By Judy Szablak
S&P’s Case-Shiller report has just come out and confirms what we already know in Westport—the market is improving.
This Georgian Colonial on 4 Pan Handle Lane is listed at $5,299,000. (CLICK TO ENLARGE) Photo courtesy of Halstead Property
Even Fiserv’s analysis of home price trends notes that despite recent declines, prices are expected to stabiize across the country by early next year.
Westport has been ahead of the curve, and although our inventory is almost 20 percent greater than it was just six months ago, our sales have backed it up consistently, and we are certainly well on our way back to real estate normalcy.
Homes: There are 324 single family homes on the market, and their average list price is $2,187,596. These homes have been listed for sale an average of 131 days, and the median price remaining steady at $1,324,499.
The highest asking price for all homes currently on the market is $24,950,000, and the lowest available priced home is $310,500. The biggest price pocket of available homes is in the $1 million to $1.5 million range, with 60 homes available and an average market time of 105 days.
It was a relatively quiet week for new listings, with just three coming on the market in the last seven days. Three properties had a price change, and two properties have gone under the initial deposit stage, which we call CTS.
Seven properties went into pending status, which means that the conditions have been satisfied, and the property is scheduled to close. Their average market time was 77 days.
Closings: Eight homes were reported as sold in the last seven days, and their average list price was $1,710,750 and these homes were on the market an average of 110 days. There were 39 status changes in the last seven days.
Condos: The 25 condominiums that are available have been listed an average of 112 days, and have an average price of $675,678. The median price of a condo is $547,000. The highest price condo in town is listed at $1,595,000 and the lowest offering price is $227,351.
One new listing came on the market this week, and no properties had a price change. Two properties went into CTS status, and three properties went into Pending status.
Closings: No condominiums closed in the last week. There were six status changes in the last seven days.
Rentals: If you are looking to rent year round, either furnished or unfurnished, there are 75 homes or apartments available. The median price is $3,747 per month and the average price is $6,005 per month. These year round rental opportunities have been on the market an average of 51 days.
There are seven rental opportunities available and they have been on the market an average of 79 days, and at an average price of $10,628. The median price of both furnished and unfurnished seasonal rentals is $7,950.
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 Georgian Colonial on 4 Pan Handle Lane is listed at $5,299,000
This Coleytown home was built in 2007 and has quite a commanding presence with its stone front. Perfectly sited on 2.66 acres with mature trees, well designed landscaping, and with 261 feet of frontage on the Saugatuck River, it’s a peaceful one, too.
This 9,250 square foot home has six bedrooms, five full and two one-half baths, and is equipped with every amenity imaginable. Superior details, quality and craftsmanship are evident everywhere and each of this home’s three floors radiate style, comfort, class and ease.
A perfect centerpiece for this 18-room home, the two story entrance hall boasts a semi-circular grand staircase, a 7-foot domed ceiling, and French doors to the blue-stone patio.
The first floor has a wonderful flow for entertaining, and ten foot ceilings with exquisite hand-made 12-inch carved plaster crown molding.
To the left of the entrance hall is the Grand Room, which features an imported hand crafted French marble mantel. The Garden Room has a bay window and custom stone fireplace.
The library/office has solid cherry raised paneled walls, plenty of built-ins, a random width cherry wood floor with walnut border and a another fireplace.
The Gallery is specifically designed for hanging showpiece artwork, and is an aesthete’s delight with barreled ceilings, specialty lighting, and custom molding.
The Gourmet custom hand-crafted kitchen is created especially for the bon vivant. It’s everything a kitchen should be, and thoughtfully designed with raised panel cabinetry, a cherry center island, and a separate breakast room.
The family room is open to the breakfast room, and has soaring ceilings, a massive stone fireplace and pegged and doweled beams hewn right on the property.
The second floor has 9-foot ceilings and also has hand crafted plaster molding. All six bedrooms are on this floor, including the master suite. The master bedroom has a fireplace, a sitting room, dual closets, and luxurious bath with heated flooring, sauna, steam shower and whirlpool.
The lower level is finished and has a lounge with wet bar, an outfitted gym and sauna, and a home theater with high definition 103-inch screen with 1,080 pixels and surround sound.The temperature and humifdity controlled wine cellar has a 1,000 bottle capacity and tasting sink.
Sustainable energy and more includes: Geothermal heating and cooling system; Photovoltaic (solar) energy system; Electronic Air purification system; Humidification system; and the ability to sell excess power back to utility (net meter).
Other Items to note: three floor hydraulic elevator; Lutron central lighting system; fully integrated music system; Three security cameras; central vacuum system; 40-foot heated Gunite in-ground pool; and a built in seven foot round outdoor spa.
Refined and regal, this manor home caters to every whim and does it with outstanding style.
Annual taxes are $44,527. Listing/Photo courtesy of Halstead Property
