Tag Archives: KMS Team at Compass

New Addition To “Historic Homes Of 06880” Tour!

A fourth home has been added to our November 2 “Historic Homes of 06880” tour.

And it’s a beauty.

249 Greens Farms Road replaces a home on Compo Road South. The owner had to drop out, because of an illness in the family.

Our addition — the Greens Farms Road home — is a 1907 estate. It combines historic character, architectural details and modern comfort across 4 levels.

249 Greens Farms Road

The house was built in 1907 by Charles Bedford, president of the Vacuum Oil Company and son of wealthy businessman Edward T. Bedford. (A second Bedford house on Greens Farms Road is also on this year’s house tour. See below for details.)

Charles married Happy Briggs, and sold the property  to Michael Hawie in 1920.  The property was sold to multiple people until the current owners purchased the property. The home is on the market, listed by KMS Team at Compass.

A veranda, rear porch and several balconies offer views of the expansive grounds, and luxurious pool. It’s a great example of Westport’s Victorian-style homes.

Plus, it’s just steps away from another home on our 3rd annual tour:

.221 Greens Farms Road

Frederick Bedford built the Colonial Revival in 1904 to replace a Federal house that burned. His son, Edward T. Bedford — the businessman and philanthropist who endowed the Westport YMCA and Bedford Elementary School, among many other gifts — owned it until his death in 1931. His daughter Ruth Bedford lived there from 1950 to 1963. When she died a decade ago, her $120 million estate was divided between the Westport Y, Norwalk Hospital and the Foxcroft School.

The Colonial Revival style reflects the finest quality work of the period.  Architectural details include a conical tower with a Palladian window. The home is on the market, listed by Coldwell Banker.

Click here for tickets — and read on!

The other homes — announced previously — are:

209 Wilton Road

Known as the Nathaniel S. Kirk House, this circa 1870 antique was expanded in 1900, 1930 and 1989. Many may not even know it exists, behind the perimeter fencing. A quick glance shows only the old well.

The current owners have worked tirelessly for nearly 5 years to add their own touch. Original fireplaces, wide board flooring and beams help retain the character and charm of this Connecticut classic. A beautifully paneled family room and incredible Prohibition Era bar room often have guests staying well past their welcome.

155 Long Lots Road

This beautiful, somewhat humble 1938 Cape Cod-style home has been expanded more than once over time, by previous owners.

The current owners have created more natural light, and a more open floor plan, with exposed beams. There is a wonderful loft space above the barn-style garage. Think “Easthampton meets Westport.”

Outdoor amenities include a pool and tennis court (recently transformed into a pickleball magnet).

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

“06880” often celebrates Westport’s rich history. We honor homeowners who preserve the past, while enhancing their neighborhoods — and those who bring new life to them.

“06880” tells stories. As you explore all 4 houses, you’ll learn the stories behind each one.

The homeowners will point out cool aspects of each home. You’ll get a brochure explaining the 4 houses too.

Our friends at KMS Team at Compass are once again sponsoring the “Historic Homes of 06880” tour.

Tickets are $60 each, $100 for 2. Proceeds help fund “06880”‘s work — which, as always, chronicles Westport’s past, present and future.

Click here for tickets. Questions? Email 06880blog@gmail.com

4th House Added To “Historic Homes Of 06880” Tour

A fourth home has been added to the 3rd annual “Historic Homes of 06880” tour.

And it’s very cool.

221 Greens Farms Road — rounds out the quartet, for the Sunday, November 2 (1 to 4 p.m.) event.

 

221 Greens Farms Road

Frederick Bedford built the Colonial Revival in 1904 to replace a Federal house that burned. His son, Edward T. Bedford — the businessman and philanthropist who endowed the Westport YMCA and Bedford Elementary School, among many other gifts — owned it until his death in 1931. His daughter Ruth Bedford lived there from 1950 to 1963. When she died a decade ago, her $120 million estate was divided between the Westport Y, Norwalk Hospital and the Foxcroft School.

The Colonial Revival style reflects the finest quality work of the period.  Architectural details include a conical tower with a Palladian window.

