Tag Archives: KMS Team at Compass

Old Homes Are New Again

Posted on July 5, 2025 | 11 comments

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.)

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Despite National Volatility, Westport Real Estate Market Still Strong

Posted on May 11, 2025 | 11 comments

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!)

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

Posted on April 6, 2025 | 25 comments

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!)

 

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Ensure That Your Home Is Well Insured

Posted on March 16, 2025 | 1 comment

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!)

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Real Estate: ’24 Prices Rose; Tight Market Continues

Posted on January 7, 2025 | 11 comments

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!)

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One Roof, Three Generations

Posted on November 10, 2024 | 2 comments

Westport’s demographics are changing.

Since the pandemic, we’ve welcomed scores of young families: men and women in their 30s, with elementary school children, toddlers and infants. Every one of them came from Manhattan or Brooklyn, I think.

New apartments are home to singles, as young as their 20s. Affordable housing units are rented to working men and women previously priced out of the market.

But another group is changing Westport too. Older folks are joining their children and grandchildren — either in the same house, in an accessory dwelling unit on the property, or in their own home or condo close by.

The reasons are many. A desire to be part of grandchildren’s lives — or to help care for them. The healthcare need of elderly parents. Companionship. Loneliness.

Accessory dwelling units are now legal in Westport. They’re an attractive alternative for grandparents who want to live near their children and grandchildren — but not in the same house.

(Of course, it’s not always older parents coming here. Sometimes, children who grew up here return, to be close to their parents. Or because moving back into their parents’ home makes financial sense.)

Our friends at KMS Team at Compass are tracking the trend, which they say is noticeable.

Local statistics are not available. But nationally, the number of multiple generations living in one household — including adults and children over the age of 25, or grandparents living with grandchildren — has quadrupled.

COVID accelerated the moves. Zoom calls with grandchildren did not do the trick, for grandparents. They wanted physical proximity. Sometimes, living in the same house made sense. (The other scenario: buying a home very close by.)

In Westport, one recent sale was to a couple who left 70 years in Michigan behind. When both daughters moved here, they quickly followed suit.

They miss their friends and family back home. But they say, “we can be part of every holiday and birthday celebration. We go to our grandkids’ soccer games and ballet recitals. We comfort bruised feelings and scraped knees. Pulling up roots was hard, but definitely the right move for us.

Builders have noticed the trend. Bedrooms with separate exterior access may include kitchenettes. Multiple primary suites are placed on different levels of the home. Back staircases from the main living area lead to secondary quarters. Main floor bedroom suites can include private outdoor space.

Multiple kitchens, or a kitchenette in a grandparents’ wing, are nice — though many families enjoy the shared experience of cooking and eating together. In those cases, multiple prep surfaces come in hand, as do islands that offer some seating.

Our forefathers and foremothers — the men and women who lived here many years ago — would not recognize modern-day homes.

But they would sure feel at “home” with more than 2 generations under one roof.

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Meanwhile, KMS Team at Compass say, statistics show that Westport sales are down in 2024 compared to 2023 — 253, down 12.% — yet median prices continue to climb. At $2.1 million, it’s up 2.8%.

62.5% of inventory is priced over $3 million. There are only 3 properties now active in the under-$1.4 million category.

Weston shows similar trends. The number of sales is down year over year, but there’s an even greater rise in the median sales price: 7.2% to $1.37 million.

The most expensive property currently on sale in Westport is 120-122 Beachside Avenue. The 5-bedroom, 5-bathroom, 11,450-square foot home, on 6.56 acres with 400 feet of direct waterfront, is listed for $27.5 million. The annual tax is $220,050.

(“06880” regularly covers real estate, lifestyle trends, and the achievements of Westporters of all ages. Please click here to support our work. Thank you!)

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“Historic Homes Of 06880” Tour Tickets Near Sellout

Posted on October 23, 2024 | 2 comments

Tickets are selling briskly for the 2nd annual “Historic Homes of 06880” house tour. The Sunday, November 3 (1 to 4 p.m.) event includes 3 very cool centuries-old homes, and 1 stunning new build.

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. Our friends at KMS Team at Compass are once again co-sponsoring the tour.

342 Greens Farms Road

The exterior retains its original look. Inside, the 160-year-old home is exciting and modern.

