By Judy Szablak
Westport has not seen its upper-end market this active since 2008. Luxury home sales continue to impress, evidenced by yet another two significant homes that went under deposit this past week.
Featured Home: This home at 70 Clapboard Hill Road is listed at $4,895,000. (CLICK TO ENLARGE) Photo courtesy of Coldwell Banker Westport Riverside/KMS Partners
They were listed at $6,895,000 and $11.5 million.
Additionally, three other homes are under some phase of the deposit stage that are priced above $5 million. The list price on the five properties combined totals more than $46 million, and their average size is 9,787 square feet.
It is also important to note that two significant sales were reported in the last four months; one on Turkey Hill Road South for $5.12 million and another at Charmers Landing on Saugatuck Avenue for $7.6 million.
Prior to that, the two most recent sales above $5 million occurred last November. There were a total of six high-end sales in 2013, with volume exceeding $57.7 million. This year we may match or beat that total volume, even absent of the two sales on Beachside, which accounted for $34.4 million.
Looking back at sales history, there was only one closing reported in this bracket in 2012, and it is inherently obvious that we are seeing a welcome shift.
This is especially heartening, as history is the best predictor of the future. A slow but steady rise in much better for the continued health of a particular market.
Market Stats
There are now 312 homes that are are actively on the market. These currently available properties have been listed for an average of 122 days, with a cumulative market time of 199 days. The average list price is now $2,400,420 and the median price has risen again to $1,850,000.
A four-bedroom home on 7.13 acres at 66 Beachside Ave. (home of the late Ruth Bedford) is the highest priced home for sale at $25 million, and the lowest available priced home is a four-bedroom home on 21 Crescent Road for $475,000.
Twenty-four 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the market in the last seven days, and no properties came back on the market after being under deposit, or temporarily withdrawn. Eleven properties had a price change.
Eight properties have gone under the initial deposit stage, which we call CTS, and another 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 these eight pending properties is $1,082,250. There are currently 24 homes in CTS status throughout Westport, and another 43 properties scheduled to close town-wide, with an average price of $2,188,698.
Closings: There were 13 single family homes reported as sold in the last week. These home were listed on average at $1,434,685 and sold with an average market time of 125 days. There were 72 status changes in the last seven days.
Condos: There are 13 condominiums that are available, and they have been listed an average of 130 days. Their average listing price is $782,977 and the median price is $789,000.
The highest priced condo in town is $1,075,000 and is a two-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 were no new listings this week, and no homes came back on the market after being under deposit. There was one price change, and one property entered into the initial stage of deposit. No homes entered into pending status.
There are two properties town-wide that are currently in CTS status, and one home scheduled to close, that is listed at $849,000.
No sales were reported during the last week. There were seven status changes reported.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 72 homes or apartments available. The median price is $3,925 per month and the average price is $4,716 per month. These year round rental opportunities have been on the market an average of 58 days.
There are 16 short-term rental opportunities that are available, and they have been on the market an average of 65 days. Their average price is $7,088 and the median price is $6,325.
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 70 Clapboard Hill Road is listed at $4,895,000.
This 8,836-square foot home in the heart of prestigious Greens Farms was custom built by Mattera Construction in 2010, and offers the utmost of quality in materials, craftsmanship and details.
Privately sited on 5.2 beautifully manicured and professionally landscaped acres, this 17-room home features four levels of elegantly appointed living with rich mill-work, masterfully built ceilings, custom trim and six fireplaces, including one on the patio. .
The focal point of the elegant living room is a handsome fireplace with custom mantel, and the dining room has recessed panel wainscoting, along with another custom fireplace.
A designer kitchen caters to the culinary enthusiast, and features top of the line appliances, marble counters and an over-sized contrasting breakfast bar that seats five comfortably, as well as a spacious informal dining area.
The family room has coffered ceilings, and its stone fireplace is flanked on either side by transom topped French doors, which lead out to the 965-square foot blue-stone patio.
The master bedroom suite is on the second floor, and has a tray ceiling, custom marble fireplace, dressing room and an octagonally shaped sitting room overlooking the lush grounds. The exquisite marble bath also has a tray ceiling, a steam shower and whirlpool.
Each of the four addition en suite bedrooms on this level have walk in closets, and 9-foot ceiling height, and a sixth en suite bedroom is on the third floor, which offers a flexibly finished space to accommodate an au pair suite if so desired.
The walk-out garden level adds nearly 2,000 square feet of living area, and includes a game room with tray ceiling and stone fireplace, an exercise room, and wine cellar.
Extras and items to note—10-foot ceiling height on the main level, 9-foot ceilings on the second floor, six full and three one-half baths, five fireplaces, office/library with wet bar, hydro-air heating system, Crestron audio system, central vacuum, security system, whole house generator, 400-bottle wine cellar, heated in-ground Gunite pool, Nantucket style pool house, tennis court
Annual taxes are $56,757.
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.
