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Thursday, March 27, 2014

Real Estate Report: Spring Buying Season Has Begun

By Judy Szablak

The calendar says spring is officially here—though you wouldn’t know it today in Westport—and the home buying and selling season has already begun.

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This home at 8 Marilane is listed at $2,599,000. (CLICK TO ENLARGE) Photo courtesy of The Riverside Realty Group

If you have been considering selling your home, and have not yet put it on the market, there are a few things you should be doing right now to prepare so you can show your home in its best possible light.

Besides being the most obvious item to address, clutter is also the most talked about. Inside your home, get rid of any unnecessary items that could have built up over the winter, or any extra items, period.

Buyers should be able to see the rooms, envision their furnishings in the home, and not get distracted by personal items, an abundance of items, or clutter of any kind. Think of it as pre-packing for your intended move.

If you have seasonal decor, it’s time to change it. Open the windows, let some fresh air in, and don’t forget to have the windows cleaned. 

Just because you don’t hear too much about grading, and its effect on water seepage, does not mean that it can’t or won’t occur. Be proactive, and check your outside landscaping, grading, and the exterior of your home.

The ground is already wet with the amount of snow and ice that we have had over the last few months, and is only going to get more saturated when the traditional “April showers” come. 

Even if you have never had water in your basement, the conditions are just right for that to occur this spring.

Remember that first impressions count. There are many ways to improve upon what you already have, and to make your home as presentable inside, as well as outside

Market Stats

There are now 284 homes that are actively on the market. These currently available properties have been listed for average of 99 days, with a cumulative market time of 167 days. The average list price is now $2,504,558 and the median price is now $1,995,000.

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 home on Crescent Park for $289,000.

Twenty-four 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.

Nine properties have gone under the initial deposit stage, which we call CTS, and another 11 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 11 pending properties is $2,002,809. There are currently 32 homes in CTS status throughout Westport, and another 51 properties scheduled to close town-wide, with an average price of $1,900,957.

Closings: There were seven single family home reported as sold in the last week, and were listed on average at $1,673,571, and sold with an average market time of 100 days. There were 72 status changes in the last seven days.

Condos: There are 11 condominiums that are available, and they have been listed an average of 64 days. Their average listing price is $676,545 and the median price is $729,000.

The highest priced condo in town is $935,000 and is a two-bedroom home at Lansdowne, and the lowest priced unit for sale is a one-bedroom home on Sylvan Lane for $304,000.

There was one new listing this week, and no homes came back on the market after being under deposit. There were no price changes, and three properties entered into the initial stage of deposit.

Two homes entered the pending stage of deposit, and their average price was $807,000.

There are four properties town-wide that are currently in CTS status, and three homes that are scheduled to close, which are listed on average at $746,833

One sale was reported during the last week, and the property was listed at $379,900. There were eight status changes reported.

Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 32 homes or apartments available. The median price is $4,675 per month and the average price is $5,390 per month. These year round rental opportunities have been on the market an average of 49 days.

There are 21 short-term rental opportunities that are available, and they have been on the market an average of 47 days. Their average price is $18,250, and the median price is $19,500.

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 GFC-CMLS and represents activity through our local MLS system. Private sales are not included in these statistics.

Featured Home

This home at 8 Marilane is listed at $2,599,000.

Privately situated on 1.5 acres, and on a cul-de-sac with frontage on Christmas Lake, this custom-built 7,010-square foot colonial caters to the entertainer at heart,  and is designed for living.

There’s much to be said about expert detailing, custom mill work, and all the thoughtful upgrades and extras, including 10-foot ceilings and eight foot doors. Built by local master craftsman Tony Ialeggio in 2001, each of the 14 rooms features a distinct attention to detail.

An inviting living room has a stone fireplace, and doubles as an entertainment room with built-in speakers for surround sound television.

The banquet sized dining room exudes warmth while allowing for large gatherings

A grand kitchen has top of the line appliances including two Sub-Zero refrigerators, a Viking six-burner stove, warming drawer and wine cooler. The oversized angled granite island adjoins the eating area and family room.

The family room is open to the kitchen, and features antique wood beams and a tin ceiling, with a floor to ceiling oversized stone fireplace. Large windows overlook the private backyard with serene views of Christmas Lake.

A main level en suite bedroom is specifically designed as a guest suite.

Upstairs, there are five bedrooms, including the master suite, which has a sitting room, spacious closets, and a regally designed bath. The other four bedrooms on this floor are also en suite, and have large walk in closets.

An upper level den is large and quite versatile, and can be used as a media room, or additional family room.

Not included in the square footage is a finished lower level, which has a game room, additional bedroom, and full bath.

This custom lakefront home is perfect for entertaining, while maintaining exceptionally private personal spaces .

Extras and items to note- waterviews and frontage on Christmas Lake,  security system,  audio system, walk-up attic, second floor laundry with two washers and dryers, heated Gunite pool and hot tub with Auto Safety Cover

Annual taxes are $30,461.

Listing/photo courtesy of The Riverside Realty Group.
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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 03/27/14 at 03:12 AM  Permalink



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