Real Estate Report: Pricing in ‘Wiggle Room’

By Judy Szablak

Special to WestportNow

When pricing your Westport home for sale, it really isn’t necessary to add negotiating room.

“Wiggle room” is already assumed by buyers to the tune of about 4 percent on average.

Still, many homeowners like to add a little extra negotiating room on to the price when they place their home on the market.

Transactions have been pretty consistent at 96 percent of final asking price over the past five years, with the exception of 2016 when the average ratio came in at 95 percent.

Year to date, our townwide average remains at 96 percent. 269 homes have sold at an average of 95 percent or above asking price, and 34 percent have sold below 90 percent. Twenty three homes sold at asking price.

Less than 10 percent of all homes that closed this year sold at full asking price or above. Out of these 45 homes, 20 White Woods Lane sold with the highest ratio at 14.35 percent above asking.

The torn-down and rebuilt con-temporized colonial had 13 rooms and five bedrooms with just over 6,100-square feet of living area. It was listed at $1,749,000 and closed at $2 million on April 18, 2018 with a market time of just 14 days.

With the exception of 2016, which had a townwide average ratio of 95 percent, Westport has been consistent over the last five years at an average sale price ratio of 96 percent of final asking price.

Market Stats

There are now 288 homes that are actively on the market, which is consistent with last week. These currently available properties have been listed for an average of 146 days, with a cumulative market time of 235 days.

The average list price has remained fairly consistent over the past 30 days at $2,157,913 and the median price is at $1,497,000, which is similar to a month ago.

Nine new listings came on the market in the last seven days, and four properties came back on the market after being under deposit, or temporarily withdrawn. Seven properties had a price change.

A Tudor-style home on 114 Beachside Ave. is the highest priced property listed for sale at $22.5 million and is an 8,482 square foot waterfront property comprised of three lots on 7.267 acres with 365 feet of waterfront.

The lowest available priced single family is a 2,074-square foot four-bedroom cottage on 58 Saugatuck Ave. that was built in 1922 and recently came back on the market. This property also includes a small storefront, and is listed at $299,000.

Five homes have gone under some stage of deposit, including 17 Treadwell Ave., an 1,102-square foot vintage colonial three-bedroom farmhouse, which took an initial deposit just nine days after a 5 percent price reduction to $499,900.

There are currently 15 homes under the initial stage of deposit townwide, and another 21 scheduled to close. The number of homes that are under the initial stage of deposit is consistent with that of last month, and the pending sales have again declined by six units from last week.

Closings: There were eight sales reported during the last week, and the highest priced sale occurred at 18 Wheeler Gate, a 12 room colonial with 4,924-square feet of living area on .64 acre. The home was originally listed at $1,850,000 and had three reductions to $1,699,000. It sold at 92.9 percent of its final asking price in 230 days.

The lowest price sale was at 9 Vineyard Lane, and was a split level/colonial with 2,079-square feet. The home was originally listed at $689,000 and has three subsequent price reductions to its last price of $575,000 before closing at $475,850. The home was on the market for 478 days.

A notable sale at 30 Island Way that was designed by the well known Danish Architect Mogens Leth closed on Dec. 7 at $30,000 above the asking price of $875,000. The 1,935-square foot Saugatuck Island contemporary has three bedrooms, a rooftop deck and water views.

Condos: There are 12 condominiums that are currently available, and they have been listed an average of 115 days. This represents three fewer homes that are available as compared to 30 days ago.

Their average listing price is also down by approximately $90,000 to $573,500 which has more to do with the units that are available rather than a decline in price. The median price has been fluctuating substantially, and is at $669,500.

There were no new listings in the last seven days, and no properties came back on the market. No properties had a price change, and none entered the stage of deposit.

The highest priced condo in town is listed in the Terra Nova gated community for $1,079,000, and is a three-bedroom, two and one half bath home with 9-foot ceilings and has 3,005-square feet of living area at 40 Terra Nova Circle, and the lowest priced unit for sale is a one-bedroom home with 682-square feet on 35 Bridge St. at The Saugatuck, which is an adult complex and listed at $166,000.

