By Judy Szablak
Special to WestportNow
Many people gauge the real estate market in Westport by utilizing unreliable indicators.
Featured Home: This home on 7 Loretta Court is listed at $1,825,000. (CLICK TO ENLARGE) Photo courtesy of Coldwell Banker Westport
One that is often cited is the number of “for sale” signs that are up.
Just 77 percent of active single-family listings have for sale signs in front of them, and some of the for sale signs are on properties that are no longer available.
Out of the 242 homes that are currently for sale, 188 are noted in the MLS as having signs. Another 27 are under some stage of deposit and have signage, which is customary until the home closes.
An additional 23 listings that just expired also have signs, which brings to mind the number of expired listings on the books, another barometer of the market.
While some would state that Westport is experiencing a slow market as opposed to the rest of Fairfield County, the number of homes that fell out of contract was consistent with countywide statistics of just over 12 percent.
Analyzing the real estate market entails a number of cross analyses to arrive at a realistic assessment and realistic pricing.
Market Stats
There are now 262 homes that are actively on the market, which represents an 18 percent increase over this time last year. These currently available properties have been listed for an average of 160 days, with a cumulative market time of 255 days.
The average list price has remained fairly consistent over the past 30 days at $2,150,121 and the median price is at $1,499,500, which is similar to a month ago, but down over $285,000 from the same time last year.
Two new listings came on the market in the last seven days, and no properties came back on the market after being under deposit, or temporarily withdrawn. There was just one property that had a price change.
A Tudor-style home at 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 home is an 840-square foot two-bedroom bungalow with a newer kitchen and partially finished lower level at 21 Hale St. that was built in 1900 and is listed at $380,000.
Seven homes have gone under some stage of deposit, including 22 Warnock Drive, which is a 5,281-square foot colonial with six bedrooms, five full and two half baths, many handmade interior finishes, cinema room and in-ground pool.
This home is listed at $2,595,000 and went under deposit in just 14 days.
There are currently 14 homes under the initial stage of deposit townwide, and another 17 scheduled to close. The number of homes that are under the initial stage of deposit is just over 10 percent higher than that of last year at this time.
Closings: There were six sales reported during the last week, and the highest priced sale occurred at 6 Cob Drive, which was listed at $3,110,000 and closed at $3,295,000 after 423 days on the market at 94.39 percent of final asking price. This Mar Silver masterpiece is a 15-room colonial home on a 1.6-acre lot which was completely renovated in 2008-2012
The lowest price sale was at 6 Berkeley Hill, a 2,598-square foot contemporary which closed at $450,000. This home has been on and off the market fairly consistently since November 2010, and was originally listed at $900,000, increased to $1,049,000 at one point, and then reduced over the years to its final list price of $469,500.
Condos: There are nine condominiums that are currently available, and they have been listed an average of 136 days, and the supply of condominium homes has been dwindling for the last 60 days. The average price is $582,556 and median price is now at $679,000.
There were no new listings in the last seven days, and no properties came back on the market. One property had a price change, and a one-bedroom home with 682-square feet on 35 Bridge St. at The Saugatuck entered into the deposit stage, and was listed at $166,000.
The highest priced condo in town is listed in the Terra Nova gated community for $1,075,000, and is a three-bedroom, two and one half bath home with 9-foot ceilings and has 3,005-square feet of living area located at 30 Terra Nova Circle,.
The lowest priced unit for sale is a one-bedroom unit with 742-square feet at 35 Bridge St. at The Saugatuck, an adult complex, and listed at $209,000.
There is one property currently under some stage of deposit townwide, and no properties sold this last week.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 70 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 up slightly this week to $4,100 from last month, and the average price is $5,385 per month. These year-round rental opportunities have been on the market an average of 106 days.
There are 42 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 of $8,600 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 7 Loretta Court is listed at $1,825,000.
This 11-room Compo Beach area colonial has a warm ambience throughout its flexible floor plan with exceptional flow, and is located at the end of a sought after cul-de-sac.
This beautifully appointed 4,800-square foot home has a 39-foot long mahogany-covered front porch, and is perfectly sited on a private, level and manicured .63-acre lot.
The living room with marble fireplace has crown molding, double walnut perimeter inlaid flooring, and glass pocket-doors to the library.
The dining room also includes double walnut perimeter inlaid flooring, and the butlers pantry has a sink and granite counters.
A custom-designed kitchen with granite counters and marble backsplash has high-grade stainless steel appliances including a gas cooktop and double ovens.
The center island seats four comfortably and the breakfast area leads to window-filled sunroom with transom topped French doors to the 301-square foot deck offering lovely views of the private property.
The family room is open to the kitchen and has a floor-to-ceiling stone fireplace with raised hearth and built-in cabinetry and shelving on either side, as well as French doors to the library/office as well as another set of French doors that lead out to the deck.
The sun-filled library/office also has built in cabinetry, and French doors open to the AZEK deck. The flow to and from this room is extraordinary, as it can be accessed by glass pocket-doors from the living room, or French doors from the family room.
Upstairs, the master bedroom suite has two walk-in closets, a marble bath with whirlpool, separate glass enclosed shower, water closet and dual vanities.
Four additional bedrooms on this level, and three are serviced by the hall bath; another is en suite. The fifth bedroom may also serve as an upstairs recreation area, or au pair/nanny suite if so desired.
Extras and items to note — five bedrooms, three full and one half baths, two fireplaces, security system, central vacuum, underground utilities, 39-foot long covered front porch, three car garage, generator, expansive and easily finishable walkout lower level has large windows and sliders, as well as plumbing for an additional bath.
Annual taxes are $18,534.
Listing/photo courtesy of Coldwell Banker 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.
