By Judy Szablak
It’s another solid week in the Westport real estate market. 
This Hunt Club area contemporary at 28 High Point Road is listed for $1,899,000. (CLICK TO ENLARGE) Photo courtesy of William Raveis Westport
Although we have about a one-year supply of properties available, homes are selling at a nice pace. There were 14 single family home sales reported in this last week alone.
Unfortunately, the condo market has been slower than we would like, and needs every bit of assistance that we can find.
There is some buzz going on with the mortgage brokers about the Freddie Mac and Fannie Mae loan limits that were part of the 2008 stimulus package and are set to roll back on Oct. 1.
It is my understanding that the banks and lenders are informing their loan officers to expect the loan limits to decrease as of Oct. 1.
I would advise anyone looking to purchase a condo in town to look to close on a sale well before this takes effect, which most certainly has the potential to knock certain buyers out of the market if it does. The update on statistics:
Homes: There are 357 single family homes on the market, and their average list price is $2,146,524. These homes have been listed for sale an average of 111 days, and the median price is $1,324,000.
If we break down the inventory by the number of bedrooms in the home, you will see that almost half of the available properties in town have five bedrooms or more.
Two-bedroom homes: 86 with an average list price $589,862.
Three-bedroom homes: 76 with an average list price $1,038,964
Four-bedroom homes: 100 with an average list price $1,716,895
Five bedrooms or more: 172 homes with an average list price $2,967,676
The highest asking price for all homes currently on the market is $24,950,000, and the lowest available priced home is $294,900.
Eight new listings came on the market in the last seven days, and no homes came back on the market after being under deposit.
Seven properties had a price change, and seven properties have gone under the initial deposit stage, which we call CTS. Ten properties went into pending status, which means that the conditions have been satisfied, and the property is scheduled to close.
Closings: Fourteen homes sold in the last seven days, and their average list price was $1,403,957, and these homes were on the market an average of 121 days. There were 63 status changes in the last seven days.
Condos: The 31 condominiums that are available have been listed an average of 106 days, and have an average price of $602,243. The median price of a condo is $487,000. The highest price condo in town is listed at $1,595,000 and the lowest offering price is $227,351.
No new listings came on the market this week, and no properties had a price change. Two properties went into CTS status, and no properties went into pending status.
Closings: One condominium closed in the last week and was listed at $359,000. It was on the market for 494 days. There were six status changes in the last seven days.
Rentals: If you are looking to rent year round, either furnished or unfurnished, there are 78 homes or apartments available. The median price is $5,075 per month and the average price is $6,922 per month.
These year round rental opportunities have been on the market an average of 44 days.
There are 16 seasonal opportunities available and they have been on the market an average of 86 days, and at an average price of $10,909. The median price of both furnished and unfurnished seasonal rentals is $7,125.
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 Hunt Club area contemporary at 28 High Point Road is listed for $1,899,000.
With an exterior reminiscent of a Colorado chalet and set so far back that you won’t even see it from the road, this home’s 1.05 acres of natural surroundings include an approach with a bridge over a meandering stream on the property.
A front portico with custom hand-curled wood columns from New Mexico sets the stage for the dramatic interior. Once inside, an open floor plan on the main level gives a wonderful feeling of space, while maintaining ones individual privacy.
Almost completely rebuilt and remodeled in 2002, there’s a tasteful southwestern flair throughout this 5,369 square foot home which has 10 rooms, five bedrooms and four full and two half baths.
The expansive living room has Brazilian cherry hardwood flooring, soaring two and one half story ceilings with floor to ceiling glass, and a wrap-around balcony to enjoy the sunshine and the immediate scenery.
An open loft area overlooks the impressive living room, and the grand staircase has custom hand-curled wood railings to match the outside portico.
The fully applianced state of the art gourmet kitchen has a polished Colorado sandstone counters and granite sinks straight from New Mexico. The dining area is regal in size, and offers more views of the outside through an adjacent solarium.
The master bedroom suite has soaring ceilings with three skylights and a fireplace. The luxurious bath has top of the line fixtures, Travertine, tumbled marble, and custom mosaics and exudes peace and tranquility the moment you enter.
There is a sizable media/recreation room on the lower level that is suitable for any function, which also has a full bath.
This Hunt Club area home is an entertainer’s delight with a year round vacation style feel, and a nice place to call home.
Annual taxes are $16,803 per year. Listing/Photo courtesy of William Raveis Westport.
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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.
why is this news?
seems like a free plug for these gross oversized homes.