By Judy Szablak
It was a pretty good week for real estate in Westport.
This custom classic colonial at 99 Bayberry Lane is listed at $4,495,000. (CLICK TO ENLARGE) Photo courtesy of Coldwell Banker Riverside
This past week’s reported sales are especially encouraging given that the majority of closings for any given month usually occur within the last week of the month. That being said, I have noticed a slight drop off in sales for properties that are listed under $1 million.
Right now, this price range represents approximately 25 percent of the inventory in town, and when the “entry price range” begins to slow up, you can expect that to carry through to higher ranges in town at some point in the near future.
It’s something to keep an eye on as an additional gauge of the where the market is heading in the next few months to ensure that this is just a seasonal adjustment in activity due to the upcoming holiday season.
Homes: There are 330 single family homes on the market, and their average list price is $2,155,086. These homes have been listed for sale an average of 131 days, and the median price has risen slightly to $1,377,500.
The highest asking price for all homes currently on the market is $24,950,000, and the lowest available priced home is $380,000. The biggest price pocket of available homes is in the $1 million to $1.5 million range, with 61 homes available and an average market time of 107 days.
There are 50 homes available in the $1.5 million to $2 million range, and they have been on the market an average of 101 days.
Nineteen new listings came on the market in the last seven days, no homes came back on the market after being under deposit. and eight properties had a price change.
Five properties have gone under the initial deposit stage, which we call CTS, and five properties went into pending status, which means that the conditions have been satisfied, and the property is scheduled to close.
The average market time for these pending properties was 84 days.
Closings: Thirteen homes were reported as sold in the last seven days, their average list price was $1,259,762 and these homes were on the market an average of 92 days. There were 69 status changes in the last seven days.
Condos: There are 24 condominiums that are available, and they have been listed an average of 115 days and have an average price of $636,187. The median price of a condo is $488,950. The highest priced condo in town is listed at $1,595,000 and the lowest offering price is $279,000.
It is still somewhat quiet for condo activity. One new listing came on the market this week, and three properties had a price change. No properties went into CTS status, and one property went into pending status, and its market time was just 16 days.
Closings: One condominium closed in the last week, and was listed at $227,352. This home was on the market for 78 days. There were eight status changes in the last seven days.
Rentals: If you are looking to rent year round, either furnished or unfurnished, there are 74 homes or apartments available. The median price is $3,650 per month and the average price is $5,930 per month. These year round rental opportunities have been on the market an average of 56 days.
As of this morning, there are just three seasonal rental opportunities available and they have been on the market an average of 69 days, and at an average price of $14,166. The median price of both furnished and unfurnished seasonal rentals is $8,750.
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 custom classic colonial at 99 Bayberry Lane is listed at $4,495,000
Located in the Hunt Club area, this exquisitely designed and decorated home is perfectly sited on two very private lushly landscaped acres and affords all the serenity that one could want.
A commanding and regal exterior presence is painstakingly carried through with interior details that include custom mill work and finishes, custom lighting, and only the finest materials and workmanship.
Over 8,300 square feet of sunlit living area throughout three levels includes 18 rooms, seven bedrooms, and nine full and one-half baths.
The front-to-back exposure grand entrance has a gracefully curved elegant staircase to the second floor with recessed panel wainscoting, and a marble entry foyer with a perimeter marble accent finish.
Ten-foot ceilings on the main floor are highlighted by crown moldings and finishes, custom French doors, and over sized tall windows which lend a multitude of natural light in every room.
The first floor living areas are thoughtfully designed, and have fantastic flow from one room to another. The formal and gracious living room has an over sized fireplace with a custom mantel. The family room has another fireplace and a walk-in bar.
The library has another fireplace, antique barn-wood accents, built in bookcases from top to bottom and a even a sliding ladder to reach the uppermost shelves. A twelve foot high wood ceiling completes the room’s antique-style ambiance.
The wainscoted banquet sized dining room has impeccably and tastefully designed display shelving which offers a most peaceful dining environment.
A custom state of the art gourmet kitchen has an antique beamed ceiling, and is outfitted with every amenity and appliance imaginable, and the breakfast room feels like a conservatory, with access to the rear veranda overlooking especially scenic grounds.
There are six bedrooms on the second floor, including a luxurious master bedroom suite, which has its own fireplace, luxurious his/hers marble bathrooms with attached dressing rooms, and a separate salon which can also be a nursery. A guest suite on this floor also has 10-foot ceilings.
The walk up attic offers easy expansion of approximately 1,000 square feet and overflows with natural light. Perfect for an artist’s studio, this area is quite flexible and can also be finished to become an office or Au-pair suite if needed.
The lower level has an expansive recreation room, a fully equipped gym, a media room complete with theater seating, and an additional full bath.
Items to note: Fully equipped gym; home theater; interior/exterior sound system; tennis court with north-south orientation; heated in-ground pool and spa with east-west orientation; four-car heated garage; world class designer and antique furnishings are negotiable.
A sophisticated interior, and elegant appointments throughout highlight this immaculate and impeccable showcase of a home.
Annual taxes are $30,665. Listing/photo courtesy of Coldwell Banker Riverside.
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(Editor’s Note: Judy Szablak of RE/MAX- Fairfield County CT Realtor since 1984 is author of “The Art of Buying or Selling a Home,” and is featured on HGTV’s real estate show, “Desperate to Buy.” Email .(JavaScript must be enabled to view this email address) or visit her blog at www.TheCTrealtyBlog.com.
