Category Archives: Economy

Roundup: Mill Rate, Alma Sarelli, Free Ride …

Posted on May 22, 2026 | Leave a comment

Westport has a new property tax rate: 13.2 mills ($13.2 per $1,000 of assessed value). The Board of Finance set that figure at its Wednesday meeting.

The current rate (for fiscal year 2025-2026) is 18.86 mills. However, many homeowners will see their property tax rise, following last year’s revaluation.

Tax bills will be sent in early July. To figure out your new rate, click here. Find your property; multiply the total assessment (minus the last 3 numbers) by 13.2.

==================================================

Alma Sarelli’s candidacy for the 26th State Senate District is official.

The Republican Party nominated the Westport Representative Town Meeting member this week. She’ll face Democrat Sam Nestor — Weston’s 1st selectwoman — in the race to succeed retiring Senator Ceci Maher.

Sarelli owns a production company. She is involved in several local organizations, including Neighbors and Newcomers, and TEDx Westport.

Alma Sarelli

===============================================

Speaking of politics: It was 1st selectpersons’ day yesterday, at the Y’s Men’s meeting.

Westport’s Kevin Christie and Weston’s Sam Nestor were interviewed by a panel, then took audience questions.

Topics included the Westport mill rate (story above), Nestor’s run for State Senate, Saugatuck development, affordable housing including for teachers and young people), seniors aging in place, and Saugatuck River dredging.

Click here or below for the video:

==================================================

Wheels2U is extending its “10 rides for the price of 9” promotion through December 31. The cost is $18 — a savings of $2.

Riders now have 8 more months to snag the discount. There is no time limit for using the rides.

Wheels2U provides on-demand service to and from anywhere in Westport, and the Saugatuck and Greens Farms train stations, Senior Center, Jesup Green,  Farmers’ Market, and the shopping centers at Post Road East and Compo Road.

To learn more or download the app, click here.

==================================================

The Staples Tuition Grants Kids Fun Run is always a great time.

It’s also a chance to support an organization that each year helps over 100 students attend college.

This year’s Kids Fun Run is Saturday, May 30 (8:45 a.m., Loeffler Field at Staples High). In addition to the run, there’s a bounce house, face painting, snacks, awards and more.

Organizers Will Briggs and Ryan Krenzer, and other Stapleites, will help run the event. All youngsters in grades pre-K through 5th grade are welcome. Click here to register.

==================================================

The Green’s Farms Association annual meeting is set for May 27 (7 p.m., Green’s Farms Congregational Church).

Guest speaker Michelle Perillie — the Planning & Zoning director — will discuss issues impacting the neighborhood.

==================================================

A few tickets are left for Cocktails & Clams. The tasty benefit for Harbor Watch — the Earthplace division that protects local waterways through water quality monitoring and research is set for June 6 (5 p.m., Copps Island Oyster, Norwalk).

This year’s event celebrates 2 milestones: the 15th anniversary of Cocktails & Clams, and the 40th for Harbor Watch.

All proceeds support Harbor Watch’s testing lab, to improve efficiency, expand monitoring capacity, and provide more hands-on training for student interns.

As always, the fundraiser includes an unlimited, super-fresh raw bar, hors d’oeuvres, open bar live band and silent auction, all with beautiful views of Long Island Sound. Click here for tickets, and more information.

==================================================

The targeted date for completion of the Sherwood Mill Pond tidal gates renovation project was Memorial Day.

Looks like that won’t come remotely close to happening.

(Photo/Judith Katz)

==================================================

Longtime Westport resident Mary McCarthy died Tuesday. She was 93.

Though born in New York City, Mary spent her formative years in County Limerick, Ireland, where she moved with her mother and brothers. Her childhood there shaped the woman she became: deeply rooted in her Irish heritage, her faith, and her love of family.

After World War II, Mary returned to New York City with her family. She graduated from Cathedral High School, and went on to work for the telephone company. At a St. Patrick’s Day dance she met her future husband of 61 years, Tom McCarthy.

After living in Manhattan and Montclair, New Jersey, they moved to Westport. Over more than 50 years Mary created a place of warmth, laughter and open doors, where 7 children and all their friends always felt welcome.

Her annual St. Patrick’s Day party — complete with homemade Irish soda bread and Irish coffee — was a cherished tradition for family, friends and neighbors.

In the years that followed, Mary and Tom lived in London, making a home away from home for family and friends. She and Tom traveled extensively across Europe and Asia.

