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Wednesday, April 26, 2017

Real Estate Report: Westport Hot Spots

By Judy Szablak

Special to WestportNow

Although Westport as a whole has enjoyed ramped up activity in the last couple of months, a few areas remain more marketable than others.

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Featured Home:  This home at 2 Pequot Trail is listed at $1,399,000. (CLICK TO ENLARGE) photo courtesy of Coldwell Banker Westport-Riverside

Three areas in town have had the most activity in the last 90 days. However, bear in mind that inventory in these neighborhoods and proper pricing have a lot to do with it.

In-town locations have been seeing the most activity in the last 90 days, with 24 homes currently available and 25 homes which have either taken a deposit or closed in the last 90 days.

The extended Compo Beach neighborhood is another strong area in town with 44 available homes for sale, and 36 properties that have taken a deposit or closed in the last 90 days

Saugatuck, Saugatuck Shores, and Saugatuck Island have also been faring well these last three months, although some of that will have to do with the warmer weather. Currently 31 homes are available, and 26 have either taken a deposit or closed in the same time period.

These markets have been strongly favoring the seller as of late, however one must watch closely the activity levels to determine proper pricing, whether it be one of the current “hot spots” or elsewhere in town.

Market Stats

There are now 341 homes actively on the market, which have been listed for an average of 109 days, with a cumulative market time of 202 days. The average list price is $2,157,144 and the median price is $1,699,000.

A home on Beachside Avenue is the highest priced property for sale at $28 million, and the lowest available priced single family is a two-bedroom home on Hales Road for $300,000.

It was a banner week for new listings with 44 new homes coming on the market in the last seven days. Two properties came back on the market after being under deposit, or temporarily withdrawn. Twenty-five properties had a price change.

Twenty-six properties have gone under the initial deposit stage, which we call CTS, and another 25 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 24 pending properties was $1,550,350. There are currently 48 homes in CTS status throughout Westport, and another 78 properties scheduled to close townwide, with an average price of $1,682,528.

Closings: There were eight single-family homes reported as sold in the last week, and they were listed on average at $1,329,625 with an average market time of just 78 days. There were 131 status changes in the last seven days.

Condos: There are 12 condominiums available, and they have been listed an average of 104 days. Their average listing price is $732,442 and the median price is $766,950.

The highest priced condo in town is listed at $1,275,000 and is a three-bedroom home located at Terra Nova Circle, and the lowest priced unit for sale is a two-bedroom home on Hills Lane for $285,000.

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

There are three properties townwide that are currently in CTS status, and there are three properties scheduled to close, with an average list price of $1,114,667.

Two sales were reported during the last week, and were listed on average at $472,791. There were four status changes.

Rentals: If you are interested in renting year-round, either furnished or unfurnished, there are 63 homes or apartments available. The median price is $6,000 per month and the average price is $7,053 per month.

These year-round rental opportunities have been on the market an average of 72 days.

There are 73 short-term rental opportunities that are available, and they have been on the market an average of 72 days. Their average price is $14,797 and the median price is $14,000.

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

Featured Home

This home at 2 Pequot Trail is listed at $1,399,000.

This 12-room English cottage-style home in the sought after Old Hill area has been gutted down to the studs and rebuilt with all the amenities one could possibly hope for along with exceptional charm.

Originally built in 1952, this 3,935-square foot home has custom molding, exquisite millwork, and countless built-ins throughout.

An enchanting living room has a bay window for added sunlight, custom millwork including recessed paneled and wainscoted walls, as well as hideaway built-ins and a fireplace with granite surround.

The dining room retains the same character with custom wainscoting, and a built-in glass front display cabinet. A French door leads to a comfortable screened-in porch.

The designer white kitchen has granite countertops, stainless steel appliances, beverage fridge, and a large walk-in pantry. A perfectly placed center island seats three comfortably, and the charming banquette area that seats another six.

Step outside to the 228-square foot deck for alfresco dining and a calming and peaceful view of the lawn and 1.16-acre property.

A hard to find main level master bedroom suite has a bath with marble basket weave flooring, dual sinks, tub and separate oversized shower.

One other bedroom is on this level, and an additional three bedrooms are on the upper level.

The sunlit family room has cathedral ceilings with architectural detailing, and handsomely designed built-ins.

The versatility of the lower level is exceptional, as the office with fireplace and separate entrance along with the exercise room could easily be adapted to be an in-law or au pair suite if needed.

Schools — Kings Highway Elementary, Coleytown Middle, Staples HIgh School

Extras and items to note — five bedrooms, three full and one-half baths, two fireplaces, security system, audio system, hydro-air heating system, Monster integrated communication lines, laundry chute, wired for generator, heated garage, room for pool

Annual taxes are $14,088.

Listing/photo courtesy of Coldwell Banker Westport-Riverside.


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 04/26/17 at 03:13 PM  Permalink



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