By Judy Szablak
Simply put, lack of inventory, coupled with the extreme weather, has adversely affected the number of Westport closings this year.
This home at 78 Hillspoint Road is listed at $3,095,000. (CLICK TO ENLARGE) Photo courtesy of The Higgins Group/Westport
The 23 single family home sales in 2014 is evidence of that. In fact, sales are down by almost 30 percent compared to 2013’s first 45 days. But this should not be taken as a negative sign for the rest of this year.
The continued inclement weather has put a damper on new listings, and although there are many buyers that are out and looking to move into Westport, they are just not finding what they are looking for.
A home that is priced correctly and shows well is apt to sell in most any kind of weather, and sellers need not wait until the beginning of the so called “spring market” to effect a sale, as it is already here.
Frigid temperatures and more than enough snow has not deterred the buyers—there are plenty of them.
Market Stats
There are now 234 homes that are actively on the market, which represents roughly a 5 percent increase from the prior week. These currently available properties have been listed for average of 106 days, with a cumulative market time of 191 days.
The average list price is now $2,566,357, and the median price remains reasonably stable at $1,985,000.
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-nine new listings came on the market in the last seven days, and no homes came back on the market after being under deposit. Three properties had a price change.
Eleven properties have gone under the initial deposit stage, which we call CTS, and 10 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 10 pending properties is $1,67,050. There are currently 24 homes in CTS status throughout Westport, and another 39 properties scheduled to close town-wide, with an average price of $1,692,985.
Closings: There were four single family homes reported as sold in the last week, were listed on average at $1,367,225, and sold with an average market time of just 161 days. There were 63 status changes in the last seven days.
Condos: There are 12 condominiums that are available, and they have been listed an average of just 42 days. Their average listing price is $703,325 and the median price is $737,000.
The highest priced condo in town is $899,000 and is a two-bedroom home located at Regents Park, and the lowest priced unit for sale is a four-bedroom home on Oakview Lane for $489,000.
There were two new listings this week, and no homes came back on the market after being under deposit. There were no price changes, and one property entered into the initial stage of deposit.
One home entered the pending stage of deposit, and was listed at $935,000.
There is one property town-wide that is currently in CTS status, and one home that is scheduled to close, which is listed at $925,000.
One sale was reported during the last week, and was listed at $925,000. There were five status changes reported.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 45 homes or apartments available. The median price is $4,000 per month and the average price is $4,950 per month. These year-round rental opportunities have been on the market an average of 53 days.
There are 22 short-term rental opportunities that are available, and they have been on the market an average of 70 days. Their average price is $10,945, and the median price is $8,000. 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 78 Hillspoint Road is listed at $3,095,000.
This 6,710-square foot shingle style colonial feels like a mini-estate in the Hamptons with its positively pastoral setting. Built just eight years ago and designed by local architect Anthony Tartaglia, this 12-room home has exceptional millwork, outstanding details, and quality workmanship throughout.
The two-story grand foyer has an elegant and gently curved staircase, exquisite and intricately designed marble flooring and custom wainscoting—all of which sets quite a gracious tone for the rest of the home.
To your left of the foyer is the living room with exceptional crown molding, more wainscoting, and an extra wide fireplace with custom mantel. Plenty of tall windows create an abundance of natural light. Two glass doors flank each side of the fireplace with one leading to a charming covered octagonal porch.
The dining room is to the right of the foyer and features specially designed wide oak flooring, exceptional millwork, and a butler’s pantry.
A handsome mahogany paneled library has another fireplace, subtle coffered ceilings, and is rich with millwork, cabinetry, and a built-in window seat. A custom designed mahogany desk stays with this stately room for the new owner.
The gourmet kitchen has top of the line appliances, granite counters and a mahogany center service island with custom hammered nickel sink, as well as a large informal dining area that is surrounded by windows.
The expansive family room boasts sunset views, and has a fieldstone fireplace and wet bar, as well as three sets of French doors which lead to the blue-stone terrace and multiple deck areas.
Upstairs, enter the luxurious master bedroom suite through double doors to the main bedroom with limestone fireplace, octagonal sitting room, and dressing area with two very spacious walk-in closets. An elegant marble bath has heated floors, window seat, jetted tub, and multiple-spray glass enclosed steam shower.
Two of the five additional bedrooms on this floor are en suite, and two others share a “Jack and Jill” style bath. Another bedroom and bath, along with a bonus room offer exceptional versatility as this area could very easily be another bedroom, au pair suite, or media room if so desired.
Extras and items to note—five fireplaces, walk out lower level, hot tub, pool site, gas fire pit, extensive landscaping, audio system, walk-up attic, custom lighting, central vacuum,electronic air cleaner, five-zone heating/cooling.
Annual taxes are $39,866.
Listing/photo courtesy of The Higgins Group/Westport.
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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.
