By Judy Szablak
Special to WestportNow
A few of Westport’s neighborhoods are in the transitioning stage, as evidenced by new construction in areas where there have not been any newly built homes in quite a while.
Featured Home: This home at 4 Vani Court is listed at $1,435,000. (CLICK TO ENLARGE) Photo courtesy of William Pitt Sotheby’s Westport
These transitioning neighborhoods provide buyers with an alternative to purchasing pre-existing homes that may be in need of some remodeling that are in a similar price range, but in a more price-established area.
At the same time, these homes offer a ground floor opportunity to enter into a growing neighborhood.
It is interesting to note that when newer homes are built in these neighborhoods, nearby homeowners tend to remodel, surrounding property values tend to go up, and other new properties subsequently get built, all serving to further enhance the area.
A few streets to watch are Maple Lane, Vani Court, and Wakenor Road, as well as Colonial Road and Cottage Lane, which are all in beginning stages.
The Gault Park Drive area is also a prime example of what may very well occur when an area is in a more advanced stage of a successful transition.
Homes in these transitioning neighborhoods are not likely to be as large as the average newly built properties of nearly 6,500 square feet.
However, the appeal of the smaller size coupled with being brand new and affordable has created a niche market which appears to be growing.
Considering that the 78 newly built homes currently available in town have an average price of almost $2.7 million, the ability to purchase a new home at half that price or thereabouts is certainly appealing.
Market Stats
There are now 359 homes actively on the market and have been listed for an average of 128 days, with a cumulative market time of 217 days. Both the average list price is now $2,192,377 and the median price of $1,729,000 reflect a continued, yet very slight seasonal decline.
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 $399,000.
Eighteen new listings came on the market in the last seven days, and three properties came back on the market after being under deposit, or temporarily withdrawn. Twenty-four properties had a price change.
Nine properties have gone under the initial deposit stage, which we call CTS, and another nine 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 nine pending properties was $1,569,111. There are currently 22 homes in CTS status throughout Westport, and another 31 properties scheduled to close town-wide, with an average price of $1,346,706.
Closings: There were six single family homes reported as sold in the last week, and they were listed on average at $1,171,667 with an average market time of 155 days. There were 79 status changes in the last seven days.
Condos: There are 13 condominiums available, and they have been listed an average of 65 days. Their average listing price is $613,540 and the median price is $549,000.
The highest priced condo in town is listed at $899,000 and is a two-bedroom home located at Regents Park, and the lowest priced unit for sale is a two-bedroom townhome on Hills Lane for $330,000.
There were two new listings this week, and no homes came back on the market. There was one price change, and no properties went under the initial stage of deposit. Two homes entered pending status.
There are three properties town-wide that are currently in CTS status, and there are two properties scheduled to close.
No sales were reported during the last week. There were six status changes.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 77 homes or apartments available. The median price is $5,560 per month and the average price is $6,599 per month.
These year-round rental opportunities have been on the market an average of 72 days.
There are 36 short-term rental opportunities that are available, and they have been on the market an average of 71 days. Their average price is $9,678 and the median price is $6,700.
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 4 Vani Court is listed at $1,435,000.
This newly constructed 3,600-square foot Nantucket-style gambrel colonial is on a quiet cul-de-sac in the Compo Beach area, and is in close proximity to the train station, Longshore and Saugatuck.
Newly built by Beacon Homes, this luxurious yet casually elegant five-bedroom home features great attention to detail and extensive custom mill-work throughout its four finished levels.
The living room has perimeter ceiling accents in addition to specially milled crown molding.
The dining room also has crown molding with a custom ceiling design along with recessed panel wainscoting, built-in display cabinetry, and a butler’s pantry with sink and refrigerator.
The designer kitchen with ship-lap cabinetry and marble countertops has stainless steel Thermador appliances, and the center island that seats four comfortably is softly lit by custom pendant lighting for added style.
The family room is open to the kitchen and has a fireplace with custom mantel, as well as a French door to the blue-stone patio.
Upstairs, the master bedroom suite has a generously sized custom designed walk-in closet, and a beautifully designed bath has a glass enclosed shower and separate tub, as well as radiant heated Dolomite marble flooring.
Three additional bedrooms on this floor all have custom closet systems, and one is en suite.
A finished third floor has a bonus room with cathedral ceilings, and another full bath.
The lower level is finished to perfection with herringbone style wood floors, a gas fireplace, and a kitchenette with sink and fridge. Nine-foot ceilings, and another en suite bedroom on this level make it perfect for a nanny suite or au pair.
Extras and items to note—five bedrooms, five full and one-half baths,two fireplaces, security system, central vacuum system, pre wired audio system with 10 pairs of high-end speakers, radiant heated flooring in all baths, high performance outdoor speakers, pre-wired for surveillance cameras and DVR recording, public water and sewer, .21-acre lot.
Schools—Greens Farms, Bedford, Staples
Annual taxes have yet to be determined.
Listing/photo courtesy of William Pitt Sotheby’s Westport.
(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.
