By Judy Szablak
Special to WestportNow
The answer to the age-old conundrum regarding whether one should rent or buy is not as cut and dry for Westport as it may be for other towns and cities.
Featured Home: This home at 9 Crooked Mile is listed at $2,475,000. (CLICK TO ENLARGE) Photo courtesy of William Raveis/ WBCH Team
The higher end rental market in town is competitive, and well priced rentals do not stay on the market for very long.
That quicker turnaround may be due to some newcomers who are unsure of the town’s real estate climate and may be erroneously comparing Westport’s market to other towns, and are cautious as they are stepping into uncharted territory.
It is true that some out of state buyers want to “get their feet wet” so to speak by renting before they dive into a purchase, in order to get a feel for the town. That is not uncommon for many who move here from out of state.
While renting may be a safer bet for some, those active in the local marketplace do not anticipate pricing to dip, as interest rates and the business climate are still conducive to buying, which happens to be one of a few concerns that new or soon-to-be residents have.
Price reductions, and length on market do not indicate a sliding market at this time. It may just be that sellers are not fully considering market conditions and hopeful expectations are not in line with reality.
What we do know is that many who are lucky enough to move to Westport don’t leave town unless there is a job change or transfer, or the family status changes — and that includes those newcomers who are moving into town.
Market Stats
There are now 324 homes that are actively on the market, which have been listed for an average of 134 days, with a cumulative market time of 218 days. The average list price is now $2,150,607 and the median price is now at $1,560,000.
A home on Beachside Avenue is the highest priced property for sale at $22.5 million, and the lowest available priced single- family is a three-bedroom home on Crescent Park for $375,000.
Twenty-two 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the market in the last seven days, and two properties came back on the market after being under deposit, or temporarily withdrawn. Twenty-one properties had a price change.
Twelve properties have gone under the initial deposit stage, which we call CTS or Show, 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 pending properties was $1,242,363. There are currently 23 homes in CTS/Show status throughout Westport, and another 31 properties scheduled to close townwide, with an average price of $1,512,764.
Closings: There were 10 single family homes reported as sold in the last week, and they were listed on average at $1,440,100 with an average market time of 92 days. There were 101 status changes in the last seven days.
Condos: There are 12 condominiums that are available, and they have been listed an average of 101 days, with an average cumulative market time of 181 days. Their average listing price is $640,303 and the median price is $682,000.
The highest priced condo in town is listed at $1,079,000 and is a three bedroom home located at Terra Nova Circle, and the lowest priced unit for sale is a two bedroom home on Bridge Street for $233,700.
There were no news listing in the last seven days, and no properties came back on the market. No properties had a price change, and two homes took an initial deposit. Five homes entered into pending status.
There are two properties townwide in CTS/Show status, and six properties are currently scheduled to close which are listed on average at $564,317.
One sale was reported during the last week, and was listed at $479,000. There were eight status changes.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 79 homes or apartments available. The median price is $4,200 per month and the average price is $5,735 per month. These year-round rental opportunities have been on the market an average of 83 days.
There are 39 short-term rental opportunities that are available, and they have been on the market an average of 110 days. Their average price is $8,029 and the median price is $5,600.
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 SmartMLS and represents activity through our statewide MLS system. Private sales are not included in these statistics.
Featured Home
This home at 9 Crooked Mile is listed at $2,475,000.
This handsome 14-room colonial with 266-feet of frontage on the Saugatuck River is in the easily commutable Red Coat area, and was built to perfection in 2007.
Nine-foot ceilings, custom wainscoting and specialty millwork throughout contribute to this 7,076-square foot grand home with a grand lifestyle.
The gracious two-story foyer with custom millwork opens up to the through transom topped entryways to both the living and dining rooms.
The living room with fireplace has a coffered ceiling, and recessed panel wainscoting.
The formal dining room also has recessed panel wainscoting, and the butler’s pantry with granite counters includes a sink and beverage fridge.
The custom chef’s kitchen is well crafted and has granite counters and high end stainless steel appliances. The contrasting center island seats three to four comfortably, and includes a vegetable sink for convenience.
The kitchen’s informal dining area is open to the family room, and has French doors out to the 498-square foot Ipe deck with beautiful views.
The scenic property also includes a 794-square foot blue stone patio that offers private and lovely views of the well manicured 1.3-acre property, as well as the wonderfully flowing river,
A floor to ceiling fieldstone fireplace in the family room has a raised hearth, and its beauty will raise your spirits at the same time.
The handsome main level office has rich wood paneled walls and a wood coffered ceiling.
Upstairs, the master bedroom with tray ceiling has another fireplace, twin walk-in closets, a sitting room and a bathroom with a deep soaking tub, separate glass enclosed shower, a dressing area and dual vanity.
There are four additional bedrooms on this level; two are en suite, and two share a Jack and Jill-style bathroom.
The walk-up attic is easily finish-able for additional space, and the walk out finished lower level includes a recreation area with fireplace, full bath, and another bedroom.
Extras and items to note — six bedrooms, five full and two half baths, three fireplaces, security system, central vacuum, walk up attic, natural gas, 794-square foot blue stone patio with sitting walls, whole house generator.
Annual taxes are $27,342.
Listing/photo courtesy of William Raveis/ WBCH Team.
(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.
