By Judy Szablak
Homes are getting larger, again, in Westport. But not for the sake of just being spacious. it’s what today’s buyers are demanding.
This extraordinary home at 2 Manitou Court is listed at $12,985,000. (CLICK TO ENLARGE) Photo courtesy of Coldwell Banker/Westport
With all the new construction that seems to be taking place, one might be surprised to find that the overwhelming majority of single family housing stock in town has less than 4,000 square feet, because it just doesn’t seem to match percentage-wise what is available for sale.
Almost 77 percent of the approximate 8,200 houses in Westport are less than 4,000 square feet, while this same size category represents just 46 percent of the homes that are currently available.
The fastest growing home size segment is between 5,000 and 7,500 square feet, which represents almost 30 percent of the current active listings.
There are just 21 homes with more than 10,000 square feet in Westport, and only one available for sale (see below).
Market Stats
There are now 223 homes that are actively on the market,and inventory continues to grow at a seasonal pace. These currently available properties have been listed for average of 110 days, with a cumulative market time of 195 days.
The average list price is now $2,549,056, and the median price remains reasonably stable at $1,999,000.
A new five-bedroom colonial at 8 Bluewater Lane is the highest priced home for sale at $14.5 million, and the lowest available priced home is a two-bedroom home on Crescent Park for $289,000.
Twenty-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.
Twelve properties have gone under the initial deposit stage, which we call CTS, and six 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 six pending properties is $1,798,983. There are currently 26 homes in CTS status throughout Westport, and another 33 properties scheduled to close town-wide, with an average price of $1,843,176.
Closings: There were three single family homes reported as sold in the last week, were listed on average at $1,348,000, and sold with an average market time of just 115 days. There were 72 status changes in the last seven days.
Condos: There are nine condominiums that are available, and they have been listed an average of just 47 days. Their average listing price is $709,656 and the median price is $749,000.
The highest priced condo in town is $899,000 and is a two-bedroom home located at Regents Park, and the lowest priced unit for sale is a one-bedroom home on Riverside Avenue for $497,000.
There were three new listings this week, and no homes came back on the market after being under deposit. There were no price changes, and no properties entered into the initial stage of deposit.
Two homes entered the pending stage of deposit, and were listed on average at $930,000.
There are no properties town-wide that are currently in CTS status, and two homes that are scheduled to close, which are listed on average at $930,000.
Two sales were reported during the last week, and were listed on average at $695,500. There were 10 status changes reported.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 34 homes or apartments available. The median price is $4,500 per month and the average price is $5,412 per month. These year round rental opportunities have been on the market an average of 70 days.
There are 18 short-term rental opportunities that are available, and they have been on the market an average of 80 days. Their average price is $10,006, and the median price is $6,900.
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 extraordinary home at 2 Manitou Court is listed at $12,985,000.
This transitional manor house is situated on 2.3 acres with more than 300 feet of direct frontage at the mouth of the Saugatuck River.
“Laurel Lodge” was originally built in 1913 at the height of the Arts and Crafts era.
Schmiedeck Construction Company LLC, renowned local builders, in concert with Beinfield Architects, have refined the original 5,445 square foot landmark and seamlessly integrated it into a magnificent, 13,500-square foot transitional style, state-of-the-art home, while maintaining the integrity and style of many of the original design elements.
Among the numerous features to highlight in this 15-room home is one that cannot easily be found in any home -– sophisticated, elegant and very comfortable living areas. The rooms are spacious, yet not overbearing and the style is classic, refined and timeless.
The living room and dining room both have extensive millwork and are open to each other. Each room has a restored, vintage fireplace designed by the Grueby, Faience Company, who were highly acclaimed potters and craftsmen during the Arts and Crafts era.
The transitional hallway and expansive state of the art kitchen/great room feature an array of massive mahogany windows and doors leading to a “snow melt” terrace and unobstructed views of the Saugatuck along with golden sunsets.
In summer, this monumental kitchen with three fine pantries and every conceivable amenity is like a grand, open, waterfront pavilion.
Six of the seven bedrooms are on the upper level, each with its own marble bath and walk in closet. Two of the family bedrooms feature fireplaces as well.
An especially grand master bedroom suite has a distinctive barrel ceiling, a sitting room with fireplace and separate custom dressing rooms. Walls of glass from the bedroom offer spectacular water views and an ample private balcony perfect for intimate relaxation.
The marble master bath is befitting of royalty with soaking tub, oversized curbless shower and separate water closet.
The garden level features multiple entertainment areas including a large playroom with fireplace and “summer” kitchen, an exercise area, a large wine cellar/tasting room and an in-home theater. There is a separate entry cabana-type changing room, and a neatly tucked away separate entry staff quarters.
“Laurel Lodge” is the epitome of sophistication and comfort situated perfectly on a spectacular parcel of land with every luxury refinement and amenity.
Extras and items to note: water views from nearly every room, a three-level elevator, smart home technology, geo-thermal climate control, full back up generator system, radiant heated floors in all baths, fully wired for audio/visual amenities, security system, central vacuum, infinity edge waterside pool, built-in outdoor barbecue, outdoor fire pit, waterside tennis court, 80-foot deep water dock, screened porch, enclosed front courtyard and multiple balconies, patios and terraces with extravagant stonework.
Annual taxes have yet to be determined.
Listing/photo courtesy of Coldwell Banker/Westport.
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(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.
Hi Judy,
Your opening paragraph states that buyers are “demanding” large houses, but nothing in the article actually addresses what buyers actually want. You talk about what is on the market and what is selling, as well as what some builders are building, but not about demand. I suspect that the modern trend toward size is driven more by building industry profits than by the wishes of buyers. Am I the only one who thinks most of us will regret house size inflation when it comes time to paint and remodel them?