By Judy Szablak
Special to WestportNow
When purchasing a home in Westport, one very important contingency to include is that of a building inspection.
Featured Home: This home at 4 Willow Walk is listed at $2,225,000. (CLICK TO ENLARGE) Photo courtesy of The Riverside Realty Group
The true purpose of a building inspection is to uncover items that pertain to safety and others that fall under the “protect your investment” category.
Most sellers will honor items that need to be repaired or replaced which fall under these two categories. However, it is not uncommon for a buyers to view an inspection as an opportunity to renegotiate the agreed upon sales price for their intended home purchase.
Upon mutual agreement, those concerns can be addressed as either a credit toward the purchase price, or for the seller to repair or replace the item or items prior to close.
Normal wear and tear and cosmetic deficiencies are not considered sufficient cause to renegotiate, as these items are clear to the buyer when they initially see the home.
Mechanical systems that are close to being at the end of their useful life but still operating is also not a valid reason to request a credit. Home-ownership obviously comes with its own perks, however one must be prepared to address issues as they arise.
A transaction that starts off amicably can easily turn sour after an inspection where a buyer or seller become unreasonable as to what is or what is not an acceptable request.
The transaction is much easier, and a lot less stressful for both parties when all move forward in good faith.
Market Stats
There are now 229 homes that are actively on the market, which has decreased by 33 properties from last year at this time.
These currently available properties have been listed for an average of 174 days, with a cumulative market time of 295 days. The average list price is down approximately $107,000 from a year ago to $2,043,622 and the median price is at $1,399,000, which is down by $100,500 from a year ago at this time.
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the market in the last seven days, and two properties came back on the market after being under deposit, or temporarily withdrawn. There was just one property in the past week that had a price change.
An estate on Beachside Avenue is the highest priced home on the market, and is currently listed at $20 million. The Tudor-style home on 112-116 Beachside Ave. 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 three-bedroom two-bath bungalow-style ranch on .12 acres at 17 Hale St., which was built in 1939. The bank owned home was recently reduced to $362,000.
There are currently 26 homes under the initial stage of deposit townwide, and another 21 scheduled to close. The number of homes that are under the initial stage of deposit is up by 12 units from that of last year, and the pending sales are up by four units from last year at this time.
It is worth noting that initial deposits outnumbering pending sales is a wonderful indicator of a healthier market on the horizon, and that pending deposits in various stages have risen during this particular time period for the past two years.
Two homes entered the initial stage of deposit last week, and six homes went under pending status with an average price of $2,950,000.
The home at 5 Charmers Landing went under pending status last week, and is an 11,759-square foot colonial that is listed at $10 million. The home took an initial deposit after two price reductions and a cumulative market time of 902 days. The 1.12 -acre property has also been referred to as “Paradise Point,” and is a private peninsula with a deep water dock and over 700-feet of shoreline.
Closings: There were four sales reported during the last week, and their average price was $1,965,500 with an average market time of 102 days and sale price to list price ratio of 88%.
A short sale on 3 Norport Drive closed after a cumulative market time of 498 days. The home was originally listed at $2,199,000 and later reduced to $1,499,000.
Designed by Roger Bartels and in the Covlee Association, the colonial built by Toth builders in 2006 with 3,391 square feet of living area and four baths originally sold for $2.2 million in 2007, and just closed at $1.12 million, which was 80.72% of its final asking price, and 50.9 percent of its original purchase price 12 years ago.
Condos: There are 21 condominiums that are currently available, which is up by 12 units from this time last year. These condos have been listed an average of 151 days, with a cumulative market time of 202 days.
The average price is $1,002,848 and the median price is $699,000. The average price is up by approximately $42,000 from last year at this time, however it is more indicative of the new upscale development rather than an increase in overall pricing.
There was one new listing entered in the last seven days, and no property came back on the market. One property had a price change and one home entered the initial deposit stage. One home also entered pending status.
The highest priced condo in town is listed at $3,450,000, and is a two-bedroom, two and one half bath luxury home on the third floor of the new Bankside House on the Saugatuck River, and has 2,432 square feet of living area.
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 $162,800.
There are three properties currently under the initial stage of deposit townwide, and two that are scheduled to close.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 88 homes or apartments available. These homes have an average market time of 102 days.
The median price for townwide annual rentals is currently $4,362, which is consistent with that of a few weeks ago and is $262 more than it was at this time last year, and the average price is $5,462 per month, which is consistent from last year at this time. These year round rental opportunities have been on the market an average of 102 days.
The two highest priced homes for rent on an annual basis are offered at $25,000 per month.
A 17-room colonial at 12 Woody Lane is on a premier cul de sac and has 8,611 square feet of living area, a pool and outdoor kitchen and is also is available with an option to purchase, or lease-purchase.
A beachfront home at 66 Compo Mill Cove 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 a 450 square foot three-room apartment that is listed for $1,250 monthly and is located at 42 Richmondville Ave.
There are 40 short-term rental opportunities that are available, and these seasonal or short-term rentals currently have an average price of $6,496 and a median price of $4,675, with an average market time of 129 days.
The highest priced short term rental home is located at 125 Harbor Road with direct waterfront and deep water dock at $32,000 for July and part of August.The 3,023 square foot colonial is on .17 acres and was built in 1988.
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 4 Willow Walk is listed at $2,225,000.
This timeless 12-room Long Lots shingle style colonial is sophisticated yet comfortable with transitional styling and an open floor plan.
A well designed 6,497 square feet of living area incorporates expert craftsmanship and custom mill-work throughout four finished levels, and includes nine foot ceilings on the first and second floors.
The formal living room has layered crown molding and a fireplace with custom mantel, marble surround and flush hearth.
The dining room has an octagonal tray ceiling, along with recessed panel wainscoting and exquisite molding.
A designer white kitchen with strategically placed glass front cabinets and new Quartz marble countertops includes top of the line stainless steel appliances, and a center island that seats four comfortably, as well as a spacious breakfast area that is open to the family room.
The family room has an oversized custom fireplace, crisp white beamed ceiling, and French doors which lead out to the extensive 956 square foot blue stone patio with outdoor kitchen, fireplace and sitting walls.
A main level office with recessed panel wainscoting also has access to the patio, and exceptionally level, private and well manicured .74 acre property.
Upstairs, the romantically inspired master suite with private 258 square foot balcony has a vaulted ceiling, fireplace, extra large walk-in closets, and a luxurious marble bath with twin vanities, deep tub, steam shower, and water closet.
Four additional bedrooms are on this level; two are en suite and two share a Jack and Jill style bath.
The expansive third floor is finished as a playroom and exercise area and includes a half bath.
The lower level media room with polished concrete flooring features an entertainment center and another full bath.
Extras and items to note – five bedrooms, five full and three half baths, four fireplaces, security system, hydro air heating and cooling, underground utilities, built in 2008 with $300,000 in additional owner improvements that include an 18-foot by 44 -foot heated in-ground salt water Gunite pool with automatic cover
Annual taxes are $26,337.
Listing/Photo courtesy of The Riverside Realty Group.
(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.
