By Judy Szablak
Real estate activity is on the rise at Saugatuck Island, Westport’s premier waterfront community.
Featured Home This home at 22 Cross Way on Saugatuck Island is listed at $9.5 million. (CLICK TO ENLARGE) Photo courtesy of Coldwell Banker/Westport-Riverside
It should be no surprise that the Island took a direct unit sales hit during 2012-2013 following Super Storm Sandy when only one home sold during that time, but that appears to be the extent of it.
Despite what you may have thought, the market bounced back quickly, and has picked up quite nicely since then.
The Island is comprised of approximately 45 acres, just over 100 homes, and boasts two private beaches.
We can reasonably expect somewhere between five to seven homes to sell on the Island on any given year, assuming the weather is cooperative.
The southwest corner of town has just 18 homes listed for sale as being in Saugatuck Shores, including the five that are available on the Island.
According to our Multiple Listing Service, 14 homes in Saugatuck Shores, and another four on the Island, sold within the last year.
They had an average market time of just 126 days, and there are another two in various stages of deposit.
Considering that the average market time for available homes throughout the town that have not yet sold is 125 days, prospects look pretty good on the Island.
Market Stats
There are now 317 homes that are are actively on the market. These currently available properties have been listed for an average of 125 days, with a cumulative market time of 197 days.
The average list price is now $2,304,205 and the median price is holding steady at $1,795,000.
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 two-bedroom home on 29 North Ave. for $349,900.
Twenty-eight 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the market in the last seven days, and one property came back on the market after being under deposit, or temporarily withdrawn.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 properties had a price change.
Six properties have gone under the initial deposit stage, which we call CTS, and another six 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 six pending properties is $1,040,983. There are currently 19 homes in CTS status throughout Westport, and another 54 properties scheduled to close town-wide, with an average price of $1,740.587.
Closings: There were 12 single family homes reported as sold in the last week. They were listed on average at $1,103,333 and sold with an average market time of 77 days. There were 86 status changes in the last seven days.
Condos: There are 15 condominiums that are available, and they have been listed an average of 106 days. Their average listing price is $801,493 and the median price is $799,000.
The highest priced condo in town is $1,249,000 and is a three-bedroom home located at Terra Nova Circle, and the lowest priced unit for sale is a one-bedroom home on Riverside Avenue for $525,000.
There was no new listings this week, and no homes came back on the market after being under deposit.
There were two price changes, and no property entered into the initial stage of deposit. One home entered into pending status, and was listed at $849,000.
There is one property town-wide that is currently in CTS status, and four homes are scheduled to close, with an average list price of $647,250.
One sale was reported during the last week, and the home was listed at $749,000.There were six status changes reported.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 70 homes or apartments available.
The median price is $4,000 per month and the average price is $4,698 per month. These year-round rental opportunities have been on the market an average of 50 days.
There are 18 short-term rental opportunities that are available, and they have been on the market an average of 47 days. Their average price is $8,367 and the median price is $7,175.
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 22 Cross Way on Saugatuck Island is listed at $9.5 million.
This impeccable Hampton shingle-style colonial with 270-degree water views and 360-feet of water frontage was custom built in 2012, designed by Donald William Fairbanks AIA, and built by W.R. Green for its current owners
The superior attention to detail and design enhances the beauty of this transitionally styled four-bedroom home, and more than 5,600 square feet of living area incorporates the outstanding beauty of its peaceful and serene surroundings.
A bit of Westport history is also evident, with an original mill grindstone from the 18th century Old Sasco Mill, which is located above the outdoor fireplace.
This striking home is in itself a spectacular work of art, and brings a unique perspective by bringing the waterfront essence to all but one of its 14 rooms, through six balconies, covered patios, and porches.
There are 9-foot ceilings on the main level, custom mill work and cabinetry on every level, and a sophisticated elegance throughout.
The living room has panoramic waterviews of the harbor and sound, and access to a covered veranda.
Custom-crafted wainscoting lends an aristocratic feel to the dining room, which offers scenic views of Long Island Sound through double doors that lead to the covered veranda.
A gourmet kitchen has seeded glass panels with custom cabinetry that was handmade by master craftsman John June. The stunning kitchen design includes Carrera countertops, top of the line stainless steel appliances, a matching service island with vegetable sink, and hidden electrical outlets.
The breakfast nook/family dining area has a fireplace and wrap-around views of the Sound.
The family room is open to the kitchen and family dining area and features another fireplace with doors on either side to the covered bluestone patio.
Upstairs, the indoor/outdoor sunroom has a fireplace and an exterior wall of sliders that seamlessly open up to a private balcony, creating an unmatched feeling of peace and tranquility of being at one with the landscape.
The library has exceptionally designed built in shelving and a heat efficient Rumsford fireplace.
The master bedroom suite has a vaulted ceiling with lighted cupola, a fireplace with Grigio Fior di Bosco marble surround, and a coffee/wine bar with mini-refrigerator. Enjoy the outdoors with the private 12-foot by 14-foot Ipe balcony which overlooks the beautiful expanse, and also has spiral staircase down to the pool.
The sumptuous bath has radiant heated flooring, a Victoria and Albert soaking tub, a spacious Carrera marble steam shower, and dual vanities. Two large closets each have custom cabinetry, one is outfitted in mahogany, while the other has a dressing area, custom cabinetry and marble counters.
Three additional bedrooms on this floor are all en suite and each have walk-in closets and balconies.
The third floor has a Captain’s Nest, a media/theater room with JKP Affinity screen, and an optional fifth bedroom or office with fireplace.
This private, exquisite, and wonderfully calming retreat was in its final months of construction when Storm Sandy hit, and was built to the highest coastal standards. The building proved its resiliency by surviving the storm unscathed.
Extras and items to note— FEMA compliant with elevation of 13 feet, 2 inches; home includes association ownership of three Long Island Sound waterfront parcels combining to provide a total of 1.22 acres to ensure unobstructed views, two cupolas, lightning protection, four full and two one-half baths, heated three-car garage, Nest controls, Crestron Intermedia delivery system, security system, 300-bottle temperature controlled wine storage, seven fireplaces, Ipe mahogany decking, six-zone hydro air heating, heated Gunite pool, cabana, city water, city sewer, underground utilities, generator, association fees
Annual taxes are $75,037.
Listing/photo courtesy of Coldwell Banker/Westport-Riverside.
(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.
