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Real Estate Report: Roller Coaster Time

By Judy Szablak

Shocking as it may have seemed, as of last week the year-to-date average Westport real estate sales figures were down, albeit by just 2 percent. That, in my opinion, was not representative of the overall market. Additionally, this week’s sales upward roller coaster ride does not mean that prices shot up on the whole, either.

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This custom home at 4 Marc Lane is listed for $2,550,000. (CLICK TO ENLARGE) Photo courtesy of Prudential CT Reaty

Although the inventory and median pricing have remained fairly constant over the last few weeks, our reported sales have doubled over last week’s figures.

Not only that, but the average listing price of those sales increased by more than $300,000. Just as last week was not cause for concern, this week is not cause for a celebration, either. It’s good, but it is not as consistent as it should be yet.

Interpreting the market is a fine art and one must take into account the highs and lows, seasonal adjustments, and other factors. Every week is important in determining the state of the overall market. However, each reporting period is an evolving story.

New Goodwill Building Taking Shape

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The new Goodwill building is taking shape at 1700 Post Road East in Westport, site of the former Peppermill Restaurant. Goodwill Industries of Western Connecticut purchased the property in January for $3 million. Goodwill is moving from its present location at 1572 Post Road East, According to a worker at the site, completion is two to three months away. Dave Matlow for WestportNow.com

Westport Property Transfers Sept. 19 – 23, 2011

Westport property transfers as reported by the Town Clerk’s office for the period Sept. 19 - 23, 2011:

Stephen S. and Susan C. Gerson to Bluewater Burnham 23 LLC, 23 Burnham Hill Road, $1,150,000WN property.jpg

Bina Chaddha aka Bina Chaddha Rajamani to Hyunjung Ahn and Sungkwon Hong, 10 Rices Lane, $954,500

Schmiedeck Construction LLC to 55 Old Hill LLC, 55 Old Hill Road, $5,875,000

Frederick and Sheri Schrager to Craig F. and Amy M. Edwards, 110 Greens Farms Road, $710,000

Comings and Goings: Retro Games Plus to PRE

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Retro Games Plus, 1761 Post Road East will open in mid-month according to its owner, Kris Krohn who said he’s been “an avid collector of video games for 20 years.”  Krohn said his new retail shop is an extension of the online business he started in 2008 (http://www.retrogamesplus.com).  He said that the shop, which stocks over 4,000 titles and consoles including Nintendo, Atari, Sega Genesis and Dream Cast will buy, sell or trade video games. The shop is the fourth new business in the past two years in the Post Road East strip. The others are Jordan’s Pizza, Legends of the Game, and Hair Innovations. (CLICK TO ENLARGE) Dave Matlow for WestportNow.com

WestportNow Teardown of the Day: 61 Bermuda Road

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An application for a permit to demolish the house at Westport’s 61 Bermuda Road, in the Saugatuck Shores area, is in process. The address has recently been re-designated as No. 57. Built in 1975, the two-story contemporary has 2,600 square feet, is situated on a .56-acre property and changed ownership in August 2010 for $1.5 million. (CLICK TO ENLARGE) Dave Matlow for WestportNow.com

Real Estate Report: 4Q Starts With Prices Down

By Judy Szablak

As we begin the fourth sales quarter, bear in mind that while sales have seemed to be fairly good throughout most of the year,  the average sales prices are down about 2 percent from last year at this time.

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This home at 8 Edgemarth Hill Road is listed for $1,799,000. (CLICK TO ENLARGE) Photo courtesy of William Raveis Westport.

That really should not be a cause for concern, as many factors play into average pricing. For example, we have had more sales year-to-date this year over last year, and the slightly lower figure can be attributed to a few more homes selling in lower ranges. It doesn’t mean that your home is worth less than last year, by any means.

The third quarter sales figures were just not as strong as last year’s third quarter either, and that was as I had suspected. The good news is we are primed for a more than reasonable last quarter of 2011. There are currently 29 single family home sales pending in town, and their average price is just over $1.5 million.

It is also important to note that if we were to compare 2011 year-to-date figures to 2009’s annual figures, we have already beat the amount of sales that were posted. 

Moving Day for Silver of Westport

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After 19 years in the same Compo Acres shopping center location, Silver of Westport, the family-owned and operated gift and travel necessity business serving Fairfield County since 1904, moved today to its new space just a few doors away, a location that Silver previously occupied for 31 years. Co-owners Stephen Silver and his sister Susan said that 25 helpers comprised of employees and friends made the entire move between 9 a.m. and 11:30 a.m.  According to Silver, Trader Joe’s will expand to include the vacated space. Silver said the grand opening of the new store will be on Oct. 15, but it will be open for business on Monday. (CLICK TO ENLARGE) Dave Matlow for WestportNow.com

Westport September Demolitions Highest in Six Years

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Maybe we should call it the WestportNow Teardown Index, but the September just concluded saw 13 demolitions in Westport—the highest one-month total since WestportNow Associate Editor Dave Matlow started counting in 2005. This was the aftermath of the demolition this week of 3 Great Marsh Road in the Saugatuck Shores across from the entrance to the Saugatuck Harbor Yacht Club, Built in 1934, the 1 1/2-story conventional-style house had 1,701 square feet, was situated on a 1.11-acre property and changed ownership in August 2011 for $1,136,174. It was the WestportNow Teardown of the Day on June 30, 2008. (CLICK TO ENLARGE) Dave Matlow for WestportNow.com