The other homes — announced previously — are:

209 Wilton Road

Known as the Nathaniel S. Kirk House, this circa 1870 antique was expanded in 1900, 1930 and 1989. Many may not even know it exists, behind the perimeter fencing. A quick glance shows only the old well.

The current owners have worked tirelessly for nearly 5 years to add their own touch. Original fireplaces, wide board flooring and beams help retain the character and charm of this Connecticut classic. A beautifully paneled family room and incredible Prohibition Era bar room often have guests staying well past their welcome.

123 Compo Road South (corner of Green Acre Lane)

The David Flynn House (circa 1853) is a pristine, updated 19th century gem. The current owner has taken the prior owners’ restoration even further, combining compelling cosmetic changes with gorgeous antique and contemporary furnishings.

Three working fireplaces are often in use. The heated stone floor in the family room is perfect for stocking feet. The stunning country kitchen opens to a bluestone terrace, small pool and magnificent gardents.

The bonus is a separate 2-car garage, built to look like an original barn, with furnished living space above it.

155 Long Lots Road

This beautiful, somewhat humble 1938 Cape Cod-style home has been expanded more than once over time, by previous owners.

The current owners have created more natural light, and a more open floor plan, with exposed beams. There is a wonderful loft space above the barn-style garage. Think “Easthampton meets Westport.”

Outdoor amenities include a pool and tennis court (recently transformed into a pickleball magnet).

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

“06880” often celebrates Westport’s rich history. We honor homeowners who preserve the past, while enhancing their neighborhoods — and those who bring new life to them.

“06880” tells stories. As you explore all 4 houses, you’ll learn the stories behind each one.

The homeowners will point out cool aspects of each home. You’ll get a brochure explaining the 4 houses too.

Our friends at KMS Team at Compass are once again sponsoring the “Historic Homes of 06880” tour. The Bedford home is on the market, by Coldwell Banker.

Tickets are $60 each, $100 for 2. Proceeds help fund “06880”‘s work — which, as always, chronicles Westport’s past, present and future.

Click here for tickets. Questions? Email 06880blog@gmail.com

“06880” Historic Homes Tour Set For November 2

Four beautifully restored homes highlight the 3rd annual “Historic Homes of 06880 Tour.”

Set for Sunday, November 2 (1 to 4 p.m.), it builds upon our first 2 very successful events, opening some of Westport’s most intriguing properties to the public.

209 Wilton Road

Known as the Nathaniel S. Kirk House, this circa 1870 antique was expanded in 1900, 1930 and 1989. Many may not even know it exists, behind the perimeter fencing. A quick glance shows only the old well.

The current owners have worked tirelessly for nearly 5 years to add their own touch. Original fireplaces, wide board flooring and beams help retain the character and charm of this Connecticut classic. A beautifully paneled family room and incredible Prohibition Era bar room often have guests staying well past their welcome.

123 Compo Road South (corner of Green Acre Lane)

The David Flynn House (circa 1853) is a pristine, updated 19th century gem. The current owner has taken the prior owners’ restoration even further, combining compelling cosmetic changes with gorgeous antique and contemporary furnishings.

Three working fireplaces are often in use. The heated stone floor in the family room is perfect for stocking feet. The stunning country kitchen opens to a bluestone terrace, small pool and magnificent gardents.

The bonus is a separate 2-car garage, built to look like an original barn, with furnished living space above it.

155 Long Lots Road

This beautiful, somewhat humble 1938 Cape Cod-style home has been expanded more than once over time, by previous owners.

The current owners have created more natural light, and a more open floor plan, with exposed beams. There is a wonderful loft space above the barn-style garage. Think “Easthampton meets Westport.”

Outdoor amenities include a pool and tennis court (recently transformed into a pickleball magnet).

The 4th house will be announced soon.

“06880” often celebrates Westport’s rich history. We honor homeowners who preserve the past, while enhancing their neighborhoods — and those who bring new life to them.

“06880” tells stories. As you explore all 4 houses, you’ll learn the stories behind each one.

