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Wednesday, January 28, 2015

Real Estate Report: Westport Mirrors National Trends

By Judy Szablak

The most recent S&P/Case-Shiller Price Index points out a lack of inventory across the country along with slower price appreciation. This sounds a lot like Westport’s real estate market.

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Featured Home: This home at 89 Morningside Drive South is listed at $2,995,000. (CLICK TO ENLARGE) Photo courtesy of Coldwell Banker Westport-Riverside/ M & D properties

Lower than average inventory coupled with stricter lending standards appears to have had an impact on single family home appreciation in November.

Matching the expectations of many analysts, the 20 metropolitan areas saw gains that mirrored October 2007 at 4.3 percent,  as compared to a 4.5 percent annual increase in October.

Although Chairman David Blitzer felt that “prospects for a home run in 2015 aren’t good,” we have already seen the market pick up ever so slightly in Westport, and initial deposits are on the rise, as are multiple bids on properties in certain price pockets.

So while there is some mirroring of the national reports, it is certainly not indicative of Westport’s market, except for the fact that inventory is low.

Timing is increasingly important, and homes priced between $850,000- $1.4 million are trending right now, although there has been some activity in the $2.25-$4 million range. A lot of good opportunities exist here for both sellers and buyers.

Market Stats

There are now 230 homes that are are actively on the market, which is a net gain of four homes in inventory since last week. These currently available properties have been listed for an average of 130 days, with a cumulative market time of 243 days.

The average list price is now $2,258,750 and the median price is at $2,222,500.

A four-bedroom home on Beachside Avenue on 7.13 acres is the highest priced home for sale at $25 million, and the lowest available priced home is a five-bedroom home on 40 Ferry Lane East for $405,000.

Seventeen new listings came on the market in the last seven days, and two properties came back on the market after being under deposit, or temporarily withdrawn. Thirteen properties had a price change.

Eight properties have gone under the initial deposit stage, which we call CTS, and another seven 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 seven pending properties is $1,302,414. There are currently 19 homes in CTS status throughout Westport, and another 36 properties scheduled to close town-wide, with an average price of $2,225,189.

Closings: There were three single family homes reported as sold in the last week. These three homes were listed on average at $2,411,333 and sold with an average market time of 102 days. There were 59 status changes in the last seven days.

Condos: There are four condominiums that are available, and they have been listed an average of 35 days. Their average listing price is $573,175 and the median price is $546,800.

The highest priced condo in town is $819,000 and is a two-bedroom home located at Harvest Commons, and the lowest priced unit for sale is a one-bedroom home at Whitney Glen for $380,000.

There were two new listings this week, and no homes came back on the market after being under deposit. There were no price changes, and one property entered into the initial stage of deposit. One home entered into pending status, and was listed at $950,000.

There is one property town-wide that is currently in CTS status, and there are three homes scheduled to close, with an average list price of $769,800.

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

Rentals: If you are interested in renting year-round, either furnished or unfurnished, there are 54 homes or apartments available. The median price is $4,400 per month and the average price is $4,957 per month. These year-round rental opportunities have been on the market an average of 81 days.

There are 22 short-term rental opportunities that are available, and they have been on the market an average of 59 days. Their average price is $11,782 and the median price is $6,350.

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 89 Morningside Drive South is listed at $2,995,000.

Located on a sought after street in Greens Farms, this exceptionally charming five-bedroom colonial has the character one would come to expect in a home built nearly a century ago, as well as the craftsmanship and features that are rightfully anticipated in a newer home.

Offering a commanding presence in the neighborhood, and sited quite regally on two professionally landscaped acres, the property also abuts eight acres of the Aspetuck Land Trust.

A gracious two-story foyer with custom mill work, recessed paneling and a grand staircase sets the stage for an elegant interior consisting of approximately 6,500 square feet of living area. 

The living room has perimeter inlaid hardwood flooring, a large bay window and French doors to the library.

A formal dining room also features perimeter inlaid hardwood flooring, a custom crafted built-in china cabinet, and another bay window.

A handsome library has custom built-in bookcases and window seats, and a set of French doors to one of two blue stone patios.

The chef’s kitchen features superbly crafted wainscoting and mill work which act as a perfect complement to the custom cabinetry with granite counters. Top of the line Viking appliances and a large center island with vegetable sink create a perfect atmosphere for cooking as well as entertaining. French doors lead outside to the patio.

A floor-to-ceiling stone fireplace is the main focal point of the family room, which has stunning herringbone wood floors, a built-in entertainment center, and French doors to patio and pool.

Upstairs there are four bedrooms, including the master suite,  which has a vaulted ceiling, a uniquely large walk-in closet, and a sitting room with bay window. The elegant limestone bath features a whirlpool, stall shower, dual sinks and water closet.

Additionally, the great room with vaulted ceiling is on this level and has a sitting area and entertaining area. This grand-sized room could easily be reconfigured into another bedroom if needed, while still maintaining a second floor gathering area.

The finished third level includes an office with desk alcove and bookshelf niches.

A partially finished lower level has 9-foot ceilings, and includes a nanny suite or en suite bedroom, as well as plenty of unfinished areas to create additional living space, or media room, wine cellar or whatever suits your fancy. 

Schools—Greens Farms, Bedford, Staples

Extras and items to note—hydro-air heating, four full and two one-half baths, 9-foot ceilings on the main level, sunroom with arched teak ceiling, third level office with desk alcove and built-in niche storage, two blue stone patios, security system, central vacuum system,  heated inground Gunite pool, wired for indoor and outdoor audio, irrigation system, built in 1998.

Annual taxes are $30,246.

Listing/photo courtesy of Coldwell Banker Westport-Riverside/ M & D properties.

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 01/28/15 at 04:24 PM  Permalink


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