By Judy Szablak
Special to WestportNow
While no one has a crystal ball to predict future Westport home values, there are numerous ways to estimate a home’s projected resale ability.
Featured Home: This home on 24 Jennings Court is listed at $2,395,000. (CLICK TO ENLARGE) Photo courtesy of William Pitt Sotheby’s International
However, this important criteria is often overlooked in the beginning stages of purchasing a home, which happens to be the most appropriate time to do so.
Once one has decided to purchase a home, the next item on the agenda besides getting prequalified through a lender is to figure out what the “must haves” would be.
That might sound simple enough; price range, size of the home and land come into play; the style of home, its condition, and the school district as well as ease of transportation are all factors.
However, a property’s resale ability must not be forgotten at this stage. A home’s likely future estimated value should take into account whether it is currently under-improved for the market, and whether the cost of acquisition and improvement costs or intended upgrades make fiscal sense in either the short or long term.
A home that is over-improved for the market runs a risk of not seeing a return on dollar for dollar invested.
There are numerous websites available that assist with pricing a home in the current market, although the algorithms utilized leave a lot to be desired, and their determining factors do not take into account upgraded or dated home interiors, or whether that home is located outside of a locally accepted and known neighborhood boundary.
Neighborhood knowledge by a local expert with their pulse on the market, along with data derived from prior street history, neighborhood history, and property size and style is necessary in order to arrive at a projected future value- especially if that home is either under=improved or over=improved for the market as opposed to its competition.
In short, appropriate and detailed research is vital to see what the projected given potential of future value is for any home, before one buys it.
Market Stats
There are now 335 homes that are actively on the market, and these currently available properties have been listed for an average of 130 days, with a cumulative market time of 213 days. The average list price is now $2,123,957 and the median price is now at $1,550,000.
A home on Beachside Avenue is the highest priced property for sale at $22.5 million, and the lowest available priced single family is a three bedroom home on Crescent Park for $375,000.
Thirty new listings came on the market in the last seven days, and three properties came back on the market after being under deposit, or temporarily withdrawn. Twenty-four properties had a price change.
Six properties have gone under the initial deposit stage, which we call CTS or Show, and three properties went into pending status, which means that the conditions have been satisfied, and the property is scheduled to close.
The average price of those three pending properties was $1,755,000. There are currently 23 homes in CTS/Show status throughout Westport, and another 31 properties scheduled to close townwide, with an average price of $1,590,090.
Closings: There were four single family homes reported as sold in the last week, and they were listed on average at $1,104,475 with an average market time of 124 days. There were 96 status changes in the last seven days.
Condos: There are 13 condominiums that are available, and they have been listed an average of 108 days, with an average cumulative market time of 182 days. Their average listing price is $649,356 and the median price is $679,000.
The highest priced condo in town is listed at $1,079,000 and is a three bedroom home located at Terra Nova Circle, and the lowest priced unit for sale is a two bedroom home on Bridge Street for $233,700.
There were no new listings in the last seven days, and one property came back on the market. Three properties had a price change, and no homes took an initial deposit. One home entered into pending status.
There is one property townwide in CTS/Show status, and five properties are currently scheduled to close which are listed on average at $586,180.
One sale was reported during the last week, and was listed at $425,000. There were six status changes.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 77 homes or apartments available. The median price is $4,250 per month and the average price is $5,776 per month. These year round rental opportunities have been on the market an average of 84 days.
There are 38 short-term rental opportunities that are available, and they have been on the market an average of 113 days. Their average price is $7,284 and the median price is $5,550. 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 SmartMLS and represents activity through our statewide MLS system. Private sales are not included in these statistics.
Featured Home
This home on 24 Jennings Court is listed at $2,395,000.
This 13 room Hunt Club area colonial feels substantial in every way, and you wouldn’t realize for a moment that it was built in 2002.
Located on a cul-de-sac with a grand circular driveway approach, this 7,791 square foot home has a wonderfully open and flexible floor plan, and every amenity that you would expect with masterful detailing on each of its three levels of living area.
The formal living room has a coffered ceiling and floor to ceiling stone fireplace with arched firebox and raised hearth.
The dining room has a matching coffered ceiling, along with specialty wainscoting, and inlaid walnut perimeter hardwood flooring.
A custom chef’s kitchen with top grade appliances has strategically placed glass front cabinetry, built in buffet station. A center island seats three comfortably, and is open to breakfast area with transom topped French doors that lead out to the 396 square foot patio, and professionally landscaped 1.72 acre property with a beautifully designed Gunite pool and spa.
The breakfast area is open to the family room with fireplace, which has French doors that lead out to the patio, as well as French doors to a magnificent sun room with soaring ceilings, and a large Palladian window that brings much natural light into the room.
On the other side of the kitchen is an en suite bedroom and a separate study, both of which could easily be combined to make an in-law suite, or au pair quarters with separate entrance.
Upstairs, the master suite with fireplace and two generously sized walk in closets occupies the left wing of the home. A spa like limestone bath includes dual vanities, a deep tub and fully enclosed glass shower, and water closet.
Three other bedrooms are on this floor and one is en suite, while the other two share a bath. The second level entertaining area can easily be a fifth bedroom, or teen suite, if so desired.
The finished third floor is expansive and could be a great media room, teen suite or au pair quarters.
An impressively finished lower level has a handsome built in cherry bar with both wine and beverage fridges that seats four comfortably and includes a sink. This entertaining area is second to none with a cove lit tray ceiling, and also includes a separate wine cellar.
Extras and items to note — five bedrooms, five full and one half baths, four fireplaces, nine foot ceilings throughout, security system, central vacuum, entertainment system, natural gas, public water, walk up attic, wine cellar, heated Gunite pool and spa, three car garage, whole house generator
Annual taxes are $27,158.
Listing/photo courtesy of William Pitt Sotheby’s International.
(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.