The homeowners will point out cool aspects of each home. You’ll get a brochure explaining the 4 houses too.

Our friends at KMS Team at Compass once again sponsor the “Historic Homes of 06880” tour.

Tickets are $60 each, $100 for 2. Proceeds help fund “06880”‘s work — which, as always, chronicles Westport’s past, present and future.

Click here for tickets. Questions? Email 06880blog@gmail.com.

After The Closing: Does Westport Live Up To Its Hype?

It’s daunting to move to a new town.

Things began frustratingly for Mike and Robin Clementi, who came to this area from New Jersey for his job. Realtor Karen Scott of KMS Team at Compass sold them on the schools, beaches, Longshore, restaurants and shopping. But they lost at least 6 houses, in bidding wars.

Finally they found — and bought — one. The location, a cul-de-sac off Compo Road South, was perfect. They could walk downtown, to the Levitt, and the water.

Then things got even better.

Even before they moved in 2 years ago, their new neighbors exchanged phone numbers. It was a young street — several families had arrived just a year or two earlier — and though their children were younger, they made sure the Clementis’ daughters (a rising junior at Staples High, and an incoming 7th grader — had someone to sit with at lunch the first day of school.

There was more. Lauren, the older girl, played varsity golf in New Jersey. The family reached out to Staples coach Patty Kondub. She spent an afternoon with them — and arranged a party for Lauren to meet her new teammates.

Robin Clementi and her family.

The shopping, restaurants and other amenities have been “great — worth all the hype.” But those two stories “sum up what this town means to me,” Robin says. “It was an exceptional, warm welcome we never expected.”

Not everything is perfect. Robin is an interior designer, and she thought she could keep her previous clients. Traffic on I-95 makes that difficult. So she pivoted. Now she’s got new clients — and has found great new designers and builders to work with.

The walk to the beach proved further than expected. But her daughter walks to town quite a bit. After school, she takes the bus to the Library — a spot Robin calls “magic. Kids love going there!”

Another surprise: Birchwood Country Club. Though Longshore is “beautiful and lovely,” tee times are tough to get. Someone suggested the club off Kings Highway South.

“It’s beautifully camouflaged and tucked in,” she says. “We love it.”

Birchwood Country Club: a hidden gem.

The Clementis’ experience is mirrored by other families who have moved here recently. “06880” wondered whether realtors’ hype — and newcomers’ expectations — were matched by reality.

In many cases, they are.

Jen Krichels is from rural Maine. Her husband, Matthew Johnson, grew up in Colorado.  She is a writer and editor for architectural publications; he’s in marketing.

They lived for many years in Brooklyn. During the pandemic, they and their 2 children spent 2 years in the Catskills, where they’d bought a fixer-upper.

They loved the community, and had many friends there. But it was spread out. Childcare was limited.

They could not envision moving back to a 2-bedroom apartment. They looked at homes in Westchester County, and elsewhere.

The couple remembered visiting a friend in Westport. The flags on the Ruth Steinkraus Cohen Bridge, downtown, the beauty of the coastal beaches, the reputation for cultural life — all impelled them to consider the town.

Neither of them commutes regularly. But proximity to the train — and New York — was important.

KMS agent Mary Ellen Gallagher found them a home in the Old Hill area.

What’s the verdict?

Reality has lived up to expectations “in almost every category,” Jen says. She cites “the amenities for kids and adults, the schools, cultural opportunities, the and access to outdoors” — including Earthplace — among the highlights.

The Krichels family, at Winslow Park. (Photo/Matthew David)

Last summer, she surprised herself by not going away.

“We realized we were on vacation already!” Jen says. They attended concerts at the Levitt, and stayed late at the beach with friends and neighbors.

Traffic and parking are frustrations. She worries about her children walking and riding on local streets. At the same time, she walks with her kids to school. And she is heartened to see groups of youngsters riding bikes.

Her next door neighbor, Jenna Petok, is a director of Bike Westport. They’re kindred spirits, and have forged a strong friendship.

Jen is interested in municipal issues. She calls the Representative Town meeting an “interesting” form of government. “It’s nice to see peers involved in those discussions,” she says.