Mary volunteered for many years at the Gillespie Center, where she and Tom served dinner monthly for many years. Recently, she found joy and purpose in attending protest rallies at Jesup Green and on the bridge in downtown Westport.

Tom died in 2021. She was also predeceased by her brothers Patrick, Neasy and John, and her dearest friend and cousin, Ann Ahern.

Mary is survived by her children Christine, Tommy, John ( Susan), Maggie, Michael (Stacy), Paul (Ann), and Stacey; grandchildren Kathleen, Thomas and James Casey, and Crissy, Patrick, Siobhan, Sean, Jack and Danny McCarthy, and nieces and nephews John Carroll, Madeleine Richmond, Sarah Richmond, Liam Richmond, Dorothy Carroll and Rob Nelson.

The family will receive visitors at Harding Funeral Home today (Friday, 4 to 7 p.m.). A Mass of Christian Burial will be celebrated tomorrow (Saturday, May 23, 10 a.m). Interment will follow at Assumption Cemetery.

In lieu of flowers, donations in Mary’s memory may be made to Nourish Bridgeport.

Mary McCarthy

=================================================

Egrets are regularly featured in our “Westport … Naturally” series. (Sometimes we misidentify them as cranes.)

But usually they’re solo, or in pairs.

Today’s image shows a school of egrets. That may not be the official term (like a “parliament of owls”).

But the young ‘uns sure look like they’re learning what it takes to survive in the rough waters of Burritts Landing.

(Photo/Nancy Vener)

==================================================

And finally …. on this date in 1807, a grand jury indicted former Vice President Aaron Burr on a charge of treason.

(We know: It’s not a crime to not support “06880.” But if you read us regularly but haven’t yet donated — well, what are you waiting for? It’s as simple as clicking here. Thank you!

 

Leave a comment

Posted in Economy, Environment, Local politics, Obituaries, Politics, Transportation

Tagged , , , , , , ,

Sauraj Singh: Westport’s Teenage Financial Whiz

Posted on May 18, 2026 | 11 comments

Sauraj Singh is passionate about investing.

He wants his peers — and everyone else — to be as excited as he is.

Sauraj Singh

But when the Staples High School senior went looking for a financial literacy platform that could educate and inspire potential investors, he found them lacking.

So he created his own.

InvestiSight focuses on financial education at the fundamental level. It is beginner friendly.

But it transitions into advanced territory too. There is an enormous wealth (ho ho) of information to be found.

InvestiSight features 3 key elements

  • Comprehensive Learning Hub: 6 modules with lessons pertaining to financial knowledge, from basic compounding to discounted cash flow modeling.
  • Interactive Trading Simulator: parallels the US stock market in real time. It includes data storage for cross-device tracking, and has an AI portfolio health auditor that provides feedback on diversification and risk management. (For example: “too much reliance on one sector.”)
  • SEC Filings Search Tool: Pulls raw 10-K, 10-Q, 8-K and DEF 14A datea from the EDGAR database, encouraging users to research primary sources.

Oh, yeah: It’s free to users.

Screenshot from the Trading Simulator page.

InvestiSight — which already has several thousand users, in over 30 countries — would be quite an accomplishment for anyone.

For a 12th grader, it is extraordinary.

But it’s just one of Sauraj’s projects. He’s also co-president of Staples’ AI Club, vice president of the Sikorsky Stem Challenge, and a team leader for the school’s Investment & Trading Society.

He began building InvesiSight last summer. “Financial literacy is a skill that goes a long way,” he explains. “Financial knowledge plays a huge role in the trajectory of life.”

Though Staples offers a Financial Literacy course, Sauraj wanted to reach more peers — and anyone else who might not know where or how to start in the stock market.

The site — clear, clean, professional, deep and broad — does not look like it was designed by a teenager. Then again, Sauraj’s knowledge of stocks and investing is far beyond that of most high school students.

And many adults.

As for monetization: Sauraj says the platform is primarily intended to remain free. However, he’s exploring the potential to implement a premium, educational tier called InvestiSight Pro.

It would lie behind a cheap, subscription-based paywall with an AI model that analyzes portfolio holdings, and summarizes daily financial news pertaining to various sectors of interest for serious investors.

Sauraj’s project is — like the markets themselves — dynamic, and constantly changing. His most recent module addition, for example, covers real world skills like W-2/W-4 tax onboarding, credit scores and budgeting.

