By Judy Szablak
Determining an appropriate value for your Westport home by relying on any one of the plethora of online property evaluation sites is not the most prudent idea, especially given the fact that any one of almost 600 real estate professionals that work in town can give you a more accurate figure.
Featured HomeThis home on Judy Point is listed at $10.5 million. (CLICK TO ENLARGE) Photo courtesy of The Higgins Group/Westport.
A few of these websites offer good basic information, but it stops there. They are in no way a reasonable substitute for a local real estate agent’s price opinion, especially given neighborhood nuances.
For example, there may be one side of your street that is more desirable than the other side. These easy online evaluators do not account for that in their algorithms.
There are also perceived or real neighborhood boundaries that are not understood by a computer, and the variable of unknown enhancements and/or condition of the subject property that an online pricing module simply cannot interpret.
Zillow is one of the leading online valuation sites, and they are quick to quote their own margin of error, however it is buried within the site, and not easily found.
According to their own Data Coverage and Zestimate accuracy table, Fairfield County’s median error rate is 9.7 percent, which is all the more reason to speak with any one of the 588 local professionals here in Westport.
Market Stats
There are 381 homes that are are actively on the market. These currently available properties have been listed for an average of 98 days, with a cumulative market time of 163 days.
The average list price is $2,361,243 and the median price is $1,895,000.
A contemporary home on 8 Bluewater Lane is the highest priced home for sale at $11,995,000, and the lowest available priced home is a three-bedroom home on Crescent Park Road for $363,000.
Eleven 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the market in the last seven days, and no properties came back on the market after being under deposit, or temporarily withdrawn. Twenty-two properties had a price change.
Six properties have gone under the initial deposit stage, which we call CTS, and eight 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 eight properties was $1,160,000. There are currently 39 homes in CTS status throughout Westport, and another 63 properties scheduled to close town-wide, with an average price of $1,635,578.
Closings: There were six single family homes reported as sold in the last week, and they were listed on average at $1,497,000, with a market time of 147 days. There were 68 status changes in the last seven days.
Condos: There are 12 condominiums that are available, and they have been listed an average of 58 days, with a cumulative market time of 69 days. Their average listing price is $769,961 and the median price is $775,000.
The highest priced condo in town is listed at $1,279,000 and is a three-bedroom home located at Terra Nova Circle, and the lowest priced unit for sale is a one-bedroom home at Whitney Glen for $399,000.
There were three new listings, and one home 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 three properties town-wide that are currently in CTS status, and there are two homes scheduled to close, with an average price of $669,950.
No sales were reported during the last week. There were six status changes.
Rentals: If you are interested in renting year-round, either furnished or unfurnished, there are 47 homes or apartments available. The median price is $5,950 per month and the average price is $6,263 per month. These year-round rental opportunities have been on the market an average of 32 days.
There are 34 short-term rental opportunities that are available, and they have been on the market an average of 46 days. Their average price is $14,359 and the median price is $10,500. 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 on Judy Point is listed at $10.5 million.
This spectacular 18-room custom built shingle-and-stone style colonial has 275 feet of direct water frontage and a deep water dock.
From the moment you drive through the mahogany entrance gates to the manor, the superior craftsmanship and attention to detail is evident, and every conceivable aspect of this home and its 1.22-acres has been designed and implemented with the highest of standards.
Built in 2003, this grand estate encompasses 12,568-square feet of mansion grade detailing on three levels, yet easily maintains a refreshingly unpretentious flavor with its warm, pleasant and friendly atmosphere.
The front to back grand foyer with elegant floating staircase is itself designed for entertaining and offers beautiful water views. A fireplace adds to the charm, and French doors lead outside to the extensive patio that overlooks the rear yard, pool, and Long Island Sound.
The west wing is comprised of the living room, with double perimeter design inlaid cherry wood flooring, and a custom marble fireplace, as well as an office, mahogany library and separate sitting area.
The dining room features a tray ceiling, perimeter inlaid cherry floors, another fireplace, and two sets of French doors overlooking the water. The butler’s pantry also features a cleverly and discreetly hidden service window for serving the foyer guests.
The kitchen is strategically located in the center-most point of the home, and consists of two specifically designed areas that have been seamlessly merged to a perfectly centralized area; one primarily for ease of preparation for the chef, complete with top of the line appliances, granite counters, and a two-tiered breakfast bar for an informal bite.
The adjoining “breakfast kitchen” has additional counterspace and refrigerator, although it was specifically designed to take advantage of the breathtaking waterviews.
The family room is open to the kitchen and has French doors out to the granite patio. A sunroom/cabana is just beyond the family room and also accesses the granite patio and pool area.
Upstairs, the master bedroom suite occupies the entire west wing, and features a fireplace, parquet wood flooring, and private balcony overlooking the sound, as well as two luxurious bathrooms, two large walk-in closets, and a dressing area.
Three of the four additional bedrooms on this level have large balconies, as does the second floor office/den. The uppermost level has another bedroom, exercise area and large media room with cathedral ceiling.
Extras and items to note—six bedrooms, seven full and three one-half baths, five fireplaces, 10-foot ceiling height on first floor, central vacuum, radiant heated flooring on main level, three-story elevator, audio system, security system, sprinkler system, three-car heated garage, generator, heated inground pool, private mooring, deep water dock.
Annual taxes are $125,695.
Listing/photo courtesy of The Higgins Group/Westport.
(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.
