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Sunday, August 17, 2003

Westport Real Estate Agent: High End of Market Showing Signs of Weakness

The high end of Westports real estate market is beginning to show signs of weakness, according to a Westport real estate agent. And he said the real focus now is on teardowns.

Bob Casper, associate manager of the Coldwell Banker Westport office, told Fairfield County Business Journal while the town continues to have a strong housing market, he has seen weakness in homes priced in the $3 million range.

Last year, upper-tier homes sold for $3 million, he told the weekly newspaper. During the first six months of this year, $500,000 was shaved off the average price, he said.

Homes in the $1 million range, which he called ғour meat and potatoes, remain a strong market, he said.

ԓThe numbers are fine, he told the newspaper. ԓWere having a great year. We just have to work a littler harder with our very expensive properties, which makes sense because a lot of bonus money didnҒt appear this year.

But Casper said teardowns are ԓthe phenomenon in Westport.

With few, if any building lots available in town, ԓa builder comes in and tears down an $800,000 ranch on an acre and puts up a 6,000-square-foot house that will sell anywhere from $1.8 million and $3.5 million, depending on the level of detail and the neighborhood,” he said.

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Posted 08/17/03 at 03:48 AM  Permalink



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