By Judy Szablak
The most active markets for new construction in Westport are in the Coleytown and Compo Beach neighborhoods. Currently, 22 of the 57 newly built homes are in these two areas.
Featured Home: This home at 12 Silent Grove in the Coleytown area is listed at $2,250,000. (CLICK TO ENLARGE) photo courtesy of Coldwell Banker Westport-Riverside.
Interestingly, though, the Hunt Club area has had a highest turnover rate in the last year for new home sales, which may very well be a product of the available land in that area, or the number of opportunities for builders to tear down and rebuild.
Combined, the Greens Farms, Coleytown and Compo Beach areas comprised almost 40 percent of all new construction sales in the last year, and together with the Hunt Club, made up nearly two-thirds of all new construction sales in town.
Does that indicate that one area, or that these few specific areas are that much in demand? Certainly, a newly built home in Westport has a great amount of appeal, however there is only so much property.
Opportunities to build may not necessarily be as plentiful in other areas, such as Old Hill, for example.
It doesn’t necessarily mean that one area is preferred over others, be it builders or buyers.
t boils down to the availability of buildable land, which in turn dictates exactly what will become available.
There are probably never enough new homes to choose from for some buyers, as this segment represents only 17 percent of the 319 homes that are on the market.
According to our local Multiple Listing Service, the average price throughout town for a newly built five-bedroom home is just under $3.4 million, and the average size is a little over 6,700 square feet.
Market Stats
The inventory is virtually unchanged from last week, and there are 319 homes that are actively on the market. These currently available properties have been listed for an average of 127 days, with a cumulative market time of 188 days.
The average list price is now $2,338.417 and the median price is holding steady at $1,795,900.
A seven-bedroom home at 2 Manitou Court is the highest priced home for sale at $12,985,000, and the lowest available priced home is a two-bedroom home at 29 North Ave. for $399,900.
Fifteen 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the market in the last seven days, and no properties came back on the market after being under deposit, or temporarily withdrawn. Thirteen properties had a price change.
Twelve properties have gone under the initial deposit stage, which we call CTS, and another four 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 four pending properties is $956,500, although that does not signify that the market is going down.
It is just indicative as to what properties have gone under deposit this past week. There are currently 28 homes in CTS status throughout Westport, and another 49 properties scheduled to close town-wide, with an average price of $1,765,506.
Closings: There were 15 single family homes reported as sold in the last week. They were listed on average at $1,798,527 and sold with an average market time of 113 days. There were 65 status changes in the last seven days.
Condos: There are 19 condominiums that are available, and they have been listed an average of 93 days. Their average listing price is $707,832 and the median price is $729,000.
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 $273,600.
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 property entered into the initial stage of deposit. No homes entered into pending status.
There are three properties town-wide that are currently in CTS status, and two homes are scheduled to close, with an average list price of $672,500.
One sale was reported during the last week, and the home was listed at $699,000. There were four status changes reported.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 65 homes or apartments available. The median price is $4,400 per month and the average price is $5,077 per month.
These year-round rental opportunities have been on the market an average of 42 days.
There are 24 short-term rental opportunities that are available, and they have been on the market an average of 74 days. Their average price is $12,332 and the median price is $9,250.
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 at 12 Silent Grove is listed at $2,250,000.
This sophisticated and chic five-bedroom Coleytown colonial has a wonderfully transitional interior with custom mill work, warm gray tones and crisp lines.
Newly built by Able Construction, this 5,500-square feet home features rich hardwood flooring, specialty crown moldings throughout, and beautifully implemented floor to ceiling paneled wainscoting.
The main level is simply an entertainer’s delight with an effortless flow throughout. The foyer opens up to the living room on your left, which has a beamed ceiling and custom fireplace, and to your right is the dining room with full wainscoting and tray ceiling.
A butler’s pantry has a Carrera marble counter and beverage fridge.
A state-of-the-art kitchen has Carrera marble countertops and high end stainless steel appliances including a Wolf range, Asko dishwasher and Sub Zero refrigerator.
The matching service island seats four comfortably and serves as a mini-separator to the informal dining area, which overlooks a level 1.06-acre yard graced with stone walls through eight foot doors that lead out to the bluestone patio.
The breakfast area is also open to the family room, which has coffered ceilings, and a custom fireplace with marble surround.
Upstairs, the master bedroom has its own fireplace, a separate sitting room or nursery, dressing area, and two large walk-in closets. The luxurious master bath is outfitted with Carrera marble, and features a Victoria and Albert tub, a double-sized glass enclosed shower, and separate water closet.
Four additional bedrooms are on the second level, and each are en suite with Jack and Jill-style baths.
The third floor is finished and is perfect for a media room, game room or teen suite.
Extras and items to note—main level office, three full and one half-baths, security system, 9-foot ceilings on the first floor, 1,800 square foot finishable lower level, room for a pool.
Annual taxes have yet to be determined.
Listing/photo courtesy of Coldwell Banker Westport-Riverside.
(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.
