Westport, Connecticut Moves

Westport Shreds It!

Sun, 13 May 2012 12:29:02 -0700

At 9 A.M., Saturday, a steady stream of cars began arriving at the Westport/Weston Health District to participate in Westport's 4th annual Community Shred Day. After showing
proof of residency, drivers were assisted by volunteers from
Staples High School's irreverently named SLOBs (Service League of Boys)
to unload up to eight bags or 3 boxes of personal, confidential and
sensitive papers, to be shredded.

Each car was charged $5, to help defray the cost of the SECURE Eco Shred
truck. As the noon closing time approached, approximately 130 residents
had taken advantage of the town's shredding service, according to Pat
Scully, Manager of the Selectman's Office. Also on hand, Town Clerk, Patty Strauss said Shred Day continued to be a popular, annual event and this year's participation represented an increase over the past two years.

   Marilyn Katz
   Senior Vice President

   203-429-4188

  Servings Westport, CT and the surrounding communities

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Terrain Opens in Westport, CT

Fri, 11 May 2012 14:24:46 -0700

On Friday, Wesporters flocked to the much anticipated opening, of Terrain, a super-sized home-decor and garden center. Following a final few weeks of intense activity, the center opened, as promised, in time for
Mother's Day Weekend.


                  In addition to the large outdoor nursery
                  and greenhouse, the store features a
                  potpourri of indoor plants, decorative
                  containers, hand-made furniture, kitchen
                  and home accessories, beauty lotions,
                  jewelry, and edibles. Terrain also
                  offers landscape design services.

     Also featured, inside the store, is a coffee
     bar, offering a wide choice of beverages and baked
     goods and a garden cafe, serving lunch and dinner.

Terrain's entry into Westport brought an immediate improvement to the landscape along the Post Road.
The location was the previous home of a car dealership, Curran Cadillac, which closed in 2009. The Westport opening marks the second location for Terrain. The flagship store is located in Glen Mills, Pa. Terrain is a division of Urban Outfitters, Inc, which also owns Anthropologie, another Westport store.

   Marilyn Katz
   Senior Vice President

   203-429-4188

  Servings Westport, CT and the surrounding communities

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Westport CT: Commuter Shuttle Routes in Jeopardy

Fri, 04 May 2012 17:33:55 -0700

On Monday, May 7, the Representative Town Meeting (RTM) will vote on whether to override a $60,000 cut in funds, in order to fully restore Westport’s Transit District budget. A 70 percent vote is needed in order to override the Board of Finance cuts. What’s at stake is the future of the commuter shuttle routes serving Westport’s Greens Farms and Saugatuck train stations.

The Board of Finance initially slashed $113,753,
or nearly half of next year’s transit budget, allowing just one commuter route to remain, running between the Imperial Avenue parking lot and the
Saugatuck (Westport Metro-North) train station. On April 11, the board voted to restore $53,753 on the condition that ways to make the system more efficient are instituted over the next six months.

Westport is a popular town for New York commuters. According to the Westport CERC (Connecticut Economic Resource Center) Town Profile for 2011, more than 2,200 or nearly 20 percent of the town’s employed labor force commutes to Manhattan. Another 10 percent are commuters to Stamford and Greenwich, albeit many of them choose to drive.

High on the list of questions asked by potential home buyers who commute to New York City is, "how long will it take to get a railroad parking permit?" Upon hearing that there is a four to five year wait, they want to know what other options are available for getting to or parking at the train station. The options for parking at the station are not too encouraging. There are eleven town parking lots, eight at Saugatuck and three at Greens Farms, with a total of 1781 spaces. Of these, only 289 are $5/day, daily parking spaces and they are usually filled during the earliest commuting times. There are also private lots at the Westport/Saugatuck station but the cost becomes prohibitive if used over an extended period of time.

What alleviates the concern about parking is hearing that Westport has a commuter shuttle bus, with routes throughout the town. Clearly, it makes Westport more attractive to the commuting buyer.

Although the commuter shuttle service is used by a small percentage of Westport residents, the loss of this town amenity could affect all homeowners. Making the town less attractive to commuters might negatively impact Westport home values. Westporters are encouraged to contact the RTM at RTMMailingList@westportct.gov and ask them to restore the full transit budget.

   Marilyn Katz
   Senior Vice President

   203-429-4188

  Servings Westport, CT and the surrounding communities

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Westport, CT: March 2012 Home Sales

Wed, 25 Apr 2012 09:40:09 -0700

What a difference a year makes. In March 2011, 20 single-family homes sold in Westport, CT. The same number sold in March 2012. While monthly unit sales remained the same, median and average sale price soared, up 31% and 32%, respectively. In March 2011, the median sold price was $955,500. This March, the median sold price rose over $400,000 to $1,388,750.

