By Judy Szablak
Special to WestportNow
Both new and existing home inventory in Westport is up to nearly 400 homes for sale as of today.
Featured Home This home at 166 Cross Highway is listed at $3,699,000. (CLICK TO ENLARGE) Photo courtesy of Coldwell Banker Westport-Riverside/KMS Partners
However, contrary to what some may believe, less than 8 percent of these properties are “sizable” newly built homes, which are a minimum of 6,000 square feet and on at least a one-acre lot.
There are 81 newly built properties available throughout town, however only 31 homes fit into the “sizable” category, and they have an average price of just under $3.4 million.
The two that are pending are listed on average at $3.9 million.
This segment of the market is more active than it may appear to be by just a quick glance.
A wonderfully positive sign is that the ratio of unit sales is closer to the pre-existing home sale absorption rate, and it continues to edge upwards.
Market Stats
There are 399 homes on the Westport market, which have been listed for an average of 95 days, with a cumulative market time of 180 days. The average list price is $2,291,062 and the median price is $1,819,000.
A home on Beachside Avenue is the highest priced property for sale at $32 million, and the lowest available priced single family is a two-bedroom cape on Valley Road for $449,000.
Nineteen new listings came on the market in the last seven days, and no properties came back on the market after being under deposit, or temporarily withdrawn. Twelve properties had a price change.
Six properties have gone under the initial deposit stage, which we call CTS, and 12 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 12 properties was $1,414,575. There are 29 homes in CTS status throughout Westport, and another 62 properties scheduled to close town-wide, with an average price of $1,530,783.
Closings: There were seven single family homes reported as sold in the last week, and they were listed on average at $1,544,143 with an average market time of 91 days. There were 62 status changes in the last seven days.
Condos: There are 10 condominiums available, and they have been listed an average of 50 days.Their average listing price is $588,800 and the median price is $534,000.
The highest priced condo is listed at $1,195,000 and is a two-bedroom home at Terra Nova, and the lowest priced unit for sale is a one-bedroom home on Bridge Street for $209,000.
There was one new listing this week, and one homes came back on the market. There were no price changes, no properties went under the initial stage of deposit, and none entered pending status.
There is one property town-wide that is currently in CTS status, and there is one property scheduled to close.
Three sales were reported during the last week, andtheir average list price was $$676,633. There were five status changes.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 65 homes or apartments available. The median price is $6,500 per month and the average price is $7,267 per month.
These year round rental opportunities have been on the market an average of 47 days.
There are 65 short-term rental opportunities available, and they have been on the market an average of 76 days. Their average price is $18,775 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.
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 166 Cross Highway is listed at $3,699,000.
This newly built 14-room shingle-style transitional colonial in the Long Lots area was designed by award-winning architects Pagliaro, Bartels and Sajda, and offers 7,500-square feet of above-grade living area.
Uniquely designed and unlike most other spec houses, this home does not have a “big box” kind of feel to it.
Each room has thoughtfully implemented architectural details. The house is even sited on the property so that the entire rear of the home is south-facing for maximum sunlight in the main living areas.
The superb craftsmanship, high-end materials, custom mill-work and stunning details are evident throughout each of the four levels of living area.
Additionally, the strategic design of the window placement and southern exposure provide an exceptionally sunlit, friendly and warm atmosphere.
The transitionally styled chic living room has specialty crown molding, crisply designed built-ins, two built-in display cases and a 5-foot linear three-sided direct-vent fireplace.
A wall of windows in the formal dining room overlooks a beautifully landscaped lawn, and the butler’s pantry has a sink and Sub-Zero wine tower with two refrigerated drawers.
The custom gourmet kitchen has marble counter-tops and top-of-the-line stainless steel appliances including a 48-inch Dacor range with grill, double wall ovens, two Asko dishwashers and Sub-Zero refrigerator.
A walk in pantry offers additional storage, and there are two marble-topped service islands, one of which seats eight people comfortably.
The open and flowing floor plan continues to the family room with architecturally designed ceilings and crisp white beams.The fireplace is flanked by built-ins, and windows on all sides overlook the private and scenic 1.01-acre level yard.
The master bedroom privacy suite with fireplace is upstairs and occupies the entire left wing. Its soaring 14-foot ceiling height enhances an already elegant room, which also has a dressing area and two large walk-in closets.
The luxurious bath features radiant heated floors, a free standing tub, and glass-enclosed steam shower with bench.
Four additional bedrooms are each en suite and have large walk-in closets.
The third floor is finished and can easily be a fantastic nanny/au pair suite, or another playroom. The lower level has over 1,100-square feet of added space and includes a playroom/media room, gym and half bath.
Bonus space above the garage is accessed via the mudroom, and the 515-square foot area is ideal for a home office, additional rec room, or in-law suite.
Schools – Long Lots, Bedford, Staples
Extras and items to note – 9-foot-plus ceilings on all four levels, five bedrooms, six full, and three one-half baths, four fireplaces, main level library with custom cabinetry and built-ins, front courtyard, security system, audio system, smart-phone controls, hydronic heating system, 20-foot by 40-foot heated Gunite inground pool with solar cover and four season hot tub/spa, outdoor kitchen with 48-inch Caliber Social grill, sprinkler system, granite patio, cedar wood roof, 20KW generator.
Annual taxes have yet to be determined.
Listing/photo courtesy of Coldwell Banker Westport-Riverside/KMS Partners.
(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.
