartments available. The median price is $6,000 per month and the average price is $6,022 per month. These year-round rental opportunities have been on the market an average of 70 days.

There are 21 short-term rental opportunities that are available, and they have been on the market an average of 100 days. Their average price is $6,702,  and the median price is $5,950. 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 7 Burnham Hill is listed at $3,345,000.

This 13-room custom Nantucket-style shingle colonial is close to Compo Beach, and its open and flowing floor plan brims with custom mill work and exceptional detailing.

This 4,794-square foot home is entertainers delight with space for all, and the lower level offers an additional 2,200 square feet of finished living area.

An elegant living room has a rich marble fireplace, custom wainscoting,  coffered ceilings, and overlooks a beautifully landscaped level .61 acre.

The dining room also has coffered ceilings and has glass doors which lead to the blue-stone patio.

A lightly provincially-themed gourmet kitchen has custom cabinetry with granite tops, tumbled marble back-splash and top of the line appliances, as well as a walk-in pantry. A built in matching hutch/curio adds to the charm , and a contrasting breakfast bar is thoughtfully designed. The informal dining area overlooks the rear yard.

The family room is open to the kitchen, and has a floor-to-ceiling stone fireplace with raised hearth, flanked on either side by built in cherry cabinetry. An oversized bay window brings in plenty of light, and a French door leads out to the patio.

A main level office/library has recessed shelving and a full bath, and could easily double as an au pair suite, if so desired.

The stairwell to the second floor is designed into the turret, and there is a sunlit reading area at the top of the stairs. All five bedrooms are located on this level.

The master bedroom has beautifully angled ceilings, and a custom designed closet.  A luxurious marble bath has a jetted pedestal soaking tub and glass enclosed steam shower.

Each of the four additional bedrooms are en suite,  and two bedrooms have access to the viewing deck.

The lower level has a great room, home theater with fireplace, game room, and exercise/fitness room plus a full bath.

Extras and items to note—10-foot ceilings on the first floor, audio system, security system, central vacuum, 15KW generator

Annual taxes are $34,599.

Listing/photo courtesy of William Raveis/Westport.
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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 12/17/13 at 07:55 PM  Permalink



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