Bradley Commons (cont'd)

We continue on our journey through the only new construction condominium community in Westport, CT, Bradley Commons. I ended my last post with a thorough description of the main and upstairs levels. Now let's talk about the lower level.

The units have a beautifully finished lower level. This level contains an over-sized one car garage with extra storage under the stairs, a tile foyer, and a carpeted bonus room. The entire lower level also enjoys the same exquisite crown moldings as the rest of the unit. It is easy to picture the bonus room as a lovely media room, or family room. It would also been an ideal location for an office. Additionally this space is approved as an optional third bedroom. The lower level is where you will find the mechanical room as well as a walk out to the backyard.

Bradley Commons is a simple community for all ages. It has no amenities and is privately gated. There is ample guest parking with over 30 unassigned parking spots. Also there are three units in the complex that have the ability to add an elevator upgrade; a rare luxury in a townhouse style condominium.

The units are currently being offered for sale at a price range of $679,900-$699,900. It is the lowest price new construction for all of Westport. It is also less expensive than the majority of condos in town and boasts far more finishes.

The Current State of the Westport Condo Market (cont'd)

(Terra Nova, the priciest condos in Westport)

Now that we've been through the current active condos in Westport, let's take a minute to go through what has sold recently.

Over the last 6 months (8/7/08-2/3/09), a total of 5 condos have sold. Those condos averaged 115 days on the market and were at a median price of $891,500. The price range of the condos was $675,000-$1,020,000, bringing the average price to $859,800. The total dollar volume for the condos was $4,299,000.



Over the last 12 months, a total of 16 condos have sold. These condos averaged 112 days on the market and were at a median price of $776,250. The price range of the condos was $315,000-$1,235,000, bringing the average price to $748,343. The total dollar volume for the condos was $11,973,500.



I decided to go back and run the same numbers for 1/1/07-1/1/08. During that time period 43 condos sold. Those condos averaged 96 days on the market and were at a median price of $795,000. The price range of the condos was $310,000-$1,450,000, bringing the average price to $750,133. The total dollar volume for the condos was $32,255,750.



Now I want to point out a few interesting things about these numbers. Everyone seems to be on high alert regarding the doom and gloom of the real estate market. And it's easy to see it that way when you only focus on the negative numbers. I want to focus in on a few numbers to show you why the condo market in Westport is doing fine. Let's look at the median price range for condos in the last 12 months compared to the median numbers for all of 2007. Last 12 months $776,250. For 2007 $795,000. That's only about a 2% drop off. Now let's look at average price. Last 12 months $748,343. For 2007 $750,133. That's only a 0.23% drop off. Now I'm not going to leave out the blaring number that people will point out. Yes, overall listings sold has dropped significantly. There were 16 in the last 12 months compared with 43 for 2007. That's about a 60% drop off. So the bottom line is yes the amount of condo inventory in Westport being moved has slowed dramatically, BUT and it's a big BUT, the median price for condos and average price that condos have sold at has only gone down 2%.

STAY POSITIVE EVERYONE!

The median price for condos sold in Westport has gone UP 23% since 2005. Stay tuned for the next post where I lay out the numbers...