By Judy Szablak
Home prices have continued to rise in Westport, and buyers have to learn today’s negotiating strategies rather than rely on what was used in the past.
Featured Home:This home at 3 Sunnyside Lane is listed at $2,750,000. (CLICK TO ENLARGE) Photo courtesy of the Higgins Group Westport/CT Select Homes
One tactic that many buyers continue to rely upon is the percentage of sales price to asking price, which is used to determine a starting offer. This common misconception is simply ill-advised.
The ratios are much more helpful to sellers than they are to buyers, as it helps to put a number on possible negotiations and net after closing, depending on the sellers pricing strategy.
What appears to be a double standard truly isn’t when you look at the reasons why. The home could be grossly overpriced, and a set percentage may mean one might actually overpay.
Conversely, a home could be underpriced on purpose to invite multiple bids, and in that case, a buyer without the appropriate market data would lose the one opportunity they had to purchase that home.
Additionally, a home with what may seem as excessive market time is not necessarily overpriced, and a longer than average market time does not mean that a buyer should bid lower because of it.
The home could have been withdrawn from the market for a period of time, an offer could have fallen through, or the home could have started off a bit high, and then got reduced to market value.
For the record, homes in Westport are currently selling at an average of 97 percent of asking price, and this comes after the ratio has been hovering at the 95 percent mark for the past few years.
It is always best to consult an agent who knows the market and will give you a detailed analysis of what the home, and conduct the research necessary to make an appropriate offer.
Market Stats
There are now 344 homes that are actively on the market, These currently available properties have been listed for average of 106 days, with a cumulative market time of 165 days. The average list price is now $2,338,842 and the median price is down to $1,835,000.
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 Conte Place for $375,000.
Twenty-seven new listings came on the market in the last seven days, and six properties came back on the market after being under deposit, or temporarily withdrawn. Twenty-eight properties had a price change.
Seven properties have gone under the initial deposit stage, which we call CTS, and another 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 $2,707,900. There are currently 45 homes in CTS status throughout Westport, and another 63 properties scheduled to close town-wide, with an average price of $1,953,587.
Closings: There were 11 single family homes reported as sold in the last week, and were listed on average at $1,296,636, and sold with an average market time of 88 days. There were 97 status changes in the last seven days.
Condos: There are 17 condominiums that are available, and they have been listed an average of 82 days. Their average listing price is $660,382 and the median price is $689,000.
The highest priced condo in town is $1,265,000 and is a three-bedroom home located at Terra Nova Circle, and the lowest priced unit for sale is a one-bedroom home on Sylvan Lane for $304,000.
There was one new listing this week, and no homes came back on the market after being under deposit. There were two price changes, and no property entered into the initial stage of deposit.
There is one property town-wide that is currently in CTS status, and one homes that is scheduled to close, and is listed at $530,000.
No sales were reported during the last week. There were three status changes reported.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 37 homes or apartments available. The median price is $4,300 per month and the average price is $5,730 per month. These year-round rental opportunities have been on the market an average of 38 days.
There are 55 short-term rental opportunities that are available, and they have been on the market an average of 49 days. Their average price is $16,543 and the median price is $14,500.
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 3 Sunnyside Lane is listed at $2,750,000.
This stunning 16-room custom Coleytown home with “better-than-new construction” has magnificent details throughout, and is beautifully sited on a quiet cul-de-sac and picture-perfect 1.02-acre setting.
A front portico on this stately home sets the right stage for an elegant and gracious interior. A two-story foyer with gently curved staircase has custom millwork, including picture frame and crown moldings, and exceptional details can be found throughout this 6,367-square foot home.
The living room has a grand marble fireplace, and French doors to a handsome cherry library with wood coffered ceilings and tall windows for additional light.
The formal dining room has an octagonal tray ceiling, custom designed millwork, and double walnut inlaid perimeter hardwood flooring. The butler’s pantry has a sink and wine fridge.
A newly remodeled designer white chef’s kitchen has top-grade stainless steel appliances and Caesarstone counters along with a glass and marble backsplash. The breakfast bar seats three comfortably, and there is also a breakfast bay area with transom topped French doors out to the 640 square foot deck
The family room is open to kitchen area through a columned entrance, and has a fireplace and plenty of built-ins and storage. Transom topped French doors also lead to the expansive deck.
Upstairs, a specially designed master bedroom suite has a sitting room with fireplace, two walk-in closets, and a spa-like marble bath with whirlpool and oversized glass enclosed shower. Three of the four additional bedrooms on this level are en suite, and a second floor office or den is perfect for a bit of relaxation or work.
The top floor has another bedroom, full bath and bonus room with vaulted ceilings and is versatile enough that can easily be a fantastic teen suite or au pair quarters.
The lower level adds more than 1,040 square feet of living area, has a game room with fireplace, exercise room, half bath and French doors that lead outside.
Extras and items to note—central vacuum, security system, five full and three one-half baths, three-car garage, outdoor kitchen Lynnx barbecue and range, bluestone patio, Gunite pool, whole house generator, mature plantings perennials, landscaped grounds
Annual taxes are $29,537.
Listing/photo courtesy of the Higgins Group Westport/CT Select Homes.
(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.
