By Judy Szablak
There are some positive changes this week in the Westport real estate market. But not substantial enough to warrant the champagne just yet. 
This newly built custom-crafted colonial on 1 Minuteman Hill is listed for $5.45 million. (CLICK TO ENLARGE) Photo courtesy of Shannon Calvert/Hire Imagination
A few minor changes can be very good when they correlate with each other, just as this past week’s activity levels show.
Higher priced properties showed some movement. There was a 2.5 percent increase in the median list price over last week. And there was a slight drop of inventory over last week of 3.5 percent.
A few positive indicators over one week, however, do not signify an immediate change in the market unless it continues on in minor increments, and let’s hope that it does.
A potentially stabilizing market does not make big jumps in one week. Rather, it proceeds slowly and builds upon its strength.
The condo market remains a bit slower than we would like, and that will need to change.
Homes: There are 363 single family homes on the market, and their average list price is $2,120,029. These homes have been listed for sale an average of 110 days.
Four-bedroom homes comprise almost 29 percent of all the available inventory in town and are listed at an average price of $1,654,178. The highest asking price for all homes currently on the market is $24,950,000, and the lowest available priced home is $239,900.
Eight new listings came on the market in the last seven days, and no homes came back on the market after being under deposit.
Ten properties had a price change, and eight properties have gone under the initial deposit stage, which we call CTS. Ten properties went into pending status, which means that the conditions have been satisfied, and the property is scheduled to close.
Closings: We had another solid week with six sales that closed at more than 70 percent of the median price in town of $1,320,000. What that essentially means is that higher priced inventory is showing some movement.
The average list price for these sales was $2,262,150 and these homes were on the market an average of 148 days. We can look for any type of trickle effect in the coming weeks.There were 68 status changes in the last seven days.
Condos: The 31 condominiums that are available have been listed an average of 99 days, and have an average price of $604,308. The median price of a condo dropped 2.5 percent to $487,000.
The most active price pocket is between $700,000 and $800,000 and two-bedroom condos make up more than 80 percent of the available inventory. The highest price condo in town is listed at $1,595,000 and the lowest offering price is $227,351.
No new listings came on the market this week. No properties went into CTS status, and no properties went into pending status.There were two price changes.
Closings: No condominiums closed in the last week.There were three status changes in the last seven days.
Rentals: If you are looking to rent year round, either furnished or unfurnished, there are 79 homes or apartments available.
The median price is $4,725 per month and the average price is $6,775 per month. These year round rental opportunities have been on the market an average of 43 days.
As of this morning, there are 21 seasonal opportunities available and they have been on the market an average of 77 days, and at an average price of $10,371. The median price of both furnished and unfurnished seasonal rentals is $7,125.
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 newly built custom-crafted colonial on 1 Minuteman Hill is listed for $5.45 million. A rare find indeed, this Nantucket shingle-styled colonial is perfectly situated on 1.23 prime acres in the heart of the coveted Compo Beach area, and also within sight of the iconic Minuteman statue.
This 15-room home has three levels of living with six bedrooms and six full and two half-baths. The entire 7,600 square foot home exhibits all of the finest craftsmanship and details throughout.
You may think that you have seen impeccable quality before. However, once you compare this Bluewater Home Builder’s masterpiece to other properties, you will most definitely see a dramatic upscale difference.
The presentation is outstanding in every way, starting right with the landscaping that frames the house like a postcard. Set back from the road, once you get close enough to the home, there’s not one exceptional detail that can go unnoticed.
The wraparound porch lends to an already charming exterior, and even the foundation is graced with lattice and native fieldstone. There are five fireplaces in the home.
A mahogany front door graces the entryway, and a sunlit two-story foyer has recessed panel wainscoting from floor to ceiling, coffered ceilings, and an electronic chandelier lift.
The main level has 10-foot ceilings and an open and flowing floor plan.The living room has coffered ceilings and a fireplace with a custom wood mantel, and double French doors to the family room with custom built-in cabinetry, coffered ceilings, and an over sized fireplace with native fieldstone.
French doors lead to the wraparound veranda, rear patio, and a screened porch with cathedral ceilings, which also has another fieldstone fireplace and bluestone floors.
A study/office crafted entirely out of cherry wood, has a gas fireplace, coffered ceiling, recessed panel wainscoting, custom built-in cabinetry, and another French door to the wraparound veranda.
A state of the art kitchen looks like it came straight out of Architectural Digest. Quite refined in appearance, the built-in custom-handcrafted cabinetry by Custom Homes Carpentry with Calcatta marble tops, is seamlessly built-in to the walls.
There are layered crown moldings, upper and under cabinet lighting, a walk-in pantry, and the kitchen appliances include three Wolf ovens, two Subzero refrigerators, two dishwashers and a microwave drawer.
The elegant dining room has a custom tray ceiling and more recessed panel wainscoting. The butler’s pantry has custom built-in cabinetry, a full size Subzero wine storage refrigerator and a service sink.
Enjoy Gray’s creek waterviews from a private balcony in the second floor master bedroom suite complete with a fireplace, custom built-in cabinetry, beamed ceiling, and sittting room with beverage refrigerator.
The master bath has a free-standing jetted spa bath, a steam shower, dual vanities with Calcatta marble countertops and heated floors.
Nine-foot ceilings grace the second floor, and there are four additional bedrooms here, each with its own bath. The third floor has another bedroom with its own bath, a recreation room with cathedral ceilings, and waterviews.
Also to note: central vacuum system; security system; all fireplaces have been plumbed for gas; irrigation system; 20-by-40 foot gunite pool to be installed.
Quality, workmanship and impeccable style, and the only new construction home in the beach area in recent years on such a large parcel. Taxes have yet to be determined.
Photo courtesy of Shannon Calvert/Hire Imagination. Listing courtesy of Coldwell Banker Riverside/ Westport Beach (+) Country Homes.
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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.
I normally don’t have a particular disregard for large homes, but the one featured this week seems out of place with the other homes that are on the stretch of Compo. A few not so nice adjectives come to mind every time I see it, it just needs more land for the amount of house.