Current owners Al and Chris DiGuido have lived there for over 33 years. They’ve overseen two major renovations, while keeping the charm and spirit of the home. (It is rumored that the large cistern in the cellar was a hiding place on the Underground Railroad.)

The home is a showcase for fancy millwork. It is a great gathering place, with 4 fireplaces, large rooms downstairs, and a full bar, entertainment center, mahogany tray ceilings and rooftop balcony upstairs.

It is well known too as the base of operations for Al’s Angels, the non-profit that provides aid to children and families suffering hardship due to life-threatening illnesses or poverty.

93 Cross Highway

This saltbox — visible to all, near North Avenue — was built in 1764 by Eliphalet Sturges. From 1908 through the 1950s, it was owned by George Hand Wright. He was one of the first noted artists to move to Westport, and helped establish this as an artists colony..

The house had great bones. With its massive stone fabrication, handsome hearth and wonderful Wright-era furniture, it was lovingly restored by Ed Gerber. A former member of Westport’s Historic District Commission, he’s also a trustee of both Historic New England and Preservation Connecticut.

Gerber refinished the maple floors, painted and plastered the walls and ceilings, and remodeled 2 baths and the kitchen.

He also preserved George Hand Wright’s legacy, by assembling the largest collection of his illustrations, etchings and other works. Much of it is now on display.

Extensive garden renovations add to the property’s allure. To ensure protection of the property in perpetuity, Gerber obtained landmark protection from Westport’s Historic District Commission.

87 Maple Avenue South

Dan and Nicole Donovan — Staples High School graduates, with a strong sense of history — lovingly restored this handsome 1870 Queen Anne-style farmhouse, on the corner of Greens Farms Road. It had sat empty for several years.

Every room is worth seeing. But the centerpieces are the former wine cellar, now a stone-walled bar that might be the town’s best man cave, and the kitchen that is the heart of the home for the Donovans and their 6 kids.

296 Compo Road South

Niv and Kim Harizman’s new home near the beach shows how new construction fits in to a historic neighborhood. Builder Peter Greenberg of Able Construction will be on hand to discuss his work. Michael Greenberg & Associates did the architectural design.

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“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.

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

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Fed Rate Cut Stirs Interest In Homebuyers, Realtors

Posted on September 21, 2024 | 10 comments

On Wednesday, the Federal Reserve cut interest rates by half a percentage point.

Implications ripple across the economy. One of the most significant areas is real estate.

In Westport, that’s always a lively topic. “06880” asked our friends at KMS Team at Compass what the news means for home buyers. They say: 

According to to Lawrence Yun, National Association of Reatlors chief economist, much of the rate cut had already been factored into existing mortgage rates.

However, he said, “due to already low mortgage rates compared to spring, the purchasing power for home buyers has been lifted by around $50,000 for those with a $2,000 monthly mortgage payment budget. Consumers who were priced out due to earlier higher mortgage rates could now be back in the market.”

For those buyers still in the looking phase, this offers an opportunity to reach just beyond their target range, perhaps opening up a new selection of homes to consider.

Let’s say buyers set a price range between $1 million and $1,149 million. Today, that search in Fairfield County shows 35 properties.

Simply changing the upper end of the range to $1.2 million brings 62 homes to consider.

In Westport, a search range of $1.5 million to $1.649 million returns just 2 homes on the market. Increase the range to $1.7, and now there are 6 homes.

The Federal Reserve’s rate cut puts this 3-bedroom, 2-bathroom, 2,304-square foot home on 1.41 acres at 163 Cross Highway in the range of buyers who might not have afforded it otherwise. It’s listed for $1.699 million.

For buyers who have already identified a property to purchase but have not locked into a mortgage, the potential savings are a bonus.

One client, looking at a 5-year adjustable rate mortgage, received a quarter point reduction in the rate overnight.

While this amounts to less than $100 a month on a $500,000 loan, it is not insignificant. If just half that amount were applied as extra principal payments, the borrower would save more than $24,000 over the life of the 30-year loan — and finish paying the mortgage off 15 months sooner.

The Mortgage Research Center offers a great calculator, for playing with the numbers.

Most importantly, the rate cut is a psychological signal for nervous home buyers that things are looking up.

