The turmoil in the housing market took a bit longer to hit Westport, CT, but by the end of the year, the market downturn had firmly taken hold. Annual home sales were off by a third, compared with 2007, for both units and dollar volume, with average selling price, essentially flat. As the year came to a close, the trend was definitively down.
Quarterly Recap 
The Westport housing market held its own, for the first quarter of 2008. While unit sales dipped 28%, compared with the first quarter of 2007, prices continued to climb. The average sale price of a single family home, rose 16% to $1,748,446. Half of the homes sold, during the first three months of the year, sold for more than $1,339,000.
As Westport's moved through the spring market, its traditional insulation from housing downturns was no longer evident. In the second quarter, unit sales were down a precipitous 69%, compared with the corresponding quarter, a year ago. Average sold price fell 6%, to $1,654,202 and median sold price went from $1,550,000, in 2007, to $1,295,000.
The market firmed up, a bit, in the third quarter. Though still behind last year's pace, the number of homes sold was only off by 13%, compared with 2007. The median selling price rebounded to $1,500,000, topping the previous quarters by more than 10%. Homes also sold quicker. Average time on the market fell to 93 days.
The financial crisis took its toll on the real estate market in the final quarter of the year. More than one third fewer homes sold, compared with the comparable period, a year ago. Median selling price also declined, as sales shifted to the lower end of the market. Total dollar sales volume, for the quarter, dropped 45%. On the brighter side, mortgage rates dropped alongside prices, offering qualified buyers an opportunity for some of the best deals of the year.
THIS DATA IS COMPILED FROM THE CONSOLIDATED MULTIPLE LISTING SERVICE AND MAY NOT ALWAYS BE ACCURATE. NO WARRANTY IS MADE AS TO THE ACCURACY OF THIS INFORMATION. YOU SHOULD VERIFY ANY INFORMATION THAT IS IMPORTANT TO YOUR BUYING
To view Connecticut listings Search the MLS/IDX Only the listings of brokers participating in the Multiple Listing Service/Internet Data Exchange program will be displayed in this search.
Copyright © 2009 Marilyn Katz, WestportCTProperties.com, All Rights Reserved, Westport, CT - Home Sales Market Recap 2008
As we near the end of the year, retailers are marking their merchandise 20%, 30%, 40% and more, off list price, in an attempt to rescue the Holiday Season. Everything's on sale, from clothing, to electronics, to housewares and toys. In Westport, CT, bargain hunters can also find deals in the real estate market.
There are currently three dozen homes, in Westport, listed at less than 90% of the town appraised value. Some of the homes may have been reduced in price to overcome less than perfect condition or location. Others may be in pre-foreclosure or short sale situations. Still others may already have made a pretty profit for their owners and just need to be sold.
Whatever the reason, now may be a perfect time to make that deal. Mortgage rates are low and homes are on sale.
| Town | ||
| List | Appraised | % |
| Price | Price | |
| $499,000 | $668,286 | 75% |
| $485,000 | $609,286 | 80% |
| $529,900 | $786,571 | 67% |
| $548,000 | $744,571 | 74% |
| $569,000 | $649,714 | 88% |
| $599,950 | $778,286 | 77% |
| $614,900 | $887,429 | 69% |
| $685,000 | $914,571 | 75% |
| $697,000 | $842,286 | 83% |
| $699,000 | $991,429 | 71% |
| $699,000 | $1,010,143 | 69% |
| $700,000 | $823,714 | 85% |
| $749,000 | $1,009,000 | 74% |
| $749,900 | $1,003,143 | 75% |
| $779,000 | $896,714 | 87% |
| $819,000 | $937,571 | 87% |
| $840,000 | $1,085,429 | 77% |
| $849,900 | $1,158,714 | 73% |
| $850,000 | $986,000 | 86% |
| $879,000 | $1,327,000 | 66% |
| $895,000 | $1,134,571 | 79% |
| $899,000 | $1,072,429 | 84% |
| $995,000 | $1,214,857 | 82% |
| $1,049,000 | $1,205,000 | 87% |
| $1,200,000 | $1,377,286 | 87% |
| $1,780,000 | $2,034,143 | 88% |
| $1,799,000 | $2,203,714 | 82% |
| $1,890,000 | $2,430,571 | 78% |
| $1,975,000 | $2,359,286 | 84% |
| $1,999,000 | $2,295,857 | 87% |
| $2,200,000 | $2,541,286 | 87% |
To view Connecticut listings Search the MLS/IDX Only the listings of brokers participating in the Multiple Listing Service/Internet Data Exchange program will be displayed in this search.
