By Judy Szablak
Special to WestportNow
When you see the house that you want to purchase in Westport and are ready to make a bid, remember that some offers are considered reasonable and some are not.
Featured Home: This home at 33 Meeker Road is listed at $2,799,000. (CLICK TO ENLARGE) Photo courtesy of Houlihan Lawrence/Riverside
Many buyers are of the mindset to begin the offering process with what is referred to as the 90 percent rule. That is, a reasonable offer on a property should start at 90 percent of the list price. Quite frankly, that thinking is flawed.
Some others will make what sellers, and the industry in general consider to be a low-ball offer of less than 75 percent of asking price.
Yet other buyers can become so emotionally attached that they’ll pay asking price with no questions asked, no matter what type of market.
Over the last year, the 364 homes that sold in Westport have sold on average at 95 percent of the list price.
The 90 percent rule could almost make sense to one who wants to negotiate, and would offer a perfect middle ground to arrive at for both parties after a bit of negotiation.
However, three-bedroom homes throughout town have sold at an average of 96 percent, and as another example, homes in the Greens Farms and Hunt Club areas have sold at that higher ratio as well.
Besides bedrooms, and specific areas, condition and initial list price must also be taken into consideration.
If the average was taken as absolute for every home, no matter what its condition or list price, buyers would inevitably offer too little on some properties that were reasonably priced or offered below market, and conversely offer way too much on others that were priced above where the market dictates.
When purchasing a home, resist the urge to go with the 90 percent rule, or a town-wide average. Instead, have your agent conduct a thorough market analysis to help you determine what a reasonable price should be.
Market Stats
There are 306 homes actively on the market, which have been listed for an average of 142 days, with a cumulative market time of 251 days. The average list price is $2,243,255 and the median price is $1,739,000.
A home on Beachside Avenue is the highest priced property for sale at $32 million, and the lowest available priced single family is a five-bedroom cape on Ferry Lane East for $299,900.
Ten 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. Nine properties had a price change.
Three properties have gone under the initial deposit stage, which we call CTS, and another five 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 five pending properties was $2,139,580. There are currently 21 homes in CTS status throughout Westport, and another 33 properties scheduled to close town-wide, with an average price of $1,408,404.
Closings: There were five single family homes reported as sold in the last week, and they were listed on average at $1,602,400 with an average market time of 108 days. There were 48 status changes in the last seven days.
Condos: There are 12 condominiums that are available, and they have been listed an average of 89 days. Their average listing price is $674,750 and the median price is $602,500.
The highest priced condo in town is listed at $1,299,000 and is a three-bedroom home located at Terra Nova, and the lowest priced unit for sale is a two-bedroom home on Hills Lane for $325,000.
There were no new listings this week, and no homes came back on the market. There were three price changes, and three properties went under the initial stage of deposit. Two homes entered pending status.
There are three properties town-wide that are currently in CTS status, and there are four properties scheduled to close.
No sales were reported during the last week. There were nine status changes.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 71 homes or apartments available. The median price is $4,000 per month and the average price is $6,125 per month.
These year-round rental opportunities have been on the market an average of 78 days.
There are 32 short-term rental opportunities that are available, and they have been on the market an average of 71 days. Their average price is $9,148 and the median price is $4,925.
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 33 Meeker Road is listed at $2,799,000.
The seamless integration of this stately colonial with twin brick chimneys and the fully restored historic Meeker House (c. 1800) annex was designed by Hobi Award winning Bill Achilles Architect.
Completed just last year, this 7,960-square foot home offers the very finest in craftsmanship, custom mill-work and state-of-the-art technology along with a traditional design style throughout its seventeen rooms.
A two-story entrance foyer with exceptional custom moldings and trim sets an elegant tone for the home.
The living room has a custom ceiling, specialty mill-work, a gas fireplace and built-ins on either side.
An exquisitely designed dining room has a tray ceiling, recessed panel wainscoting, and panoramic views of the private and scenic 2.62-acre property. The butler’s pantry also has lighted glass shelving and a wine cooler.
An expansive gourmet kitchen has custom cabinetry with marble tops, high end appliances including a Wolf six-burner range, double ovens, two dishwashers and a Sub Zero refrigerator.
A contrasting center island with matching stone top seats five comfortably and has a vegetable sink, and the sunlit breakfast area is open to the family room and also has French doors leading outside.
The family room has coffered ceilings, and French doors on either side of the fireplace lead out to a stone terrace and outdoor fireplace.
The “Meeker House” annex has wideboard flooring and includes a great room with beams and fireplace, as well as an office with beamed ceiling and another fireplace.
Upstairs, the master suite has a tray ceiling, dual walk-in closets, along with a coffee bar and private balcony. The sumptuous marble bath has radiant heated floors, a steam shower and separate tub.
Four additional bedrooms are on this floor, two of which are en suite, and the other two share a “Jack and Jill” style bath. Another en suite bedroom is in the Meeker House annex.
The third level is partially finished with a full bath, and there is plenty of room for storage in the unfinished space as well.
The finished lower level has a playroom and gym.
Schools—Coleytown Elementary, Coleytown Middle, Staples High School.
Extras and items to note—six bedrooms, seven full and three one-half baths, five fireplaces, 10-foot ceilings, security system, central vacuum system, audio system, sprinkler system, hydro-air heating system, heated three-car garage, outdoor fireplace, generator, pool site, cabana site, existing 560-square foot separate guest house includes living room with fireplace, kitchen and bath, third outbuilding site option for legal rental cottage or office.
Annual taxes are $36,126.
Listing/photo courtesy of Houlihan Lawrence/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.