Before we get too excited, and jump to precipitous conclusions, lets examine the statistics closer. Looking at the actual sales data, it is apparent that the rise in sale price is not an indication of increasing home values, but rather a change in the segment of the market that is selling.

In March 2011, half of the homes sold for less than $1,000,000 and only two sold above $2,000,000. Contrast that with March 2012, with 6 selling under $1 million and 7 selling for $2 million or more. Examining further, last year, five of the sold homes had 5 or more bedrooms, and seven had 10 or more rooms. This March, there were twelve homes sold in these two categories.

March 2011 March 2012 5+ Bedrooms 5 12 10+ Rooms 7 12

Comparing apples to apples, prices still appear to be softening. On a positive note, however, confidence seems to be returning to the market, with larger, more expensive homes selling.

   Marilyn Katz
   Senior Vice President

   203-429-4188

  Servings Westport, CT and the surrounding communities

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Connecticut REALTORS® at the Capitol

Tue, 10 Apr 2012 13:03:08 -0700

Last Thursday (April 5, 2012,) approximately 600 REALTORS® descended on Hartford, CT for the annual REALTORS® at the Capitol day. The morning began with a general assembly session at the Bushnell auditorium, where CAR (Connecticut Association of REALTORS®) leaders presented the issues concerning some of the current proposed legislation and how it impacts the real estate market for agents, home buyers and sellers.

The gathering then moved across the street to the Legislation Office Building, where REALTORS® broke into smaller groups to meet with the State Senators and House Representatives that represent their specific regions. During the Q&A session that I attended, one of the legislators went a bit off topic and pronounced how burdensome the Federal Health Care Bill is, because it will tax sellers 3.8% on the sale of their homes, to fund the bill.

That blanket statement was immediately corrected by some of the attendees. However, it was troubling to realize that if an elected official had not made the effort to find out the details of the tax, how much more of the public was also misinformed. Therefore, although the mistatement has been debunked many times before, I thought it was worth clarifying the details of the tax provision, one more time.

Beginning in 2013, the 3.8% tax will apply to singles earning $200,000+ and married couples earning $250,000+. The tax is only on the profit, above $250,000 (singles) and $500,000 (married.) Therefore, the vast majority of home sellers are not affected by the tax, and that includes high income individuals.

For example, a married couple earning $800,000 (certainly high income and in the “subject to” category) sells their primary residence for $2 million. The profit on the sale of the home is $400,000. Amount subject to 3.8% tax = 0

Assuming their profit was $550,000, they would be allowed a $500,000 exclusion and would have to pay 3.8% on $50,000 or $1,900.

   Marilyn Katz
   Senior Vice President

   203-429-4188

  Servings Westport, CT and the surrounding communities

Search Like an Agent

Westport CT Market Report- Single-Family Home Sale Trends

Tue, 24 Jan 2012 12:39:02 -0800

As we begin the new year, the crystal balls have come out and there have been a wide range of predictions for how the housing market will perform in 2012. I have read that this year we will see a minor recovery, that pent up demand will drive a major recovery, that prices will fall through the first half of the year but pick up, starting in June, that prices won't begin to rebound until 2013, and so on. You get the picture.

While overall forecasts may be useful in determining the state of the economic recovery, they are not really relevant for the home buyer or seller. The numbers that should be important to them are the statistics for their local market.

According to NAR, 2007 existing home sales posted the largest drop in 25 years, while in Westport, this segment showed a 6% gain. The precipitous drop did not hit Westport until 2008, when a third fewer single-family homes (existing and new construction) sold, compared with the previous year. By 2009, only half as many homes sold, than in 2004. The downtrend was not as steep for prices. Median sale price peaked in 2007, at $1,400,000 and only showed a 4% decline, the following year. By 2009, however, median sale price fell to $1,188,500, below 2005 levels.

The trend line for unit and dollar sales began to diverge in 2010. That year, the number of Westport single-family homes sold surged 40% vs. 2009, although remaining considerably below the highs posted in the first half of the decade. 2011 sales were relatively flat, with only a 2% decline. At the same time, median sale price continued to trend down.

The median sale price for a single-family home was $1,085,625, in 2011, roughly equal to the median selling price in 2004. At this point, there is no evidence that prices are rebounding, any time soon.

This data is compiled from the Consolidated Multiple Listing Service and may not always be accurate. No warranty is made as to the accuracy of this information. You should verify any information that is important to your buying.