Also new: a Macro Stress Tester within the trading simulator. It lets users test their portfolios against major historical bull and bear markets, like the 2008 financial crisis.

As for college: That can wait.

Sauraj will take a gap year. He’ll complete a marketing internship at LifeCare Concierge, and hopes to secure an apprenticeship under a former Wall Street portfolio manager to deepen his market analysis skills.

Sauraj will I’ll also work part time, to establish financial independence.

But that’s not all. He will take independent coursework grounded in data science and AI, volunteer locally, and travel later in the year.

Of course, Sauraj will continue to hone his platform — and educate his peers, and anyone else hoping to become financially literate.

To test drive InvestiSight, and learn more, click here.

(“06880” often highlights the accomplishments of Westport’s young people, in a wide range of activities. If you enjoy stories like these — or anything else — please click here to support our work. Thanks!)

11 Comments

Posted in Economy, Education, Staples HS

Tagged

Affordable Housing Hub Opens Doors

Posted on March 26, 2026 | Leave a comment

Affordable housing is one of the most important topics in America today.

It’s been on Westport’s agenda for a long time too.

Yet searching for information about affordable housing in Westport has seemed as difficult as actually finding that housing itself.

This week, Westport launched an Affordable Housing Committee Information Hub. Available though the town website, it includes:

Information on the Affordable Housing Trust Fund — including every deposit made into it. The fund — built from Planning & Zoning Department, Building Department and inclusionary zoning fees (0.5% of construction costs of all projects for which zoning permit applications are filed), along with gifts and grants — stands at $1,663,440.

Funds are to be used for the purchase of land, and construction of affordable housing.

This is not affordable housing. But new construction — like this 8-bedroom, 8 1/2-bathroom, 12,946-square foot home on Beachside Common, listed for $22.825 million — generates hundreds, even thousands, of dollars for the Affordable Housing Trust Fund.

Links to Westport’s Affordable Housing Plan, with a list of possible sites on town-owned property like Baron’s South, fire houses and Adams Academy.

A list of the town’s current 424 units of affordable housing, with administrators’ names and contact info.

Frequently Asked Questions, including those concerning the state’s 8-30g regulations.

Among Westport’s affordable housing options: Sasco Creek Village. Other large properties include Hidden Brook, Hales Court and 1177 Post Road East.

There is also information on the Affordable Housing Committee.

Established as part of the Affordable Housing Trust Fund ordinance by the Representative Town Meeting in 2023, it is charged with studying the need for affordable housing; inventorying suitable sites; tracking their availability, and examining funding sources.

Committee members include Planning & Zoning Commission director Michelle Perillie, former assistant town attorney Gail Kelly, investment banker Kate Weber, and retired finance executive Ralph Yearwood.

The Affordable Housing Committee Information Hub provides meeting dates, agendas and minutes.

1st Selectman Kevin Christie says, “Affordability is a challenge across Connecticut. It is one we are seeing more clearly here in Westport for our workforce, seniors, and young families.

“Housing is at the center of that challenge. If we want to shape our future, we need to engage early, work from shared facts, and plan thoughtfully. This is a step in that direction, giving residents a clear place to understand the issue and how we can approach it in a way that reflects Westport’s values.”

Click here for the Affordable Housing Committee Information Hub. 

(“06880” covers all aspects of Westport housing and real estate — thanks to help from readers like you. Please click here to support our work. Thank you!)

Leave a comment

Posted in Economy, Local politics, Real estate

Tagged , ,

Here Comes The Sun

Posted on March 17, 2026 | 6 comments

Maybe not today, or the rest of the week.

But soon.

It’s been a long, cold, lonely winter …

Maybe not “lonely.” But — as they so often did — the Beatles nailed the past few months.

We’ve had a classic New England winter.

Big snowfalls. Frigid temperatures. Gray days, one after another after another.

Pretty gross. (Photo/Dan Woog)

Yet — as it always does — spring beckons.

It arrives Friday, meteorologically.

It comes early next month, religiously. Once again, Passover and Easter share the same week.

The holidays — one celebrating freedom and redemption, the other renewal and resurrection — are annual reminders that life goes on, stronger than ever, as the world reawakens with colors and warmth.

Spring is a glorious time, whatever God you follow. Or none.

So — as Westporters spend more time outdoors, in the garden, at the beach, on playing fields, and everywhere else in town — what’s ahead?

The Cribari Bridge will continue to dominate many discussions. The road upon which the can has been kicked down for decades may finally reach a fork.