“Any town that can support growth, foster walkability, and include lower-income people will thrive. Westport can do that.”

Clara and Sebastian Krichels enjoy summer in Westport.

Meanwhile, is there anything Jen and Matthew have not tried?

“Anything after 8 p.m.,” she laughs. “I know people enjoy post-sunset drinsk at the beach. That’s nice. But it’s not our turn yet!”

Julia Dzafic has been here a bit longer. But the marketer and blogger says she and her husband Anel, who owns Countdown Fitness on Sylvan Road South (and who feels welcomed by other businesses), have had “the best 6 years of our lives. It’s even beyond our expectations.”

Working for herself, she appreciates the meeting rooms at the Library.

The family enjoys pizza nights at Compo and Old Mill, and restaurants like The Whelk and Bartaco (“we’re there once a week,” julia says of that family-friendly spot).

Her 8-year-old daughter’s 2 best friends live next door — a joy for any mother.

Julia Dzafic, and her family.

“We never felt we belonged to a community more,” she says. She and her friends — who recently returned from a 40th birthday trip together — share “values, kids and life situations.”

(One negative: “With a 2-year-old, I naively did not expect pressure on kids to do so much, at a young age.” However, she adds,” that may not be town-specific.”)

Fairfield County towns seem to be similar. However, Julia says, each attracts “a different group. Westport attracts a more laid-back type person. It’s got the feel of a beach town. Even the restaurants that aren’t on the water feel like that. There’s something about Compo that fills the whole town.”

Julia Dzafic and her husband Anel. He grew up on a farm in Bosnia. They keep 12 chickens in a large coop on their property. (Dazfic photos/Julia D’Agostino)

Julia speaks for many newcomers, who were enticed by Westport’s sizzle, and now enjoy its steak.

“We’re so happy to be here,” Julia says. “We don’t think we’ll ever leave.

“And we hope when our kids are much older, they’ll come back to visit.”

(“06880” keeps a sharp eye on every facet of Westport — old-timers, newcomers, and everyone in between. If you enjoy our coverage, please click here to support our work. Thank you!) 

 

 

 

 

Welcome, Neighbor! Where Are You From?

A reader writes: “Since returning to Westport 5 years ago, I have heard people say ‘New Yorkers ruined this town.’

“Having lived in several other places, I know for sure that this is not a ‘ruined’ town! But I wonder: Is there any data on the makeup of Westport? How many people have lived here 20+ years? Where are new residents coming from? Is Westport really ‘overrun’ with New Yorkers?”

Good questions, all. For answers, I turned to our friends at KMS Team at Compass.

Their data for the last 5 years shows that a clear majority — 58% — come from … Connecticut.

And some — perhaps even many — of those moves involve residents already living in Westport. For reasons ranging from a need for more space (or less) to a desire to experience a different part of town, they sell and buy properties only a couple of miles away.

It’s true that New York is the most popular outside feeder state for Westport. But KMS agents say that many of those buyers are returning home. They grew up in Fairfield County — some even in Westport — and then moved to New York as they began careers and families.

Longevity is also challenging to measure. But using the SmartMLS Tax System, KMS says: “Because we know people continually move within the town, it is safe to say that 20% of Westporters have lived here over 25 years, and 50% have been here at least 10 years.

“Although nearly a quarter of our housing stock changed hands in the last 5 years, a mere 6.4% of the buyers (646) were from New York.”

The chart above also provides interesting school district data. While KMS notes that many clients have an affinity for one elementary school, the staying power within each district is essentially the same.

Median sales prices within the districts, however, have changed dramatically:


Home selling prices are influenced by the quality and availability of homes for sale. This data is obtained from the SmartMLS. KMS says that
private sales are not reflected in these numbers. Off-market transactions have become increasingly popular since the onset of COVID, and persist as clients value their right to privacy and discretion.

New home construction and custom builds (which are also often off-market transactions) are also a factor.

As the market remains tight, buyers are pleased to close sales.

Wherever they come from.

(“06880” reports regularly on real estate news and trends. If you enjoy our coverage — or any other features of your hyper-local blog — please click here to support our work. Thank you!)

