By Judy Szablak
The allure of waterfront property in Westport remains evident, and whatever concern that the ripple effects of Sandy would hurt this segment of the market seems to have dissipated in a relatively short period of time.
Featured Home: This home on the waterfront at 92 Harbor Road is listed at $1,699,000. (CLICK TO ENLARGE) Photo courtesy of William Pitt Sotheby’s/ Westport
Right now, there are 53 Westport homes identified through our Multiple Listing Service as having direct waterfront of some kind, whether it be Long island Sound, the Saugatuck River, Bermuda Lagoon, or a pond, lake or brook. These homes have approximately 4,900 square feet on average, and have a median price of $2,795,000.
However, of particular interest is the Saugatuck Shore area, which has only 13 waterfront homes available at this time, ranging in price from $879,000 to $11.5 million.
This market area has a better than expected sale ratio and absorption rate, and the average sale price here is just over $3.2 million. With such limited supply, and a number of still reasonably priced homes, it appears that this area is on the upswing, and timing is equally as good for either sellers or buyers
Market Stats
The inventory is down slightly to 318 homes that are actively on the market. These currently available properties have been listed for an average of 125 days, with a cumulative market time of 185 days. The average list price is now $2,320,713 and the median price is now at $1,799,000.
A seven-bedroom home at 62 Bermuda Road is the highest priced home for sale at $11.5 million, and the lowest available priced home is a three-bedroom home on 9 Oakview Circle for $399,000.
Eleven 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the market in the last seven days, and two properties came back on the market after being under deposit, or temporarily withdrawn. Twelve properties had a price change.
Seven properties have gone under the initial deposit stage, which we call CTS, and another eight properties went into pending status, which means that the conditions have been satisfied, and the property is scheduled to close.
The average price of these eight pending properties is $1,863,350. There are currently 19 homes in CTS status throughout Westport, and another 63 properties scheduled to close town-wide, with an average price of $1,861,233.
It should be noted that deposits townwide are down, but we do expect a seasonal spike in the next 60 days.
Closings: There were 13 single family homes reported as sold in the last week. They were listed on average at $1,581,823 and sold with an average market time of just 87 days. There were 73 status changes in the last seven days.
Condos: There are 18 condominiums that are available, and they have been listed an average of 101 days. Their average listing price is $686494 and the median price is $694,000. At this time, the Westport condo market is statistically much stronger than single family homes.
The highest priced condo in town is $1,249,000 and is a three-bedroom home located at Terra Nova Circle, and the lowest priced unit for sale is a one-bedroom home on Sylvan Lane for $288,800.
There was one new listing this week, and no homes came back on the market after being under deposit. There were no price changes, and one property entered into the initial stage of deposit. One home entered into pending status, and is listed at $699,000.
There are three properties town-wide that are currently in CTS status, and three homes are scheduled to close, with an average list price of $681,333.
One sale was reported during the last week, and was listed at $315,000. There were four status changes reported.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 61 homes or apartments available. The median price is $4,500 per month and the average price is $5,283 per month. These year round rental opportunities have been on the market an average of 41 days.
There are 26 short-term rental opportunities that are available, and they have been on the market an average of 79 days. Their average price is $13,441 and the median price is $11,250.
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 on the waterfront at 92 Harbor Road is listed at $1,699,000
This 2,240-square foot Saugatuck Shore colonial has a sunny interior, expansive views of the harbor and Long Island Sound, and has recently been raised to meet FEMA standards.
Renovated in 2004, this four-bedroom home has an open floor plan, panoramic water views, and a surprisingly private and professionally landscaped .13-acre yard.
The living room has a fireplace, gleaming hardwood floors, and is open to the dining area.
A gourmet kitchen has marble countertops, perfectly placed glass front cabinetry accents, and top of the line stainless steel appliances. The informal dining area has a cathedral ceiling, and oversized sliders to the patio.
The den has crown molding, panoramic views through large windows, and sliders to one of the decks, and an office has a skylight and a palladian style door to another outside viewing deck.
Three bedrooms are on the second level, and the master suite has a large walk-in closet and private bath. A fourth bedroom with full bath is on the third floor with a viewing deck.
This smartly designed home has an exceptionally sunny and open floor plan, waterviews from most rooms, and a private outdoor living space with fireplace.
Extras and items to note: Three full and one half-baths, multiple viewing decks, central vacuum system, security system, generator, recently upgraded heating and air conditioning, deeded dock and beach rights.
Annual taxes are $16,139.
Listing/photo courtesy of William Pitt Sotheby’s/ 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.
