By Judy Szablak
Special to WestportNow
Positive signs of the spring market have arrived in Westport, and deposits are edging upwards.
Featured HomeThis home at 10 Broadview Road is listed at $3,899,000. (CLICK TO ENLARGE) Photo courtesy of Westport Residential.
In fact, for the first time in months, initial deposits have just edged past and outnumbered pending sales.
Initial deposits, or what Realtors call “CTS” (Continue to Show status) are homes that have gone under deposit in the last 45 days. he CTS status is one of the indicators as to how things are moving along marketwise for the coming months.
Pending sales are those that are waiting to close, where contracts have already been signed, the mortgage is near or at commitment, and the sale is waiting to close as per both parties agreement.
This is the most heartening news for our local real estate market that we have seen for months, and it’s been a long time coming. Let’s hope it continues.
Market Stats
There are 280 homes actively on the market, and these properties have been listed for an average of 110 days, with a cumulative market time of 231 days. The average list price is $2,286,702 and the median price is now $1,797,000.
A contemporary home on Compo Mill Cove is the highest priced home for sale at $9,999,999, and the lowest available priced single family is a ranch on Mills Street for $405,000.
Twenty-one new listings came on the market in the last seven days, and one property came back on the market after being under deposit, or temporarily withdrawn. Twenty-four properties had a price change.
Fifteen 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 $1,564,613. There are currently 29 homes in CTS status throughout Westport, and another 28 properties scheduled to close town-wide, with an average price of $1,602,437.
Closings: There were seven single family homes reported as sold in the last week, and they were listed on average at $2,158,143 with a market time of 128 days. There were 92 status changes in the last seven days.
Condos: This segment of the market continues to be very quiet. There are seven condominiums that are available, and they have been listed an average of 119 days. Their average listing price is $666,429 and the median price is $485,000.
The highest priced condo in town is listed at $1,238,000 and is a three-bedroom home located at Terra Nova Circle, and the lowest priced unit for sale is a one-bedroom home on Bridge Street for $211,000.
There were no new listings this week, and no homes came back on the market, There was one price change, and no properties went under the initial stage of deposit, or pending status.
There are no properties town-wide that are currently in CTS status, and there are no properties that are scheduled to close.
No sales were reported during the last week.There was one status change.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 46 homes or apartments available. The median price is $4,650 per month and the average price is $5,188 per month. These year round rental opportunities have been on the market an average of 113 days.
The seasonal rental market continues to heat up. There are 55 short-term rental opportunities that are available, and they have been on the market an average of 55 days.
Their average price is $20,617 and the median price is $17,000. 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.
Soure: 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 10 Broadview Road is listed at $3,899,000.
Located on one of Westport’s most sought after estate-lined streets, this brand new transitional colonial with spectacular views from the top of Old Hill was recently completed by SIR Development, and was the winner of “Best of HOUZZ 2016” as well as the recipient of two 2015 HOBI Awards.
Three finished levels offer 9,525-square feet of living area, and the design and craftsmanship are simply magnificent. This sleek custom mill work is exceptional, as is every detail of this 16-room home, making it positively welcoming and uniquely charming.
The living room is to the right of the grand foyer, and a marble fireplace is flanked on either side by French doors that lead to covered veranda.
The dining room features gently coffered ceilings with soffit ceiling details, and a butler’s pantry with wet bar, specialty shelving, and beverage fridge.
The gourmet kitchen with custom tray ceiling also won a HOBI award for Best Kitchen in a Spec Home. Its stunning design includes custom cabinetry and marble counters, and is as beautiful to look at as it is exceptionally functional.
High-end appliances include a Sub Zero refrigerator, Bluestar double range, two Bosch dishwashers, and a Wolf micro-drawer and warming drawer.
Dual islands create a wonderful workspace and additional seating area besides the sunlit breakfast area.
The family room has a beamed ceiling, custom mill work, and is open to the kitchen. Your eyes are immediately drawn to the stunning floor-to-ceiling reclaimed barn-wood fireplace, which is flanked by two sets of French doors that lead to a partially covered outdoor blue-stone patio, complete with outdoor kitchen and fireplace
A main level private study/library with separate entrance has a tray ceiling, layered crown molding built-in shelving and cabinetry.
Upstairs, the master suite overlooks the top of Old Hill, and has a custom tray ceiling, another fireplace, and luxurious bath with Victoria and Albert tub, extra large glass enclosed shower, dual vanities and dressing area.
Five additional en suite bedrooms are also on this floor, and another en suite bedroom is on the lower level.
The walk-out and sunlit garden level has a kitchenette with wet bar, wine room, exercise room, and game area as well as a second laundry area.
Extras and items to note – Won HOBI’s Best Spec Home award in 2015, 10-foot ceilings on three levels, seven bedrooms, seven full and two one-half baths, three interior fireplaces, outdoor kitchen and fireplace, gym, wine cellar and media room, four-car garage, guest or au pair suite above garage, security system, generator, full one-acre property, in-ground pool option.
Annual taxes have yet to be determined.
Listing/photo courtesy of Westport Residential.
(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.
