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Wednesday, October 29, 2014

Real Estate Report: Not Enough New Homes

By Judy Szablak

Just over 26 percent of all available homes for sale in Westport are under five years old. Interesting dilemma seeing that many buyers are clamoring for new construction, or newly built homes. Image
Featured Home: This home at 2 Gordon Lane is listed at $1,549,000.  (CLICK TO ENLARGE) Photo courtesy of The Higgins Group-Westport

There are just not enough newer homes to meet demand, and buyers sometimes feel that they have to settle for an older home, which really shouldn’t be the case.

In fact, out of the 190 homes currently on the market that were built prior to 2000, many of them have a great flow that is quite relevant to today’s floor plans and lifestyle needs.

Often times, homes that were built in the 1960s or ‘70s are passed over initially because a buyer wants something newer. However it is important to remember that the majority of these homes have been remodeled , and some of them from top to bottom. 

No buyer should ever discount or dismiss a home based upon the year that it was built.

As a buyer looking to move into Westport,  these existing homes represent a great opportunity to live in town at a reasonable cost.  A home may be move in ready, or one might require some personalization, however, in each case, the prices ought to seem fair.

If you are selling your home that was built 50 or so years ago, remember to highlight the improvements and remodels, so your home stands out in the crowd.

Market Stats

There are now 302 homes that are are actively on the market. These currently available properties have been listed for an average of 127 days, with a cumulative market time of 207 days. The average list price is now $2,438,910 and the median price has risen again to $1,924,500.

A four-bedroom home on 7.13 acres at 66 Beachside Ave. is the highest priced home for sale at $25 million, and the lowest available priced home is a five-bedroom home on 40 Ferry Lane East for $435,000.

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market in the last seven days, and five properties came back on the market after being under deposit, or temporarily withdrawn.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

Eight properties have gone under the initial deposit stage, which we call CTS, and another 10 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 10 pending properties is $2,822,100. There are currently 21 homes in CTS status throughout Westport, and another 54 properties scheduled to close town-wide, with an average price of $2,292,370.

Closings: There were five single family homes reported as sold in the last week. These home were listed on average at $1,397,800 and sold with an average market time of 207 days. There were 59 status changes in the last seven days.

Condos: There are 12 condominiums that are available, and they have been listed an average of 147 days. Their average listing price is $768,308 and the median price is $774,000.

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 were no new listings this week, and no homes came back on the market after being under deposit. There were no price changes, and one property entered into the initial stage of deposit. One home entered into pending status, and was listed at $959,000.

There are no properties town-wide that are currently in CTS status, and there is one home scheduled to close, which is listed at $959,000.

No sales were reported during the last week, and just two status changes were reported.

Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 82 homes or apartments available. The median price is $3,775 per month and the average price is $4,440 per month.

These year-round rental opportunities have been on the market an average of 60 days.

There are 20 short-term rental opportunities that are available, and they have been on the market an average of 60 days. Their average price is $6,580 and the median price is $5,425.

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 Gordon Lane is listed at $1,549,000.

This classic four-bedroom colonial in the heart of Greens Farms has been completely remodeled, and suits today’s lifestyle very well.

Although this 11-room home was originally built in 1968, do not expect to see any signs of that anywhere throughout its 3,448-square feet of living area.

The exterior has also had a remarkable facelift, and its’ level 1.06-acre corner property with stone walls offers privacy, natural beauty, and room for a pool.

The foyer has crown molding with dentil accents, and a marble floor with an elegant inlaid perimeter design.

The living room is to the right of the foyer, and has crown molding, a fireplace, and French doors to an expansive sunroom, which also leads out to the 496-square foot deck.

A formal dining room has hardwood flooring with double perimeter walnut inlay.

The well designed kitchen has stainless steel appliances, including double ovens and a Viking stove. Granite counter-tops also have a custom tiled back-splash, and the matching center island offers additional counter space. A cozy breakfast nook is the perfect place for a morning coffee or informal meal.

The family room is open to the kitchen, and has a floor-to-ceiling fieldstone fireplace with raised hearth and recessed wood storage,  as well as its own half bath, and French door styled sliders to the deck.

There are four bedrooms on the upper level, including the master suite, which has a romantically-inspired sitting room with a double columned entry from the main bedroom, and a stunning marble bath with whirlpool, dual sinks, and separate shower. 

The finished lower level has a game room with wet bar and mini-kitchen with fridge and microwave, as well as a large recreation room with full bath, and both add over 700-square feet of living space to the home.

Extras and items to note—municipal water and sewer, natural gas, built-in audio.

Annual taxes are $13,437.

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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