By Judy Szablak
Many Westport homes are again headed for the WestportNow Teardown of the Day feature. However, making that determination as an average homeowner is more complex than one might think.
This 1956-built home at 160 Compo Road North sold for $325,000 on Feb. 4. Remodeling candidate or teardown? (CLICK TO ENLARGE) Contributed photo
There are a few important factors that will distinguish a home from being one to remodel, rather than a dwelling to tear down. It all depends on the “highest and best use” of the property in an investment sense.
A real estate agent can not only help you determine if your home fits the category, and proper pricing, but many of us work alongside a number of developers as well, making the process and transaction that much more simplified and streamlined.
The price of the property is important, but the feasibility of building a new and larger home has to be there as well. Zoning restrictions, conservation concerns, and neighboring home values all play a very important part in the decision.
For example, a home with wetlands that is in deteriorating condition may prove to be difficult to tear down, and would most likely have to be remodeled.
However, that same home on an easily buildable lot with no wetlands, and nearby properties worth three times or more would be a good candidate. Incidentally, a home doesn’t have to be in deplorable condition for it to be considered as a teardown.
Certain homes bode much better than others for remodeling. A recently purchased ranch at 160 Compo Road North fit that category, and closed at just $325,000 on Feb. 4. This was a 1956-built, 1,248-square foot ranch-style home with three bedrooms situated on .53 acres with some wetlands.
I spoke with David D’Ausilio, the investor who purchased the home, and he had a few ideas in mind for the property—resell it in as-is condition, remodel and enhance the existing structure and rent it out, or build a second floor.
Selling a home is an emotional experience, even when it is to a regular buyer.
It is much more difficult for many homeowners to separate the emotion of selling their home just for it to be torn down, and a purchase can easily fall apart at the last minute.
That’s where an agent’s expertise can be priceless—a professional Realtor can negotiate for you and with the developer, help you keep emotions at bay, and make sure that key dates and contingencies are met on time.
Especially in these instances, a local real estate agent who is well versed in new construction, understands zoning regulations and can recognize potential conservation issues is going to be your best bet.
Market Stats
There are now 291 homes that are actively on the market, which represents only a slight increase from last week. These currently available properties have been listed for average of 99 days, with a cumulative market time of 168 days. The average list price is now $2,490,332 and the median price is now $1,950,000.
A new five-bedroom colonial at 8 Bluewater Lane is the highest priced home for sale at $14.5 million, and the lowest available priced home is a two-bedroom home on Crescent Park for $289,000.
Twenty-five 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 properties had a price change.
Thirteen properties have gone under the initial deposit stage, which we call CTS, and another 14 properties went into pending status, which means that the conditions have been satisfied, and the property is scheduled to close.
The average price of these 14 pending properties is $2,079,853. There are currently 33 homes in CTS status throughout Westport, and another 58 properties scheduled to close town-wide, with an average price of $1,873,867.
Closings: There were 12 single family homes reported as sold in the last week, and were listed on average at $1,858,917, and sold with an average market time of 101 days. There were 92 status changes in the last seven days.
Condos: There are nine condominiums that are available, and they have been listed an average of 73 days. Their average listing price is $648,222 and the median price is $725,000.
The highest priced condo in town is $935,000 and is a two-bedroom home located at Lansdowne, and the lowest priced unit for sale is a one-bedroom home on Sylvan Lane for $304,000.
There were no new listings this week, and no homes came back on the market after being under deposit. There were no price changes, and three properties entered into the initial stage of deposit.
One home entered the pending stage of deposit, and was listed at $1,195,000.
There are five properties town-wide that are currently in CTS status, and three homes that are scheduled to close, which are listed on average at $936,333
One sale was reported during the last week, and the property was listed at $626,500. There were five status changes reported.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 26 homes or apartments available. The median price is $5,500 per month and the average price is $5,790 per month. These year round rental opportunities have been on the market an average of 44 days.
There are 24 short-term rental opportunities that are available, and they have been on the market an average of 49 days. Their average price is $16,531, and the median price is $15,250. 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.
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(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.