 

Old Homes Are New Again

The median sale price of a Westport home is climbing toward $2 million.

The cost of new builds is even higher.

Which is why the appeal of older homes — those with “good bones” and timeless charm — has never been higher.

Our friends at KMS Team at Compass say that a growing number of buyers are bypassing new construction, in favor of the town’s historic and vintage homes.

There are several reasons.

One is affordability and value. Buyers get more space, character and land for their investment, compared to new builds.

This Clapboard Hill Road property includes the original home, and an expansion. Perimeter trees ensure privacy, on the corner of Greens Farms Road.

With a recent increase in housing inventory, and homes staying on the market for an average of 45 days, buyers have more choices and negotiating power than in recent years.

Purchasing an older home can mean a lower property tax basis too — especially if the assessed value is less than a comparable new build.

This translates into significant savings over time, making historic properties even more attractive to price-conscious buyers.

Architectural character and historic charm are considerations as well. Homes in historic districts like Kings Highway North and Old Hill — where they date back to the 19th, even 18th, centuries — feature original woodwork, wide-plank floors and hand-crafted mantels — that are difficult (and costly) to replicate today.

Iconic properties like the Allen and John Osborn Houses showcase enduring craftsmanship and unique design that help define Westport’s architectural heritage.

The John Osborn House – the oldest home in Westport, located on Long Lots Road — took years to restore. It is believed to have been built between 1683 and 1687.  (Photo by Larry Untermeyer)

Many of Westport’s older homes are situated on larger lots, with mature trees and landscaping.

They’re often in walkable, established neighborhoods close to the Saugatuck River, downtown and beaches. They offer a sense of community and history that new subdivisions often lack.

Of course, some historic homes need “rehabilitation.” Owners may qualify for Conncticut’s Historic Homes Rehabilitation Tax Credit, which covers up to 30% of qualified expenses (to $30,000).

The home must be a primary residence with a historic designation, and the project must meet certain criteria.

Restoring a historic Westport home — from updating kitchens and bathrooms to restorin original features — means blending modern comfort with classic style.

The rewards are personal. But they also contribute to the town’s legacy.

Today that appeals to homebuyers in Westport of all ages, and from here and far.

(You can see some of those historic, restored properties on our 3rd annual “Historic Homes Tour,” sponsored by “06880” and KMS Team at Compass. The date is November 2. Details will be announced soon.)

Despite National Volatility, Westport Real Estate Market Still Strong

Single family home sales in Westport continue to decline.

The good news — for sellers and our tax revenue, if not for buyers — is that prices continue to rise.

Homes are also spending fewer days on market than in prior years. That’s due to stronger buyer demand, and a shift in marketing strategy.

There were 69 sales of single-family homes between January 1 and May 5. The average price was $2.576 million.

Another 19 condos and townhouses were sold, at an average price of $1.364 million.

This 6- bedroom, 8 1/2-bathroom, 8,639-square foot home on 2 acres at Fraser Lane is on the market for $10.95 million.

Those are some analyses by our friends at KMS Team at Compass.

But — as is often the case with real estate — there’s more there than meets the eye.

“There have always been “off-market sales,” they say. Those are properties that change hands privately.

Off-market sales have existed for quite a while. Any homeowner can choose how to sell their home: a full MLS listing, to a family member, to a buyer directly, to a buyer represented by a buyer agent, to a builder, etc.

Sellers have various reasons for choosing to sell off-market, including privacy, discretion, ease of transaction, convenience, etc.

Not every homeowner is interested in attracting the most money for their property, and multiple bid situations. Many actors impact the decision on how to sell such a large investment.

Today, KMS says, the trend is to start offering a home for sale privately, to test the market and price.

That gives sellers time to properly prepare their home — and themselves — for the sale.

Beyond maintaining privacy, sellers believe this strategy helps drive serious, qualified buyers to their home. That makes the process easier, and less invasive.

Meanwhile — despite volatility in many areas of the American economy — Westport’s real estate market seems largely unaffected.

