By Judy Szablak
Almost one in five homes in Westport closed at or above asking price during the last 12 months, according to our local Multiple Listing Service. However, that impressive statistic doesn’t mean that there were not any negotiations involved.
Featured Home: This home at 11 West Branch Road is listed at $3,250,000. (CLICK TO ENLARGE) Photo courtesy of Coldwell Banker Westport-Riverside
Almost 80 percent, or 341 out of the 422 single family homes and condos that sold last year involved some kind of give-and-take on price, and in all likelihood some concessions were made from either the buyer or seller on other terms as well. The one constant in all home sales is some form of negotiation, whether it’s terms, or price, or both.
The subtle or not-so-subtle manner of negotiations holds a lot of weight in determining whether a purchase or sale is agreed to with a particular buyer or seller.
You, or your agent must do your best to gauge the other party’s motivation, thoroughly understand their expectations, and deliver a response that fits within their emotional needs to the best of your ability.
For some, responding to the other party too quickly reeks of desperation. For others, replying too slowly will lessen their confidence in your ability to follow through.
Make a wrong choice, and run the risk of losing the other party’s interest altogether.
Although there truly is no such thing as a normal time-frame, always negotiate your home sale or purchase with good faith, remember that the other party may review their options more slowly than you, and to have patience if that is the case.
However, purposely dragging out a conversation, or waiting days for a response is not customary, unless there are extenuating circumstances.
The efficiency of the conversation is of the utmost importance when it comes time to negotiate. Strive to reach acceptable and reasonable terms in a timely and respectful manner.
Market Stats
There are now 247 homes that are are actively on the market. These currently available properties have been listed for an average of 136 days, with a cumulative market time of 234 days. The average list price is now $2,563,982 and the median price is now $2,099,000.
A four-bedroom home on Beachside Avenue with 7.13 acres is the highest priced home for sale at $25 million, and the lowest available priced home is a five-bedroom home on 40 Ferry Lane East for $399.900.
Eight new listings came on the market in the last seven days, and no properties came back on the market after being under deposit, or temporarily withdrawn. Ten properties had a price change.
Six properties have gone under the initial deposit stage, which we call CTS, and another six 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 six pending properties is $1,639,250. There are currently 18 homes in CTS status throughout Westport, and another 41 properties scheduled to close town-wide, with an average price of $2,203,667.
Closings: There were eight single family homes reported as sold in the last week. These homes were listed on average at $1,809,375 and sold with an average market time of 146 days. There were 54 status changes in the last seven days.
Condos: There are eight condominiums that are available, and they have been listed an average of 122 days. Their average listing price is $723,200 and the median price is $699,000.
The highest priced condo in town is $1,075,000 and is a two-bedroom home located at Terra Nova Circle, and the lowest priced unit for sale is a three-bedroom home on Hills Lane for $349,000.
There was one new listing this week, and no homes came back on the market after being under deposit. There were no price changes, and one property entered into the initial stage of deposit. No homes entered into pending status.
There are two properties town-wide that are currently in CTS status, and there is one home scheduled to close.
No sales were reported during the last week. There were two status changes.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 60 homes or apartments available. The median price is $4,500 per month and the average price is $5,376 per month. These year round rental opportunities have been on the market an average of 77 days.
There are 18 short-term rental opportunities that are available, and they have been on the market an average of 76 days. Their average price is $4,725 and the median price is $4,300.
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 11 West Branch Road is listed at $3,250,000.
This artistically designed 16-room colonial exudes a stately European luxury and sophistication throughout.
Originally built in 2006, with extensive custom mill-work that graces almost 7,735-square feet of living area, it is readily apparent that no detail was spared in its construction or subsequent updates.
A private drive with stone pillared entrance creates a regal approach to this Coleytown area English country manor, and its 2.01 level acre lot with specimen plantings, towering trees, and sprawling lawns complement the home quite nicely.
As you enter, the living room is to the left of the grand foyer, and has crown moldings, a custom fireplace and mantel, and double French doors to the sunroom.
A banquet-sized dining room has an additional fireplace, and creates a wonderful atmosphere for formal dining. A nicely tucked away L-shaped butlers pantry also has plenty of storage and a sink.
The designer white gourmet kitchen has top-of-the-line stainless steel appliances and a matching center island that seats three. The elegant custom design includes specialty mill-work and a built-in glass front hutch, and the informal dining area overlooks the expansive rear lawns.
The family room is open to the breakfast nook and features a floor-to-ceiling stone fireplace flanked on either side by tall windows.
A main level office/den has another fireplace, fine wood paneled walls and built-ins, and a coffered wood ceiling.
Upstairs, the master bedroom suite has a bay window for added sunlight, a custom fireplace, and two walk in closets. The lavish spa-like marble bath has dual vanities, a soaking tub and glass enclosed steam shower.
Three additional bedrooms on this level are all en suite, and each have walk-in closets.
Also on the second floor is a well designed bi-level bonus area with beamed cathedral ceilings that is quite versatile. Currently, the 840-square foot area includes a playroom with built-ins, and a billiard/game room, however this area could also be redesigned to easily accommodate staff quarters or an exceptional teen suite.
A finished lower level has over 1,630-square feet of additional living space, and includes a home theater, recreation room and gym, as well as a full bath.
Extras and items to note—four fireplaces, six full and one half-baths, main level en suite bedroom, 9-foot ceilings, hydro-air heating, security system, central vacuum system, walk-up attic, generator, 986-square foot blue-stone patios with stone sitting wall, built-in outdoor grill, three car garage, heated Gunite pool.
Annual taxes are $39,854.
Listing/photo courtesy of Coldwell Banker Westport-Riverside.
(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.
