Sunday, April 21, 2024

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Real Estate Report: Westport a Standout

By Judy Szablak

Westport was the clear bright spot in a New York Times article last weekend about the state of the real estate market in Fairfield County.

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This featured home at 3 Cooper Lane is listed at $3,995,000. (CLICK TO ENLARGE) Photo courtesy of William Raveis Westport/Jillian Klaff Homes

This is in contrast to the latest Case-Shiller report, where our MSA was among the 16 out of 20 areas that are tracked to have seen new average low prices for the month of January. 

The Case-Shiller index of 10 MSAs and the 20-city index are now at approximately 34 percent below their 2006 peaks and prices are at 2003 levels.

“Despite some positive economic signs, home prices continued to drop,” said David Blitzer, chair of the Index Committee at S&P Indices.

Although the region’s real estate performance is not the best news we’ve had, Westport’s number of sales this year so far have been consistent with the last few years during this same period. Even remaining at the same levels would actually be good news for our market.

However, there is a very good possibility that we will even edge out last year’s first quarter, and we should anticipate an overall good spring market with just a few minor bumps, if any.

Market Stats: there is an almost 4 percent increase in inventory in this past week alone, and there are now 338 homes that are actively on the market, and their average list price is $2,119,365. These properties have been listed for average of 108 days, and the median price has risen slightly to $1,350,000.

The highest asking price for all homes currently on the market is $19,900,000, and the lowest available priced home is $192,900.

Twenty-three new listings came on the market in the last seven days, and two homes came back on the market after being under deposit. Eleven properties had a price change.

Fourteen properties have gone under the initial deposit stage, which we call CTS, and 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 was $1,583,336 and they were on the market an average of 114 days.

Closings: Two homes were reported as sold in the last week, and their average list price was $2,835,000. Average market time for these sold properties was 116 days.There were 69 status changes in the last seven days.

Condos: There are 19 condominiums that are available, and they have been listed an average of 159 days. Their average listing price is $642,415, and the median price is $519,999. The highest priced condo in town is listed at $1,495,000 and the lowest offering price is $299,000.

There was one new listing this past week, and no properties came back on the market after being under deposit. Two properties had a price change. Three properties went into the CTS stage, while no properties entered into the pending stage of deposit.

No condominiums were reported as sold in the last seven days. There were six status changes.

Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 63 homes or apartments available. The median price is $3,500 per month and the average price is $5,562 per month. These year-round rental opportunities have been on the market an average of 78 days.

The short-term rental market is continuing to flourish and a steady increase over the past few week brings the current total to 42 seasonal rental opportunities that are available, and they have been on the market an average of 37 days. Their average price is $20,384, and the median price is $13,750.

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.

Featured Home: this grand colonial at 3 Cooper Lane is listed at $3,995,000

Built in 2002 by premier local builder Andy Frank as his own residence, this exquisite 14-room, 7,303-square foot home was designed, built and maintained to perfection.

Sited perfectly on 1.43 acres in prestigious Old Hill, every conceivable amenity is included and painstaking attention to detail with grand styling is evident inside and out.

There are 9-foot ceilings on the main level, and gracefully adorned arched passageways with fluted molding and transom windows frame the rooms and afford additional natural light throughout.

A solid mahogany front door opens to the grand two story foyer with its gently curved staircase. Herringbone floors with perimeter walnut inlay and recessed panel wainscoting also give this front entrance area a regal touch.

The front-to-back living room is to your right as you enter, and has a fireplace and coffered ceilings with a French door to the covered porch.

A positively stunning cherry wood library also has French doors to the covered patio, and is elegance defined with coffered ceilings, built in shelving and storage, paneled walls, and a fireplace with verde green marble surround.

The family room has another fireplace, extra tall windows to take advantage of the natural sunlight, and transom window topped French doors to the terrace.

The banquet sized formal dining room has another beautiful arched entryway, an octagonal tray ceiling, and recessed panel wainscoting.

The custom kitchen is fully applianced, has granite countertops, and a separate eating area that is large enough to rival most dining rooms. A butler’s pantry is conveniently located next to the kitchen, and in between the breakfast room and dining room. 

The master bedroom privacy suite has its own wing upstairs and to the right. The bedroom itself has a tray ceiling, fireplace, and a private balcony, and the sitting room/lounge has another fireplace. The master bath is dressed in marble, has a whirlpool, and a deluxe shower for two.

Each of the five bedrooms on the second floor are en-suite, and with the best versatility in mind, the media/rec room on this level with full bath could very easily be an au pair or nanny quarters on this floor if desired.

There is another en-suite bedroom on the third floor which could also be a guest suite, and yet another bedroom on the lower level which is perfect for maid’s quarters.

The lower level also has a media room with tiered flooring, wine cellar, gym,  as well as a recreation room with another fireplace.

Extras and items to note: generator, central vacuum system, built-in sound system, in-ground pool with 300 square foot cabana, six fireplaces, and a 3,000-square foot finished lower level.

Annual taxes are $40,908

Listing/photo courtesy of William Raveis Westport/Jillian Klaff 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.

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