By Judy Szablak
Special to WestportNow
When it comes to purchasing a home in Westport, many buyers and agents can unfairly judge a home by the year it was built.
Featured Home: This home at 3 Tamarac Road is listed at $1,275,000. (CLICK TO ENLARGE) Photo courtesy of The Riverside Realty Group.
Many homebuyers are enamored with new or “newer,” homes while some older homes have been remodeled to such an extent that look and feel much newer than their foundation would lead you to believe.
Newer homes do come with advantages, including newer mechanicals, less initial exterior maintenance and repairs, and these components typically last on average about 20-25 years.
Then again, some buyers prefer older homes, which are thought to have much more charm and character than their newer counterparts. Some newer homes also have these features.
A few of the biggest objections to an older home is that the layout or décor can be outdated, and that the roof and mechanical systems are due for replacement.
However, it is important to remember that a home that is 20, 40 or 60 years old has most likely had these components replaced, so that thought process may be flawed.
The chronological age of a home does not necessarily indicate that the home is exceptional, well built, or that is has charm and character, or needs work.
Currently, there are 35 new construction homes or those “to be built” ranging in price from $1.375,000 to $6 million. These homes constitute less than 13% of our available inventory, and maybe, just maybe. those older homes deserve a look.
Market Stats
There are now 271 homes that are actively on the market, which has decreased by 18 properties from last year at this time.
These currently available properties have been listed for an average of 157 days, with a cumulative market time of 271 days. The average list price is up approximately $7,000 from a year ago to $2,158,303 and the median price is at $1,449,000, which is down by $46,000 from a year ago at this time.
Six new listings came on the market in the last seven days, and two properties came back on the market after being under deposit, or temporarily withdrawn, which is an increase of one property over last year of these changes. There were seven properties in the past week that had a price change.
Two estates on Beachside Avenue are currently listed at $20 million each, and are the highest priced homes in town.
A Tudor-style home on 112-116 Beachside Ave. is an 8,482- foot waterfront property comprised of three lots on 7.267 acres with 365 feet of waterfront.
An 11,459 square foot colonial built in 2007 at 82 Beachside Ave. is on 2.14 acres, and has 17 rooms, seven bedrooms and 125 feet of Long Island Sound waterfront
The lowest available priced single family is a three-bedroom two-bath bungalow-style ranch on .12 acres at 17 Hale St. which was built in 1939. The bank owned home is listed at $385,000.
There are currently 20 homes under the initial stage of deposit townwide, and another 33 scheduled to close. The number of homes that are under the initial stage of deposit is up by four units from that of last year, and the pending sales are up by 22% from last year at this time.
Five homes entered the initial stage of deposit last week, and eight homes went under pending status with an average price of $1,255,500.
A notable deposit this past week is 5 Charmers Landing, an 11,759-square foot colonial which was last listed at $12 million, and took an initial deposit after two price reductions and a cumulative time on market of 902 days.
The 1.12-acre property has been referred to as “Paradise Point,” and is a private peninsula with a deep water dock and over 700 feet of shoreline.
Closings: There were eight sales reported during the last week, and their average price was $1,446,281 with an average market time of 146 days and sale price to list price ratio of 91%. One home sold at its full asking price of $850,000 in just six days, and was a three-bedroom historically significant antique ranch with separate office on 2.04 acres at 167A Compo Road South.
The highest priced sale occurred at 33 Ferry Lane East, which was another antique home which was built in 1860 with 5,882-square feet of living area with Saugatuck River frontage.
The seven-bedroom home closed after 241 days on the market at $3.06 million, which was 82.73 percent of its asking price.
Condos: There are 24 condominiums that are currently available, which is up by 11 units from this time last year. These condos have been listed an average of 147 days, with a cumulative market time of 196 days.
The average price is $870,283 and the median price is $632,450. The average price is up by approximately $256,000 from last year at this time, however it is more indicative of the new upscale development rather than an increase in overall pricing.
There were no new listings entered in the last seven days, and no property came back on the market. No properties had a price change and no homes entered the initial deposit stage. Two homes entered pending status.
The highest priced condo in town is listed at $3,450,000, and is a two-bedroom, two and one half bath luxury home on the third floor of the new Bankside House on the Saugatuck River, and has 2,432-square feet of living area.
The lowest priced unit for sale is a one-bedroom unit with 750-square feet on 35 Bridge St. at The Saugatuck, which is an adult complex and listed at $162,800.
There is one property currently under the initial stage of deposit townwide, and seven that are scheduled to close, three of which are at the Terra Nova gated complex.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 89 homes or apartments available. These homes have an average market time of 89 days.
The median price for townwide annual rentals is currently $4,333, and is $333 more than it was at this time last year, and the average price is $5,105 per month, which is down by $20 month from last year at this time. These year round rental opportunities have been on the market an average of 115 days.
The two highest priced annual rentals are listed at $25,000 each. The beachfront home at 66 Compo Mill Cove consists of 4,000-square feet with designer furnishings, and has six bedrooms, and a deeded deep water boat slip at Compo Beach.
A 17-room colonial home on a premier cul-de-sac at 12 Woody Lane has 8,611 square feet of living area, a pool and outdoor kitchen and is also listed at $25,000 monthly, and includes an option to purchase, or lease-purchase.
The lowest priced rental is a 450 square foot three-room apartment that is listed for $1,250 monthly and is located at 42 Richmondville Ave..
There are 40 short-term rental opportunities that are available, and these seasonal or short-term rentals currently have an average price is $6,213 and a median price of $4,500, with an average market time of 117 days.
The highest priced short term rental home is located at 125 Harbor Road with direct waterfront and deep water dock at $32,000 for July and part of August. The 3,023-square foot colonial is on .17 acres and was built in 1988.
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 — Listing information and data is compiled from the SmartMLS and represents listings and activity through our statewide MLS system. Private sales are not included in these statistics.
Featured Home
This home at 3 Tamarac Road is listed at $1,275,000.
This midcentury colonial in a sought after in-town location epitomizes Classic New England charm with its white picket fence and 15-foot covered front porch
Exquisitely remodeled with an air of sophistication, this 2,479-square foot home was built in 1952, and the original charm has only been enhanced, along with incorporating all of the improvements that one would come to expect.
The living room with crown molding includes a fireplace with a custom crisp white dentil-accented mantel, and built-ins on either side.
Picture-frame molding and wainscoting complement each other very well to create an exceptionally elegant dining room.
A stunning white kitchen with strategically placed glass front cabinets has Carrera countertops, stainless steel appliances, and wonderfully detailed banquette seating with hidden storage.
The sun drenched family room flows effortlessly from the kitchen and dining room, and plenty of windows along with French doors out to the bluestone patio afford a peaceful view of the arborvitae lined and exceptionally private .23-acre level lot.
The master bedroom suite includes a spa like marble bath with deep tub and twin vanities. Two other bedrooms on this level share a bath, and both have surprisingly large closet space.
Extras and items to note — three bedrooms, two and one half baths, fireplace, security system, audio system, finished lower level, finishable walk-up attic, patio with pergola
Annual taxes are $12,122.
Listing/photo courtesy of The Riverside Realty Group.
(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.
