By Judy Szablak
With more than 330 single family homes currently on the market in Westport, you can expect that fewer than 10 percent of them will be held open to the public on any given Sunday.
Featured Home: This home at 4 Manitou Road is listed at $5,250,000. (CLICK TO ENLARGE) Photo courtesy of William Pitt Sotheby’s/Westport Realty Group.
The topic of whether to hold a public open house can be a somewhat polarizing one between a home seller and agent. On one hand, it’s added exposure, but on the other hand, only a very small percentage of homes ever sell at an open house.
In other words, every home would be sold on a Sunday if open houses worked as well as some sellers think they do, and it simply does not happen that way.
Somewhere along the line, sellers have taken it to be fact that this long-standing tradition of luring buyers into the home would result in a sale. The truth of the matter is that buyers that walk through your open house will almost always purchase something else.
Their overall effectiveness has been greatly minimized due to the number of photos available on various realty sites, and it has become very easy for buyers to just look online until they pinpoint a few houses they want to see.
The overwhelming majority of the most serious buyers would not wait until a Sunday afternoon between 1 p.m. and 4 p.m. to see a house they are truly interested in.
When your agent holds an open house for you, their primary intent is certainly to sell your home, but it rarely occurs. What ends up happening is that this becomes another way for the broker to obtain new clients.
All that being said, there are some properties that lend themselves well to open houses. Homes that are priced somewhat lower than they are in the surrounding area, homes that are easy to get to and don’t have too many turns, and homes that are less than a mile from a well traveled road.
Ask your agent whether they feel an open house would be fruitful endeavor in order to effect a sale on your home.
Market Stats
This week’s inventory has dropped slightly from the last two weeks, with 334 homes that are actively on the market. These currently available properties have been listed for average of 118 days, with a cumulative market time of 180 days.
The average list price is now $2,358,907 and the median price is up slightly to $1,812,500.
A seven-bedroom home at 2 Manitou Court is the highest priced home for sale at $12,985,000, and the lowest available priced home is a three-bedroom home on 9 Oakview Circle for $399,000.
Eight new listings came on the market in the last seven days, and no property came back on the market after being under deposit, or temporarily withdrawn. Fourteen properties had a price change.
Four properties have gone under the initial deposit stage, which we call CTS, and another 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 these eight pending properties is $1,599,500. There are currently 25 homes in CTS status throughout Westport, and another 60 properties scheduled to close town-wide, with an average price of $1,794,313.
Closings: It was a banner week for closings, with 25 single family homes reported as sold in the last week. They were listed on average at $1,364,960, and sold with an average market time of 94 days. There were 81 status changes in the last seven days.
Condos: There are 16 condominiums that are available, and they have been listed an average of 95 days. Their average listing price is $737,744 and the median price is $739,000.
The highest priced condo in town is $1,265,000 and is a three-bedroom home located at Terra Nova Circle, and the lowest priced unit for sale is a one-bedroom home on Sylvan Lane for $288,800.
There were three new listings this week, and one home came back on the market after being under deposit. There were no price changes, and three properties entered into the initial stage of deposit.
No homes entered into pending status.
There are four properties town-wide that are currently in CTS status, and two homes that are scheduled to close, which are listed on average at $620,000.
No sales were reported during the last week. There were seven status changes reported.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 62 homes or apartments available. The median price is $5,098 per month and the average price is $5,871 per month.
These year round rental opportunities have been on the market an average of 41 days.
There are 37 short-term rental opportunities that are available, and they have been on the market an average of 71 days. Their average price is $15,532 and the median price is $14,000.
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 home at 4 Manitou Road is listed at $5,250,000.
This six-bedroom Nantucket-style colonial has a perfectly subtle nautical flair and just the right amount of rustic undertones.
Dubbed “The River House” when it was built in 1999, this nearly 6,000 -square foot home has substantial water views from most rooms, 153 feet of direct frontage on the Saugatuck River, and a 60-foot deep water dock.
Set back from the road with southwestern exposure, and sited beautifully on 2.02 professionally landscaped acres, this 12-room home has an open and airy floor plan with outstanding versatility.
The custom double door entry opens to the great room, which offers immediate serene views of the river and features a floor to ceiling stone fireplace, trussed and beamed cathedral ceilings, and French doors out to the patio and multiple blue-stone terraces.
To the left of this grand area is the dining room with beamed ceiling and sitting area with fireplace, which could easily be served as a breakfast nook to the kitchen. A stone patio with outdoor fireplace is accessed by both areas, and is adjacent to a covered balcony for alfresco dining.
The custom-milled butler’s pantry, also serves as an extensive wine gallery, and has an additional Sub-Zero freezer.
The gourmet kitchen has custom cabinetry with granite counters and farm sink, and is open to the breakfast area/ sitting room. Top grade stainless steel appliances include a Viking six-burner range, two Sub-Zero refrigerators, a Gaggenau dishwasher, and a two-tiered breakfast bar that seats five comfortably.
A custom-milled wood library has a stunning coffered ceiling with circular center design, and has access to one of the numerous patios or viewing balconies that make this home so special.
Two bedrooms are on the main level, and each lends versatility in its own way. One is quite suitable for a first floor master bedroom suite, and the other could serve very well as a nanny/au pair quarters.
Upstairs, there are three en suite bedrooms, including the primary master suite, which has beamed cathedral ceilings, a stone fireplace, and balcony overlooking the Saugatuck River. The deluxe suite also includes two separate marble bathrooms, a dressing area, and two large walk-in cedar closets.
The expansive lower level is finished, and is large enough that it can easily be partitioned off to make a game room, exercise area, and gathering room.
This home exudes warmth and comfort, boasts a versatile floor plan with wide appeal, and has spectacular water views—and it’s all in a fantastic commuter location.
Extras and items to note—seven full and two one-half baths, security system, surround sound audio system, generator, custom Waterworks baths, heated 50-by-37-foot elliptical in ground pool, separate studio apartment accessed via the three-car heated garage, approximately 153 of water frontage, 60-foot deep water dock.
Annual taxes are $56,891.
Listing/photo courtesy of William Pitt Sotheby’s/Westport 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.
