Since September, we have been reporting about the surge in luxury, water related, home sales in Westport. It's mid-November and those sales continue to soar! Multiple bids, homes trading without listing on MLS, and agents searching for the next available luxury water related home for their clients, has become common in our marketplace. Westport is also the leader among other Coastal Fairfield County towns in number of luxury water related sales and highest list/sale prices. (Luxury home, for our discussion, is defined as list price of $4,500,000 or higher.)
The question we are asked what we attribute this activity to. We at KMS Partners believe several factors contribute to this recent market trend. In no particular order...
Many of the homes that have sold, or are under contract, are FEMA compliant and do not require flood insurance.
There has been pent up demand among buyers for some time now, and list prices have adjusted to where buyers have confidence to seize the opportunity to buy.
Nationally, economic conditions remain healthy and optimism continues to trend upward. The stock market is at record high, the unemployment rate is under control, interest rates remain low, and corporate earnings are up.
Westport property taxes have remained stable. As a matter of fact, the mil rate in Westport was the only mil rate in Fairfield County to decrease this tax year.
KMS Partners believe this trend will continue into 2015. Historically, when the luxury market is robust, other price points follow the signal of luxury buyer confidence, which results in increased buyer activity and closed transactions. As always, we are willing to further discuss real estate trends with you.
Below is a summary of sold and pending luxury water related home sales in Fairfield County coastal towns, since 9/1/14 as per MLS:
Westport... 248 Hillspoint Road, sold for $4,975,000 14 Bluewater Hill, sold for $6,500,000 270 Hillspoint Road, sold for $7,526,000 4 Bluewater Hill, pending, listed for $6,895,000 16 Minute Man Hill, pending, listed for $7,495,000 62 Bermuda Road, pending, listed for $11,500,000 2 Manitou Court, pending, listed for $12,985,000 66 Beachside Avenue, accepted offer, listed for $25,000,000
Fairfield... 1078 Sasco Hill Road, pending, listed for $7,750,000
Rowayton... 15 Rowayton Road, sold for $4,660,000
Darien... 24 Brush Island Road, sold for $6,700,000
Greenwich... 19 Ford Lane, sold for $5,475,000 4 Indian Drive, pending, listed for $8,500,000
For more information on this topic, contact KMS Partners at 203-454-5411 or visit our website .