By Judy Szablak
The upper end of the Westport real estate market is more active than it has been in the last five years.
This home at 77 Bayberry Lane is listed at $4,850,000. (CLICK TO ENLARGE) Photo courtesy of Nicholas Fingelly Real Estate/Westport.
Just over 30 percent of the homes for sale in Westport are listed for more than $2 million and 55 properties are for sale with an asking price of more than $3 million.
Year to date, there have been 19 closed sales over $2 million, and nine sales over $3 million. There are also another 26 properties under some stage of deposit.
We haven’t seen this amount of activity in these ranges since 2008.
Many upper end and luxury markets are seeing a rise in activity, including New York City, The Hamptons, Boston, and Greenwich.
So what is different this year? The general consensus among the top analysts is that the high-end buyers have been waiting for prices to drop to their lowest point, and that these buyers feel prices are not going to get any better than they are right now.
Another strong factor is that sellers have become more educated and savvy about pricing their homes correctly.
Market Stats
There are now 378 homes that are actively on the market, and their average list price is $2,037,920. These properties that are currently available have been listed for average of 95 days, and the median price is now $1,337,000.
The highest asking price for all homes currently on the market is $19.9 million, and the lowest available priced home is $375,000.
Thirty-two new listings came on the market in the last seven days, and one home came back on the market after being under deposit. Eighteen properties had a price change.
Eighteen 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 these 10 pending properties was $1,658,200.
Closings: Ten homes were reported as sold in the last week, and their average list price was $2,092,190. Average market time for these sold properties was 137 days.There were 104 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 $627,205, and the median price is $524,000.The highest priced condo in town is listed at $1,295,000 and the lowest offering price is $312,000.
There were two new listings this past week, and no properties came back on the market after being under deposit. No properties had a price change. Two properties went into the CTS stage, and one property entered into the pending stage of deposit, and was listed at $998,000.
No condominiums were reported as sold in the last seven days. There were five status changes.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 83 homes or apartments available. The median price is $4,075 per month and the average price is $5,773 per month. These year-round rental opportunities have been on the market an average of 49 days.
There are now 59 short-term rental opportunities that are available, and they have been on the market an average of 41 days. Their average price is $18,268, and the median price is $12,500.
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 77 Bayberry Lane is listed at $4,850,000
The epitome of classic European sophistication at its finest, this 9,739-square foot ,18-room custom home was built in 2000 with the finest materials and the most exquisite craftsmanship.
The floor plan and flow of this home were intended to provide a luxurious and private retreat, and has been well designed for entertaining guests with lavish and elegant style.
Its aristocratic flavor envelops each of the gathering rooms on the main level, and 10-foot ceilings on this floor add to its charm and grace.
An elegant two and one-half story foyer has inlaid marble flooring, and sets the tone for the gracious entertaining and living areas.
The grand living room has custom millwork, picture frame moldings and a marble fireplace.
The family room has cathedral ceilings and an expertly designed fieldstone fireplace accentuated perfectly by triple height windows.
The den/office has coffered ceilings, built in wood cabinetry, floor to ceiling custom shelving, and another distinctly handsome fireplace.
The billiard room is a masterpiece of detailed woodwork with custom milled cabinetry, matching coffered wood ceilings, and built-in seating and storage. The fireplace offers a soothing touch in addition to all the specialty millwork in this room.
A banquet-sized dining room has picture frame molding accents, deep crown moldings and French door that leads to the kitchen.
The gourmet kitchen is a chef’s dream with top of the line appliances, well planned preparation areas, two service islands, and a walk-in pantry. The provincial design incorporates an expertly executed mix of light and dark wood, and of matching light and dark granite tops.
The upper level has 9-foot ceilings and five bedrooms, and four are en-suite. The luxurious master bedroom suite has tray ceilings, and an exquisite marble bath with a steam shower and radiant heated flooring.
More custom built-in cabinets and storage in the transition area enhance additional personal storage over and above the grand sized closet and dressing area.
The well executed floor plan is continued on the second floor, with the placement of the children’s study/gathering room, and also the layout of the family bedrooms.
The master bedroom suite is centrally located, and specifically positioned so as not to be too far away from the children’s sleeping areas, yet it simultaneously offers the utmost in privacy.
The au-pair suite is also on the second floor, and has a sitting room, full bath, and its own entrance with a private staircase.
Perfect for the most discriminating wine connoisseur, the outstanding highlight of the walk-out lower level is its 3,000-bottle climate-controlled wine cellar that has an extraordinarily beautiful tasting room with barrel ceilings.
In addition, the lower level has a gym, media room with projector and 8-foot screen, game room and summer kitchen.
The 3.42 acres are landscaped to perfection and include dramatic lighting, a well positioned in-ground pool and cabana, outdoor barbeque, and a fabulous outdoor entertaining area complete with piazza and pergola.
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Simply stated, this home is exquisite in every detail, and worthy of the finest accolades one could possibly give to a home.
Extras and additional items to note: state of the art security system, first floor and outdoor Crestron sound system, mahogany deck, two laundry areas, three staircases to the second floor, two additional staircases to the walk-out lower level.
Annual taxes are $37,128
Listing/photo courtesy of Nicholas Fingelly Real Estate/Westport.
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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.)
