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Friday, June 27, 2014

Real Estate Report: Summer Slowdown is Here

By Judy Szablak

The seasonal summer real estate slowdown has arrived in Westport—ask any Realtor in town.

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Featured Home: This home at 114 Morningside Drive South is listed at $2,595,000. (CLICK TO ENLARGE) Photo courtesy of The Riverside Realty Group/ Sue Lieberman & Associates.

Only 20 single family homes have gone under the initial stage of deposit this month, and just three specified price pockets are enjoying 30 percent of all of the activity in town.

The $850,000-900,000 price point is one of the most active price ranges, and has the lowest average market time of just 41 days to reported deposit. The $1.1-1.4 million and $2-2.5 million ranges have also been just as active this month, with an overall average market time of 83 days

Don’t expect too much of a change in overall buyer activity in the next 60-90 days. If your home is on the market, or you are planning to sell your home, it must show at its very finest during this time to effect a timely sale. Buyers are looking, but they are finicky.

Be prepared, price your home correctly from the beginning, consider getting a home inspection completed prior to entering the market so you can repair or address any deficiencies, and stage your home properly to sell.

Market Stats

This week offers nearly identical inventory from last week, with 346 homes that are actively on the market. These currently available properties have been listed for average of 113 days, with a cumulative market time of 172 days. The average list price is now $2,351,901 and the median price is up slightly to $1,832,000.

A seven-bedroom home at 2 Manitou Court is the highest priced home for sale at $12,985,000, and the lowest available priced home is a three-bedroom home on 10 Crescent Park for $379,000.

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the market in the last seven days, and one property came back on the market after being under deposit, or temporarily withdrawn.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

Nine properties have gone under the initial deposit stage, which we call CTS, and another 13 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 13 pending properties is $1,012,615. There are currently 34 homes in CTS status throughout Westport, and another 76 properties scheduled to close town-wide, with an average price of $1,756,500.

Closings: There were 10 single family homes reported as sold in the last week, and were listed on average at $1,472,690, and sold with an average market time of 115 days. There were 74 status changes in the last seven days.

Condos: There are 16 condominiums that are available, and they have been listed an average of 92 days. Their average listing price is $654,213 and the median price is $644,450.

The highest priced condo in town is $1,265,000 and is a three-bedroom home located at Terra Nova Circle, and the lowest priced unit for sale is a one-bedroom home on Sylvan Lane for $304,000.

There were no new listings this week, and no homes came back on the market after being under deposit. There was one price change, and one property entered into the initial stage of deposit. One home enetered into pending status, and was listed at $770,000

There is one property town-wide that is currently in CTS status, and two homes that are scheduled to close, which are listed on average at $620,000.

One sale were reported during the last week, and was listed at $779,000. There were four status changes reported.

Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 66 homes or apartments available. The median price is $4,738 per month and the average price is $5,658 per month. These year round rental opportunities have been on the market an average of 37 days.

There are 47 short-term rental opportunities that are available, and they have been on the market an average of 60 days. Their average price is $15,387 and the median price is $13,500. 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 114 Morningside Drive South is listed at $2,595,000.

Located in one of Westport’s most sought after neighborhoods in Greens Farms, this 13-room home has elegant appointments and detailing, spacious rooms, and a fantastic flow, along with beautiful views from most rooms of the of its spectacularly landscaped 2.38-acre property,

Originally built in 1970, beautifully redesigned by Peter Cadoux in 1999, and professionally staged by Refine Staging of Westport, this 5,797-square foot home has five bedrooms, four fireplaces, and two kitchens.

A sunken living room has layered crown molding, a marble fireplace, and floor to ceiling built-in shelving on either side of the doorway to the sunroom, which has an oversized transom topped bay window offering wonderful views of the Koi pond with waterfall.

The sunlit cherry office has cathedral ceilings, plenty of built ins, and access to the stone patio.

The dining room has coffered ceilings, recessed panel wainscoting and another fireplace.

A state of the art gourmet kitchen has stainless steel appliances, granite countertops with a tumbled marble backsplash, and an angled breakfast bar that seats five comfortably. The vaulted breakfast bay area has beautiful and private views of the lush landscape.

The family room is open to the kitchen, and has a floor to ceiling stone fireplace with built-in shelving and cabinetry on either side, as well as French doors to the sunroom, and French doors outside.

Upstairs, the master bedroom has cathedral ceilings, and a balcony overlooking the property, as welll as two large walk in closets and a dressing room.  A stunning marble bath has luxurious appointments including a whirlpool, double sinks, and water closet. 

Four additional bedrooms are on this floor and two are en suite. 

The lower level has an additional 800 square feet of living area and includes a kitchen with breakfast bar, and a recreation room with fireplace.
Stunning property, artfully designed interior, and supreme living in the heart of Greens Farms.

Extras and items to note—six zone hydro air heating system, whirlpool, central vacuum system, audio system, Panasonic super hybrid phone system, Kar-tel alerts system, security system, three car garage, heated free-form Glen Gate gunite pool, waterfalls, Koi pond.

Annual taxes are $26,138.

Listing/photo courtesy of The Riverside Realty Group/ Sue Lieberman & 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 06/27/14 at 02:50 AM  Permalink


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