   Marilyn Katz
   Senior Vice President

   203-429-4188

  Servings Westport, CT and the surrounding communities

Search Like an Agent

Westport, CT Market Report - A buyer's market....or not!

Mon, 16 Jan 2012 18:41:10 -0800

One method for assessing the activity of the housing market is by calculating the absorption rate. The rate is determined by dividing the current number of active listings by the average number of homes selling each month. The resulting figure shows the number of months it would take to sell the existing inventory of active listings. A normal or balanced market would have a five to six month supply of homes. A seller's market, reflecting a limited number of homes for sale, would have a one to four month supply. A supply time of seven months or more would indicate a buyer's market.

Supply Time           Market Description
1 to 4 months           Seller's Market
5 to 6 months           Normal Market
7 months or more     Buyer's Market

Using the preceding twelve months as a determinant for calculating average monthly sales, the current absorption rate for Westport single-family homes is 8.8 months. According to the above chart, this would indicate that Westport is currently in a Buyer's Market. However, as the case with most averages and generalizations, they rarely tell the whole story.

Analyzing the data by price point gives a clearer picture of market activity. The overall absorption rate for homes listed at $1 million or less is 4.6 months. While a few price ranges in this segment have supply times above a normal market, there is generally limited inventory, creating a seller's market at the lower end. At the same time, there is an abundance of inventory for homes in the higher price points. There is a two and a half year supply of homes selling at $2.5 million or more. The absorption rate for listings priced $4 million or more is thirty-nine (39) months, or over three years.

   Marilyn Katz
   Senior Vice President

   203-429-4188

  Servings Westport, CT and the surrounding communities

Search Like an Agent

Westport, CT - 2011 Housing Market Report

Fri, 13 Jan 2012 13:29:03 -0800

The Westport housing market ended on a ho-hum note. On an annual basis, single-family home sales were off two percent (2%) compared with 2010. While unit sales remained comfortably ahead of 2008 and 2009, they were well off the highs posted in the previous decade.

Prices continued to soften. The median sold price of a single-family home, for 2011, was $1,085,625. This represented a five percent (5%) decline from the 2010 median sold price of $1,145,000. The bulk of the sales were for homes selling between one and two million dollars. This segment represented forty percent (40%) of total units sold, for both years. However, the shape of the market changed at the extreme ends. Only half as many homes sold for $4 million or more, in 2011, compared with a year ago (7 vs. 14.) At the same time, two and a half times as many homes sold under $400,000, this year.

Despite devastating snowstorms that brought activity to a halt, previously negotiated transactions managed to close during the first quarter of 2011 and units sales of single-family homes remained flat compared with 1Q10. Pent up demand took hold during the second quarter of the year. Units sold surged thirty-two percent (32%) vs the comparable period, a year ago. The second half of the year was a disappointment. Seventeen percent (17%) fewer homes sold during the third quarter, while fourth quarter totals fell twenty-two percent (22%.) As a percentage of total single-family homes sold, the fourth quarter of 2011 posted the smallest contribution to annual sales since 2005.

Single-Family Home Sales - 2011 Statistics

Unit sold - 344
Average Sold Price - $1,338,229
Median Sold Price - $1,085,625
Highest Sold Price - $6,300,000
Lowest Sold Price - $215,000
Average Days on Market - 105

   Marilyn Katz
   Senior Vice President

   203-429-4188

  Servings Westport, CT and the surrounding communities

Search Like an Agent

Westport - November Trick-or-Treat

Fri, 04 Nov 2011 20:12:55 -0700

It's not nice to fool blame Mother Nature

Last week, a rare, late October snowstorm blanketed much of the northeast. Connecticut was among the hardest hit states. At the peak, over 800,000 Connecticut customers were without power. Many Westporters (myself included) dodged the bullet, as the town suffered a relatively small, 22% outage, far less than most of the surrounding communites. Those who lost power, however, were without it for most of the week and earlier today, there were still over 100 Westport homes where power had not yet been restored. The storm wreaked havoc, affecting public transportation, causing school closings, and messing up sports scheduling. But, my beef was with Mother Nature disrupting Halloween and I decided to write a post about it.

I had just gotten past the part where I accused Mother Nature of acting like the grinch witch that stole
Halloween, when the lights went out!

I couldn't believe it, no visible trees or lines down, but a visit with my neighbors confirmed that my street was, indeed, without power.

It's not nice to fool blame Mother Nature!