The idea of “dating the rate and marrying the home” — refinancing when rates drop — is unfamiliar to many first-time home buyers. And why not? This is the first rate cut in over 4 years.

(Real estate is of prime interest for many Westporters. “06880” covers the topic often — along with so much else. If you like our work, please click here to support this hyperlocal blog. Thank you!)

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Condos Help Heat Westport’s Housing Market

Posted on August 19, 2024 | 13 comments

When talk turns to real estate — and when in Westport does it not? — most conversations involve single-family homes.

New homes. Old homes. Teardowns. Renovations. Sustainable homes. White homes with black windows. You know the drill.

Sometimes we talk about apartments. The ones opposite Greens Farms Elementary School, which everyone feared and no one notices anymore. Those coming on Hiawatha Lane and Cross Street (that’s the construction you see at the crest of Post Road West).

After initial controversy, the 1177 Post Road East apartments have become just another part of the landscape. 

Especially, the apartments that are nearly finished, at the corner of Wilton Road and Kings Highway North.

No one seems to talk about condominiums.

Except the people buying them.

Right now, lots of folks want to.

The condo market is hot. And I say that not just as a condo owner myself.

Our friends at KMS Team at Compass note the appeal. Condos are “maintenance-free, single-family style living, (for buyers) accustomed to single-family homes but no longer interested in the upkeep – snow removal, lawn care and the like.”

They include empty nesters looking to downsize while staying in Westport (or perhaps keeping a foothold here while spending several months a year elsewhere); older folks moving from other places who want to be close to their adult children and grandkids; divorced or widowed men and women, and young professionals who want to own a home but are not yet ready for a house.

Other condo-buyers are city dwellers looking for a weekend escape, and investors.

Single floor living, first floor primary suites and elevators are sought-after condo features.

For all those buyers, prices are rising quickly.

One KMS agent recently listed a Lansdowne condo. It needed updating.

Yet within days there were multiple offers. It will close early next month — at over the asking price.

Here are median sales prices, for 4 Westport condo complexes:

According to KMS, supply and demand is driving the condo market in several ways.

While on the surface Westport seems to have a fair number of condos, most multi-family new construction in recent years has been in apartments, keeping condo supply tight.

Due to the lack of affordable, single-family homes on the market, many buyers expand their search to condos, raising demand.

Additionally, Westport has a higher-than-national-average percentage of households with someone over 60 (the typical condo buyer).

Source: 2016-2020 American Community Survey, via Partnership for Strong Communities

What’s ahead?

KMS Team’s experts envision smaller, boutique-type developments as the new norm, due to the lack of expansive land.

Large-scale developments like the proposed Hamlet in Saugatuck take substantial funding, and often meet zoning and neighborhood resistance.

Projects like the proposed Glendinning Place off Weston Road (the former Bridgewater office complex) have challenges too. But their smaller scale and lower density make those obstacles easier to overcome.

Connecticut’s 8-30g mandate has had an impact. But with litigation behind us, KMS believes that Westport builders, officials and residents will “move forward in a thoughtful, deliberate manner to stay ahead of 8-30g, preserving the character of Westport while meeting the demands of current and future residents.”

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2ND STORY (ho ho): Westport’s condo history dates to the 1980s. KMS Partners offers this brief history.

Strathmore, on the Norwalk line off Kings Highway South, was built in 1980. Its 64 units consist of 1 or 2 bedrooms in a townhome, 2-story style.

Harvest Commons, built 1980-1983 on the site of a former Post Road East orchard and farm stand (hence the name) has 80 units, with a mix of ranch-style and 2-story townhomes. A clubhouse and gardening area are offered, plus a pool.

Whitney Glen, an age-restricted community (62+), has 62 units off Main Street East, near Compo Shopping Center. It was built between 1982 and 1986.

Lansdowne, on Post Road East on the site of a former mini-golf course and driving range, was constructed in 1983. The 90 Nantucket-style homes are set back far from the road.

Playhouse Square, built in 1983, replaced a former ramshackle boarding house behind the shopping center, next to Winslow Park and the Westport Country Playhouse. Its 20 units are all 2-bedrooms, mostly 2 stories.

Regents Park, on the Post Road near Harvest Commons, was built in 1985. 81 townhomes offer 2 or 3 bedrooms, and 2-car garages.