There’s still no clear direction for the future of the 143-year-old span, whose impact on the town is far broader than its 2 narrow lanes might seem.

We may know a lot more after Thursday’s 6 p.m. Town Hall meeting, when the state Department of Transportation meets the public.

Whatever follows will be the first big test of 1st Selectman Kevin Christie’s tenure. He’s been quiet so far. Let’s hope he’s assessed his options, spoken behind the scenes with all the players, and is ready to lead.

Springtime at the Cribari Bridge. (Photo/Fred Cantor)

Soon, the budget — actually 2; the town’s, and the larger Board of Education’s — heads to the Representative Town Meeting (RTM) for approval.

Last week, the Board of Finance voted unanimously in favor of the BOE’s $157.9 million request. But they vowed to keep a “sharper eye” on next year’s request.

That’s nothing like the situation in the 1970s and early ’80s, when budget battles were annual affairs. Sides were clearly drawn: one claiming every penny was necessary for education, the other (including an actual “Taxwatchers Party”) demanding deep cuts.

There has been great cooperation recently between the BOF and BOE. Several drivers of the budget increase — especially healthcare costs — are largely out of the town’s control.

Renovation of Coleytown Elementary School will be an upcoming budget item.

But events both local (like the recent revaluation) and national (the war in Iran, gas prices, inflation) may impact Westport in the year to come.

We’re not yet talking much about those issues (though the Board of Assessment Appeals is plowing through a number of re-revaluation requests).

We soon may be.

I feel that ice is slowly melting …

We’re all ready to head outdoors.

Al fresco dining returns soon, all over town. Once again, Church Lane will be closed to cars. A tradition begun 6 years ago, in the very dark days of the pandemic, will continue, bringing the community together around food and music.

A new concessionaire may take over at Compo Beach and Longshore (if not, there will be food trucks).

At Longshore too, work continues on the Inn. The renovation is on schedule; it will reopen soon, as a wonderful, newly improved sparkle in one of our town’s true jewels.

Artist’s rendering of the renovated Inn at Longshore.

Old Mill Grocery will pulse with energy too. A couple of NIMBY neighbors are trying to stop the sale of alcohol, and the use of outdoor tables and a gelato cart. The existence of the 107-year-old beloved neighborhood spot remains in doubt. But for now, it’s lived to serve us for another season.

Spring returns soon to Westport.

All is not right with our town, or the world.

But after a long, cold, lonely winter, we’ll take what we can get.

Here comes the sun … it’s all right.

(“06880” covers everything under the Westport sun. If you enjoy stories like this — or anything else on our hyper-local blog — please click here to support our work. Thank you!)

6 Comments

Posted in Beach, Economy, Education, Local business, Longshore, religion, Restaurants, Weather, Westport life

Tagged , , , ,

Staples Tuition Grants: The Need Is Real — And Now

Posted on March 15, 2026 | Leave a comment

This is a tense time of year for Staples High School seniors.

Many are waiting on acceptance letters — and financial aid packages — from colleges.

Many others — already accepted — are trying to figure out if they can afford the school that wants them.

It’s an exciting time. And one tinged with fear and worry.

Twenty-six percent of Staples students — over 1 in 4 — qualify for financial aid.

The need — especially in families with more than 1 child in college, or soon to be there — is real.

Since 1943, Staples Tuition Grants has helped fill the gap.

That first year, one student earned a $100 scholarship.

In the 8 decades since, as tuition and other costs soared. STG expanded its reach and role.

Last year, 102 students qualified for need-based STG grants. The average was $3,900. The maximum was $7,500.

Awards go to graduating seniors, and college students who received previous grants. They attend public and private universities, community colleges and vocational schools.

They supplement their grants with jobs. They work hard. They’re grateful that college — exponentially more expensive than ever — can be a reality.

They are much more than “recipients.” They are our future.

Some of last June’s 100+ Staples Tuition Grants recipients.

Last year, funding came from over 500 individuals, families and organizations.

That’s a lot. But Staples Tuition Grants still met only 13% of the financial gap.

This year, they hope to do more.

Donors can choose one of over 90 named awards. Some honor individuals like Perrin Delorey, Max Harper and beloved teachers. Others are named for groups (like Staples Service League of Boys), or graduating classes.

In addition, donors can establish a new named award with a pledge of $2,000 a year, for at least 4 years.