Needless to say, my unfinished post disappeared, along with the lights. The current power outage map now shows 266 Westport customers without power. According to a power company recording, our power won't be restored until Sunday, at 11 P.M. I'm hoping that's a canned message that people have been hearing, all week and by some miracle, my lights will reappear, shortly. In the meantime, with the generator noise rumbling in my ear, I'll try to finish this Halloween tale.

Westport - November Trick-or-Treat

The storm dumped a heavy, wet snow which weighed down tree branches that had not yet shed their leaves. The result was lots of large tree limbs and wires down, throughout town. Although most Westport residents still had power, for safety sake, town officials joined with the towns of Weston, Wilton and Norwalk in urging Halloween revelers to postpone their trick-or-treating until Saturday.

In an effort to make up for the disappointment of postponing Halloween, Westport first responders have invited Westport trick-or-treaters, in costume, to stop by the Westport Police department (50 Jesup Road) between 4 and 6 P.M, Saturday. Members of the Police Department, Fire Department, Emergency Medical Service and Police Athletic League will hand out Halloween treats. Prizes will be awarded for the best costumes.

Trick-or-Treating at the Police Station - Now that's what I call a Scary Halloween!

   Marilyn Katz
   Senior Vice President

   203-429-4188

  Servings Westport, CT and the surrounding communities

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Rosh Hashanah 2011

Wed, 28 Sep 2011 16:43:47 -0700

ROSH HASHANAH
September 28, 2011

This evening begins the 2-day celebration
of Rosh Hashanah, the Jewish New Year.

For all those who celebrate this holiday,

L'Shanah Tovah Tikateivu

I wish you a Happy, Healthy and Prosperous
New Year.

   Marilyn Katz
   Senior Vice President

   203-429-4188

  Servings Westport, CT and the surrounding communities

Search Like an Agent

Real Estate Statistics – Go Figure! - part 2

Tue, 27 Sep 2011 22:33:29 -0700

Real Estate Statistics – Go Figure!
Part 2

Drilling Down the Numbers

Unit Sales is a pretty straight forward statistic. However, when determining trends, it is important that the comparison be apples to apples (e.g. single-family homes to single-family homes, condos to condos, antiques to antiques, etc.) Since real estate sales are seasonal, trends are more accurately portrayed by comparing statistics with comparable time periods for the preceding year(s), whether monthly, quarterly or year-to-date, rather than with previous months or quarters.

Listing and Selling Price figures have a few wrinkles to them. The listing price used in most calculations is the current asking price or price in effect when the sales transaction was negotiated. It does not take into account price reductions taken during the current listing, or original listing price for previously expired or cancelled listings. Although some may argue that the earlier prices are irrelevant because the market has determined the correct price, knowing at what price(s) a house didn’t sell may be illuminating when pricing your home.

The listing price to selling price ratio is also affected by use of the most recent listing price. The figures may show homes selling at 95% of asking price, while the percentages might drop to 80 or 85% if applied to original asking price. Taking into account how long the house has been listed, how the price compares to similar properties and what the average sale to list price ratio is, can provide guidance when deciding on an offer price.

One ongoing debate concerns the use of Average vs. Median sales data. Average selling (or listing) price may be skewed by the inclusion of exceptionally low or high priced properties. The distortion is flattened in markets with a large number of transactions. In a smaller market, one aberrant sale can incorrectly indicate the decline or acceleration of the market.

Using the median sales price eliminates the distortion caused by an extreme data point because it simply reflects an equal number of sales above and below the median price. However, median price may still offer misleading information about market trends because it may simply be reflecting a change in the “shape” of the market rather than the direction of prices.

Take a situation where there is an abundance of inventory at the upper end of the market, causing prices in this segment to drop sharply. Consumers taking advantage of lower mortgage rates and falling prices purchase a disproportionate number of larger homes. Median sales price increases because there are more large homes sold, while the reality is that prices are declining.

Days on Market is another statistic that may not paint a true picture. The market time reported is only reflective of the current listing. Adding days on market of previous listings presents a more accurate figure. Some MLSes now offer a total market time statistic

The Bottom Line

Most certainly, the statistics that you receive will be true, but the important question is, will they be accurate? Understanding the underlying makeup of the numbers and the factors that affect them, will guide you in asking the right questions. Being able to accurately interpret the data will enhance the decision making process. Working together with an informed market expert will enable you to make the best use of the information. As Sy Syms says, “An educated consumer is our best customer.”

   Marilyn Katz
   Senior Vice President

   203-429-4188

  Servings Westport, CT and the surrounding communities

Search Like an Agent

Real Estate Statistics – Go Figure!