Regents Park

Also built in 1985, Edgewater Commons on Hillspoint Road replaced the former Penguin club and apartments. Its 25 units have high ceilings, skylights and private patios.

It was another 20 years before the next complex was built with a community pool: Terra Nova, in 2004. Its 54 large townhomes include features like finished basements, on Post Road West near the Norwalk line.

With land unavailable to build large scale complexes, builders began building smaller developments.

One example is Daybreak Commons, between Main Street and Weston Road. Named for the florist that once occupied the site, it includes 5 stand-alone townhouses and 4 duplex units, for buyers 55 and older.

Bankside House was the first luxury condo on the Saugatuck River. Sales of its single-floor homes, each with private outdoor living spaces, began last fall. Non-penthouse units sold at an average price per square foot of $1,211, while two penthouse units went for $1,654 per square foot. Two penthouse units are available now, at an average asking price of $1,703/square foot.

Bankside House (Photo/Howard Edelstein)

The Mill Westport — also on the Saugatuck, in a converted mill further east on Richmondville Avenue — has an average selling price of $1,108 per square foot for the 11 units sold in 2024 (mostly off-market). Three units are listed for sale now, with an average asking price of $1,452/square foot.

You may not be talking about condos these days. But plenty of other people are.

And they’re buying them.

(Every day, “06880” explores the diversity of Westport: its people, its institutions, its real estate. We bring the community together — but we need readers’ support. Please click here to help. Thank you!) 

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Pricing, Pricing, Pricing!

Posted on July 9, 2024 | 8 comments

When it comes to real estate, we know the mantra: “Location, location, location.”

But nearly every home in Westport is in a pretty good location. So let’s talk about “Pricing, pricing, pricing.”

Our friends at KMS Team at Compass note that asking prices are “mostly theoretical.” When a property lingers on the market, it’s time to wonder: Is the pricing appropriate for the seller’s strategy?

If the seller wants to accelerate a transaction, or create multiple bids, pricing must be at or below the current market.

The offering price works if potential buyers are viewing the property.

But if they’re not enticed to bid, either the value of the property (compared to others on the market) is not as attractive, or potential buyers are waiting for something better to come to market.

As buyers’ focuses shift into summer mode, price reductions grab attention.

Of single family homes currently for sale under $3 million in Westport, 1/3 of sellers have taken price reductions. They range from 7 to 17%.

However, if the strategy is to wait for the right buyer, the seller may choose to stay the course.

That’s the case for many luxury homes here. Those sellers know their properties are unique, and are often in no hurry to sell.

So they reduce prices infrequently. Only 7% of active listings over $3 million have taken a price reduction.

The most expensive property currently on sale in Westport is 120-122 Beachside Avenue. Th 5-bedroom, 5-bathroom, 11,450-square foot home, on 6.56 acres with 400 feet of direct waterfront, is listed for $27.5 million.

Meanwhile, here are some current Westport statistics:

Single-family homes currently for sale: 66

Days on market: 47

Price range: $12,250,000 to $775,000

Median price, $3,347,000

And here are some single-family home statistics for the first half of 2024:

  • Average closing price: $2,412,354 (down 2.3% from $2,469,378, January-June 2023)
  • Median closing price: $2,050,000 (down 2% from $2,093,750)
  • Days on market: Average, 45; median, 29
  • Total volume of sales: $316,108,395 (down 13.5% from first half ’23)
  • Number of sales: 131 (down 11.5%)
  • Average closing to list ratio: 102%
  • Average lot size: .97 acres
  • Average number of bedrooms and bathrooms: 5 each
  • Highest sale: 279 Saugatuck Avenue, $11,000,000; 88% of original list price; 1.35 acres
  • Lowest sale: 28 Crescent Park Road, $355,000; 83% of original list price; .09 acres.

279 Saugatuck Avenue.

Here are condominium and townhouse statistics for Westport:

  • Median sales price: $1,497,500 (up 77% from January-June, 2023)
  • Volume of sales: $38,317,000 (up 603%)
  • Number of sales: 26 (up 271%)
  • Median days on market: 36 (down18%).

(“06880” covers the waterfront — and everything else real estate-related in Westport. Please click here to support our work. Thank you!)

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