By James Lomuscio

While there’s plenty of talk about a real estate bubble nationally, those who know the Westport real estate market best don’t give it much credence, according to a WestportNow survey.
Westport housing boom: experts say there’s no bubble here. (CLICK TO ENLARGE) WN photo

“When you talk about a bubble bursting it’s just not going to happen, especially in Westport, Connecticut, because it’s always going to be a desirable place to live,” said Stephen Apgar, publisher of the Westport-based Mortgage Journal.

With all due respect to Alan Greenspan, if not Newtonian physics, Apgar said escalating housing prices don’t necessarily foreshadow a precipitous drop, particularly here.

“A bubble bursting is when you have IBM stock at $120 and it drops to $60,” he said. “That simply can’t happen to real estate in this area.”

Property transfers as reported by the Westport Town Clerk’s office for the period May 31-June 3, 2005:

Christopher J. Mulliken to Jeffrey A. and Heidi L. Hammer, 371 Greens Farms Road, $1,800,000

James S. and Sharon M. Patricelli to Marc J. and Lisa E. Hirten, 17 Over Rock Lane, $2,050,000

Estate of Bruce L. Wilkins to Bruce and Joan Newmirow, 54 Lyons Plains Road, $1,570,000

Julia E. Juhasz to Christina Builders Trumbull LLC, 38 Maple Ave. South, $950,000

Charles B. and Ann P. Hamlin to Chris Cassell and Senta Teschner, 12 Green Acre Lane, $2,555,000

Property transfers as reported by the Westport Town Clerk’s office for the period May 23-27, 2005:

Ronni Burns to Hayes B. and Clare S. Clark, 123 Harvest Commons, $793,000

Michael Ann Hay to Stephen J. and Jill H. O’Shea, 162 Greens Farms Road, $1,300,000

Ronald Grant and Kay Dawn McKinley to Leslie S. Eisen and Jay Kirkorsky, 8 Rivard Crescent, $1,050,000

Denise Chividian to Nordic Builders Inc., 11 Dexter Road, $660,000

Joanne M. Foster and Robert and Glenn Giustin to Axis Point Group Holdings LLC, 17 Ledgemoor Lane, $1,175,000

The house at 45 Compo Road South came down Tuesday. Featured as WestportNow’s teardown of the day March 3, 2005, the house sold in April for $825,000 after changing hands in May 2004 for $710,000. (CLICK TO ENLARGE) Dave Matlow for WestportNow.com

Property transfers as reported by the Westport Town Clerk’s office for the period May 16-20, 2005:

Linda M. Johnson to Louis J. and Jacqueline Kolek, 7 Lone Pine Lane, $925,000

Rui Pereira and Grace Tl Viana to Robyn B. Crain, 11 Fillow St., $702,500

Jewish Community Endowment Foundation to Scott Smith, 73 Valley Road, $584,000

Suzanne Weinstein Trust to J Lyons and Katherine R. Brewer, 23 Gault Park Drive, $1,269,000

Today’s WestportNow teardown is 14 Burr Road between Riverside Avenue and Post Road West. The home was built in 1910. (CLICK TO ENLARGE) Dave Matlow for WestportNow.com

Property transfers as reported by the Westport Town Clerk’s office for the period May 9-13, 2005:

Michael J. and Jill C Pengue to D. Michael Frey and Rachel Barere, 144 Hillspoint Road, $1,875,000

Ruth R. Winnick Qual Personal Resitrust to Turnkey Associates Inc., 18 Burr Farms Road, $1,100,000

Oak Ridge Building LLC to Kenneth D. and Meryl C. Hoffman, 11 Oak Ridge Park, $1,740,000

John and Kimberly L. Mullen to Christopher Cocco, 5 Ambler Road, $725,000

Champagne and cameras were at the ready today as a house at 10 Dexter Road off of Bulkley Avenue North came down. Different members of the same family have lived in the house, built in 1947, since 1970. Current owners are Steve and Heather Simmons. That’s Steve with the champagne bottle and Heather next to him. Heather was one year old when she moved into the house. She and Steve moved into the house two years ago. They will reside in New York until their new house on the site is ready. (CLICK TO ENLARGE) Dave Matlow for WestportNow.com