By Judy Szablak
Special to WestportNow
Westport’s real estate market continues to heat up.
Featured Home This home at 4 Partrick Road is listed at $1,948,000. (CLICK TO ENLARGE) Photo by J.C. Martin
While this is good news for sellers, it certainly doesn’t indicate in any way that one should push the envelope and place a higher asking price on a home than is warranted by reviewing comparables.
Your agent will guide you as to the best asking price, which can be on the higher side of reasonable, however adding negotiating room will only result in additional market time.
Additionally, and strange as it may sound, this in turn, most often results in a reduced final sales price.
Buyers also need to be prepared, as multiple bidding situations are happening in every neighborhood.
Keep in mind that someone else looked at the same home you did hours ago, and is just as ready to place an offer as you are.
Delays cost money. Having a bank pre-approval letter ready is generally regarded as mandatory, and removing certain contingencies can also make your offer look more appealing than another.
Both sellers and buyers need to be aware of the current conditions as they pertain to the home they are selling or buying, and act accordingly.
Market Stats
There are 326 homes on the market, and have been listed for an average of 100 days, with a cumulative market time of 197 days. The average list price is $2,234,954 and the median price is $1,799,450.
A contemporary home on Compo Mill Cove is the highest priced home for sale at $9,999,999, and the lowest available priced single-family is a cape on Main Street for $469,000.
Twenty new listings came on the market in the last seven days, and three properties came back on the market after being under deposit, or temporarily withdrawn.Thirteen properties had a price change.
Nine 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 those 10 properties was $1,747,667. There are 36 homes in CTS status throughout Westport, and another 51 properties scheduled to close town-wide, with an average price of $1,629,139..
Closings: There were three single-family homes reported as sold in the last week, and they were listed on average at $1,747,667 with a market time of 116 days. There were 64 status changes in the last seven days.
Condos: This segment of the market continues to pick up. There are nine condominiums that are available, and they have been listed an average of 87 days. Their average listing price is $633,244 and the median price is $535,000.
The highest priced condo in town is listed at $1,199,700 and is a three-bedroom home at Terra Nova Circle, and the lowest priced unit for sale is a one-bedroom home on Bridge Street for $211,000.
There were two new listings this week, and no homes came back on the market, There were no price changes, and no properties went under the initial stage of deposit. No homes entered pending status.
There are two properties town-wide that are currently in CTS status, and there are no properties that are scheduled to close.
No sales were reported during the last week.There were four status changes.
Rentals: If you are interested in renting year-round, either furnished or unfurnished, there are 48 homes or apartments available. The median price is $5,800 per month and the average price is $6,534 per month.
These year-round rental opportunities have been on the market an average of 84 days.
There are 68 short-term rental opportunities that are available, and they have been on the market an average of 63 days. Their average price is $20,646 and the median price is $18,500.
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 4 Partrick Road is listed at $1,948,000.
Custom designed by architect David Preusch, this 10-plus room arts and crafts-style home was beautifully conceived, implementing specialty Craftsman detailing throughout.
Completely rebuilt in 2004 from the foundation up, this inviting 5,009-square foot home is perfectly sited on 2.04 park-like acres with perennial gardens, heated gunite pool, terrace and outdoor fireplace, and abuts more than 22 acres of protected land.
The living room has a wood-burning fireplace with Craftsman-style mantel, onyx surround, and plenty of built-ins. Walls of windows bring the outside in.
A banquet-sized dining room has a sunlit mini-alcove, and the nicely tucked away butlers pantry has granite tops and beverage fridge.
Maple cabinetry and trim in the chef’s kitchen lend to its wonderfully charming atmosphere.
Stainless steel appliances, granite tops, contrasting center island with vegetable sink, and desk area afford well-thought out work spaces, along with entertaining areas, and a walk in pantry adds even more storage.
The adjacent mudroom with slate floor is perfect for bringing groceries in from the garage.
The extremely well-integrated breakfast area continues with maple trim and wainscoting, and overlooks the property with walls of windows.
Step down from the breakfast area to the large family room with coffered ceilings, maple trim and built-ins, and a bi-level field-stone fireplace with raised hearth, flanked by custom cabinetry on either side.
Next to the family room is a very special three-season porch which faces west toward the lawns, and protected open space beyond, and is perfect for sunset entertaining.
Also on the first floor are the two-story entry foyer, separate room for coat closet and powder room, and two additional bedrooms with full bath.
The bedroom wing has a separate entrance, which makes it perfect for guest suite, home office, in-law, teen suite or first floor master suite alternative.
The lower level has three finished rooms: a large bonus room with brick fireplace, separate office area, and recreation room. The unfinished basement area provides plenty of storage.
Upstairs is a master suite overlooking the terrace and gunite pool. It has a sitting room with fireplace, walk in closet, and luxurious marble bath with spa tub and steam shower.
There are two additional bedrooms on this level, each with double closets and desk alcove, shared full bath with skylight, and large laundry room.
There are plenty of places to relax outside as well, including a covered 211-square foot front veranda, and an 1,130-square foot custom designed brick and blue-stone patio with stone sitting wall and outdoor fireplace.
Schools—Kings Highway, Coleytown, Staples
Extras and items to note—five bedrooms, three full and one-half baths, western-facing, three-season porch with sunset views, wide-board floors, four fireplaces, security system, audio system, 800-square foot heated gunite pool and many Craftsman custom details.
Annual taxes are $21,847.
Listing/photo courtesy of Berkshire Hathaway Home Services- Westport.
(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.