Copyright © 2008 Marilyn Katz, WestportCTProperties.com, All Rights Reserved, Westport, CT - Homes on Sale!
Perhaps the best part about being a Westporter is knowing that, when you come home from work, you're in Westport. However, in this mobile society, it's also nice to know that, wherever your commute may take you, you're in a convenient location to get there.
Commuter train 
For many Westport residents, their weekday daily commute takes them to
jobs in "the city", also known as Manhattan, to the uniformed. For the vast majority, that means catching a Metro-North train, for the hour ride to Grand Central Station. There are two Metro-North stations in Westport; the primary Westport station and the historic Greens Farms station. For most of Westport, that means the station is no more than a ten minute drive away. Railroad parking stickers are in great demand and there is currently a multi-year wait. Without a sticker, designated parking spaces are available for $4/day. Both stations are also served by the commuter shuttle minibus service, which runs through much of the town.
Highways 
Not all commuters are heading to the big apple. Their destinations, for example, may take them to one of the corporate offices in Stamford or White Plains and their means of transportation is more likely car, instead of train. For the driving commuter, Westport offers two major highways. Traversing the southern portion of the town is the Connecticut Turnpike (I95.) This road is part of the Interstate 95 highway system that parallels the Atlantic Ocean, from Maine to Florida. Further north is the Merritt Parkway (Route 15.) This scenic parkway, which is listed in the National Register of Historic Places, runs from the New York/Connecticut border, in Greenwich, where it joins the Hutchinson River Parkway, to the Stratford/Milford line, where it joins the Wilbur Cross Parkway. The Merritt is a four lane, limited access highway.
Amtrak 
With the area serving so many corporate executives, their business meeting commute may take them further afield than their daily routine. If meetings are in any of the major northeast cities, one choice is to drive, but another option is the train. The commuter tracks of Metro-North are part of the larger Northeast Corridor rail system of Amtrak. Taking Metro-North a short ride to Stamford, one can connect with the Acela Express, the country's only true high speed train, traveling between Boston and Washington DC, with stops in New York , Philadelphia and Baltimore. Departing from Stamford, the trip to D.C. is just under 4 hours. Other cities are served by the traditional Amtrak service.
Airports 
Since not all business is regional, air transportation is sometimes the only answer. Westport is in easy commuting distance to five major airports, four of which service international flights. Although Bradley International, just outside Hartford, CT is the farthest, at approximately an hour and a half drive away, it is sometimes chosen for its easy access and less crowded flights. JFK and LaGuardia, in Queens, NY are an hour's drive and Newark International, in New Jersey takes about an hour and twenty minutes. With more limited routes, Westchester County Airport is a convenient choice. Only a half hour from Westport, it offers flights to 10 major cities, including Boston, Philadelphia and Ft. Lauderdale.
Non-Commuters
Happily, these transportation choices also present convenient options for the non-commuter. Catch a Metro-North train for a day of shopping in the city or an evening at a Broadway show. Hop on I-95 for a day trip to explore a re-created 19th century seaport village in Mystic CT or to snag a bargain at Clinton Crossing Premium Outlets. Or, if you just need some rest and relaxation, head to the airport and grab a flight to somewhere with a soft sand beach.
Copyright © 2008 Marilyn Katz, WestportCTProperties, All Rights Reserved... WESTPORT, CONNECTICUT - An Easy Commute
I don't know about you, but my real estate market is centered right in my own back yard. 
It includes Westport and the immediately surrounding towns. It does not include communities on the other side of the country, throughout the south, across the Midwest or even in the neighboring states. So please, stop sending me emails with your listing flyers.
In my market, I know the locations of the schools, the train stations, the major highways and shopping areas. I know or can find out the price of comparable properties. I can look up listing histories and tax records. In other words, I have the knowledge and the tools to represent my buyers.
When you send me an out-of-state listing, I have to believe that your goal is to build your real estate network. I'm impressed that your builder is now offering a 5% buyer commission, but when you tell me that I can't pass up this opportunity to bring my buyers, guess what? Showing a listing 1500 miles away is not an opportunity.
You can't possibly believe that I'm going to show your new condo in Las Vegas or your fabulous home, on the Intercoastal, in Florida.
