By Judy Szablak
Special to WestportNow
Westport’s bustling condominium market seems to come in waves, and is currently a very active segment with only 12 units available and four under the beginning stages of deposit.
Featured Home: This home at 155 Regents Park is listed at $899,000. (CLICK TO ENLARGE) Photo courtesy of William Raveis/Westport
Transient ownership contributes to overall complex turnover, or the rate of sales within a given period of time.
Over the past five years, the turnover rate has been highest at Lansdowne with 33 sales as reported by our Multiple Listing Service, which equates to one-third of all units within that complex.
Both Regents Park and Harvest Commons are at 20 percent, which is still considered very strong.
The majority of condominiums that have sold are two-bedroom units, and just 15 three-bedroom homes have sold in the last five years. Sixteen one-bedroom units have changed ownership.
The average size condo in Westport is 1,767 square feet.
Market Stats
There are now 354 homes on the market. and have been listed for an average of 130 days, with a cumulative market time of 218 days. The average list price is now $2,198,745 and the median price is now $1,726,998.
A home on Beachside Avenue is the highest priced property for sale at $32 million, and the lowest available priced single family is a five bedroom cape on Ferry Lane East for $399,000.
Fifteen 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the market in the last seven days, and two properties came back on the market after being under deposit, or temporarily withdrawn. Twenty-six properties had a price change.
Ten properties have gone under the initial deposit stage, which we call CTS, and another four properties went into pending status, which means that the conditions have been satisfied, and the property is scheduled to close.
The average price of those four pending properties was $2,060,625. There are currently 26 homes in CTS status throughout Westport, and another30 properties scheduled to close town-wide, with an average price of $1,489,680.
Closings: There were five single-family homes reported as sold in the last week, and they were listed on average at $1,054,200 with an average market time of 175 days. There were 80 status changes in the last seven days.
Condos: As noted, there are 12 condominiums available, and they have been listed an average of 72 days. Their average listing price is $632,242 and the median price is $624,000.
The highest priced condo in town is listed at $899,000 and is a three-bedroom home at Regents Park, and the lowest priced unit for sale is a two-bedroom townhome on Hills Lane for $330,000.
There was one new listing this week, and no homes came back on the market. There was one price change, and one property went under the initial stage of deposit. No homes entered pending status.
There are four properties town-wide that are currently in CTS status, and there are no properties scheduled to close.
No sales were reported during the last week. There were three status changes.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 81 homes or apartments available. The median price is $5,500 per month and the average price is $6,280 per month.
These year round rental opportunities have been on the market an average of 71 days.
There are 36 short-term rental opportunities that are available, and they have been on the market an average of 67 days. Their average price is $9,350 and the median price is $5,600.
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 home at 155 Regents Park is listed at $899,000.
This hard-to-find three bedroom townhome is located in one of Westport’s premier gated condominium communities.
Originally built in 1985, this beautifully renovated 3,100-quare foot home includes four levels of beautifully renovated finished living area, and has easy access to all town amenities, including train and shopping.
The living room has a fireplace with marble surround, built-ins, and two sets of sliders to a private rear patio.
A sunlit dining room is open to the living room.
The stylish skylit eat-in kitchen has new light Oak cabinetry with granite counters, tumbled marble backsplash and stainless steel appliances.
Upstairs, the master suite has a Juliet balcony, spa-like bath with dual vanities and soaking tub, and a large walk-in closet.
Another en suite bedroom is also on this floor, and a third en suite bedroom with cathedral ceilings and sitting area is on the third level.
A large recreation area/game room with full bath and wet bar is in the finished lower level
Schools – Greens Farms, Bedford, Staples.
Extras and items to note—gated community, four finished levels, three bedrooms, four full and one-half baths, hardwood floors throughout most of unit, two car attached garage, security system, community pool, tennis court, clubhouse, $322 monthly maintenance/common charges
Annual taxes are $8,671.
Listing/photo courtesy of William Raveis/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.