Gifts of $25,000 or more create and endow a permanent named award. Donors’ generosity was live on — and change lives — for generations.

To make a donation of any amount, click here. For information on named or endowed awards, email donation@staplestuitiongrants.org.

Leave a comment

Posted in Economy, Staples HS

Tagged

Roundup: Neil Sedaka, Compo Trees, Sandwich Contest, Wonder Restaurant …

Posted on February 28, 2026 | 15 comments

Neil Sedaka — who, the New York Times said, “went from classical music prodigy to precocious songwriter to teenage idol to pop music fixture in a celebrated career that spanned seven decades” — died yesterday in Los Angeles. He was 86.

Obituaries and tributes mention his Brooklyn upbringing (he dated Carole King in high school, and Neil Diamond lived across the street).

But after achieving stardom with hits like “Calendar Girl” — and, more than a decade later, “Laughter in the Rain” — he moved to Westport, in the 1970s.

Sedaka lived in the Old Hill neighborhood for about 20 years. In 1982, he headlined one of the first benefit concerts at the Levitt Pavilion.

Click here for a full obituary. If you’ve got a Neil Sedaka memory from his time here, click “Comments” below.

==================================================

Several Westporters have wondered what’s going on at Gray’s Creek. A dozen or so trees have been removed just west of the Minute Man Monument, near the small burial ground of patriots killed in the Battle of Compo Hill.

“06880” reached out to the Parks & Recreation Department, which oversees the site. (It’s not in the right of way, so it’s out of the tree warden’s jurisdiction.)

Parks superintendent Nick Quatrano says that he contracted Knapp Tree, due to concerns for public safety.

The trees include black locust (invasive), black cherry, Norway maple (invasive), and a few too dead for him to identify.

Once all are removed, he’ll replant trees that can better tolerate the salty environment. Among the contenders: black pine, red cedar, thornless honey locust, and white oak.

Gray’s Creek cemetery.

================================================

The Board of Finance will hold its formal budget reviews next month, in the Town Hall auditorium.

They’re set for March 9 (Board of Education) and March 10 (1st Selectman’s town budget).

The meetings will also be broadcast on Optimum Channel 79, and/or livestreamed at www.westportct.gov.

Click here to see 1st Selectman Kevin Christie’s full proposed budget for fiscal year 2026-27.

Click here to see the Board of Education’s full proposed budget for fiscal year 2026-27.

==================================================

Westport has voted on its favorite pizzas, burgers, soups and salads.

On this year’s menu: sandwiches.

The Westport Weston Chamber of Commerce’s 9th annual event runs throughout March. Over 20 restaurants, delis and markets will compete in 10 categories.

Judging is done by residents, online. Each voter is also entered into a drawing to win a free sandwich, from one of the 10 winners.

The 21 competitors are:  A & S Fine Foods, Calise’s, Clubhouse, Dunkin, Emmy Squared, Garelick & Herbs, Kabab & Hummus House, Kawa Ni, Lyfe Café,  Match Burger Lobster, Nomade, Old Mill Grocery, Organic Market, Outpost Pizza, Pizza Lyfe, Rizzuto’s Lobster Shack, Romanacci, Saugatuck Provisions, Saugatuck Rive Café, The Granola Bar and Zucca Gastrobar.

The 10 categories are: Best Chicken Sandwich, Best Steak Sandwich, Best Vegetarian Sandwich, Best Combo Sandwich, Best Club, Best NY Deli, Best Pressed Sandwich, Best Breakfast Sandwich, Best Wrap Sandwich, and Best Fish/Seafood Sandwich. Each restaurant, deli or market may enter up to 4 categories, but can only win 2 at most.

Starting March 1, residents can visit the venues, enjoy the offerings, then vote here.

==============================================

Speaking of food: Ordering delivery is fast and easy.

Unless people at one place want different restaurants.

Starting Thursday, there’s an app for that.

Wonder comes to Westport. It’s at 1300 Post Road East, just east of Turkey Hill Road.

A press release says, “With free delivery, pickup or dine-in options at over 100 locations, Wonder features world-renowned chefs including Bobby Flay, José Andrés, and Marcus Samuelsson, alongside award-winning restaurants like Tejas Barbecue and Di Fara Pizza.”

Customers can combine dishes from a variety of Wonder restaurants in a single order. Menus are developed by Wonder’s culinary team, in collaboration with chefs and restaurant partners. Every dish is “made to order” in local Wonder kitchens.

Westport’s Wonder joins over 100 locations in the Eastern US.

