By Judy Szablak
A recent Forbes.com articled highlighted the top 16 U.S. cities where housing prices are making a comeback. No. 2 on the list is New York City, and that’s great news for Westport.
This new home at 17 Rayfield Road is listed at $1,425,000. (CLICK TO ENLARGE) Photo courtesy of Westport Residential, LLC
The top Manhattan real estate brokers are already seeing a lot of activity, as pent up demand is starting to take shape for an improved market next year.
The importance of the market growth in New York City should not be taken lightly, as its market trends inherently translate to a positive trickle down effect for Westport.
Coupling the good news with Manhattan’s market, is that when you also consider that Forbes named Bridgeport as the No. 1 rebounding market in the country, it would seem that we are geographically poised for a better 2012. The weekly market statistics:
Homes: There are 276 single family homes that are actively on the market. The average list price of the available homes is $2,149,165, and these properties have been listed for sale an average of 154 days.
The median price is now $1,285,000. The highest asking price for all homes currently on the market is $24,950,000, and the lowest available priced home is $399,000.
Ten new listings came on the market in the last seven days, and two homes came back on the market after being under deposit. Five properties had a price change.
Four properties have gone under the initial deposit stage, which we call CTS, and three 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 three pending properties was $627,667 and they were on the market an average of 118 days.
Closings: Six homes were reported as sold in the last seven days, and they were listed at an average price of $855,233. There were 45 status changes in the last seven days.
Condos: There are 17 condominiums that are available, and they have been listed an average of 176 days. Their average listing price is $701,811, and the median price is
$549,000.
The highest priced condo in town is listed at $1,495,000 and the lowest offering price is $284,900.
Closings: It was a brisk week for closings, but another slow week for active listings. No new listings came on the market this week, and no properties came back on the market after being under deposit.
One property had a price change, and no properties went into CTS status. One property went into pending status and was listed at $379,000.
Closings: Four condominiums were reported as closed in the last week, and were listed for 95 days before they sold with an average list price of $425,475. There were six
status changes in the last seven days.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 71 homes or apartments available. The median price is $3,500 per month and the average price is $5,309 per month.
These year round rental opportunities have been on the market an average of 94 days.
There are two seasonal rental opportunities available, and they have been on the market an average of 89 days, and at an average price of $34,500.
The median price of both furnished and unfurnished seasonal rentals is $34,500. 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 new home at 17 Rayfield Road is listed at $1,425,000.
This classic colonial was built by local builder SIR Development, has 11 rooms, and boasts more than 4,556 square feet on four levels with custom millwork and detailing throughout.
This five bedroom, five and one-half bath home sits on one-quarter acre, and boasts many features generally reserved for higher priced properties.
The hardwood foyer is classically designed with inlaid walnut accents and is perfectly sunlit from the side and transom windows over the front door.
The living room has recessed panel wainscoting, crown molding and a fireplace, and the family room has coffered ceilings, a floor to ceiling stone fireplace with a raised hearth, and French doors out to a bluestone patio.
The fully applianced custom gourmet kitchen has stainless steel appliances, Carrera marble counter tops, and a matching center island with pendant lighting, as well as a pantry for additional storage.
The breakfast nook is nicely situated to view the level rear yard. A banquet sized dining room is perfect for entertaining, and features crown molding as well.
The master bedroom suite is on the second floor, and has dual closets and a spa bath, with a whirlpool and separate shower.
The second floor also has one additional en-suite bedroom, and the two other bedrooms on this level are accommodated “Jack and Jill” style.The fifth bedroom has its own bath, and is on the third floor, and a media room is on the third floor as well.
The lower level boasts a office/gym and playroom.
This home is brand new, built with flair, and in a wonderfully commutable central Westport location.
Annual taxes are to be determined. Listing/photo courtesy of Westport Residential, LLC.
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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 is featured on HGTV’s real estate show, “Desperate to Buy.” Email .(JavaScript must be enabled to view this email address) or visit her blog at www.TheCTrealtyBlog.com.
