By Judy Szablak
Be prepared for a less than stellar real estate market in 2012 amid overall economic insecurity and pending foreclosures. Experts note that foreclosure processing delays are also stalling the housing recovery, and we should expect prices to be affected next year.
Depending on which analyst you listen to, the amount of next year’s expected price drop will vary somewhat. But most would agree that home prices are forecast to decline anywhere from 3 to 4 percent next year, which unfortunately looks to be fairly accurate.
Foreclosures fuel downward trending prices and we can expect a number of REO’s (or bank owned properties) to increase our inventory next year. Data obtained from our MLS system shows initial foreclosure actions taken by the bank at 48 filings in 2009, 45 in 2010 and 24 year to date.
To put those numbers into perspective, we generally have had anywhere from 275-350 properties on the market at any given point, depending on seasonal fluctuation. A search of available bank-owned properties available for sale in Westport turned up just three results.
What that tells me is that we may not be so affected at this very moment, but at some point, many of these bank-owned homes will become available for sale and competing for buyers in the marketplace.
Granted, all foreclosure actions do not necessarily end up as bank-owned properties, and eventually for sale, however it would not take too many REO homes to put a dent in the market. And there are enough distressed properties “in the hopper” that we should be expecting a number of foreclosed homes to enter the marketplace in the coming months.
While Westport’s yearly filings are not nearly as much percentage-wise as the national average, the impact of those homes leads me to agree that next year is in line with some of what you are hearing nationally.
On a brighter note, we’ve had a pretty good week for listings and sales activity. Here are this week’s market stats:
Homes: There are currently 324 single family homes that are actively on the market. Their average list price is $2,085,645, and these homes have been listed for sale an average of 142 days. The median price is now $1,299,000.
The highest asking price for all homes currently on the market is $24,950,000, and the lowest available priced home is $399,900.
Ten new listings came on the market in the last seven days, and one home came back on the market after being under deposit. Nine properties had a price change.
Five properties have gone under the initial deposit stage, which we call CTS, and one property went into pending status, which means that the conditions have been satisfied, and the property is scheduled to close.
Closings: Seven homes were reported as sold in the last seven days. Their average list price was $1,174,986 and these homes were on the market an average of 115 days. There were 59 status changes in the last seven days.
Condos: There are 22 condominiums that are available, and they have been listed an average of 140 days. Their average listing price is $659,759. The median price of a condo is $539,450. The highest priced condo in town is listed at $1,495,000 and the lowest offering price is $279,000.
No new listings came on the market this week, and no properties came back on the market after being under deposit. One property had a price change. One property went into CTS status, and one property went into pending status.
Closings: No condominiums were reported as closed in the last week. There were four status changes in the last seven days.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 83 homes or apartments available. The median price is $3,650 per month and the average price is $5,670 per month. These year-round rental opportunities have been on the market an average of 73 days.
There are four seasonal rental opportunities available and they have been on the market an average of 82 days, and at an average price of $22,875. The median price of both furnished and unfurnished seasonal rentals is $16,250.
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 Michele Lane is listed for $3,499,000, and is absolutely stunning in every way, and with every detail.
Bordering six acres of Aspetuck Land Trust property, there are simply outstanding country views from this 2.11 acre hilltop retreat in prestigious Coleytown.
The amount of stone work gracing the exterior of the home, and its exceptional detailed craftsmanship is evident everywhere the eye can see.
Built in 2005, there is a level of design and finesse that is unsurpassed in its price range for each of the 16 rooms of this 6,729-square foot home.
A limestone foyer and gently curving grand staircase truly fit for a queen’s graceful descent sets the proper stage for the amount of elegance that this home exudes.
There are 10-foot ceilings on the main level, and each room’s arched entrance is flanked by columns on either side of the doorway. Crown molding and recessed panel wainscoting enhance an already regal look and feel.
There are six rooms on the first floor. Two arched and columned hall entries grace both the banquet sized dining room, and the elegant living room with fireplace.
There are two butlers pantries servicing a granite and limestone appointed, and fully applianced commercial grade kitchen, complete with service island and breakfast bay area overlooking the grounds.
The family room has cathedral ceilings, a fireplace and French doors to the veranda. The library has mahogany coffered ceilings, and the billiard room has another fireplace, and French doors that also lead out to the veranda. Two separate offices are perfect for maintaining private business space.
The second floor has two separate wings, each with 9-foot ceilings. Four bedrooms, each en-suite with granite baths comprise one wing, while the master bedroom has its own private wing. The master suite includes a sitting room, dual closets, a luxuriously appointed marble bath, and a balcony offering the most amazing 360 degree views of Westport.
A 2000-square foot walk up attic can be finished, and the walk-out lower level has already been finished with quality, offering an additional 2,796 square feet of living space, accessed by either the front or back staircase. This level includes a media room, another family room, card room, the gym and another full bath. Plumbing is in place for an additional kitchen.
Extras and items to note: Security system; central vacuum; heated in-ground pool.
This home is positively regal with its craftsmanship and details, and offers the utmost in privacy with absolutely unparalleled views.
Annual taxes are $36,028. Listing/photo courtesy of Prudential CT Realty.
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(Editor’s Note: Judy Szablak of RE/MAX- Fairfield County CT Realtor since 1984 is author of “The Art of Buying or Selling a Home,” and is featured on HGTV’s real estate show, “Desperate to Buy.” Email .(JavaScript must be enabled to view this email address) or visit her blog at www.TheCTrealtyBlog.com.
