By Judy Szablak
Special to WestportNow
Preparing your home to be on the market in Westport is not so simple anymore, and one should not ever underestimate the power of a photo when selling a home.
Featured Home: This home at 2 Melwood Lane is listed at $2,199,999. (CLICK TO ENLARGE) Photo courtesy of The Riverside Realty Group Westport (replaces an incorrect photo mistakenly posted earlier)
There are currently 290 homes available, and more homes are expected to enter the marketplace in the coming weeks. In other words, competition is about to get tougher.
Years ago when a homeowner decided it was time to sell, they would hire an agent by filling out paperwork which would get their home included on the MLS.
While that is still true, staging a home for sale has become much more of a standard in order to effectively compete in the marketplace.
But staging doesn’t really stop at just removing a few pieces of furniture, adding others, decluttering and/or painting.
All of that initial staging prep work leads to the importance of the photography aspect of marketing a home to sell.
What one might think as inconsequential in a photo could be a distraction to the presentation of a house online.
Many photographers are hired to “do the job” and offer little or no assistance in what items are to be removed or added for the best presentation online. which is usually just left to the agent, or a homeowner who attempts to do it on his/her own.
Further to that point, preparing a home for professional photography requires every conceivable attention to detail, and once the photography is in place, the order in which the photos appear online will also make an impact, whether it be positive or negative.
For example, a home that is marketed without an exterior shot as its first photo leads buyers and agents alike to assume that the exterior of the home is not appealing.
Even when the main photo is of the exterior, if the next few photos are of the grounds, it now can appear that the home’s interior is not as desirable.
For the most part buyers actually review photos and rule a home out based upon them. The first four or five pictures generally determine whether a prospective purchaser will even look at the others.
Quality, composition and placement matters.
Market Stats
There are now 290 homes that are actively on the market, which is up by 36 properties from last year at this time.
These currently available properties have been listed for an average of 125 days, with a cumulative market time of 236 days. The average list price has dropped slightly over the past 30 days to $2,075,575 and the median price is at $1,572,000; and down from $1,785,000 a year ago at this time.
Eighteen 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, which is a decrease of eight properties over last year of these changes. There were 12 properties in the past week that 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 colonial and storefront needing gut renovation at 58 Saugatuck Ave. that was built in 1922 and is listed at $250,000.
There are currently 23 homes under the initial stage of deposit townwide, and another 18 scheduled to close. The number of homes that are under the initial stage of deposit is down by 14 units from that of last year, and the pending sales are down by 50 percent from last year at this time.
Closings: There were five sales reported during the last week, and the highest priced sale occurred at 16 Linda Lane, a new chic, bright and modern 13-room home with nearly 8,000-square feet of living area that includes five bedrooms, five full and four half baths.
The home was originally listed at $3,650,000 and subsequently reduced to $2,850,000 and closed at $2,847,768 after 678 days on the market at 99.92 percent of its final asking price.
Another notable sale occurred at 21 Manitou Road which sold in just five days. This 1,226-square foot ranch home on 1.06 acres in the Compo Beach area was listed at $1,600,000 and closed at $1,590,000.
Condos: There are 15 condominiums that are currently available, and they have been listed an average of 71 days, which is up by 50 percent from this time last year. The average price is $553,460 and the median price is $625,000.
The average price is down just under $100,000 from last year at this time, however it is more indicative of what properties are on the market, and not of a drop in value.
There were three new listings entered in the last seven days, and no properties came back on the market. One property had a price change, and two homes entered the initial deposit stage.
Two additional homes entered pending status, including a two bedroom home in the Birchwood complex at 35 Hills Lane which went under deposit in just seven days.
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, and the lowest priced unit for sale is a one-bedroom unit with 750-square feet on 35 Bridge St. at The Saugatuck, which is an adult complex and listed at $178,300.
There are three properties currently under the initial stage of deposit townwide, and another two that are scheduled to close, including a two-bedroom home in the Birchwood complex at 35 Hills Lane with 1,300-square feet that went under deposit in just seven days that is listed at $415,000.
One property had a price reduction and no properties sold this last week.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 62 homes or apartments available. The highest priced annual rental is at 66 Compo Mill Cove and is a 4,000-square foot beach front six-bedroom home with designer furnishings, and includes a deeded deep water boat slip at Compo Beach. The home is also available as one of the three highest priced summer rentals at $40,000 per month.
The lowest priced rental is listed as a 400-square foot two-room apartment for $1,250 monthly and is located at 8 Cross St.
The median price for townwide annual rentals is currently $4,500, and is about $1,500 less than it was at this time last year, and the average price is $5,645 per month, which is also down by over $500 a month from last year at this time. These year round rental opportunities have been on the market an average of 81 days.
There are 45 short-term rental opportunities that are available, and the highest priced homes are a 7,629 square foot with five bedrooms on 4 Bluewater Lane, a six bedroom colonial at 16 Burr Farms Road, and 66 Compo Mill Cove, which is also avail; able as an annual rental. All three of these summer rentals are listed at $40,000
Seasonal rentals currently have an average price is $13.034 and a median price of $7,500, with an average market time of 118 days. 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 at 2 Melwood Lane is listed at $2,199,999.
Completely remodeled and expanded sprawling six-bedroom country home in the Long Lots/Hunt Club area that effortlessly combines formal and informal spaces perfectly sited on a professionally landscaped 1.45-acre property on a sought after cul-de-sac.
This 6,186-square foot home was originally built in 1942, and has retained all of its charm while thoughtfully updated throughout to accommodate today’s demands and luxury appointments.
The living room includes the original fireplace with custom mantel, crown molding, and an oversized bay window for added light.
Two side by side arched entrances give the already elegant dining with wet bar an open and grand feel.
An outstanding chef’s kitchen has marble counters with designer tile backsplash, and the professional grade stainless steel appliances include a gas range, second oven, two dishwashers and warming drawer. The center island seats four comfortably and has a vegetable sink.
The family room with two distinct gathering areas features a country flavor stone fireplace and exposed beamed ceiling. Two walls of built in cabinetry and shelving add charm, and French doors lead out to the 383-square foot stone patio.
An office with separate entrance and an en suite guest bedroom are also on the main floor.
Upstairs, there are five en suite bedrooms including the master suite, which has dual walk-in closets, and an exquisite marble bath with whirlpool, glass enclosed shower make up area and two sinks.
An architecturally appealing second floor bonus room is perfectly designed for relaxation or entertaining.
The finished third level has a skylit recreation/ exercise room, as well as a craft room/Zen room with built-in seating and drawers, and could also be converted to nanny quarters.
This home can also be purchased together with a contiguous 1.10-acre parcel at 9 Sturges Commons, and both properties are available at $2,999,999 with a combined property tax of $35,998
Extras and items to note — six bedrooms, six full and two half baths, two fireplaces, 23-foot long covered front porch, command center, underground sprinkler system, basketball court, generator
Annual taxes are $24,892.
Listing/photo courtesy of The Riverside Realty Group 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.
