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Real Estate Report: Positive News

By Judy Szablak

The news on a national level is uplifting, and locally, it appears even better. The Pending Home Sales Index rose sharply in October, according to the National Association of Realtors.

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This waterfront estate at 3 Charmers Landing is listed for $8,850,000. (CLICK TO ENLARGE) Photo courtesy Granite Studios

The report is released during the first week of each month, and the latest report shows an October increase of 10.4 percent over September’s figures. The index measures housing contract activity and is based upon signed real estate contracts for single-family homes, condos and co-ops.

While pending properties are not guaranteed sales, they are an excellent gauge of the market health. Locally, we have had an outstanding week in reported pending properties, and especially so for this time of year.

The latest economic reports for November indicate that consumer confidence has risen, and our local market seems to agree. The weekly statistics:

Homes: There are now just 273 single family homes that are actively on the market. The average list price of the available homes is $2,162,653, and these properties have been listed for sale an average of 154 days. The median price is now $1,295,000.

The highest asking price for all homes currently on the market is $24,950,000, and the lowest available priced home is $399,900.

Four new listings came on the market in the last seven days, and no homes came back on the market after being under deposit. Eight properties had a price change.

Two properties have gone under the initial deposit stage, which we call CTS, and 13 properties went into pending status, which means that the conditions have been satisfied, and the property is scheduled to close.

The average price of these 13 pending properties was $1,331,531 and they were on the market an average of 117 days.

Closings: One home was reported as sold in the last seven days, and it was listed at $265,000. There were 47 status changes in the last seven days.

Condos: There are 18 condominiums that are available, and they have been listed an average of 168 days. Their average listing price is $684,461, and the median price is $549,000. The highest priced condo in town is listed at $1,495,000 and the lowest offering price is $294,500.

It was a very slow week for condo activity. No new listings came on the market this week, and no properties came back on the market after being under deposit. One property had a price change, and one property went into CTS status. No properties went into pending status.

Closings: No condominiums were reported as closed in the last week. There were four status changes in the last seven days.

Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 74 homes or apartments available. The median price is $3,500 per month and the average price is $5,456 per month. These year round rental opportunities have been on the market an average of 82 days.

There are two seasonal rental opportunities available, and they have been on the market an average of 82 days, and at an average price of $34,500.

The median price of both furnished and unfurnished seasonal rentals is $34,500. 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 waterfront estate at 3 Charmers Landing is listed for $8,850,000.

A very special home, indeed. Privately situated on a protected cove with approximately 175 feet of waterfront on Long Island Sound, this 9,682-square foot home has one of Westport’s most prestigious addresses.

Recently featured on NBC’s “Open House NYC”, this sprawling estate was built in 2009, and has six bedrooms, and seven full and one half baths.

This custom home was “inspired by a love of the water,” thoughtfully designed ,and expertly constructed with hints of nautical flavor throughout that are both tastefully conceived and flawlessly implemented.

The grand entry has double mahogany doors and the massive foyer has intricate mill work, extra height recessed panel wainscoting, and an extraordinarily designed two story high wall of windows that lets you take in the outstanding views the very moment you enter the home.

The awe-inspiring architecturally appealing 16-room home’s interior includes a grand living room with fireplace and exceptionally detailed moldings, and a family room which also features a fireplace, and is open to the kitchen area.

Both have outstanding views and French doors to an 1,100 square foot terrace.

The utterly sensational kitchen has top of the line premium appliances, and the cabinets are custom built by Hemingway with solid cherry and maple interiors.

A nine and one half foot carved walnut island is perfectly placed, as are walnut mirrored panels on the refrigerator to reflect the water views . Nautically inspired marine pendant lighting, and an abalone and recycled glass backsplash add a unique touch.

An octagonal informal dining area in the kitchen with its own cathedral ceiling and pebbled perimeter accent flooring offers more outstanding views and additional nautical detailing.

As you ascend the stairs to the second floor, the sea-faring touches continue, with porthole windows accenting the nautical theme in an understated and elegant way.

The master bedroom suite is in its own private wing and comprises nearly one quarter of the entire second floor.

The master has tray ceilings, crown moldings, another fireplace, and sitting room with balcony. A barrel ceiling in the master bath is highlighted by two crystal chandeliers, and is positively exquisite.

Each of the four additional en-suite bedrooms on the second floor have their own balcony and the second floor office also has a fireplace and its own balcony.

The third floor has another en-suite bedroom, game room and sitting room.

Extras and items to note: formal wet bar off foyer; 11 zone hydro-air heating system; 12-zone ELAN HD whole house audio system; additional sound insulation between floors, encompassing all baths and around master suite; home theater with 54-inch high definition LCD Blu-Ray Surround Sound; state of the art security system; custom-built pool; deep water boat dock with mahogany decking

Annual taxes $90,104

Listing courtesy of Coldwell Banker Riverside/KMS Partners

Photo courtesy of Granite Studios
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(Editor’s Note: Judy Szablak of RE/MAX- Fairfield County CT Realtor since 1984 is author of “The Art of Buying or Selling a Home,” and is featured on HGTV’s real estate show, “Desperate to Buy.” Email .(JavaScript must be enabled to view this email address) or visit her blog at www.TheCTrealtyBlog.com.

One thought on “Real Estate Report: Positive News

  1. Wow, does this picture bring back memories.  Does anyone remember The Charmer?  The huge yacht that was moored at this dock back in the early 60’s.  I always loved passing by on the way up and down the Saugatuck River.

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