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Wednesday, October 01, 2014

Real Estate Report: Pricing All Important

By Judy Szablak

Now, maybe more than ever this year, home sellers in Westport must pay close attention to the market and how pricing plays an important role in determining whether their home will close by the end of 2014.

WestportNow.com Image
Featured Home This home at 19 Woody Lane is listed at $3,295,000. (CLICK TO ENLARGE) Photo courtesy of William Raveis-Westport/ Karen Amaru & Associates

First, look at your direct competition in the eyes of a buyer.

Your home must be staged properly, offer similar or better amenities to other homes in the same general range, and be ready to be shown at a moment’s notice.

If you have included “the negotiating room” in your asking price, remove it. Single family homes in Westport have sold at an average of 96 percent of asking price over the last six months.

The negotiating room is already built in, and that extra wiggle room could be the reason why a buyer doesn’t even come to look at your home.

Home purchases begin with the buyer’s emotions, and if they never walk through the door, they can never get emotionally involved enough to place an offer.

Once they do, you can stick close to your asking price if need be, or make the decision as to how you want to proceed. The process begins with a showing.

Lastly, review sold comparables thoroughly. Although no two homes are alike, similarities exist, and appraisers sent out on behalf of the bank look for sold comparables within the last six months to determine whether a buyer’s intended purchase is in line with most recent sales history.

Lenders do this to protect their own investment in the home that a buyer is mortgaging, as the home is considered as collateral for the loan

A bank appraisal that does not meet or exceed the intended home price can cause a host of problems, including a failed transaction, especially when there is less than a 20 percent down payment.

Your home should be priced for the market, and not necessarily to arrive at a number that you deem as an end-result net price. Make the most of the next 30-45 days to get your home sold this year.

Market Stats

There are now 312 homes that are are actively on the market. These currently available properties have been listed for an average of 122 days, with a cumulative market time of 197 days.

The average list price is now $2,341,789 and the median price remains steady at $1,799,000.

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 three-bedroom cape on 14 Long Lots Road for $455,000.

Thirteen new listings came on the market in the last seven days, and one property came back on the market after being under deposit, or temporarily withdrawn. Twenty properties had a price change.

Seven properties have gone under the initial deposit stage, which we call CTS, and another seven 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 seven pending properties is $4,720,286, which takes into account a home went under deposit at $12,985,000.

There are currently 21 homes in CTS status throughout Westport, and another 56 properties scheduled to close town-wide, with an average price of $2,078.391.

Closings: There were six single family homes reported as sold in the last week. They were listed on average at $1,69,967 and sold with an average market time of 80 days. There were 65 status changes in the last seven days.

Condos: There are 14 condominiums that are available, and they have been listed an average of 124 days. Their average listing price is $824,779 and the median price is $794,000.

The highest priced condo in town is $1,249,000 and is a three-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 one home 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 is one property town-wide that is currently in CTS status, and two homes are scheduled to close, with an average list price of $659,500.

Two sales were reported during the last week, and were listed on average at $602,000.There were five status changes reported.

Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 63 homes or apartments available.

The median price is $4,000 per month and the average price is $4,623 per month. These year-round rental opportunities have been on the market an average of 54 days.

There are 18 short-term rental opportunities that are available, and they have been on the market an average of 49 days. Their average price is $6,758 and the median price is $6,100.

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 19 Woody Lane is listed at $3,295,000.

This custom five-bedroom colonial is beautifully sited on an especially private 4.51 acre lot in the Hunt Club area.

A private approach befitting of a country manor is highlighted by mature plantings and extensive landscaping, and this distinguished and artistically stunning 7,508-square foot home features something unique and special in every room.

A gracious and elegant two-story entry has an emerald cut tray ceiling and a gently curved floating stairwell, and its rich herringbone floors have a double perimeter walnut inlay.

The living room has a marble fireplace, built-in cabinetry with arched molding accented by just the right amount of fluted millwork. and hardwood floors with double perimeter walnut inlay.

A classically designed and banquet sized dining room has crown molding, recessed panel wainscoting, and a butlers pantry with wine fridge.

The chef’s kitchen has custom cherry cabinetry, rich granite counters, and top of the line appliances, including a second Sub Zero refrigerator. The service island has a vegetable sink and seats three comfortably.

A beautfully designed semi-circular breakfast nook is at the base of the turret, which has two-story windows and overlooks a private yard.

The sunken family room is open to the kitchen and breakfast nook, and features a floor-to-ceiling stone fireplace with raised hearth, surrounded by built-in cabinetry. Two sets of French doors lead out to the 716 square foot blue-stone patio with sitting wall.

A handsome and elegant main level office that is privately situated has rich custom cherry millwork, built-in shelving and cabinetry, and a bay window for added light.

Upstairs, the second floor landing has a built-in mini-office, and the open hall overlooks the family room, breakfast nook and foyer.

The master bedroom occupies its own private wing and has a romantic fireplace as well as a true dressing room with built-in wardrobe closets,  as well as a walk-in closet. The luxurious marble bath has verde green accents, and includes a whirlpool and steam shower.

Four additional en suite bedrooms are on this level, and each have a walk-in closet and custom ceiling treatment.

The finished and versatile third floor has a 30-foot long bonus room with full bath, and can easily be another media room or au pair suite, if so desired.

The lower level offers an additional 1,420 square feet of living area, with a media room, wine cellar and tasting area, two exercise areas, a full bath and another over-sized cedar closet.

Extras and items to note- six full and three one-half baths, three fireplaces, nine-foot ceilings on the main level, first floor sunroom, audio system, security system, central vacuum system, 1,500-bottle wine cellar,  heated three car garage, heated inground gunite pool and spa, generator

Annual taxes are $36,741.

Listing/photo courtesy of William Raveis-Westport/ Karen Amaru & Associates.

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 http://www.CThomesAndRealEstate.com.


Posted 10/01/14 at 07:45 PM  Permalink


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