By Judy Szablak
It’s no secret that that Westport’s real estate market is down from last year, however there are a few bright spots in an otherwise less than brisk sales atmosphere.
Featured Home:This home at 15 High Point Road is listed at $1.9 million. (CLICK TO ENLARGE) Photo courtesy of Coldwell Banker Westport-Riverside/KMS Partners
Our Multiple Listing Service identifies 11 separate neighborhoods (or areas) in town, and if we assume this data is correctly input into the system, which it generally is, then trending information on specific areas can easily be determined.
Only a few areas in town continue to be above the town’s average on a sales performance basis.
The Hunt Club area is the clear standout in town, with 29 homes available, 15 under some stage of deposit, and 49 sales within the last year. The average list price here is just over $2.04 million, which is $200,000 less than the town as a whole.
Greens Farms is a distant second, but is trending better than most other areas, with 45 homes available, and 11 under some stage of deposit. The average price of a home here is almost $2.4 million.
While some neighborhoods are clearly more transient than others, and some have a wider price range and a more diverse home selection to choose from, there has to be a certain amount of sales and deposits to warrant any type of reportable trend.
Supply and demand, and proper pricing have everything to do with the pace of market, and it is quite possible that the heightened allure of the Hunt Club area is either a real or perceived perfect balance of the two as seen from a buyer’s eyes.
Market Stats
This week’s inventory is similar to last week, with 332 homes that are actively on the market. These currently available properties have been listed for an average of 120 days, with a cumulative market time of 182 days. The average list price is now $2,369,383 and the median price is at $1,812,500.
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 three bedroom home on 9 oakview Circle for $399,000.
Fourteen new listings came on the market in the last seven days, and six properties came back on the market after being under deposit, or temporarily withdrawn. Eighteen properties had a price change.
Eight properties have gone under the initial deposit stage, which we call CTS, and another 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 these 12 pending properties is $1,941,325. There are currently 21 homes in CTS status throughout Westport, and another 67 properties scheduled to close town-wide, with an average price of $1,810,293.
Closings: There were eight single family homes reported as sold in the last week. They were listed on average at $1,803,875 and sold with an average market time of 134 days. There were 72 status changes in the last seven days.
Condos: There are 18 condominiums that are available, and they have been listed an average of 102 days. Their average listing price is $684,686 and the median price is $694,000.
The highest priced condo in town is $1,265,000 and is a three-bedroom home located at Terra Nova Circle, and the lowest priced unit for sale is a one-bedroom home on Sylvan Lane for $288,800.
There were no new listings this week, and three homes came back on the market after being under deposit. There were no price changes, and no properties entered into the initial stage of deposit. No homes entered into pending status.
There are four properties town-wide that are currently in CTS status, and one home is scheduled to close, and is listed at $470,000.
One sale was reported during the last week, and was listed at $770,000. There were four status changes reported.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 67 homes or apartments available. The median price is $4,500 per month and the average price is $5,375 per month. These year-round rental opportunities have been on the market an average of 43 days.
There are 33 short-term rental opportunities that are available, and they have been on the market an average of 77 days. Their average price is $13,602 and the median price is $12,500.
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 15 High Point Road is listed at $1.9 million.
Local mid-century modernist and celebrated architect Victor Civkin designed and built this special home in 1956 on a cul-de-sac in the Hunt Club area. Completely rebuilt and restored in 2003 by architect Ray Sullivan, this 6,224-square foot home is beautifully appointed, and has an open, flowing, and versatile floor plan.
It is readily apparent that every attention to detail was carefully planned in the restoration of this five-bedroom home, and there is well deserved homage to the original architect’s design, including more than 10,000 board feet (volume) of local wood harvested and milled directly on site.
The living room is to your left as you enter, and its hand-laid Brazilian Cherry hardwood floors are patterned to perfection. A coffered ceiling adds an elegant touch, and three sets of French doors lead out to the patio, deck and pool.
A uniquely designed oval-shaped dining room has a marble fireplace, and cove lighting around its tray ceiling. The rounded back wall overlooks a sweeping lawn, and 1.01 acres of park-like property. The butler’s pantry has rich tilework and drawers lined with felt.
The large chef’s kitchen has granite counters and stainless steel appliances, and a strategically placed skylight is directly above he contrasting center island to add even more sunlight to the area. The spacious informal dining area has Atrium doors leading to a quiet patio area.
The family room has Brazilian Cherry hardwood floors, numerous architectural details and built-ins, and a separate sitting area with gas fireplace.
A separate wing features four en suite bedrooms, and all have walk in closets. Additionally, there is a main level office with crown molding, built-in desks, and plenty of light.
The master bedroom suite encompasses the entire second floor, and a silk carpeted staircase that was crafted onsite leads to its entry foyer complete with Juliet balcony.
The room has a 15-foot high tray ceiling, two large walk-in closets, a sitting area, and a second balcony overlooking perennial gardens. A luxurious bath has radiant heated flooring, a glass enclosed steam shower with four different shower systems, and a whirlpool tub.
The partially finished lower level has a recreation room/game area with wainscoting and a half bath
Extras and items to note—seven full baths, two one-half baths, security system, central vacuum system, heated Gunite inground pool with spa, cabana with kitchen and full bath, two laundry rooms, three-car heated garage.
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.