The grand opening on Thursday includes a ribbon-cutting. The first 100 guests enjoy giveaways and food samples.

Click here to learn more about  Wonder.

A variety of Wonder cuisines.

==================================================

The Thing — the hot Brooklyn-based rock band, featuring Weston native Jack Bradley on guitar — kicked off VersoFest 2026 last night. A large, enthusiastic and multi-age crowd packed the Trefz Forum for the show.

The bulk of the 5th annual music-media-and-more festival takes place at the end of next month. But the dates did not work, so The Thing kicked off their new tour in late February, at a venue that audiences in the tri-state area have come to know is a bit out of the mainstream, but where loud music thrives: the Westport Library.

Click here for a full schedule of this year’s VersoFest.

The Thing do their thing …

… after local band Fever Dream opens up. (Photos/Susan Garment)

==================================================

Congratulations to the Staples High School boys and girls ski teams!

The boys finished 1st in the Connecticut Interscholastic Ski League season for large schools, then placed 3rd in Thursday’s state meet.

The girls took 2nd for both the season, and at the state meet.

It’s not Cortina — but pretty great for Connecticut!

Staples High School boys and girls ski teams.

==================================================

TAP Strength’s next “Effortless Effort” talk covers “Effortless Eating.” It’s March 11 (180 Post Road East, 6 p.m.

Nutrition specialist Kevin Knight will offer “a mindful approach to eating your way to your best life.”

TAP founder EJ Zebro will add practical cools to incorporate new habits of movement and mindfulness into your daily life. It’s free, but RSVPs are requested: info@tapstrength.com.

-==================================================

What do you call a group of hooded mergansers?

A bunch, flock, badelunge, brace, paddling or raft.

Whatever it is: There they were — hanging out at Old Mill, waiting for someone to take their picture for our “Westport … Naturally” feature.

Tracy Porosoff did the honors.

(Photo/Tracy Porosoff)

==================================================

And finally … in honor of Westport’s new “Wonder” restaurant (story above):

We wonder if you know how much work it takes to provide daily Roundups — and everything else on “06880.” We wonder  too if you’ll click here, to support our work. It’s no wonder we thank you!)

15 Comments

Posted in Economy, Education, Environment, Library, Local business, Obituaries, Restaurants

Tagged , , , , , ,

“All-Cash” Real Estate Offers: What’s The Deal?

Posted on February 14, 2026 | 3 comments

In this strong real estate market — with many properties selling above the asking price — we hear a lot about “all-cash offers.”

Is that true? Are they really all cash? Or are buyers seeking financing, but waiving any mortgage contingencies?  What does it mean for multiple-offer scenarios, which are common with most new listings?

We asked our friends at KMS Team at Compass. They say:

In a competitive market like Westport, cash offers can provide a distinct advantage. Sellers often prefer the certainty and speed of cash transactions, which can bypass the delays and contingencies tied to traditional mortgages.

According to SmartMLS, 56.5% of Westport’s 2025 buyers paid all cash.

But for most buyers, paying all cash upfront doesn’t mean they have the cash sitting idle. After all, the average price of Westport’s 2025 sales reported as cash purchases was $3.11 million.

This 5-bedroom, 7-bathroom, 6,050-square foot new construction on Owenoke is listed for $11.795 million. Will the buyer pay all cash?

So how does one come by all cash for a purchase?

While the KMS Team at Compass cannot provide investment advice, tax guidance or determine appropriate financing options for clients, we have seen many strategies in practice. These may be ideas to discuss with your financial advisor.

For those with significant assets in stocks and other investments, margin loans can be an intriguing option. By borrowing against the value of a portfolio without liquidating holdings, you may avoid triggering capital gains and preserve the potential for further market gains.

However, margin loans come with risk — the possibility of a margin call if the value of the portfolio declines. It’s a strategy that requires careful planning, and a strong stomach for market fluctuations.

The stock market rose in 2025. But that’s not always the case.

Another tactic is to “borrow” retirement resources. Presently, the IRS does not consider a withdrawal of funds taxable if the total amount withdrawn is replaced in the account within 60 days.

With proper timing and planning, funds can be repaid with proceeds from the sale of an existing home, or with money borrowed after closing.

After closing, buyers can access the equity in their home using several methods.

