By Dave Matlow

The Westport Board of Selectmen today cleared the way for redevelopment of the 2.5-acre Geiger’s Garden Center property at 1135 Post Road East into a commercial and residential complex.

The 2.5-acre Geiger’s property at 1135 Post Road East, which will become a retail and residential complex with 12 housing units, two of them affordable. (CLICK TO ENLARGE) Dave Matlow for WestportNow.com

By a unanimous vote, the board approved expansion of the capacity of the existing sanitary service use to accommodate the redevelopment that would include two affordable housing units among 12 proposed. The matter next moves to the Planning and Zoning Commission (P&Z) on Jan. 22.

The development would include a bank in the front, retail, and four buildings with eight two-bedroom units and four one-bedroom units. The two affordable units would be a two-bedroom unit and a one-bedroom, David Ginter of Redniss and Mead, civil engineering consultants, told the board.

Cathy Talmadge, a neighbor on Morningside Drive North and a member of the Representative Town Meeting (RTM), told the board the neighbors were very supportive of the project.

By Judy Szablak

There are a number of positives to Westport’s real estate market, and looking at just a particular set of statistics can give an uninformed view to those interested in selling or buying a home.

Featured Home: This home at 36 Hyde Lane is listed at $2,795,000. (CLICK TO ENLARGE) Photo courtesy of William Raveis-Westport/Leslie Clarke Homes

Some statistics: unit sales are down more than 31 percent during the last three months as compared to the prior four-to-sixth month period, and the current housing supply estimated at 10.5 months is more than double what it was over the same period three to six months ago.

That may seem dismal, but the rest of the story isn’t. Average market time is down almost 32 percent, and the average sales price to list price ratio is up almost 2 percent overall.

Different price pockets in town are enjoying more activity than others, and of 37 homes that entered into some stage of deposit over the last three months, properties in the $850,000-$900,000 range and homes in the $1.2 million to $1.3 million range have shown some good activity. Lastly, the $2.75 million to $4 million range is not too far behind.

By Judy Szablak

Ask many of the real estate agents in Westport about 2014, and they will tell you, “business was down.” 

Featured Home: This home at 6 Harbor Road is listed at $2,395,000. (CLICK TO ENLARGE) Photo courtesy of William Raveis Southport/Snyder & Pritchard Homes

While that may hold true for overall units sold, the sales price for new construction saw a double digit increase on average, and that’s according to statistics gleaned from the Greater Fairfield County Multiple Listing Service. 

Existing home sales remained relatively the same price-wise with no loss of equity.

The highest priced sale in 2014 was at 4 Charmers Landing for $7.6 million, and 20 Wassell Lane sold for the lowest price in town at just $185,000.