All markets are hyper-local, KMS emphasizes. In years past, when sales were sizzling nationally, Westport was less active.

Countrywide trends are not indicative of what’s happening in our town.

That’s why — in addition to pricing, preparing and selling a home, and handling all the associated paperwork — realtors also serve as trusted confidantes.

“We all have to be calm” in turbulent times, counsels KMS’ Karen Scott.

“Right now, the world is emotional. We try to help people think logically, and focus on the buying and selling task at hand.”

Clients (and realtors) “should not get caught up in national headlines.We have to focus on what’s happening here.

“People are more cautious, but they’re still buying and selling. Interest rates are higher, but it’s not complete doom and gloom. In Westport, there are still a lot of buyers, and a lack of inventory.”

(“06880” covers the Westport real estate market — and everything else that happens here with homeowners, renters, former residents and visitors. Please click here to support it all. Thank you!)

A Westport Home For Under $2 Million? Sure. But …

If it seems like there are almost no homes for sale in Westport under $2 million — that’s true.

And if it seems — counter-intuitively — that the one or two houses in that price are not selling — that’s true too.

Our friends at KMS Team at Compass send along some statistics. And insights.

As of April 1, there was one single family home for sale in the $1 million to $1.9 million price range; one between $1.2 million and $1.39 million, and only 4 others under $2 million.

Meanwhile, there were 8 homes in the $2 million to $2.99 million category, and a whopping 41 priced $3 million or more.

This 5-bedroom home on Ridgewood Lane, off Kings Highway North, is priced at $2,955,000 — right in the current market’s “sweet spot.”

Interestingly, all 3 recent sales in the $1-$1.2 million range sat on the market for more than 50 days — despite a wealth of buyers seeking homes at those prices. Two even needed a price drop to sell.

Those homes’ closing prices were 86% of the original list price.

At the same time, homes in the $2-$3 million range spent an average of only 17 days on the market. And they sold at 6.6% over list price.

“When the listing price is perceived too high by the market, homes linger,” KMS Team says.

The ones sitting on the market at the lowest price range have not been “move-in ready.” They need plenty of work, or have location challenges like not being at proper elevation in a flood zone.

Pricing a home is an art. Homes over-priced at the start, KMS says, often miss their target buyer group.

If a homeowner cannot spend over $1 million, for example, they and their agents focus on a lower range — maybe $800,000 to $900,000 — knowing that in this market it often takes more than list price to secure the home.

This 4-bedroom home on Oak Street, off Clinton Avenue, sold last month for $860,000.

Those who do view a home in its overpriced state tend to pass, rather than put in a below-ask offer. While sometimes warranted, people are hesitant to offer anything substantially below the asking price.

Then, when a home is reduced into its correct range, buyers may be hesitant to consider it because of the number of days it’s spent on market.

In the end, KMS says, “a buyer will determine the price of a home based on what they are willing to pay, and a seller is willing to accept.”

But why aren’t those lower-priced homes being sold as teardowns, to hungry developers?

KMS explains, “Builders look at building lots/teardowns not only for the purchase price, but also what price range, in a new construction home, that property could command.

“Construction costs are expensive. They need to be considered now, and possibly several years in the future.”

This 5-bedroom, 8-bathroom house on Hillspoint Road, between Old Mill and Compo Beach, is listed for $11,800,000.

Which leads to … the future.

In these days of economic uncertainty and volatility, what’s ahead for Westport real estate?

“While our economy is fragile, we still believe that real estate is a sound investment and a comfort,” KMS says.

“Purchasing a home fixes a substantial portion of your housing expenses, and takes away the stress of rental increases and frequent moves. Communities with impressive amenities such as ours will continue to be sought-after locales.”

A few real estate statistics, from January 1 through March 31:

  • Single family home sales: 43
  • Average single family home sale: $2,697,624
  • Condo/townhouse sales: 15
  • Average condo/townhouse sale: $1,422,200.

(“06880” covers real estate news — along with everything else going on in town. If you enjoy this, or any other stories on your hyper-local blog, please click here to support our work. Thank you!)