● Delayed financing: This requires purchasing the home with cash, and applying for a cash-out refinance immediately or within a few months.
● Home equity loan: A lump-sum loan, with fixed payments over time.
● Home equity line of credit (HELOC): A revolving line of credit, allowing you to borrow and repay as needed, similar to a credit card.

Others borrow, or are gifted, funds from relatives to purchase their home

So purchasing with “all cash” does not mean buyers tie up their capital indefinitely in real property. For some, it opens the door to strategic financing after the deal is done.

Many affluent buyers take a different approach to traditional 30-year fixed-rate mortgages. They may opt for interest-only loans,or other products that allow them to borrow at lower rates and keep their cash working, at a higher return, elsewhere. With the interest potentially deductible, the strategy becomes even more attractive.

Approximately 37% of Connecticut homeowners own their homes outright, with the percentage dropping to 23.6% for those homeowners of working age.

So yes: More than half of buyers strongly position their offers without financing contingencies to secure a home.

However, “cash” does not always mean cash.

And for those who can’t quite get there, many lenders have products that complete the underwriting process in advance and can present an actual loan commitment, subject only to property appraisal (if necessary) and homeowners insurance. This is as close to a cash offer as you can get.

(Speaking of which … you can support “06880” by credit card, check, PayPal, Venmo, or dropping off a bag of cash. Click here for the first 4 options; email us at 06880blog@gmail.com for the 5th!)

3 Comments

Posted in Economy, Real estate

Tagged

The Revaluation: How It Affects Your Taxes

Posted on February 12, 2026 | 19 comments

After last year’s property revaluation, Westport homeowners received letter with their new figures.

The 2025 Grand List — the sum of the net assessed value of all taxable property (real estate, motor vehicles, and personal property) — was released too. Driven by the revaluation, residential properties soared 60% from 2024.

Some Westporters — assuming their local taxes would rise by a similar amount — freaked out.

Andy Bangser is a lifelong Westporter and 1972 Staples High School graduate, who moved back in 1989.  He is a founder of Foundation Source. More recently he has built AI-powered websites, including The Ledge — a site that decodes Congressional bills into plain English. He offers this help, understanding the revaluation and taxes:

Property revaluation letters landed recently. The natural response is: what happens to my tax bill?

Property revaluation does not mean taxes will rise the same amount.

While I’m not an expert in this area, and do not speak for the town, I can do the math.

The mill rate will drop — but not enough to offset higher values.

Westport’s total property value (the Grand List) jumped 50.6% since Covid. If town spending stayed flat, the mill rate would fall from 18.86 to about 12.52.

But that’s not the end of the story:

  1. Spending won’t stay flat. Each 1% increase in the town budget adds roughly 0.125 to the mill rate. If the 2026-27 budget rises 4% — a reasonable estimate — the mill rate would be about 13.02.
  2. Home values rose 61% while commercial values increased only 16%. That means our homes will shoulder a larger share of the cost of town services. I estimate commercial property taxes will go down more than 20%.

Commercial properties like Bridgewater Associates’ Nyala Farm headquarters did not rise nearly as much as residential ones.

How your tax is calculated:

Mill rate × assessed value ÷ 1,000

(Assessed value is 70% of estimated market value.)

Most homeowners will pay more.

If your home’s assessment rose near the town average (about 61%), your tax bill would increase roughly 11%, even with the lower mill rate. That’s 1.61 times 13.02, divided by 18.86.

Location matters.

These are just averages, but according to town assessor Paul Friia, as reported in Westport Journal:

  • North of I-95, home values rose about 66% on average.
  • South of I-95, values rose 57%.

Your actual increase depends on how much your assessment increased relative to the rest of the town.

Still unknown:

The final town budget is not set. Appeals could also change the Grand List. Those 2 factors will determine where the mill rate ultimately lands — and how much we will pay.

(This may not be the best story to follow with this request, but: If you enjoy “06880”‘s hyper-local coverage — including budgets and taxes — please click here to support our work. Thank you!)

19 Comments

Posted in Economy, Local politics, Real estate

Tagged , ,

It’s A Grand List, For Sure

Posted on February 3, 2026 | 6 comments

Town Assessor Paul Friia has signed the October 1, 2025 Grand List.

The Grand List is the sum of the net assessed value of all taxable property – real estate, motor vehicles, and personal property.  Motor vehicles and personal property are valued annually, while real estate is updated based on the market values determined as of the town’s October 1, 2025 revaluation.

