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Thursday, July 25, 2013

Real Estate Report: Waterviews Selling

By Judy Szablak

Some of the finest waterfront homes have hit the market in Westport this year, and three exceptional waterfront properties have sold in 2013, including two homes on Beachside Avenue and one on Charmers Landing. 

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This home at 11 Covlee Drive is listed at $3,200,000. (CLICK TO ENLARGE) Photo courtesy of Coldwell Banker Westport-Riverside/Welling & Associates

As per our Multiple Listing Service (MLS),  there are 53 homes available that are listed with direct waterfront, and that is equal to just over 19 percent of what is available in town. These properties are listed at an average price of $3,206,330 and are approximately 4,500 square feet in size on average..

Although the sales activity for these homes is traditionally not as fast paced as the rest of the market, properties are selling on par with last year, with 23 closed sales year to date, and another seven in pending status.

Market Stats

There are now 274 homes that are actively on the market. The average list price of these available homes is up slightly to $2,256,197, and these properties have been listed for average of 119 days, with a cumulative market time of 181 days. The median price is currently at $1,890,000.

The highest asking price for all homes currently on the market is $12 million and the lowest available priced home is $309,000.

Fourteen new listings came on the market in the last seven days, and one home came back on the market after being under deposit. Fourteen properties had a price change.

Eight properties have gone under the initial deposit stage, which we call CTS, and 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 $1,629,091. There are currently 41 homes in CTS status throughout Westport, and another 72 properties scheduled to close town-wide, with an average price of $1,629,091.

Closings:  There were 18 single family homes reported as sold in the last week, were listed on average at $1,314,883, and sold with an average market time of 75 days. There were 78 status changes in the last seven days.

Condos: There are nine condominiums that are available, and they have been listed an average of 106 days. Their average listing price is $629,111, and the median price is $629,000. The highest priced condo in town is listed at $919,000 and the lowest offering price is $289,000.

There were no new listings this week, no homes came back on the market after being under deposit, and there were two price changes. Three properties entered into the initial stage of deposit, and one property entered the pending stage which was listed at $1,350,000.

There are four properties town-wide that are currently in CTS status, and three homes are scheduled to close that are listed on average at $711,667.

No sales were reported during the last week. There were seven status changes reported.

Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 53 homes or apartments available. The median price is $4,950 per month and the average price is $5,171 per month. These year round rental opportunities have been on the market an average of 40 days.

There are just 34 short-term rental opportunities that are available, and they have been on the market an average of 71 days.  Their average price is $12,629,  and the median price is $12,500. 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 11 Covlee Drive is listed at $3,200,000.

This striking custom villa is part of the sought after Covlee Association in the Saugatuck Shores area.

Custom built in 1989, this 4,680-square foot dramatic nine-room waterfront Mediterranean-style home on .56 acres is an architectural gem that features soaring ceilings, rounded walls, arched doorways, walls of glass, and outstanding views of the Bermuda Lagoon.

The two-story living room has a custom marble fireplace, and a deck to enjoy the outdoors. The room also features Palladian windows, and their symmetrical design creates the perfect frame for breathtaking waterviews from every angle.

The dining room is open to the living room and has two skylights and a wall of windows that afford fantastic water views.

A chef’s kitchen has stainless steel appliances, a breakfast bar and granite counters, plus sliders to one of the five mahogany decks.

A semi-circular “backgammon nook” is uniquely positioned between floors, and a sunlit loft with another balcony on the uppermost level could suit an artist well, is great for reading, or perfect for an additional office area.

The master bedroom suite has cathedral ceilings, a two-sided fireplace, a luxurious marble bath with a jetted tub, and glass-enclosed shower, and its own private over-sized covered balcony overlooking the water.

Three additional bedrooms are on this level, with one overlooking the water, and two with their own balcony.

Both a media room and the family room are on the lower level, and the latter has a built in bar area that seats four comfortably, is open to the game room, and both areas enjoy water views.

This home has an open, airy and contemporary feel with a versatile floor plan that allows for privacy as well as entertaining that can accommodate any style.

Extras and items to note- new deepwater dock, generator, hydro-air heating system, security system, central vacuum system, exercise room.

Annual taxes are $36,014.

Listing/photo courtesy of Coldwell Banker Westport-Riverside/Welling & Associates.
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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 07/25/13 at 02:54 AM  Permalink



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