By Judy Szablak
Special to WestportNow
The home-selling season is under way in Westport, and our current real estate climate is not quite conducive to “testing the market” or “fishing” for the highest price possible if recent sale comparables do not support it.
Featured Home: This home at 15 Sycamore Drive is listed at $1,774,999. (CLICK TO ENLARGE) Photo courtesy of Higgins Group Bedford Square — Westport
When a home on your street or in the neighborhood is listed at a particular price, one should not ever place a value on their own home based upon what another is asking for theirs.
The operative term here is “asking price.” Out of the 39 homes that sold year to date, almost half of them had at least one price adjustment before obtaining a deposit that resulted in a sale.
That translates to a 49 percent chance that your home may need a price reduction before it sells, if it is not priced well for the market when it enters the marketplace.
Of the 19 homes that had price changes, the home at 4 Christmas Lake Lane was adjusted 18 times in its 478 days on the market before it sold at 97.62 percent of its final asking price, or 66.38 percent of its original asking price.
Another home at 10 Minute Man Hill had four changes during its 793 days on the market, and closed at 88.06 percent of its final asking price, or 54.2 percent of its original asking price.
Twenty homes sold without any reduction in list price, and they sold on average at 95 percent of asking price.
Only five of the 19 properties that instituted just one price change before selling, and sold on average at 93 percent of their final asking price, which is an another 2 percent less than if they had started at market price to begin with.
The information is present. Pay close attention to the comparables and prior history if you want your home to sell.
Featured Home
This home at 15 Sycamore Drive is listed at $1,774,999.
This exquisite Long Lots area 12-room custom colonial with outstanding millwork is just seven years young, and is positively impeccable in every conceivable way.
A widely respected builder’s own home, this 4,848-square foot residence boasts high end finishes throughout, and there is even 1,500-square feet of expansion space on the third floor, which is already framed with sub-flooring and Sheetrock, with electrical and HVAC in place.
The well-appointed living room includes double perimeter walnut inlaid flooring, as well as a tray ceiling with layered crown molding.
An regal dining room has an octagonal tray ceiling with layered crown molding, three-quarter height wainscoting and double perimeter walnut inlaid floors.
The custom designer kitchen with granite counters and tumbled marble backsplash has a beautifully designed rounded arch above the sink, stainless steel Thermador appliances, a walk-in pantry, and a breakfast bar with vegetable sink that seats four comfortably.
The kitchen’s informal dining area has French doors that lead out to the 336-square foot deck, and serene views of the professionally landscaped level 1.4-acre property
The family room with Absolute black fireplace has a rich coffered ceiling, more wainscoting, built-in cabinetry and shelving, nd double perimeter walnut inlaid hardwood flooring.
A sunlit main level office has recessed panel wainscoting, crown molding, and built in shelving and cabinetry.
Once upstairs, the spacious landing is suited quite well as a reading nook, upper level play area or homework space.
The master bedroom suite includes a gas fireplace, and a sumptuous marble bath with twin vanities, whirlpool and separate shower. Two exceptionally large walk-in closets offer plenty of storage.
Four additional bedrooms are on this level. Two are en suite, and two others share a Jack-and-Jill-style bath.
Extras and items to note—five bedrooms, four full and two half baths, two fireplaces, 9-foot ceilings throughout, 30-foot covered front porch, sun room with tray ceiling, hydro air heating and cooling system, three-car garage, in-ground heated salt water pool and spa.
Annual taxes are $24,530.
Listing/photo courtesy of Higgins Group Bedford Square — Westport.
Market Stats
There are now 313 homes actively on the market, which has increased by 30 properties from last year at this time.
These properties have been listed for an average of 113 days, with a cumulative market time of 229 days. The average list price is down approximately $48,000 from a year ago to $2,071,774 and the median price is at $1,575,000, which is consistent with a year ago at this time.
Twenty-six new listings came on the market in the last seven days, and no properties came back on the market after being under deposit, or temporarily withdrawn, which is an increase of five properties over last year of these changes. There were 18 properties in the past week that had a price change.
