By Judy Szablak
The year-end push is on for home sales in Westport, and this period is traditionally one of the best times of the year to purchase a property.
Featured Home: This home at 16 Minute Man Hill is listed at $6,995,000. (CLICK TO ENLARGE) Photo courtesy of William Raveis Westport/Leslie Smith Clarke Homes.
The nature of the real estate market is that it is seasonal as well as cyclical. Often, there is a little more negotiating room with sellers in the fall, and prices are generally the lowest of the year.
If a goal is to close in 2015, there will have to be enough time to secure a mortgage if needed. That process usually takes anywhere from 30-45 days, which means that an agreement needs to be reached with a seller by mid-November at the very latest.
Buyers as well as sellers should take this narrow window of opportunity to accomplish their goals.
Market Stats
There are now 359 homes on the market, having been listed for an average of 118 days, with a cumulative market time of 190 days. The average list price is $2,212,602 and the median price is $1,750,000.
A contemporary home on 50 Compo Mill Cove is the highest priced home for sale at $13 million, and the lowest available priced home is a three-bedroom home on Crescent Park Road for $335,000.
Twenty-seven 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the market in the last seven days, and no properties came back on the market after being under deposit, or temporarily withdrawn.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-five properties had a price change.
Ten properties have gone under the initial deposit stage, which we call CTS, and 11 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 11 properties was $1,880,436. There are currently 22 homes in CTS status throughout Westport, and another 41 properties scheduled to close town-wide, with an average price of $1,821,797.
Closings: There were nine single family homes reported as sold in the last week, and they were listed on average at $1,534,333, with a market time of 166 days. There were 96 status changes in the last seven days.
Condos: There are 14 condominiums that are available, and they have been listed an average of 85 days, with a cumulative market time of 99 days. Their average listing price is $665,286 and the median price is $623,750.
The highest priced condo in town is listed at $1,238,000 and is a three-bedroom home located at Terra Nova Circle, and the lowest priced unit for sale is a two-bedroom home on Hills Lane for $345,000.
There were no new listings in the past week, and no homes came back on the market after being under deposit. There were two price changes, and no property entered into the initial stage of deposit. No homes entered into pending status.
There are no properties town-wide that are currently in CTS status, and there are two homes scheduled to close that are listed on average at $534,500.
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 80 homes or apartments available. The median price is $4,950 per month and the average price is $5,264 per month. These year round rental opportunities have been on the market an average of 60 days.
There are 20 short-term rental opportunities that are available, and they have been on the market an average of 57 days. Their average price is $6,525 and the median price is $5,325. 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 16 Minute Man Hill is listed at $6,995,000.
This impressive five-bedroom stone and shingle-style colonial has a gated entrance, and sits in a privileged position at the end of a sought after cul-de-sac in the Compo Beach area.
Originally built in 2007, and designed by noted architect Jack Franzen, the 9,169-square foot home with waterviews from every room has also been remodeled inside and out just this year. The interior has also been designed and staged by Lillian August.
The millwork throughout this home is positively exquisite, and the main level boasts 9-foot ceilings with exceptionally elegant moldings, specialty wainscoting and arched doorways.
The living room has coffered wood ceilings, built-in shelving and specialty wainscoting. A custom fireplace has a honed Absolute black granite surround and custom mantel.
A banquet-sized dining room has an arched millwork entry and the fully applianced butler’s pantry has custom walnut cabinetry, and offers additional access to the 630-square foot porch for
ease of alfresco dining.
The designer kitchen has high end custom cabinetry and hardware with Carrera marble counters and a polished Carrera mosaic backsplash. A matching center island seats four comfortably, and the walk in pantry offers additional storage.
A columned entrance from the kitchen opens up to the sunlit breakfast nook with floor-to-ceiling windows that overlooks the pool and 1.42 acres of professionally landscaped property.
The family room has 10-foot coffered ceilings with 100-year-old hand hewn beams and a stunning fieldstone fireplace.
Upstairs the master bedroom suite has a tray ceiling, extensive water views, and a custom fireplace with French Vanilla marble surround, and a luxurious bath has matching marble and radiant heated flooring, along with soaking tub and frameless glass shower.
The dressing room has custom glass cabinetry, two islands and a separate cedar closet.
Three additional bedrooms are on this level, and another bedroom on the third floor has built-ins and private balcony.
The walk-out lower level has a possible sixth bedroom, and a media room/play room.
Extras and items to note—main level office with built in cabinetry and sisal flooring, four fireplaces, four full and three one-half baths, city water and sewer, ipe decking, irrigation system, Elan smart home automation system controls security,cameras and audio, 20-foot by 40-foot Gunite saltwater pool, spa with waterfall, outdoor shower, pool cabana/exercise room, $972 annual association fee.
Annual taxes are $54,406.
Listing/photo courtesy of William Raveis Westport/Leslie Smith Clarke Homes.
(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.
