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Friday, December 27, 2013

Real Estate Report: Schedule Closings Carefully

By Judy Szablak

The last week of any given month usually brings about many closings, and this month is no different except we can expect a bit of a spike for this month in particular due to its year-end timing.

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This home at 6 Cardinal Lane is listed at $2,595,000. (CLICK TO ENLARGE) Photo courtesy of Coldwell Banker Westport-Riverside/KMS Partners

There have already been 37 closings in December, and another nine homes were entered into pending status in the month of November that should probably close in the next week as well, at a minimum, which would make it a banner month.

Scheduling a closing to avoid tax ramifications, or to obtain tax benefits can make the whole transaction that much more beneficial to either seller or buyer. But unfortunately, some sales that are scheduled for December may end up spilling over into the first week of January, and that is not without costs to the homebuyers.

What many people, buyers in particular, do not realize, is the amount of money paid at the closing table in per diem charges is greatly diminished when the closing occurs at the end of the month.

An example: prepaid interest charges are minimal at the end of the month. Based upon a mortgage amount of $1 million at 5 percent interest, a day or two could make the difference in closing costs of more than $5,000, which is entirely unnecessary if the actual day was chosen and executed carefully.

Expending the energy to ensure your property sale or purchase happens as scheduled is well worth any additional calls and/or effort needed for a successful and timely closing.

Market Stats

Inventory has dipped again, and there are now 204 homes that are actively on the market. These properties have been listed for average of 136 days, with a cumulative market time of 217 days. The average list price of the available homes is $2,527,017, and the median price has stable at $1,899,950.

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.

Five 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.

Four properties have gone under the initial deposit stage, which we call CTS, and 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 $1,859,571. There are currently 15 homes in CTS status throughout Westport, and another 36 properties scheduled to close town-wide, with an average price of $1,859,571.

Closings: There were 11 single family homes reported as sold in the last week, were listed on average at $1,505,536 and sold with an average market time of 104 days. There were 46 status changes in the last seven days.

Condos: There are eight condominiums that are available, and they have been listed an average of 95 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 at Regents Park, and the lowest priced unit for sale is a two-bedroom home on Bradley Lane for $626,500.

There was no activity this week, and no status changes

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.

Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 44 homes or apartments available. The median price is $5,975 per month and the average price is $5,698 per month. These year round rental opportunities have been on the market an average of 77 days.

There are 19 short-term rental opportunities that are available, and they have been on the market an average of 106 days. Their average price is $6,868,  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 6 Cardinal Lane is listed at $2,595,000.

This newly built shingle-style colonial is set to be completed in the next few weeks, and abounds with superior quality, details and craftsmanship.

Privately sited on 2.09 acres down a long drive at the end of cul-de-sac,  this 6,000-square foot home is exceptionally designed and offers versatile living areas with a traditional open flow.

Once inside, you are greeted by a gracious and elegant two-story foyer with custom mill work and recessed panel wainscoting, with a beautifully designed and gently curved staircase to the second floor,

An elegant living room has hand-crafted mill-work that includes coffered ceilings, and a custom fireplace with granite surround.

The library/office is accessed from either the living room or family room, and is enriched with custom built-in cabinetry. This room offers as much privacy as one would desire, while simultaneously mantaining a versatile flow.

The dining room has recessed panel wainscoting, coffered ceilings and a butlers pantry with sink and beverage fridge.

A custom gourmet kitchen features top of the line stainless steel appliances,  Carrera marble counters, and a walk-in pantry. The matching expansive service island seats five comfortably and is a pleasant complement to a large informal dining area/breakfast nook.

The family room has a beamed ceiling, is open to the kitchen, and features a floor-to-ceiling stone fireplace, has built in cabinetry, and French doors to the Mahogany deck.

Once upstairs, the master bedroom suite is to your left, and has two walk in closets, a marble bath befitting of royalty with dual vanities, deep jetted tub, glass enclosed shower, and radiant heated floors. A perfectly placed sitting room offers additional respite.

There are four other en suite bedrooms on this floor, as well as a bonus room which utilizes a Jack and Jill-style bath. This area in itself can very easily be a perfect sixth bedroom, teen suite or au-pair quarters with its own perfectly incorporated secondary entrance

The walk out lower level offers an aadditional 1,200 square feet and includes a 500 bottle wine cellar with stone floor, and a game room with additional fireplace and full bath.

Extras and items to note- security system, automatic back-up generator, pre-wired “smart home” technology (-i.e. lighting control system, multi-room distributed audio system, automatic backup generator, high resolution day/night property surveillance camera system with remote monitoring),  finishable walk-up attic, built by Ron Domenici Builders

Taxes have yet to be determined.

Listing/photo courtesy of Coldwell Banker Westport-Riverside/KMS Partners.
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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 12/27/13 at 02:57 AM  Permalink



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