If I have a client who is moving out of state, I am happy to give a referral. However, I am not going to choose an agent because they loaded my e-mail with spam.
Yes, that's how I view your e-mailed listings. They are junk mail, filling up my inbox. I put them in the same category as the offers I receive to build a better website, improve my SEO to gain first page ranking (thank you, I'm already there), learn how to list REO's or FSBO's or Expireds., Like those other non-solicited offers, your e-mail is promptly deleted.
If you're trying to create a referral business, there are better ways to do it. If you're part of a large company, attend their networking events. Take CE courses in towns, other than your own. Of course, if you've found me online, blogging is an obvious method. Write about yourself, your community and your real estate practice. Comment on other people's blogs. Through ActiveRain, I've gotten to know agents in whom I would have confidence referring my clients.
So please, when you send out your next listing flyer, take me off your list.
Copyright © 2008 Marilyn Katz, WestportCTProperties, All Rights Reserved... How Big is Your Market: 5 States, 15 States, 50 States?
Kinda like "Which came first, the chicken or the egg?" Do you find the home you want to buy and then put your home up for sale or do you put your home on the market before you start looking?
Let's assume you don't have to move, You just want a bigger, smaller, more expensive, less expensive home, or a different location. First you want to make sure that the home you desire is out there. So, you decide to start with a home search. Amazing - there it is - the home of your dreams...but...you haven't even taken the first step to listing your house and you need to sell it, in order to buy.
Okay, maybe the way to go is to make sure you can sell your house, before you start thinking about your new dream home. But what if a buyer appears the first week and you haven't even begun to identify the home you want to buy?
You get the picture. Making both sides work together can present an interesting balancing act.
You don't want to miss buying the great listing, that just came on, but you also don't want to sell your house and have no where to go. What you want is both transactions to happen together.
In the not too distant past, buyers were falling over each other to outbid the competition and purchase everything that came up for sale. Ah, the good old days - a red hot "Seller's Market." But, times have changed. Listings are now taking 80, 90 100 days or more, to come up with an offer. Prices are being reduced once, twice, maybe three times before they become enticing enough to get buyers to "pull the trigger."
So, what's the solution? It may be time to dust off the old Hubbbard Clause. Exactly what is a Hubbard Clause?
A "Hubbard" is a contingency, added to the offer to purchase. If the seller agrees to it, it will be added as a property sale contingency or addendum to the sales contract. The contingency states that the purchase is contingent on the Buyer selling his/her property (typically, their current home.) There will be a stated time period in which the sale must take place. While the Hubbard is in effect, the Sellers can continue to market their home and should they come up with a legitimate offer, the Buyer is given the option of removing the contingency (usually within 1-3 days) and proceeding with the purchase.
During the "Hot" market, many sellers would not accept a Hubbard. In effect, they felt it was taking their home off the market. Often, agents would not show a Hubbard property or discouraged their buyer clients from making an offer on a Hubbard, citing that it would only be used to up the ante on the first buyer.
In the current environment, the Hubbard Clause may serve to facilitate the sale of both properties. The sellers know that the buyers want to make the purchase and therefore, have the incentive to be more negotiable in the sale of their present home. Sellers also have a better opportunity for receiving subsequent offers. An astute agent will advise his or her buyer clients that, although the first buyers will be given the option to remove the contingency, if they do not have offers on their home, they may not be in a position to do so. Thus, giving the second buyers a reasonable shot at making the deal.
Copyright © 2008 Marilyn Katz, WestportCTProperties.com, All Rights Reserved, Get the Hubbard out of the Cupboard - buying and selling in a "Buyer's Market
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Working with buyers and sellers, downsizers and upscalers, relos and renters: Whatever your real estate need, my goal is to make your transaction as smooth as possible.
I've been a Westport resident since the early 1970's. At the time, interest rates were more than twice as high as current levels. The lending environment was not dissimilar to today's, with banks insisting on stringent requirements before one could qualify for a mortgage. With the help of a dedicated, professional REALTOR®, my husband and I were able to purchase our Westport home.
I immediately fell in love with the town. As I often joke, within weeks of moving in, I told my husband, should he be transferred, I would write to him, wherever he goes. Today, I take great pleasure in "paying it forward", as I get to be the REALTOR® who helps others move to "my" town.
If you would like to learn more about Westport, please visit my website. I would love to be your Westport REALTOR®.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
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