By Judy Szablak
Although home sales are beginning to improve, it’s no secret that Westport’s real estate market could use some warmth and a ray of sunshine right now. However, a few neighborhoods continue to be among the the brightest in town, including the Compo Beach area.
Featured Home: This home at 244 Compo Road South is listed at $2,825,000. (CLICK TO ENLARGE) Photo courtesy of Higgins Group Real Estate, Westport
Just under 11 percent of Westport’s available inventory is listed for sale in this area, and the average price of these 26 homes is $3,576,612, which is well above town-wide single family statistical averages.
In fact, all data points to about a six and a half month supply, while many areas are still seeing almost a year on average to absorb the properties that are on the market right now.
There are seven homes under some stage of deposit here, with an average price of $3,263,286, including one on Minute Man Hill that is listed at $7,495,000. The 21 homes that sold in the last six months had an average list price of $3,360,048.
Market Stats
There are now 244 homes that are are actively on the market, which is a net gain of nine homes in inventory since last week. These currently available properties have been listed for an average of 125 days, with a cumulative market time of 239 days.
The average list price is now $2,641,563 and the median price is at $2,295,000.
A four-bedroom home on Beachside Avenue on 7.13 acres is the highest priced home for sale at $25 million, and the lowest available priced home is a five-bedroom home on 40 Ferry Lane East for $405,000.
Twenty-three new listings came on the market in the last seven days, and two properties came back on the market after being under deposit, or temporarily withdrawn. Eight properties had a price change.
Eight properties have gone under the initial deposit stage, which we call CTS, and six properties went into pending status, which means that the conditions have been satisfied, and the property is scheduled to close.
The average price of those six properties was $1,656,833. There are currently 24 homes in CTS status throughout Westport, and another 36 properties scheduled to close town-wide, with an average price of $1,993,078.
Closings: There were four single family homes reported as sold in the last week, These four homes were listed on average at $3,775,000 and sold with an average market time of 125 days. There were 63 status changes in the last seven days.
Condos: There are five condominiums that are available, and they have been listed an average of 40 days. Their average listing price is $718,540 and the median price is $559,900.
The highest priced condo in town is $1,300,000 and is a three-bedroom home located at Terra Nova Circle, and the lowest priced unit for sale is a one-bedroom home at Whitney Glen for $380,000.
There was one new listing this week, and no homes came back on the market after being under deposit. There were no price changes, and no property entered into the initial stage of deposit. One home entered into pending status, and was listed at $349,000.
There is one property town-wide that are currently in CTS status, and there are three homes scheduled to close, with an average list price of $699,633.
One sale was reported during the last week, and the home was listed at $559,500. There were three status changes.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 53 homes or apartments available. The median price is $4,250 per month and the average price is $5.075 per month.
These year round rental opportunities have been on the market an average of 74 days.
There are 24 short-term rental opportunities that are available, and they have been on the market an average of 46 days. Their average price is $12,942 and the median price is $8,500.
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: Market Data is compiled from the GFC-CMLS and represents activity through our local MLS system. Private sales are not included in these statistics
Featured Home
This home at 244 Compo Road South is listed at $2,825,000.
Affectionately referred to as “The F. Scott Fitzgerald House”, this six-bedroom vintage colonial in the Compo Beach area was built in 1758, and has been honored with the prestigious Westport Historic Preservation Award.
The 5,584-quare foot home sits on 1.03 private and professionally landscaped acres that border the Longshore Country Club and overlooks the golf course.
The newly married Fitzgerald rented this 12 -oom colonial in 1920 and penned “The Beautiful and Damned,” during his stay. It is also said that this home was a source of inspiration for “The Great Gatsby.”
A spacious living room has wide plank flooring, and the original fireplace where dinners were prepared still remains.
The formal dining room has detailed wainscoting, another fireplace, and plantation shutters.
The beautifully remodeled French country kitchen features Adelphi cabinetry with strategically placed glass-front cabinets, top-of-the-line stainless steel appliances, and granite counters. The center island with vegetable sink seats three comfortably.
The family room is open to the kitchen, and has a beamed cathedral ceiling and stone fireplace. Venetian plaster walls lend an elegant and refined touch to the room.
Upstairs, the romantic master bedroom suite features a beamed ceiling, and the bath includes a steam shower, claw foot tub, and handcrafted Italian vanity.
Four additional bedrooms are on this level, and another is the lower level.
The partially finished lower level also includes a spectacular 5,500-bottle wine cellar and tasting room with heated flooring.
A true Westport gem, this antique home has a wonderfully vintage feel, historic significance, and 21st century amenities,
Schools —Greens Farms, Bedford, Staples.
Extras and items to note—four full and one-half baths, four fireplaces, wide plank floors, main level den/study with fireplace, security system, multiple zoned Sonos audio system, in-ground pool and hot tub, 940-square feet of covered porches, 400-square foot pool-house/studio/office, generator.
Annual taxes $28,647.
Listing/photo courtesy of Higgins Group Real Estate, 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.
