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Thursday, August 03, 2017

Real Estate Report: Saugatuck Shores, Island Areas Hot

By Judy Szablak

Special to WestportNow

Only 5 percent of all the homes currently available in Westport are in the Saugatuck Shores and Saugatuck Island areas.

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Featured Home: This home at 27 Bermuda Road is listed at $1,199,000. (CLICK TO ENLARGE) Photo courtesy of William Pitt Sotheby’s Westport

The average price of the available 19 homes is just over $3.14 million. The highest priced property is listed at $7.295 million, and the lowest priced home is listed at $1,199,000.

The low number of homes available for sale in these areas helps to create an edge for sellers.

The current inventory doesn’t equate to that many homes for buyers to choose from, especially at a time when the area’s buying selling season is upon us.

Sales in these waterfront communities have also picked up steam this year. Twelve properties have already closed in 2017, which is in contrast to just 13 closed sales throughout all of 2016.

Over the past few years, both Saugatuck Island and Saugatuck Shores have enjoyed the most closed sales in the summer vacation months, and then again in the last quarter of the year.

Market Stats

There are now 372 homes that are actively on the market, which have been listed for an average of 121 days, with a cumulative market time of 217 days.

The average list price is $2,152,858 and the median price is $1,662,000.

A home at 114 Beachside Ave. is the highest priced property for sale at $28 million, and the lowest available priced single-family is a four-bedroom home on Saugatuck Avenue for $339,000.

Eleven new listings came on the market in the last seven days, and two properties came back on the market after being under deposit, or temporarily withdrawn. Twenty-four properties had a price change.

Eleven properties have gone under the initial deposit stage, which we call CTS or Show, 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 those 10 pending properties was $1,825,590. There are currently 33 homes in CTS/Show status throughout Westport, and another 52 properties scheduled to close townwide, with an average price of $1,508,113.

Closings: There were 10 single family homes reported as sold in the last week, and they were listed on average at $1,509,684 with an average market time of 97 days. There were 76 status changes in the last seven days.

Condos: There are 13 condominiums that are available, and they have been listed an average of 82 days. Their average listing price is $862,600 and the median price is $799,900.

The highest priced condo in town is listed at $1,395,000 and is a three-bedroom home at Terra Nova Circle, and the lowest priced unit for sale is a two-bedroom home on Whitney Glen for $450,000.

There was one new listing this week, and no homes came back on the market. There were no price changes, and no properties went under the initial stage of deposit. Two entered pending status, and were listed on average at $805,282.

There is one property townwide that is currently in CTS/Show status, and there are two properties scheduled to close that are listed on average at $805,282.

One sale was reported during the last week, and was listed at $499,000. There were five status changes.

Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 69 homes or apartments available. The median price is $4,800 per month and the average price is $6,036 per month. These year round rental opportunities have been on the market an average of 61 days.

There are 41 short-term rental opportunities that are available, and they have been on the market an average of 130 days. Their average price is $13,753 and the median price is $11,500.

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 SmartMLS and represents activity through our statewide MLS system. Private sales are not included in these statistics.

Featured Home

This home at 27 Bermuda Road is listed at $1,199,000.

It’s just perfection everywhere in this nine-room Saugatuck Shores home, which has a contemporary exterior feel with a traditional colonial flow inside.

Nicely set on a surprisingly ample .25-acre corner lot affording seasonal water views, this 3,026-square foot sun-filled home has been extensively remodeled and redesigned to meet today’s standards.

A grand two-story foyer with custom mill work leads to the formal parlor and the living room with fireplace, and opens up to the dining room with plenty of windows that bring in much natural light.

A custom-designed Rutt kitchen with granite counters and stainless steel appliances has an arched entry leading into a sunlit breakfast nook with bay window.

Additionally there are sliders leading to a private 576-square foot stone paver patio with perennial gardens. 

Great gathering spaces, and a thoughtful and versatile floor plan continue with the family room, which opens to the breakfast nook in one area, and utilizes the custom crafted butlers pantry as a wet bar with wine fridge on another side.

Upstairs, the master bedroom privacy suite has a large walk-in closet, and luxurious bath with whirlpool, separate glass enclosed shower and dual sink vanity.

Three additional bedrooms are on this level, as well as a large playroom room loft with skylights that could easily be converted to another master bedroom, in-law or au pair suite if so desired.

Extras and items to note — four bedrooms, two and one half baths, fireplace, security system, wet-bar, seasonal water views, mooring rights, Flood Elevation Certificate available, Less than two miles from Saugatuck Center, I-95, and Metro-North, truly desirable for any commuter.

Annual taxes are $12,552.

Listing/photo courtesy of William Pitt Sotheby’s 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 http://www.CThomesAndRealEstate.com.

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Posted 08/03/17 at 12:20 PM  Permalink



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