By Judy Szablak
The latest Case-Shiller home sales report is not all doom and gloom despite what you may have read.
This home at 22 Owenoke Park is listed at $4,995,000. (CLICK TO ENLARGE) Photo courtesy of Coldwell Banker Riverside/KMS Partners.
Although nine of the 20 cities measured in the index (including New York) hit new post-crisis lows, February’s losses were not as troublesome as those reported in January.
What has drawn some controversy is Robert Shiller’s statement, “I worry that we might not see a really major turnaround in our lifetimes.” Shiller is the co-creator of the Standard & Poor’s/Case-Shiller home price index.
Shiller made the statement in an acknowledgement of the current economic climate. The weak labor market, high gas prices, and a sense of uneasiness among consumers have appeared to outweigh the low mortgage rates. All this could very well dampen the real estate market for the foreseeable future.
These reports are a widely respected barometer of the overall health of the real estate market, although Chairman David Blitzer even included the phrase “broadly speaking” in his own statement about the most recent report’s findings.
It is important to remember that the real estate market is hyperlocal, especially in Westport.
While year to date sales figures show six less sales than there were in the last year for the period from Jan. 1 through May 1, we also have 65 pending single family home sales that are waiting to close.
The average price of these homes will raise the pricing and volume bar, assuming that most of them do close.
Bottom line— remember that the national reports that you read are regionalized, and it would be most appropriate to concentrate primarily on the local findings.
Market Stats: There are now 358 homes that are actively on the market, and their average list price is $2,073,049. These properties that are currently available have been listed for average of 100 days, and the median price is now $1,362,000.
The highest asking price for all homes currently on the market is $19.9 million and the lowest available priced home is $375,000.
Twenty-two new listings came on the market in the last seven days, and one home came back on the market after being under deposit. Fourteen properties had a price change.
Seventeen properties have gone under the initial deposit stage, which we call CTS, and 15 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 15 pending properties was $1,774,333, and they were on the market an average of 122 days.
Closings: Five homes were reported as sold in the last week, and their average list price was $1,219,580. Average market time for these sold properties was 124 days. There were 78 status changes in the last seven days.
Condos: There are 16 condominiums that are available, and they have been listed an average of 176 days. Their average listing price is $673,093, and the median price is $574,750. The highest priced condo in town is listed at $1,295,000 and the lowest offering price is $335,000.
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, and three properties entered into the pending stage of deposit.
The average price of the three pending properties was $654,667 and they were on the market an average of 103 days.
No condominiums were reported as sold in the last seven days. There were nine status changes.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 76 homes or apartments available. The median price is $4,025 per month and the average price is $5,604 per month. These year round rental opportunities have been on the market an average of 58 days.
There are now 57 short -term rental opportunities that are available, and they have been on the market an average of 41 days. Their average price is $18,690, 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 22 Owenoke Park is listed at $4,995,000
This 4,341-square-foot colonial is sited quite well on nearly one acre of property on a quiet cul de-sac with views of Gray’s Creek and the tidal marsh.
Built in 2010 and designed by Peter Cadoux, every one of the 10 rooms in this home is elegant and sophisticated, yet still manages to retain a casual beach lifestyle .
The living room could also be considered a great room, and is most certainly a spectacular centerpiece for this especially well designed home. A wall of windows, and cathedral ceilings with plenty of built-ins, a fireplace, and specialty moldings create a warm and inviting entertaining area. Atrium doors lead to the patio and pool.
The family room has more specialty molding, built-in shelving and storage, and is beautifully sunlit through a wall of windows overlooking the peaceful surroundings.
A den/office also has built in desk areas and plenty of storage.
The dining room has crown molding, recessed panel wainscoting and chair rails.
The custom gourmet kitchen has top of the line stainless steel appliances and granite counter tops, with no design detail that could possibly be overlooked. A wine cooler and beverage refrigerator, as well as a pantry add to the amenities.
There are four bedrooms on the second floor, and all are en-suite. The fifth bedroom is on the third floor and also has its own bath.
The master bedroom has cathedral ceilings, more specialty moldings, a spacious and custom walk in closet, luxurious bath , and a balcony.
There is also a den/ TV room with skylights and built-in bookcases that serves as an additional `meeting area on the second floor.
The third floor has another bedroom or office with more built-ins, a cathedral ceilings and a full bath which could easily be used as an au-pair or nanny suite
Extras and items to note: Internet enabled home, “smart house”, sound system, security system with six cameras, central vacuum, outdoor stone fireplace, in-ground Gunite pool, cabana w/electricity, half bath, outdoor shower.
Annual taxes are $45,681.
Listing/photo courtesy of Coldwell Banker Riverside/KMS Partners.
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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.
