By Judy Szablak
Special to WestportNow
The upscale segment of Westport’s real estate market comprises just over 18 percent of the available homes. However, these luxury homes have contributed quite well to our overall statistics.
Featured Home: This home at 24 Manitou Road is listed at $5,250,000. (CLICK TO ENLARGE) Photo courtesy of The Riverside Realty Group
In fact, sales of these properties over the last year increased the townwide average by over $200,000.
The luxury category is generally considered to include homes over $3 million, although that number can also be considered somewhat objective.
These properties are characterized by having specialty appointments, top-grade finishes and custom mill work, as well as having an average size of over 8,000-square feet of living area.
The highest upper-end market sale in Westport over the last year was 55 Beachside Ave. for $8.8 million. The largest sized home in this segment of the market at 279 North Ave. had 11,482-square feet of living area, and sold for $7.2 million.
Roughly one-quarter of these properties are currently listed above $5 million, and the average overall price of the 62 homes in this category is $5,052,505.
Twenty-nine have sold within the last year at an average price of $4,047,515.
Market Stats
Inventory has continued to dwindle, and there are now 347 homes on the market, which have been listed for an average of 127 days, with a cumulative market time of 211 days. The average list price is $2,217,226 and the median price is $1,750,000.
A home on Beachside Avenue is the highest priced property for sale at $32 million, and the lowest available priced single-family is a five-bedroom cape on Ferry Lane East for $439,900.
Twnety-six 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the market in the last seven days, and no properties came back on the market after being under deposit, or temporarily withdrawn. Twenty-two properties had a price change.
Four properties have gone under the initial deposit stage, which we call CTS, and two 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 two properties was $2,043,500. There are currently 26 homes in CTS status in Westport, and another 30 properties are scheduled to close townwide, with an average price of $1,317,860.
Closings: There were five single-family homes reported sold in the last week. They were listed on average at $1,359,600 with an average market time of 86 days. There were 78 status changes in the last seven days.
Condos: There are 14 condominiums available, and they have been listed an average of 70 days. Their average listing price is $599,164 and the median price is $537,000.
The highest priced listed condo at $899,000 is a two-bedroom home at Regents Park, and the lowest priced unit for sale is a two-bedroom home on Hills Lane for $330,000.
There were two new listings this week, and no homes came back on the market, There were no price changes, one property went under the initial stage of deposit, and no homes entered pending status.
There are three properties townwide that are currently in CTS status, and there is one property scheduled to close that is listed at $748,000.
No sales were reported during the last week. There were four status changes.
Rentals: If you are interested in renting year-round, either furnished or unfurnished, there are 81 homes or apartments available. The median price is $5,500 per month and the average price is $6,315 per month.
These year-round rental opportunities have been on the market an average of 66 days.
There are 41 short-term rental opportunities that are available, and they have been on the market an average of 82 days. Their average price is $11,395 and the median price is $6,950.
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 24 Manitou Road is listed at $5,250,000.
This stately, regal and elegant custom colonial revival in the Compo Beach area was designed by Richard Ward and constructed by local custom builder Ward French in 2005.
Overlooking the third green and the fourth tee at Longshore’s golf course, the rooms in the front enjoy magnificent scenery and the rooms in the back of the home enjoy endless views of Longshore, along with its own beautifully designed 1.55 park-like acres as designed by noted landscape architect Wesley Stout.
Eighteen rooms of mansion-grade quality with the finest craftsmanship, exceptional materials including quarter rift sawn white oak flooring with walnut borders, and beyond exquisite custom mill-work are throughout this 12,409 square foot home.
The grand foyer has a Marseilles pattern floor, and a gently curved floating staircase to the second level.
A marble fireplace with custom mantel is the focal point of the elegant living room, which has exquisite molding detail and herringbone wood floors. French doors lead to an 1,190-square foot blue-stone patio.
The dining room has a large bay, built in cabinetry, and a full butlers pantry.
The custom milled and designed kitchen with barrel ceiling has granite counters, two contrasting center islands, and a two-story octagonal breakfast nook with a mahogany beamed ceiling.
The family room has another fireplace, antique southern pine cabinetry, mantel and ceiling, and French doors out to the extensive patio area.
A handsome cherry library with book matched paneling has built in cabinetry with granite counters and wet bar, and is simply incomparable down to every last detail, as is the rest of this magnificent home.
Upstairs the master bedroom suite has a deep-tray ceiling, and sumptuous bath with whirlpool and glass-enclosed steam shower.
There are also four additional en suite bedrooms, as well as a multi use space over the garage.
The finished third floor has an impressive office with dramatic views of the golf course, a full bath, and several other rooms including a memorabilia room with built in display cases.
The finished lower level includes over 3,300-square feet of living area, and also offers a full and sunlit nanny suite.
Schools—Greens Farms, Bedford, Staples.
Extras and items to note—Five bedrooms, six full and three one-half baths, three fireplaces, main level sunroom, audio system, central vacuum system, security system, sprinkler system, seven-zone hydro air heating system, three car garage, 40KW generator, 50-foot long rear open porch, outdoor kitchen, pool site.
Annual taxes are $40,403.
Listing/photo courtesy of The Riverside Realty Group.
(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.
