By Judy Szablak
Hurricane Sandy left its toll on Westport’s residents, and left just a small mark on the real estate market.
This home at 74 Bulkley Ave. North is listed at $1,895,000. (CLICK TO ENLARGE) Photo courtesy of William Raveis/Trumbull.
Just under 6 percent, or 17 single family homes were either withdrawn or canceled from the market within the last week, along with 15 rental properties.
While that may sound fairly high, we are still consistent with inventory year-over-year. The 293 homes currently for sale nearly mirrors last year’s inventory of 291 available properties during the same week.
One question that arises following a storm and subsequent property damage is what happens to homes that were under deposit that sustained any type of loss?
In that case, there are a few courses of action for both buyer and seller. In fact, many real estate purchase and sales contracts have a provision for such an event.
For example, the seller can repair the damage prior to closing, or the buyer can purchase the home at a discounted price if the mechanicals and structure are intact and/or the home is still mortgageable, and the seller agrees to a lower price, or the sale can be negated.
It can get complicated, but it is all part of negotiations, and truly depends on the extent of the damage to the property and the parties involved.
Market Stats
There are now 293 homes that are actively on the market The average list price of available homes is $2,233,069 and these properties have been listed for average of 137 days, with a cumulative market time of 247 days. The median price is now $1,725,000.
The highest asking price for all homes currently on the market is $27.5 million, and the lowest available priced home is $309,000.
Five new listings came on the market in the last seven days, and three homes came back on the market after being under deposit. Three properties had a price change.
Two properties have gone under the initial deposit stage, which we call CTS, and nine 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 nine pending properties was $1,262,833. There are currently 19 homes in CTS status throughout Westport, and 47 properties scheduled to close town-wide, with an average price of $1,454,004.
Closings: Eight homes were reported as sold in the last week, and their average list price was $1,153,000. Average market time for these sold properties was 187 days.There were 52 status changes in the last seven days.
Condos: There are 12 condominiums that are available, and they have been listed an average of 219 days. Their average listing price is $518,147, and the median price is $449,000. The highest priced condo in town is listed at $1,075,000 and the lowest offering price is $200,864.
There were no new listings reported last week, and no homes came back on the market after being under deposit. One property entered pending status.
There is one property currently in CTS status, and three additional homes scheduled to close town-wide, and they are listed on average at $545,633.
Closings: There were no condos reported as sold this past week, and just one status change.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 60 homes or apartments available.The median price is $4,975 per month and the average price is $5,414 per month. These year round rental opportunities have been on the market an average of 84 days.
There are 18 short-term rental opportunities that are available, and they have been on the market an average of 55 days. Their average price is $6,186, and the median price is $3,650.
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 74 Bulkley Ave. North is listed at $1,895,000.
This newly built 6,000-plus square foot “green” home is on 1.23 acres overlooking the Hunt Club.
A classic stone wall adorns the front yard of this 12-room transitional colonial farmhouse with portico styled main entry.
One of only a handful of homes available in town with geo-thermal heating and cooling, this home was built by local builder RC Kaeser, and designed by noted NYC Architect Thiel Architecture + Design.
A versatile and modern open floor plan has 9-foot ceilings, and includes custom finishes throughout its four finished levels.
There is a sunlit living room with specialty millwork, and the family room has fireplace, along with crisp white beamed ceilings and crown molding.
The custom kitchen has a low key contemporary styling with as much storage as one could possibly want, and is fully equipped with top of the line stainless steel appliances, and honed granite counters.
The service island seats five comfortably, and is topped with contrasting marble.
The spacious dining room has a raised soffit to enhance the formality of the room, and French doors to the deck.
The main level den is another versatile room with three quarter height wood paneling, and plenty of natural light.
The office has recessed panel wainscoting, built in shelving, and crown molding
Upstairs, there are four bedrooms, and each are en-suite. A sitting room provides respite for all.
The master bedroom suite has its own wing, dual walk in closets, dressing area, and spa-like luxurious sound-proofed bath with radiant heated flooring.
A studio, storage area and cedar closet are on third floor, and a game room with a stone fireplace and full bath is on on the sunny walk-out lower level.
Extras and Items to note: Energy Star Rated home, Geo-Thermal heating can provide up to 70 percent savings on home heating and cooling costs.
Taxes are yet to be determined.
Listing/photo courtesy of William Raveis/Trumbull.
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(Editor’s Note: Judy Szablak of RE/MAX- 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.)
