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Wednesday, August 30, 2017

Real Estate Report: Vintage Homes Have Appeal

By Judy Szablak

Special to WestportNow

The allure of vintage to mid-century charm and character is alive and well in Westport.

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Featured Home: This home at 9 Old Orchard Road is listed at $1.1 million. (CLICK TO ENLARGE) Photo courtesy of Coldwell Banker Westport.

Considering the number of active listings as opposed to the number of sold homes, this segment has all the indications of a better than average market this year.

According to SmartMLS tax records, which is the newly formed statewide Multiple Listing Service, approximately 29 percent of homes in Westport were built before 1950, and while they are certainly not scarce by any means, the 58 properties for sale represent less than 2.5 percent of those 2,357 homes.

Besides a reasonable price point which is conducive to attracting a wide array of buyers, added appeal includes vintage details such as moldings, nooks, crannies, and charming built-ins.

The buyer pool consists of first time buyers, relocations from out of town, local down-sizers, and builders looking to either remodel, or tear down and rebuild.

Sixteen homes are currently under some stage of deposit, and the average sale price for the 69 homes that closed this year is $1,149,119 which represents 95.7 percent of the asking price.

Market Stats

There are now 348 homes that are actively on the market that have been listed for an average of 129 days, with a cumulative market time of 224 days. The average list price is $2,164,867 and the median price has dropped slightly to $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.

Seven new listings came on the market in the last seven days, and no properties came back on the market after being under deposit, or temporarily withdrawn. Fifteen properties had a price change.

Six properties have gone under the initial deposit stage, which we call CTS or Show, 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 those 11 pending properties was $1,423,445. There are currently 22 homes in CTS/Show status throughout Westport, and another 38 properties scheduled to close townwide, with an average price of $1,431,445.

Closings: There were 13 single family homes reported as sold in the last week, and they were listed on average at $1,094,231 with an average market time of 61 days. There were 66 status changes in the last seven days.

Condos: There are 11 condominiums that are available, and they have been listed an average of 114 days. Their average listing price is $859,264 and the median price is $755,000.

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 were no new listings this week, and no homes came back on the market. There were two price changes, and three properties went under the initial stage of deposit. One home entered pending status.

There are four properties townwide that are 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 $835,000. There were six status changes.

Rentals
: If you are interested in renting year round, either furnished or unfurnished, there are 83 homes or apartments available. The median price is $4,400 per month and the average price is $5,951 per month. These year-round rental opportunities have been on the market an average of 67 days.

There are 32 short-term rental opportunities that are available, and they have been on the market an average of 139 days. Their average price is $11,609 and the median price is $10,000.

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 9 Old Orchard Road is listed at $1.1 million.

This charming 11-room expanded cape is located on a commuter friendly cul-de-sac in the sought after Hunt Club area.

The 2,490-square foot home was originally built in 1945, and has all the nooks and crannies one might expect in a home of this vintage, along with today’s modern comforts and conveniences.

The highly flexible and easily inter-changeable floor plan can easily accommodate a variety of room configurations, including a main level master bedroom suite.

The front to back living room has a charming fireplace with custom rosette corner mantel accents, built in shelving, crown molding, and a bay window for added light.

The dining room has sliders out to the 335-square foot deck.

A classic white kitchen with tiled backsplash and granite tops has a built-in corner hutch, and stainless steel appliances.

The sunlit family room has three walls of colonial style windows, and overlooks the level .52-acre lot with 54 arborvitaes planted side by side for aesthetics as well as the utmost in privacy.

A main level bedroom with walk-in closet can easily double as an office if needed.

Upstairs, the exceptionally charming reading nook is just to the right of the second floor landing, and a mini-office has an opening skylight.

The master bedroom privacy suite is also on this level, and has a walk-in closet, and whirlpool bath. Two other bedrooms on this level also have large walk in closets.

The lower level is finished with a media room as well as a large game room

Extras and items to note — four bedrooms, three baths, fireplace, two car garage, heated in-ground pool.

Annual taxes are $10,411.

Listing/photo courtesy of Coldwell Banker 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 08/30/17 at 08:52 PM  Permalink



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