By Judy Szablak
Special to WestportNow
Applications for demolition permits are down substantially in Westport since January.
Featured Home: This home at 4 Sprucewood Lane is listed at $3,975,000. (CLICK TO ENLARGE) Photo courtesy of Westport Residential.
In fact, they have steadily decreased over the past few years, according to the Westport Building Department.
For example, there were 124 such permits issued in 2014; that decreased to 104 in 2015, and just 41 so far this year.
This is important to the real estate market because these applications are the first step to new construction homes being built, as there are very few unimproved parcels in town.
No matter how one may feel about teardowns, the new homes built on these parcels help to keep our market strong, and account for over 20 percent of our single family sales.
These new homes also increase our average overall sales prices. Consider that pre-existing home sales this year have averaged just under $1.6 million, while new construction homes averaged $2.45 million.
Builders are just not building on “spec” like they were a few years ago. Some have more inventory and are not willing to take on new projects unless the “numbers” work.
And that means that the final finished product has to come in at an extremely marketable price. Hence, less permits, and fewer real opportunities to sell a home as a teardown. That is, at least until some builders sell some of their inventory.
One of our own respected local builders, Rob Haroun of SIR Development, LLC offered the following from a builder’s point of view. “Buyers have a perception, which is true, that there is a lot of supply out there.
“Buyers have seen multiple waves of price reductions and have seen desperate builders, list “to be built” houses or houses that builders will ‘build off your plans.’ This type of marketing reinforces the buyer perception that supply is plentiful and that some builders are desperate.”
The company has been one of the lucky ones, with 11 pending or closed sales this year.
Haroun went on to say that “the most important change we see in our buyer profile is that they are no longer buying early and customizing.
“Gone are the days of a buyer purchasing off plans or when the house is framed. Buyers want to touch and feel what they are getting, including walking through a finished fully staged and landscaped home to see if the house fits their lifestyle. If it doesn’t, they move on.”
There are currently 82 newly built homes for sale.
Market Stats
Net available inventory is unchanged from last week with 376 homes actively on the market. These properties have been listed for an average of 116 days, with a cumulative market time of 209 days. The average list price is $2,266,446 and the median price is $1,797,000.
A home on Beachside Avenue is the highest priced property for sale at $32 millio-, and the lowest available priced single family is a five-bedroom home on Ferry Lane East for $439,900.
Fourteen 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. Nineteen properties had a price change.
Five properties have gone under the initial deposit stage, which we call CTS, and nine 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 nine properties was $1,911,767. There are currently 18 homes in CTS status throughout Westport, and another 55 properties scheduled to close town-wide, with an average price of $1,378,631.
Closings: There were six single family homes reported as sold in the last week, and they were listed on average at $1,752,167 with an average market time of 139 days. There were 73 status changes in the last seven days.
Condos: There are 12 condominiums that are available, and they have been listed an average of 53 days. Their average listing price is $680,027 and the median price is $599,000.
The highest priced condo in town is listed at $1,195,000 and is a two-bedroom home located at Terra Nova, and the lowest priced unit for sale is a one-bedroom home on Bridge Street for $209,000.
There were two new listings this week, and no homes came back on the market, There was one price change, and no properties went under the initial stage of deposit. One home entered pending status, and was listed at $445,000.
There is one property town-wide that is currently in CTS status, and there are two properties scheduled to close that are listed on average at $357,000.
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 103 homes or apartments available. The median price is $6,000 per month and the average price is $6,600 per month. These year round rental opportunities have been on the market an average of 47 days.
There are 45 short-term rental opportunities that are available, and they have been on the market an average of 97 days. Their average price is $15,410 and the median price is $14,000.
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 GFC-CMLS and represents activity through our local MLS system. Private sales are not included in these statistics.
Featured Home
This home at 4 Sprucewood Lane is listed at $3,975,000.
This newly built 16-room shingle-style colonial on a premier cul-de-sac in the Hunt Club area was built with the highest grade materials and the utmost attention to every conceivable detail with handcrafted interiors by local builders SIR Development, LLC.
A more than gracious 9,700-square foot floor plan is perfect for entertaining, while maintaining exceptional personal spaces, and the level one acre yard is scenic and well landscaped. An extensive blue stone patio with outdoor kitchen and fireplace, in-ground pool and pool house with half bath make outdoor entertaining just as sophisticated and easy as this home’s exquisite interior.
The gracious two-story foyer opens to the right to the living room with finely detailed ceiling treatment, a large bay window, and a marble fireplace.
To the left, the formal dining room has a tray ceiling with gentle coffered detailing, custom wainscoting, and a butlers pantry complete with sink and wine cooler.
The gourmet kitchen is fully equipped with a 60-inch Wolf gas range, full-size Sub Zero refrigerator and freezers, two dishwashers, a microwave drawer, and a warming drawer.
The center island seats four comfortably, and has a 3-inch Calacatta top, and the breakfast area opens to the great room, as well as having access to the outside patio through transom-topped French doors.
The great room has another fireplace, a coffered ceiling, and more transom-topped French doors which are on either side of the fireplace that lead outdoors.
A main level office/study has is paneled with rift sawn oak, another bay window, and a magnificently designed geometric detail ceiling.
Upstairs, the elegant master bedroom suite occupies the entire right wing. Its tray ceiling, romantic fireplace, octagonal sitting room and wet bar exemplify the epitome of style, and the dressing room with dual walk-in closets add to its already exceptional comfort, as does the sumptuous spa bath and steam shower.
Five additional en suite bedrooms are also on this floor.
The walkout lower level has a media room, entertaining bar, game room, bonus room and gym.
Schools—Long Lots, Bedford, Staples.
Extras and items to note- Six bedrooms, six full and four one-half baths, ten-foot ceilings on the main and upper floors, nine-foot ceilings on the lower level, four fireplaces, three car garage, security system, in-ground pool, pool house with half-bath, three car garage, generator
Annual taxes have yet to be determined.
Listing/photo courtesy of Westport Residential.
(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.
