By Judy Szablak
When it comes to Westport real estate, the most important factor continues to be “location, location, location,” which was also cited as the top reason for a move in the recently released National Association of Realtors in-depth 2014 Profile of Home Buyers and Sellers.
Featured Home This home at 15 Adams Farm Road is listed at $3,389,000. (CLICK TO ENLARGE) Photo courtesy of Westport Residential, LLC
That is, location of the neighborhood, convenience to one’s work location, and location of the most desirable schools.
Neighborhood continues to be the top influencer, and the Compo Beach area has been Westport’s hottest neighborhood this year by far, followed by Coleytown and the Hunt Club area, as judged by homes actively on the market as compared to the number of homes sold in these specific market areas.
The school district choice remains very important to today’s buyers as well, with Saugatuck Elementary district seeing tremendous activity, followed by Long Lots, with Greens Farms and Coleytown nearly tied for third place.
Market Stats
There are now 282 homes that are are actively on the market. These currently available properties have been listed for an average of 129 days, with a cumulative market time of 218 days. The average list price is now $2,490,196 and the median price is now $1,998.500.
A four-bedroom home on 7.13 acres at 66 Beachside Ave. is the highest priced home for sale at $25 million, and the lowest available priced home is a five-bedroom home on 40 Ferry Lane East for $435,000.
Eleven new listings came on the market in the last seven days, and no properties came back on the market after being under deposit, or temporarily withdrawn. Sixteen properties had a price change.
Eight properties have gone under the initial deposit stage, which we call CTS, and another 13 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 13 pending properties is $1,882,985. There are currently 17 homes in CTS status throughout Westport, and another 51 properties scheduled to close town-wide, with an average price of $2,269,722.
Closings: There were eight single family homes reported as sold in the last week. These homes were listed on average at $1,309,125 and sold with an average market time of 89 days. There were 68 status changes in the last seven days.
Condos: There are eight condominiums that are available, and they have been listed an average of 134 days. Their average listing price is $773,088 and the median price is $744,000.
The highest priced condo in town is $1,075,000 and is a two-bedroom home located at Terra Nova Circle, and the lowest priced unit for sale is a two-bedroom home at Edgewater Commons for $533,800.
There were no new listings this week, and no homes came back on the market after being under deposit. There was one price change, and no property entered into the initial stage of deposit. No homes entered into pending status.
There are no properties town-wide that are currently in CTS status, and there are no homes scheduled to close. No sales were reported during the last week, and there were three status changes.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 69 homes or apartments available. The median price is $3,900 per month and the average price is $4,740 per month. These year-round rental opportunities have been on the market an average of 67 days.
There are 19 short-term rental opportunities that are available, and they have been on the market an average of 61 days. Their average price is $5,908 and the median price is $4,750. 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 15 Adams Farm Road is listed at $3,389,000.
This newly built six-bedroom home has more than 7,350 square feet of living area with superb detailing throughout, including beautifully crafted custom wainscoting and specialty molding.
Designed by Robert Storm and built by SIR Development, LLC, this 14-room transitional colonial has a perfectly refined elegance along with timeless style.
An exceptionally elegant living room has a fireplace, and masterfully designed and implemented double perimeter ceiling molding.
The banquet-sized dining room has a tray ceiling, specialty wainscoting, and custom molding. The butler’s pantry has ample storage, and a wine fridge.
A well proportioned and well thought out chef’s kitchen has designer cabinetry with top-of-the-line appliances and engineered quartz tops. The kitchen island has a contrasting two-inch Calacatta Gold marble countertop, and the informal dining area has French doors outside to the blue-stone patio.
The family room is open to the kitchen, and features a beamed ceiling, another fireplace, and a wall of windows overlooking the private one acre lot.
A handsome library/study has a separate wet-bar and ice-maker refrigerator, more specialty ceiling appointments, as well as custom wainscoting, and built-in cabinetry and shelving.
Upstairs, the master bedroom suite has a custom tray ceiling, fireplace, and an exceptional walk-in closet/dressing area with built ins, and a luxurious bath fit for royalty that has an Aquatic pedestal air-tub, separate glass enclosed steam shower, and radiant heated flooring.
An additional four bedrooms are on this level, and each are en suite.
A sixth bedroom is on the lower level, along with a full bath, exercise room, media room, bonus laundry closet, and playroom with additional kitchenette.
Extras and items to note: six full and two one-half baths, four fireplaces, 10-foot ceilings on the main level, 9-foot ceilings on the upper level, generator, outdoor kitchen, walk-out lower level, optional pool
Annual taxes have yet to be determined.
Listing/photo courtesy of Westport Residential, LLC.
(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.
