By Judy Szablak
The market is giving us interesting data this week, and it’s all good.
The iconic River Run estate on Easton Road is listed at $6,495,000. (CLICK TO ENLARGE) Photo courtesy of Coldwell Banker Riverside/KMS Partners
There is an approximate 5 percent drop in inventory over just last week, and a slight increase in both median pricing and average pricing. That is a trend that I would hope continues. Minor incremental changes are a very good sign of a stabilizing market.
Interestingly enough, this past week showed an inordinate amount of rental activity. There were nearly as many status changes to the rental market as there were to the single family market.
A status change means that a particular home’s standing in the market changed somewhat. That could mean either a home was newly listed, a price got reduced or raised, a property came back on the market after being under deposit, it went into CTS status, pending status, sold status, or expired from the market without selling.
In 2011, there have been almost twice as many status changes per week for single families in any given week as opposed to what was reported this week.
Considering the amount of changes to the rental market, and that the inventory for rental properties is about one-third of what the numbers are of homes for sale, it’s an interesting point that there was nearly as much status activity this week for rentals.
It’s a part of our market that should not be forgotten about or ignored, as there are signs from the rental market that help us to decipher the overall market in general
Homes: There is a drop in inventory this week to 332 single family homes that are on the market, and their average list price has increased a small percentage to $2,190,195. These homes have been listed for sale an average of 127 days, and the median price has also risen slightly to steady at $1,367,750.
The highest asking price for all homes currently on the market is $24,950,000, and the lowest available priced home is $294,900.
Just two new listings came on the market in the last seven days, and three homes came back on the market after being under deposit.
Four properties had a price change, and five properties have gone under the initial deposit stage, which we call CTS. Twelve properties went into pending status, which means that the conditions have been satisfied, and the property is scheduled to close.
Closings: Ten homes were reported as sold in the last seven days, and their average list price was $1,195,600 and these homes were on the market an average of 95 days. There were only 5o status changes in the last seven days.
Condos: The 28 condominiums that are available have been listed an average of 105 days, and have an average price of $657,405. The median price of a condo is $528,950. The highest price condo in town is listed at $1,595,000 and the lowest offering price is $227,351.
One new listing came on the market this week, and one property had a price change. Three properties went into CTS status, and one property went into pending status.
Closings: Two condominiums closed in the last week. Their average list price was $460,000 and the average market time was 131 days. There were eight status changes in the last seven days.
Rentals: If you are looking to rent year round, either furnished or unfurnished, there are just 82 homes or apartments available. The median price is $3,949 per month and the average price is $6,084 per month.
These year-round rental opportunities have been on the market an average of 47 days.
As of this morning, there are 10 seasonal rental opportunities available and they have been on the market an average of 73 days, and at an average price of $10,440. The median price of both furnished and unfurnished seasonal rentals is $8,200.
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 of the Week: the iconic River Run estate, is listed at $6,495,000
Quite simply, this home at 157 Easton Road is unparalleled for its vividly beautiful grounds. The private yet very accessible home sits on 2.75 acres, and its beauty only begins with lake views, waterfalls, fish ponds, and an arched stone walking bridge traversing the river.
The river views are romantic, serene and peaceful, and an abundance of stone walls, rock formations and stone patios lend even more character to an already exquisite property.
A handsome 13-room stone and stucco classically-styled European home with tiled roof was originally built in 1955 and has 8,178 square feet of living area including five bedrooms and five full and two half-baths plus a 4,000 square foot grand stone terrace.
A classic double door entry leads to a grand foyer with its original light fixture and polished travertine limestone floors. The well thought out floor plan is so versatile that one can switch room distinctions, designs and decor and still have it “all work”—and work beautifully.
The family room has coffered ceilings, an abundance of specialty moldings and French doors to walk out and enjoy the surroundings.
The formal living room with fireplace has a simple yet elegant flair, while the sunken billiard room has Corinthian-styled unfluted columns at its entry, calming river views, and access to the beautiful grounds.
A cherry-trimmed office has crown molding and plenty of built-ins. The den next to the pool has coffered ceilings, and arched stone fireplace and inlaid brick flooring.
A fully applianced designer gourmet cherry kitchen has granite counters and a breakfast bar, access to the tremendous patios outside and a tastefully implemented spiral staircase to the second floor.
A most impressive two-story dining room is simply spectacular, has a fireplace and two second floor open balconies overlooking the room
Upstairs, there are four bedrooms besides the master bedroom, which has an aristocratic marble bath, plentiful closet space, and a secret stairway entrance to the pool on the first floor.
Amenities include an indoor pool with skylights and bar; dressing room with sauna; tennis court; a separate and self-contained two-bedroom guest cottage that is over 1,400 square feet; and, The Boathouse, or Gentlemans Lodge, which is a 1,031 square foot octagonal building with a masterfully designed wood ceiling, massive stone fireplace, and beautiful views of the river.
River Run, as this home is so named, was once owned by the Leopold Godowsky, Jr, whose father was a noted composer, good friend and associate of Grieg and Rachmaninoff.
Godowsky himself is the famed inventor of the Kodachrome process, and his wife Frankie, who is probably better known as Ira and George Gershwin’s younger sister, enjoyed this home in all of its splendor. Previous occupants include Maureen O’Sullivan and rumored notable guests included Frank Sinatra and Mia Farrow.
Romantically inspired, and exuding charm everywhere you look, this one of a kind estate is a positively special property.
Annual taxes are $46,092. Listing/photo courtesy of Coldwell Banker Riverside/KMS Partners
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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.