A Tudor-style home on 114 Beachside Ave. is the highest priced property listed for sale at $22.5 million and is an 8,482-square foot waterfront property comprised of three lots on 7.267 acres with 365-feet of waterfront.
The lowest available priced single family is a 2,074-square foot four-bedroom colonial and storefront needing gut renovation at 58 Saugatuck Ave. that was built in 1922 and is listed at $250,000.
There are currently 32 homes under the initial stage of deposit townwide, and another 28 scheduled to close.
The number of homes that are under the initial stage of deposit is down by eight units from that of last year, and the pending sales are down by 32 percent from last year at this time.
It should be noted that the initial deposits are greater in number than the pended properties which is a very good sign for our market, and indicates that sales are picking up.
Closings: There were five sales reported during the last week, and their average price was $1,731,000 and an average market time of 135 days.
The highest priced sale occurred at 10 Minute Man Hill in the Compo Beach area, a 7,205-square foot home with six bedrooms, seven full and two half baths, and four fireplaces on one acre.
Originally built in 2003, the home was first listed at $6,495,000, reduced on four occasions to $3,998,000 and closed at $3,520,500 after 793 days on the market at 88.06 percent of its final asking price.
Another notable sale occurred at 15 Edgewater Hillside which sold in just 11 days. This 2,949-square foot Compo Beach colonial on .25-acres overlooks the Mill Pond and has 10 rooms, five bedrooms, five and one half baths and an in-ground pool.
Condos: There are 16 condominiums that are currently available, which is up by five units from this time last year. These condos have been listed an average of 91 days, with a cumulative market time of 114 days.
The average price is $487,169 and the median price is $534,500. The average price is down by $87,000 from last year at this time, however it is more indicative of what properties are on the market, and not of a drop in value.
There was one new listing entered in the last seven days, and one property came back on the market. No properties had a price change, and no homes entered the initial deposit stage. Three additional homes entered pending status.
The highest priced condo in town is listed at $785,000, and is a two-bedroom, two and one half bath townhome with 2,239 square feet of living area located at 122 Regents Park, and the lowest priced unit for sale is a one-bedroom unit with 750-square feet on 35 Bridge St. at The Saugatuck, which is an adult complex and listed at $178,300.
There are no properties currently under the initial stage of deposit townwide, and five that are scheduled to close, which are all in different complexes. A two-bedroom home in the Birchwood complex at 35 Hills Lane with 1,300-square feet has gone under pending status in just 15 days, and has the least amount of market time of any of the five units. It is listed at $415,000.
No properties had a price reduction and no properties sold this last week.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 55 homes or apartments available. The highest priced annual rental is $25,000 per month, and is at 66 Compo Mill Cove. The beachfront home consists of 4,000-square feet with designer furnishings, and has six bedrooms, and a deeded deep water boat slip at Compo Beach. The home is also available for summer rental at $40,000 per month.
The lowest priced rental is listed as a 400-square foot two-room apartment for $1,250 monthly and is located at 8 Cross St.
The median price for townwide annual rentals is currently $4,800, and is about $1,200 less than it was at this time last year, and the average price is $5,645 per month, which is also down by about $600 a month from last year at this time. These year round rental opportunities have been on the market an average of 115 days.
There are 49 short-term rental opportunities that are available, and the highest priced homes are a 7,629-square foot with five bedrooms on 4 Bluewater Lane, a six-bedroom colonial at 16 Burr Farms Road, and 66 Compo Mill Cove, which is also available as an annual rental.
All three of these summer rentals are listed at $40,000. Seasonal rental listings are down by 25 percent from last year at this time.
Seasonal rentals currently have an average price is $13,390 and a median price of $8,800, with an average market time of 83 days. 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 — Listing information and data is compiled from the SmartMLS and represents listings and activity through our statewide MLS system. Private sales are not included in these statistics.
(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.