There is one property currently under some stage of deposit townwide, and two properties sold including a 3,255-square foot three-bedroom unit at 3 Terra Nova Circle which was listed at $999,000 and closed at $950,000

Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 72 homes or apartments available. The highest priced annual rental is a 7,629-square foot home with outstanding water views was designed by Laurent Dupont and built by the renowned Hobbs LLC.

The architecturally significant 15-room colonial has five bedrooms and is located at 4 Bluewater Lane. The home is being offered at $20,000 per month and flexible rental terms will also be considered. The property is also available for sale at $7,950,000.

The lowest priced rental is listed as a 350-square foot two-room apartment for $1,200 monthly and is located at 19 Hale St.

The median price for townwide annual rentals is down a few hundred dollars this week to $4,000 from last month but consistent with last week, and the average price is $5,191 per month. These year-round rental opportunities have been on the market an average of 95 days.

There are 43 short-term rental opportunities that are available, and the highest priced home is a furnished four-bedroom Mediterranean inspired summer rental with four bedrooms and is offered at $35,000 monthly, and also at $10,000 monthly for the winter season. The home is located at 10 Bluewater Hill South.

Seasonal rentals currently have an average price is $8,492 and a median price of $6,000. Please note that seasonal rental prices are sometimes listed as an aggregate price for the season, or they can be listed as per the monthly rental cost.

Source — Listing information and data is compiled from the SmartMLS and represents listings and activity through our statewide MLS system. Private sales are not included in these statistics.

Featured Home

This home on 38 Crawford Road is listed at $2,200,000.

This impressive custom colonial in the sought after Old Hill area of town has over 9,100-square feet of living area and is sited beautifully on a professionally landscaped and level 2.99-acre lot.

Originally built in 2005, this 18-room stone and shingle style home was designed with entertaining in mind, and with the finest materials and craftsmanship.

The grand two-story foyer with radiant heated marble flooring leads to the living room with custom designed and carved mantel to your left, and the dining room with bay window and recessed panel wainscoting to your right.

The gourmet kitchen has granite counters and top of the line appliances including a Sub Zero refrigerator, Wolf stove, double ovens, and two dishwashers. A two tiered center island has ample room for casual seating and a built in wine fridge.

The breakfast area opens up to the family room, which has a floor to ceiling stone fireplace. Both have French doors to the 456-square foot deck.

A main level office is accessed through French doors from the living room, and a separate library has French doors to the family room.

Upstairs, the exceptional master bedroom privacy suite occupies the entire left wing of the home and includes a romantic fireplace, spacious sitting room, dressing room and two large walk-in closets with cherry built ins. The marble and onyx bath is simply exquisite, and includes a glass-enclosed shower, whirlpool and separate water closet.

Four other en suite bedrooms are on this level, as well as a recreational area with balcony that can be enjoyed by all.

The walkout garden level includes a family room, recreation room and separate exercise area, as well as a bedroom and full bath, and is perfect for an au pair suite or nanny quarters with its own entrance and 465-square foot patio.

Extras and items to note — six bedrooms, six full and two half baths, three fireplaces, 10-foot ceilings, security system, central vacuum system, underground utilities, hydro-air heating and cooling system, laundry rooms on two levels, four-car garage, walk out lower level, heated Gunite pool

Annual taxes are $30,360.

Listing/photo courtesy of William Pitt Sotheby’s Westport.

(Editor’s Note: Judy Szablak of Coldwell Banker Westport — Riverside, Fairfield County CT Realtor since 1984 is author of “The Art of Buying or Selling a Home,” and featured on HGTV’s real estate show, “Desperate to Buy.” Email .(JavaScript must be enabled to view this email address) or visit her online at http://www.CThomesAndRealEstate.com.