The 2025 Grand List of $17,497,161,570 represents an increase of just over 50% from the 2024 Grand List of $11,616,471,195. The increase was due mainly to the 2025 revaluation of all real estate in Westport. Modest increases were also noted in personal property and motor vehicles.

Included in the overall increase is a 1.2% increase in real estate assessment due to continued residential and commercial new construction, as well as renovation activity that occurred within the last assessment year.

Within the real estate grand list, residential properties increased 60% and commercial properties increased 16%. These market-driven increases began in mid-2020 during COVID-19.

Personal property increased by just over 1%, representing continued reinvestment in new and existing local businesses.

Motor vehicles increased approximately 6%.

The current 2025 Grand List totals: 

Assessment 2025 % of List
Real Estate 16,633,912,370 95.06
Motor Vehicle 453,397,460 2.60
Personal Property 409,851,740 2.34
TOTAL 17,497,161,570 100%

60 Nyala Farms Road — the LLC controlled by Bridgewater Associates — remains the second highest taxpayer in Westport. 

The Grand List will be used for fiscal year 2026-2027 town budget calculations. (The figures above are subject to change based on Board of Assessment Appeals hearings in March.)

The Top 10 taxpayers in Westport:

Connecticut Light & Power Inc          Pers. Property                         143,778,100

60 Nyala Farms Road LLC                Real Estate                                95,954,500

Bedford Square Assoc LLC               Real Estate                                51,583,400

Aquarion                                             Real/Pers. Prop.                        43,204,450

Equity One Westport Vill. Center      Real Estate                                36,294,500

Compo Regency LLC                         Real Estate                                28,372,700

Heyman Ronnie F Trustee                  Real Estate                                26,880,700

Byelas LLC                                        Real Estate                                26,504,400

Westport Riverside Assoc. LLC         Real Estate                                25,763,900

Bridgewater Associates LP                Pers. Property                           25,503,850

6 Comments

Posted in Economy, Local politics

Tagged , ,

Tooker’s Next Campaign: State Comptroller

Posted on January 30, 2026 | 11 comments

Jen Tooker is running a new race.

Westport’s former 1st Selectwoman today announced her candidacy for Connecticut state comptroller. The state’s chief financial officer also serves as an independent watchdog, responsible for protecting taxpayers and ensuring accountability across state government.

Jen Tooker

Tooker — a Republican who did not run for re-election in November after serving one term, following previous stints as second selectwoman, an on the Board of Finance, Board of Education and Conservation Commission — suspended her campaign for governor last September.

The current comptroller, Democrat Sean Scanlon of Guilford, was elected to his 4-year term in 2022. He is running again. The election is November 3.

In announcing her comptroller run, Tooker said:

For Connecticut families and businesses, every dollar matters right now: daily expenses, energy costs, and property taxes, they all add up.

The comptroller’s job is to make sure the state treats your tax dollars with the same discipline you must use. I’m running to be the independent watchdog who protects taxpayers, demands answers, and makes sure the government earns back your trust.

This office exists for one reason: to protect taxpayers. As comptroller I will tell the truth about our finances, shine a light on long-term liabilities before they become crises, and make sure every dollar collected from families and businesses is tracked and accounted for.

Her campaign announcement says:

With nearly 25 years in business and 14 years in elected office, Tooker brings a rare combination of private-sector financial expertise and hands-on government leadership to the role. As First Selectwoman of Westport, she managed annual budgets and made calculated long-term financial decisions — including ensuring Westport’s retiree medical benefits (OPEB) were fully funded using transparent reporting and oversight, along with a taxpayer first discipline.

As 1st selectwoman, Tooker helped create StartUp Westport. She received support from Cliff Sirlin, president of the public/private venture for entrepreneurs and innovates. He said:

Jen understands how decisions made at the state level affect the business world. In Westport she communicated clearly, embraced the business community with innovative programs and didn’t hide behind bureaucracy. She’s transparent, data-driven, and relentlessly focused on outcomes. That’s exactly the kind of financial leadership Connecticut business owners need right now.

Tom O’Dea — deputy minority leader and state representative for New Canaan, Darien and Stamford — added:

As 1st Selectwoman, Jen didn’t just talk about fiscal responsibility, she delivered it. She balanced budgets, controlled spending, and protected taxpayers while delivering exceptional services. Jen will bring that same discipline to Hartford — asking the hard questions, following the money, and making sure families aren’t stuck paying the bill for waste and mismanagement.

Click here for her campaign website. 

11 Comments

Posted in Economy, Politics

Tagged ,