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Friday, October 10, 2014

Real Estate Report: New Homes Are Hot

By Judy Szablak

It seems that Westporters just can’t get enough of new homes. Out of town buyers are also clamoring for new construction as well. Image
Featured Home: This home at 2 Brook Lane is listed at $2,295,000. (CLICK TO ENLARGE) Photo courtesy of Granite Studios

Interestingly enough, we seem to be seeing more and more transitional finishes in these new homes, and the style also appears to be resonating very well with buyers.

The term “transitional” refers more to the interior decor, and is further expressed by bright whites, cool grays, and a perfect blend of traditional style with a very slight contemporary flavor, which translates to a sophisticated and timeless ambiance.

Currently, there are 68 homes on the market that were built in either 2013 or 2014, and these homes have an average listing price of $3,004,243.

Twenty new construction homes are under some stage of deposit, and 36 have sold since the beginning of the year, as reported through our Multiple Listing Service. There are certainly others that never made it on to the market as well.

These numbers not only indicate a healthy market, but one that is more robust than we have seen for quite some time.

Market Stats

There are now 303 homes that are are actively on the market. These currently available properties have been listed for an average of 123 days, with a cumulative market time of 200 days. The average list price is now $2,374,031 and the median price has risen slightly to $1,825,000.

A four-bedroom home on 7.13 acres at 66 Beachside Ave. (home of the late Ruth Bedford) is the highest priced home for sale at $25 million, and the lowest available priced home is a four-bedroom home on 21 Crescent Road for $475,000.

Nineteen 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market in the last seven days, and three properties came back on the market after being under deposit, or temporarily withdrawn. Ten properties had a price change.

Eleven properties have gone under the initial deposit stage, which we call CTS, and another six 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 six pending properties is $3,462,500. There are currently 25 homes in CTS status throughout Westport, and another 44 properties scheduled to close town-wide, with an average price of $2,133,975.

Closings: There were 19 single family homes reported as sold in the last week, which is more than three times what was reported in the prior week.  These home were listed on average at $1,719,158 and sold with an average market time of 118 days. There were 88 status changes in the last seven days.

Condos: There are 13 condominiums that are available, and they have been listed an average of 123 days. Their average listing price is $783,285 and the median price is $789,000.

The highest priced condo in town is $1,075,000 and is a two-bedroom home located at Terra Nova Circle, and the lowest priced unit for sale is a one-bedroom home on Riverside Avenue for $525,000.

There was one new listing this week, and no homes came back on the market after being under deposit. There was one price change, and one property entered into the initial stage of deposit. No homes entered into pending status.

There are two properties town-wide that are currently in CTS status, and one home scheduled to close, that is listed at $849,000.

Three sales were reported during the last week, and were listed on average at $558,000. There were seven status changes reported.

Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 66 homes or apartments available. The median price is $3,925 per month and the average price is $4,570 per month.

These year-round rental opportunities have been on the market an average of 57 days.

There are 16 short-term rental opportunities that are available, and they have been on the market an average of 57 days. Their average price is $6,803 and the median price is $6,200.

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 2 Brook Lane is listed at $2,295,000.

This fashionable five-bedroom colonial is in the heart of Long Lots, is newly built by Able Construction, and designed by Robert Storm Architects.

Exceptional craftsmanship is evident in every square inch of this 5,350-square foot home, and its transitional finishes offer crisp, clean lines and colors, while creating a warm, inviting, and comfortable living atmosphere.

Exceptional mill work fills the home, and includes recessed panel wainscoting on both the first and second floors, custom crown molding, and beamed ceilings

The main level has 9-foot ceiling height, and the living room has a beamed ceiling, and a fireplace with stone surround.

The formal dining room has more wainscoting, and the butlers pantry with beverage fridge is conveniently located across from a walk-in storage pantry.

A designer kitchen has custom cabinetry with marble counters and top of the line stainless steel appliances. The built-in desk area is functional and aesthetically pleasing at the same time, and the breakfast bar seats four comfortably.

The sunlit family room has another fireplace and is open to the kitchen area. French doors lead out to the blue-stone patio, and surprisingly private .50 acre professionally landscaped and fully fenced yard.

Upstairs, the romantically inspired master bedroom has a tray ceiling, custom fireplace, and two walk-in closets. A sumptuous marble bath features a free-standing tub and extra large shower.

Three additional en suite bedrooms are on this level, and the third floor has another en suite bedroom as well as a well proportioned bonus room, which could be a perfect teen suite or au pair quarters.

The lower level has a playroom, media room and space for an exercise room, wine room or bath, along with plenty of storage

Extras and items to note- city water and city sewer, nine foot ceilings on main level, five full and one-half baths, security system, pre-wired for audio, five zone hydro-air heating, whole house 17kw generator, fully fenced and private level yard, irrigation system, room for pool.

Annual taxes have yet to be determined.

Listing courtesy of The Riverside Realty Group/ Photo courtesy of Granite Studios.

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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