By Judy Szablak
New procedures for real estate closings are likely to impact transactions in Westport and across the nation.
Featured Home This townhouse at 230 Saugatuck Ave. is listed at $648,500. (CLICK TO ENLARGE) Photo courtesy of Coldwell Banker Westport-Riverside
The rules, mandated by the Consumer Financial Protection Bureau, became effective Saturday. They are designed to help borrowers understand the terms of their home financing transaction.
A notable change under the new regulations is a mandatory disclosure that requires a three-day waiting period before a borrower can close on a mortgage loan.
This can create last minute snags based upon final walk through issues, or inspections concerns that have not been addressed prior to the closing.
Monetary changes in the settlement could necessitate a new disclosure that must be prepared by the lender. Once delivered to all parties, an additional three-day waiting period begins again, thereby delaying the closing.
This can become especially problematic time-wise when a buyer needs to sell their home before they can close on a new one, hence creating a ripple effect with the sale of their home and on their purchase. Utility companies and movers would also have to be notified.
The rules, known as a TRID disclosure, is an acronym for the TILA-RESPA Integrated Disclosures system, which is a consolidation of rules and disclosures in the Truth In Lending Act and the Real Estate Settlement Procedures Act.
This is a brand new regulation, and there are bound to be some kinks that need to be worked out. It is advised that you consult with your attorney and/or loan officer for clarifications as they may affect you and your transaction.
Market Stats
There are now 351 homes that are are actively on the market. These currently available properties have been listed for an average of 120 days, with a cumulative market time of 190 days. The average list price is now $2,196,685 and the median price is $1,749,000.
A contemporary home on 50 Compo Mill Cove is the highest priced home for sale at $13 million, and the lowest available priced home is a three-bedroom home on Crescent Park Road for $339,000.
Thirteen new listings came on the market in the last seven days, and three properties came back on the market after being under deposit, or temporarily withdrawn. Eighteen properties had a price change.
Twelve 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 those nine properties was $1,804,444. There are currently 25 homes in CTS status throughout Westport, and another 40 properties scheduled to close town-wide, with an average price of $1,717,172.
Closings: There were 14 single-family homes reported as sold in the last week, and they were listed on average at $1,400,993, with a market time of 126 days. There were 92 status changes in the last seven days.
Condos: There are 14 condominiums that are available, and they have been listed an average of 78 days, with a cumulative market time of 92 days. Their average listing price is $666,643 and the median price is $623,750.
The highest priced condo in town is listed at $1,238,000 and is a three-bedroom home at Terra Nova Circle, and the lowest priced unit for sale is a two-bedroom home on Hills Lane for $345,000.
There were two new listings in the past week, and no homes came back on the market after being under deposit. There were two price changes, and no property entered into the initial stage of deposit. No homes entered into pending status.
There are no properties town-wide that are currently in CTS status, and there are two homes scheduled to close that are listed on average at $534,500.
No sales were reported during the last week. There were four status changes.
Rentals: If you are interested in renting year-round, either furnished or unfurnished, there are 81 homes or apartments available. The median price is $4,950 per month and the average price is $5,304 per month. These year round rental opportunities have been on the market an average of 56 days.
There are 17 short-term rental opportunities that are available, and they have been on the market an average of 62 days. Their average price is $7,068 and the median price is $6,000. 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 townhouse at 230 Saugatuck Ave. is listed at $648,500.
This showcase home with attached garage is located at Indian River Green, which is a 20-unit condominium complex in the Saugatuck area.
Conveniently located just steps to the train and area shops, this elegant and designer’s own sun-filled home features high-end lighting, fixtures and finishes that contribute to its outstanding decor and design.,
Perfectly positioned in the most private location within the complex, a spacious covered front porch is both charming and pleasant, and is quite welcoming to all.
The living room has soaring ceilings, and a Palladian window brings much light into the space. The focal point of the room is a stone surround fireplace that is flanked on either side by custom built-in shelving and cabinetry with character.
The open floor plan flows into the dining room which is adjacent to the remodeled kitchen, which has stainless steel appliances and granite counters, along with skylit breakfast nook overlooking a private rear yard and lushly landscaped back patio area.
Two large windows flood the stairwell with natural light, and help to create an open feeling to the second floor landing.
The master bedroom suite has sliders out to a private balcony. and a stunning decorator bath with Ann Sacks marble basket weave floor, dual vanities, and a generously sized glass enclosed shower.
A second bedroom has soaring ceilings with a Palladian window, recessed wall nook, and a marble accented bath with Restoration Hardware lighting and faucet.
Schools—Kings Highway, Coleytown, Staples.
Extras and items to note—hardwood floors throughout, two and one-half baths, laundry on main level, gas heat, pets allowed, 1,200-square feet of living area, Association fee $425 and includes flood insurance on building.
Annual taxes are $4,868.
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.