 

Ensure That Your Home Is Well Insured

Wildfires in California — and now Long Island. Hurricanes in inland North Carolina. Floods in Connecticut.

No place is safe from sudden, catastrophic weather events.

Center Street, last year. (Photo/Andrew Colabella)

As realtors, KMS Team at Compass highlight the many advantages of life in Westport.

But they advise clients about other things clients may not want to think about.

Like home insurance.

Our KMS friends pass along a recent report from the US Department of Treasury Federal Insurance Office. It says:

  • Home insurance is becoming more costly and harder to procure for millions of Americans. The costs of climate-related events pose growing challenges to insurers and their customers alike.
  • Average premiums increased 8.7% faster than the rate of inflation from 2018 to 2022. Some premium increases were much larger.
  • People living in the top 20% of ZIP codes, with the highest expected annual losses from climate-related perils, paid 82% more than those in the 20% lowest climate-risk ZIP codes.
  • Consumers in the highest risk ZIP codes faced 80% higher policy nonrenewal rates than those in the lowest risk ones.

Connecticut is in a high-risk zone:

The good news: While policy non-renewal rates sound ominous, during the study period they affected just 1.6% of policy holders in high risk areas.

As real estate advisors, KMS Team members talk often with insurance professionals. They learn how to avoid insurer obstacles during the selling, buying and closing process.

Tom Ayres and his team from Cross Insurance recently visited the Compass office.

To start, they said, buyers should have a trusted insurance broker run a “CLUE” (Comprehensive Loss Underwriting Exchange). A database can show claims reports, to understand what went on with a home and property over the last 7 years.

This includes loss history on structures near water — for example, claims because of water damage.

Flooding is the most common and costly natural disaster in the United States.

Insurers keep a close eye on water damage. They offer discounts to homeowners for being proactive, taking precautions like installing water leak devices, lightning rods, low temperature alerts, flood venting, sprinkler systems with alerts, and automatic shut-off capabilities.

Flood guidelines will be updated again in November. All homeowners should review the updates with their insurance agent. (The Cross Insurance team believes that coverages and zones will not change too drastically.)

Grove Point flooding. (Photo/John Kantor)

Many homeowners do not have flood insurance. KMS Team emphasizes: Check with your agent!

The second most common concern is the roof.

It’s all about the age, condition, material and shape, KMS says. Those elements impact the overall integrity or eligibility for coverage.

What works in certain parts of the country may not work in another. For example, cedar/wood roofs are okay in Connecticut, but not Colorado. Metal is fine in Vermont, but not Texas.

Shape matters too: peaked, flat, mansard, gambrel, hip, slate?

What kind of roof do you have?

Insurers and inspectors now use “roof scores,” determined through drone photos.

These also help determine replacement costs. If a roof is 15 years old, coverage may include 100% replacement. But as the roof ages, replacement coverage may drop.

Other home and property issues include:

  • Electrical system (knob and tube wires, cloth wiring)
  • Asbestos (wrapped pipes, insulation, linoleum tiles, etc.)
  • Buried oil tank
  • Pools that are unfenced, or with a diving board
  • Exterior insulation and finishing of the residence.

Renovations are an important insurance topic too. Will the work be minor or major? “Will you raze (or raise) your home?

Renovating and/or raising a home can affect insurance rates.

Coverage rates can vary, based on the use of the home and property. Is it occuped full time? Rented? Or are the owners rarely there?

 

The best way to keep insurance rates in check, KMS says, is to be proactive. Take steps to remedy aging elements of your home.

And keep in touch with your insurance experts. Let them know if you put on a new roof or add safeguards.

Insurance agencies work with a variety of insurance companies. They can match your home’s condition and needs with the best one.

(“06880” regularly covers Westport’s real estate scene. If you enjoy this — or any other feature on your hyper-local blog — please click here to support our work. Thank you!)

Real Estate: ’24 Prices Rose; Tight Market Continues

Westport’s housing market surged during COVID.

In fact, more people moved here that year than to any other place in Connecticut. And that’s raw numbers — not percentages.

Could the strong market continue?

Yes.

