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Real Estate Report: Every Property Has Three Prices

By Judy Szablak

Special to WestportNow

Although one might think that there is one price for any home on the market in Westport, there are usually three.

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Featured Home: This home at 34 Little Fox Lane is listed at $1,729,000. (CLICK TO ENLARGE) Photo courtesy of William Raveis Real Estate Westport

The difference in the three has to do with what the seller is hoping for, what an agent suggests, and what a buyer is willing to pay; and they are not always in sync with one another.

When a home comes onto the market and takes a deposit quickly, it’s because all opinions of price are essentially one and the same.

The majority of activity on any given home listing occurs within the first 30 days, and that is due to the buyers that are already in the marketplace who will look at new inventory as soon as they can.

After that, a seller must rely on new buyers entering the market. 

However, a new listing’s initial activity does not necessarily translate into a meeting of the minds on price and terms.

There are 43 homes under the initial stages of deposit townwide, and just 35 percent of these properties went under deposit within the first 30 days of being listed.

Seven took an initial deposit within a week, and two of the seven took a deposit after a price reduction.

Sixty-nine percent of these homes were below the median pricing of $1.6 million.

Market Stats

There are now 361 homes that are actively on the market that have been listed for an average of 114 days, with a cumulative market time of 186 days. The average list price is now $2,045,253 and the median price is now at $1,600,000.

A home at 144 Beachside Ave. is the highest priced property for sale at $28 million, and the lowest available priced single family is a four-bedroom home on Saugatuck Avenue for $299,000.

Sixteen new listings came on the market in the last seven days, and two properties came back on the market after being under deposit, or temporarily withdrawn. Twenty-nine properties had a price change.

Eighteen properties have gone under the initial deposit stage, which we call CTS or Show, and another 12 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 12 pending properties was $1,713,083. There are currently 43 homes in CTS/Show status throughout Westport, and another 61 properties scheduled to close townwide, with an average price of $1,713,083.

Closings: There were seven single-family homes reported as sold in the last week, and they were listed on average at $1,800,714 with an average market time of 147 days. There were 101 status changes in the last seven days.

Condos: There are 17 condominiums that are available, and they have been listed an average of 72 days, with an average cumulative market time of 106 days. Their average listing price is $621,892 and the median price is $537,000.

The highest priced condo in town is listed at $1,150,000 and is a three-bedroom home at Terra Nova Circle, and the lowest priced unit for sale is a two-bedroom home on Bridge Street for $234,933.

There was one new listing in the last seven days, and one property came back on the market. One property had a price change, and no homes took a deposit. No homes entered into pending status.

There are two properties townwide that are currently in CTS/Show status, and one property is currently scheduled to close which is listed at $1,049,000.

No sales were reported during the last week. There were four status changes.

Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 76 homes or apartments available. The median price is $6,000 per month and the average price is $7,415 per month.

These year-round rental opportunities have been on the market an average of 88 days.

There are 63 short-term rental opportunities that are available, and they have been on the market an average of 121 days. Their average price is $13,521 and the median price is $10,000.

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 at 34 Little Fox Lane is listed at $1,729,000.

This exceptionally designed 10-room colonial on a sought after Redcoat area cul-de-sac was torn down and rebuilt just five years ago by a highly respected local builder who made this his own personal residence.

The finest craftsmanship, details, and finishes were utilized, and no expense was spared in this 5,100-square foot home, which is an entertainer’s dream come true.

A solid mahogany door opens to the front-to-back two-story foyer with built-in entertaining cabinetry.

The living room with impressive stone fireplace has a beamed cathedral ceiling. French doors lead to the foyer, as well as the 602-square foot deck which overlooks the level, private and parklike two acre property.

The formal dining room has a custom tray ceiling and also opens up to the living room through French doors for an expansive entertaining area.

The exquisite custom chef’s kitchen features granite counters and high-end appliances that include two dishwashers, Thermador steam convection ovens with warming drawer, and a convection microwave.

The breakfast area is open to the family room with fireplace and 5.1 surround sound.

A main level en suite bedroom with separate entrance easily doubles as an office or nanny suite.

Upstairs, there are three bedrooms, including the master bedroom suite, which has beamed cathedral ceilings and a sitting room with fireplace, built in beverage area with sink, and two walk-in closets.

The luxurious onyx and marble bath has a soaking tub, separate glass enclosed shower, and double vanity.

The finished lower level includes an exercise room, and a movie theater complete with built-ins, a custom 144-inch screen and 7.1 surround sound.

Extras and items to note — four bedrooms, three full and two-half baths, three fireplaces, security system, central vacuum system, audio system with outdoor speakers, in-home movie theater, underground utilities, sprinkler system, exterior hot tub, tree-lined and fenced perimeter, low voltage outdoor lighting, whole house generator, room for pool and tennis court.

Annual taxes are $18,200.

Listing/photo courtesy of William Raveis Real Estate Westport.


Judy Szablak
(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.

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