Mon, 26 Sep 2011 17:48:31 -0700

Real Estate Statistics – Go Figure!

part 1

“Figures don't lie, but liars figure.” Mark Twain The saying portrays an ironic or perhaps cynical viewpoint of the way statistics are used to shape our decisions. While it is true that numbers can be manipulated to misrepresent a given condition, often, it is an innocent misinterpretation that leads us to draw inaccurate conclusions.

The Housing Market

Every month, various agencies in the United States release a series of economic indicators, including data on the housing market. The most commonly broadcast statistics include housing starts and building permits (NAHB), new single-family home sales (U.S. Census) and existing-home sales (NAR.) Because of different methodologies employed, reports may appear to present contradictory trends, for any given month.

The U.S. Census Bureau’s new single-family home sales is based on signed contracts and/or deposits received. Existing-home sales, including single-family homes, co-ops and condominiums, is released by NAR (National Association of REALTORS®), which bases it’s sales data on closed transactions. Since it typically takes a month or two (or more) to go from contract to closing, the market may shift direction during that period.and the two monthly reports may seem to show opposite trends.

All Real Estate is Local

While understanding the discrepencies may be interesting, the truth is that none of the reported figures may be of any value to the individual consumer. Although the full reports do refine the data further (e.g. NAR breaks out statistics for single-family homes, and by region), the headlines presented by the media reflect national information. For the home buyer or seller the only pertinent information is local information.

There is an abundance of information available to help determine trends and values, when making decisions about purchasing or selling a house in your local market. Among these statistics are unit sales, average asking and selling prices, median asking and selling prices, average days on market, listing price to selling price ratio and months of inventory. However, just as with the national statistics, accepting the numbers as presented without drilling down further may lead you to draw erroneous conclusions.

next..Part 2 Drilling down the numbers

   Marilyn Katz
   Senior Vice President

   203-429-4188

  Servings Westport, CT and the surrounding communities

Search Like an Agent

Westport, CT - Caution, Falling Trees

Tue, 09 Aug 2011 15:18:08 -0700

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Adding to the charm of Westport. CT are the stately trees that line our roads and grace our yards. Along with the beauty of wooded properties, however, comes the potential disruption and danger caused by falling trees. The most common occurrences happen during major storms, when fallen limbs routinely cause power outages. Three times, early this summer, trees fell on motorists on the Merritt Parkway, in Stamford, Westport and Fairfield, in one instance resulting in a fatality.

Of course, trees can also fall on fair weather days, especially if they are diseased or damaged. So, we were less than thrilled to notice a tall tree, in our front yard, leaning at a precipitous angle. On further inspection, we found that the trunk of the tree was split open.

On the one hand, we hoped that mother nature would take care of it, during the next storm, with the surrounding trees cradling it and breaking its fall. but, there were too many ifs in that scenario. So, it was time to call in the tree service.

The first step was a ride, up in the bucket, to trim the extra branches.

With a clear path, the tree was taken down.

That was followed by more

trimming and chipping

stump grinding

and cleanup

Now we just have to plant some new grass!

   Marilyn Katz
   Senior Vice President

   203-429-4188

  Servings Westport, CT and the surrounding communities

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Westport CT - Boating Season 2011...Finally Arrives!!

Fri, 13 May 2011 13:51:06 -0700

Westport CT - Boating Season 2011...Finally Arrives!!

As weeks of cool weather persisted, it felt like spring would never take hold. However, if recent activity at Saugatuck Harbor Yacht Club, in Westport, is any indication, boating season 2011 has finally arrived in Connecticut.

Waiting to be uncovered

Painting the bottom

Varnishing the teak

Polishing the fiberglass

Ready to go

   Marilyn Katz
   Senior Vice President

   203-429-4188

  Servings Westport, CT and the surrounding communities

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Westport, CT - Last Licks at the Beach!

Thu, 17 Mar 2011 17:02:53 -0700

Westport, CT - Last Licks at the Beach!

It was a glorious afternoon for getting in Last Licks, at the beach.

Compo Beach rules say:
"NO ANIMALS ARE ALLOWED BEYOND THIS POINT FROM APRIL 1ST - SEPT 30TH."

In the meantime, there's still time for a friendly run.

And, what's a day at the beach, without a dip in Long Island Sound?

Only 2 weeks left at the beach, but all is not lost.

Westport canines have their own "Doggie Park" (aka Winslow Park),

in which to romp around, all year long.

   Marilyn Katz
   Senior Vice President

   203-429-4188

  Servings Westport, CT and the surrounding communities

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