Our friends at KMS Team at Compass say that for the 308 homes sold in 2024, the median sales price was $2,150,000. That’s 6.7% higher than the previous year.

But as prices rise, the number of homes on the market shrinks. Those 308 properties were the lowerst in over a decade.

In 2023, 327 homes were sold. Three years earlier — at the height of the pandemic — 639 houses changed hands.

The average sales price in 2024 wsa $2,483, 276. That’s more than $100,000 over the 2023 average of $2,380,204.

The average price per square foot edged up too: $571, from $565.

The median sales price of $2.15 million was up too: $135,000 higher than the year before.

The graph below shows details:

 

Meanwhile, despite stronger new listings than the prior December, Westport’s inventory of homes for sale remains very tight.

With less than 1 month’s sales quantity on the market in the under-$2 mllion range (8 properties), home buyers have little to choose from.

Why are so few homes on the market?

KMS Team’s Michael Mombello explains, “People are staying put, because they are locked into loans under 3%.”

In addition, many empty nester want to downsize or “rightsize.” But, Momebello says, “they are extremely picky. They do not want to give up a certain standard that they have achieved, living in a town with incredible amenities.

“They would go smaller. However, there is nothing on the market to look at. Many want to purchase and know where they are going before they list the home they raised a family in.” So the tight housing market continues.

120-122 Beachside Avenue remains the most expensive property on the Westport market. Listed at $25 million, the 5-bedroom, 6-bathroom home on 6 1/2 waterfront acres includes a tennis pavilion, manicured garden entry, and cobblestone courtyard with fountain. 

Meanwhile, the pool of potential buyers remains strong. Residents who moved to town recently now want to purchase. More city dwellers are ready to come to the suburbs. Grandparents want to move closer to their children and grandkids.

All of those factors have helped raise prices. The majority of homes listed for sale are over $3 million, bringing the average list price to $4,503,981.

The median price is only slightly less: $4,100,000. See the graph below for details.

As for 2025: While KMS Team at Compass expects new inventory to hit the market in advance of the traditional spring selling season, they believe it will remain tight in the lower price ranges.

Competition will remain fierce for Westport homes priced under $3 million. Buyers seeking homes in this range need to be prepared, and ready to act fast.

The luxury market, they say, will be “neutral from a buyer-seller standpoint. Buyers in this range typically have the wherewithal to wait for the right property, at the right price, and sellers of these properties do not ordinarily need to unload their property quickly.”

Mortgage rates are always a concern. Karen Scott says KMS Team at Compass is telling clients that today’s interest rates are “the new normal,” compared to the unprecedented low rates of 5 years ago.

“We don’t expect much fluctuation in rates,” she says. “Buyers should work with their mortgage brokers and lenders to determine what options are best for their personal situations.”

The least expensive single-family house in Westport right now is 65 Grove Point Road, off Hillspoint. The 3-bedroom, 2-bathroom, 1,722-square foot home was built in 1935. It is listed for $899,900.

Looking at new construction trends, Mombello says, “the white house is a New England classic. It’s not going anywhere. I do think shutters will make a comeback, as a way of distinguishing your front facade.”

He sees a great emphasis now on “tasteful, pulled back, not overly wrought landscaping.”

Mombello notes too a growing interest in houses with “a distinct or unique character. Not so cookie-cutter, and with hallmarks of great quality and authenticity.”

He observes “more room separation again, for a cozier feel,” with “fewer requests for full-on, sterile open floor plans.”

Great natural light is still extremely valuable, Mombello says. “Let the outside in!”

People love move-in or turnkey conditions. However, he notes, “if it has charm and is in a prime location, they will take on othe updates themselves, over time.”

Large homes are not all that realtors sell, of course. Accessory dwelling units continue to increase in popularity.

Chatter continues in town about new apartment buildings, potential condo complexes and property subdivisions.

“Builders and developers would not propose these developments if there wasn’t demand for them,” Scott says.

(Since 2009, “06880” has reported on Westport’s often-changing real estate market. If you appreciate this coverage — or anything else on our blog — please click here to support our work. Thanks!)