By Judy Szablak
Special to WestportNow
Cape Cod-style homes continue to be perform very well in Westport’s real estate market, and activity levels for the style are strong.
Featured Home: This home at 6 Hyatt Lane is listed at $899,000. (CLICK TO ENLARGE) Photo courtesy of William Raveis Real Estate/Michelle & Company.
There are currently just 20 capes available in town, and their average price is $955,730. An average home of this style in town will have four bedrooms, three baths, and over 2,400-square feet.
Ten homes are under some stage of deposit, and 36 have closed within the last year with an average list price of $966,650 and sale price to list price ratio of 96 percent.
The highest cape-style home closed at its full asking price of $1.95 million on April 15 had 4,680-square feet of living area with four bedrooms and three full baths and was located on 12 Green Acre Lane.
The lowest sale within the last year occurred on Aug. 11, 2018 at 15 Bulkley Ave. North, and was a 1,075-square foot home in the Hunt Club area, which was built in 1952 and sold in its original condition at 97/9 percent of its asking price of $475,000.
Our area of Connecticut, and Fairfield County along the coast in particular, favors colonial-style homes, and colonials tend to command much higher prices, mostly due to their size and the amount of new construction.
There are currently 226 such homes on the market, with an average price of $2,218,943 and an average of 5,374-square feet of living area. Sixty are under some stage of deposit, and 260 closed in the last year, the highest being $6.217 million at 9 Owenoke Park, a 3,373-square foot waterfront home with four bedrooms and five baths.
The charm and space of the colonial- style should not be underestimated. However the cape-style home is a more affordable alternative to those buyers wishing for two levels of living area that have charm at an affordable price.
The “pecking order” of desirability continues with a ranch or single-level homes, split-level homes, raised ranches and contemporaries follow.
In other words, if all amenities, finishes and square footage, and lot characteristics and size were the same, a colonial would most likely sell first, followed by a Cape Cod-style, ranch and then the other styles.
Market Stats
There are now 331 homes that are actively on the market, which has increased by 12 units over last year at this time.
These properties have been listed for an average of 112 days, with a cumulative market time of 215 days. The average list price is down approximately $16,000 from a year ago to $2,017,399 and the median price is at $1,499,000, which is also down $100,000 from this same time last year.
Twenty-two new listings came on the market in the last seven days, which equates to 76 percent of new inventory that came on last year. No properties came back on the market after being under deposit, or temporarily withdrawn. There were 20 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 1,056-square foot ranch on .10 acres at 20 Oakview Circle. The home was built in 1985, has three bedrooms, two full baths, and is listed at $425,000.
There are currently 86 homes under some stage of deposit in town, and include 38 homes under the initial stage of deposit, and another 48 scheduled to close. The number of overall homes that are under deposit has increased by six units over this time last year.
A five-bedroom Cape Cod-style home at 2 Indian Hill Road took an initial deposit after just 14 days. The 2,985-square foot home on .78-acres was listed at $969,000 was originally built c. 1900 and remodeled in 2012.
A five-bedroom “smart” antique home at 101 Clapboard Hill Road went under pending status after a 313 days on the market. The 7,196-square foot home was originally built in 1782, and was a winner of the prestigious HDC Preservation award.
Closings: There were 11 sales that were reported during the last week, and that was down by three units from last year. However, the average list price of those sales was up over $185,000. Average market time increased by nine days.
Two homes sold at full asking price in the last week; 12 Green Acres Lane closed at $1,950,000 and was a 4,680-square foot Frazier Peters Cape Cod-style home on one acre with four bedrooms, three full and two half baths, and three fireplaces.
The other full price sale was at 8 Tower Ridge a 10-room colonial with five bedrooms on 2.04 acres that listed and sold at $1,575.000
Condos: There are 16 condominiums that are currently available, which is up by four units from this time last year. These condos have been listed an average of 90 days, with a cumulative market time of 119 days. The average price is $577,081 and the median price is $599,000. The median price is up by over $155,000 from last year at this time.
There was one new listing entered in the last seven days, and one property came back on the market. One home had a price change, and two homes entered the initial deposit stage. No homes entered pending status.
The highest priced condo in town is listed at $1,049,000, and is a three-bedroom, two and one half bath townhome with 3,260-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 four properties currently under the initial stage of deposit townwide, and three that are scheduled to close, with an average list price of $601,833.
Rentals: If you are interested in renting year-round, either furnished or unfurnished, there are 45 homes or apartments available. The highest priced annual rental is $25,000 per month, and is at 66 Compo Mill Cove.
The beachfront home consists of 4,000-square feet with designer furnishings, and has six bedrooms, and a deeded deep water boat slip at Compo Beach. The home is also available for summer rental at $40,000 per month.
The lowest priced rental is listed as a 672-square foot three-room apartment at $1,300 monthly and is located at 436 Main St.
The median price for townwide annual rentals is currently $4,800, and is about $1,100 less than it was at this time last year, and the average price is $5,291 per month, which is fairly consistent with last year at this time. These year-round rental opportunities have been on the market an average of 77 days.
There are 46 short-term rental opportunities that are available, and at $40,000, 66 Compo Mill Cove is the highest priced home available, and it is also available as an annual rental.
Seasonal rental opportunities are down by 32 percent from last year at this time.
Seasonal rentals currently have an average price is $13,771 and a median price of $10,000, with an average market time of 125 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 6 Hyatt Lane is listed at $899,000.
This charming sun-filled Cape Cod-style home is on a quiet cul-de-sac in the sought after Old Hill area.
Originally built in 1950, this pristine 1,867-square foot home has retained its charm while offering the best of today’s amenities.
The living room includes crown molding, a wood-burning fireplace with custom mantel, and engineered cherry stained oak hardwood flooring.
The dining room also is open to the living room, has crown molding, and oversized French doors that lead out to the 15- by 16-foot bluestone patio and .32-acre level property.
A main level sitting area with another set of French doors to the patio flows effortlessly from the dining room, and is open to the living room through a half wall, affording much additional light into the entertaining areas of the home.
The new gourmet kitchen has custom cabinetry and marble countertops, high-end stainless steel appliances including a Thermador six-burner range, and the center island seats three comfortably. A sunlit breakfast room also accesses the walk-in pantry and laundry room through a crisp white barn-door style slider.
A hard to find main level master bedroom is adjacent to the newly remodeled main bath; two additional bedrooms are on the upper floor and share another bath.
Extras and items to note — seven rooms, three bedrooms, two baths, fireplace, security system, 60-square foot covered front porch, attached garage, underground sprinkler system, public water and sewer.
Annual taxes are $9,787.
Listing/photo courtesy of William Raveis Real Estate/Michelle & Company.
(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.
