Westport property transfers as reported by the Town Clerk’s office for the period Oct. 24 - 28, 2011:
Terry Gail Egusa to Vanbrodt Estates LLC, 72 Old Road, $411,000
Bradley Commons Development LLC to Ryan M. Oliver, 403 Bradley Lane, $549,000
Meems Properties LLC to George F. and Constance E. McCormack, 126 Harvest Commons, $670,000
Marc and Cathy Lasry to Samantha Lasry c/o Angie Sabel, 40 Sylvan Road North, $600,000
A Nike retail store opens at Westport’s 69 Main St., the former location of the Gap, at 10 a.m. on Thursday. A spokesperson for Nike said that the shop is dedicated to runners featuring running, training and sportswear products. The Westport store is the second Nike store in Connecticut that is dedicated to runners—the other is in Farmington. Nike will celebrate the store launch all day Thursday and Friday with activities that include a DJ, refreshments and a gift with purchase while supplies last, the company said. In addition to the new runners’ services, Nike Running Westport also will keep consumers informed on local happenings including Nike community programs, running activities, exclusive athlete or celebrity appearances, local races and more, the spokesperson said. (CLICK TO ENLARGE) Dave Matlow for WestportNow.com
Chico’s, the women’s apparel and accessories store at Westport’s 61Main St., reopens at 10 a.m. on Wednesday according to a store employee. The shop has been closed since the flooding caused by Tropical Storm Irene in late August. (CLICK TO ENLARGE) Dave Matlow for WestportNow.com
By Judy Szablak
Be prepared for a less than stellar real estate market in 2012 amid overall economic insecurity and pending foreclosures. Experts note that foreclosure processing delays are also stalling the housing recovery, and we should expect prices to be affected next year.
Depending on which analyst you listen to, the amount of next year’s expected price drop will vary somewhat. But most would agree that home prices are forecast to decline anywhere from 3 to 4 percent next year, which unfortunately looks to be fairly accurate.
Foreclosures fuel downward trending prices and we can expect a number of REO’s (or bank owned properties) to increase our inventory next year. Data obtained from our MLS system shows initial foreclosure actions taken by the bank at 48 filings in 2009, 45 in 2010 and 24 year to date.
To put those numbers into perspective, we generally have had anywhere from 275-350 properties on the market at any given point, depending on seasonal fluctuation. A search of available bank-owned properties available for sale in Westport turned up just three results.
The house at Westport’s 81 Hillspoint Road was demolished today. Built in 1960, the two-story split had 2,027 square feet, was situated on a 1.17-acre property and changed ownership last month for $760,000. It was the WestportNow Teardown of the Day on Sept. 13, 2011. (CLICK TO ENLARGE) Dave Matlow for WestportNow.com
The house at Westport’s 61 Bermuda Road, in the Saugatuck Shores area, has been demolished. The address has recently been re-designated as No. 57. Built in 1975, the two-story contemporary had 2,600 square feet, was situated on a .56-acre property and changed ownership in August 2010 for $1.5 million. It was the WestportNow Teardown of the Day on Oct. 5, 2011. (CLICK TO ENLARGE) Dave Matlow for WestportNow.com
An application for a permit to demolish a portion of the structure at Westport’s 561 Post Road East for the removal of 624 square feet of the existing 16,732-square foot building is in process. Built in 1949, the former Curran Cadillac dealership building has 18,834 square feet of which the application is for one segment of the structure, is situated on a 1.46-acre property. Because the building was built more than 50 years ago, the application will be reviewed by the Westport Historic District Commission. Plans are in process to replace the structure with a new one that will be the home of Terrain, a shop for eco-friendly growing supplies, home and garden décor, furniture, containers, gifts, personal care items, locally sourced and prepared artisan foods. (CLICK TO ENLARGE) Dave Matlow for WestportNow.com
Westport property transfers as reported by the Town Clerk’s office for the period Oct. 17 - 21, 2011:
Jennifer L. Wymann aka Jennifer L. Wyman to John and Paticia Palmieri, 12 Lone Pine Lane, $1,150,000
Bradley Commons Development LLC to Armand F. Scarinzi Jr. and Allison J. Kaye, 3 Bradley Lane, Unit 502, $575,000
Michael W. and Pamela Francis to 81 Hillspoint CCO LLC, 81 Hillspoint Road, $760,000
Jorge E. and Monica Sosa to Sixteen Hands LLC, 17 Sherwood Farms Lane, $1,420,000
By Judy Szablak
FiServ, the financial analytics company that provides information for the S&P Case-Shiller Indices, is predicting a “triple dip” and warns that prices are expected to fall by 3.6 percent by next June.
The “triple dip” refers to the skid in 2009, the price dip in 2010 that occurred after the first-time home-buyer tax credit expired, and the current dip, which FiServ notes is nowhere near as dramatic as the initial drop.
According to real estate experts, this current dip has a lot to do with tightened credit requirements. Eighteen percent of the Realtors who were polled reported that they had at least one pending contract that was canceled.
FiServ goes on to say that the volume of home sales was up nationally, although median prices were down by 3.9 percent, and that volume could even be better if there were an easier lending environment.
By James Lomuscio
Westport developer David Waldman says there is a lot of misinformation floating around about his company’s plans to redevelop 35 Church Lane—and that he hopes that information sessions like the one held tonight will alleviate concerns by setting the record straight.
The meeting, attended by 16 members of the public, was held in the Bedford Room of the Westport Weston Family Y at 59 Post Road East. It was a Q&A format featuring principals of Bedford Square Associates LLC, who, in addition to Waldman, include Dan Zelson, Paul Brandes, and Lance Sauerteig.
Also present were Jeff Reilly and Mark Herter, principals of Centerbrook Architects and Planners hired to undertake the Bedford Square project.
The Q&A was held prior to Bedford Square’s second scheduled appearance before Westport’s Planning and Zoning Commission (P&Z) Thursdsay night, as as the group seeks seeks a zone change for the Church Lane property.
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