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.

Bradley Commons

I'm going to shift gears today away from the market data and dive right into the newest condo community in Westport, Bradley Commons.

Bradley Commons is located off of Sunrise Road which is off of CT-33 better known as Saugatuck Ave. It is a brand new construction luxury condominium community consisting of 20 units. The majority of the units come in a townhouse style containing 1649 square feet spread out over 3 levels. There are 15 townhouses around the perimeter of the main circle within the community. Each home has an identical layout on the inside. There are no variations in the floor plan.

The construction quality of these condos is evident throughout. Each unit comes with exquisite crown moldings throughout. The kitchen is a chef's dream; equipped with the latest Sub-Zero, Wolf gas range, Asko dishwasher, and Sharp Microwave oven drawer. The kitchen also boasts magnificent cherry cabinets and granite counter top which are all color customizable based on the buyer's personal tastes. The units have lovely Red Oak hardwood floors throughout with a simple satin polyurethane finish which, again, can be stained differently according to a buyer's taste. The main level of the unit also boasts a natural gas fireplace encased in gleaming marble. And the elegant wooden mantel provides a happy resting place for any flat screen TV.

The upper level dazzles with two generous bedrooms each with its own full bath and a conveniently located laundry room. The second bedroom shows superbly with its handsome recessed wainscoting and vaulted ceiling. The second bath comes fully loaded with a cast iron tub from Kohler and beautiful tile work throughout. This bedroom also contains a walk-in with a custom organization system. You enter the master through two solid wood French doors and are greeted with a majestic tray ceiling surrounded with even more glorious crown. The master contains two walk-ins with custom organization systems. And we finish out the master with a finely appointed master bath. This bathroom contains a gorgeous double vanity, spacious shower and lovely tile work.

To be continued...

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...

The Current State Of The Westport Condo Market

(Left: Bradley Commons)



Welcome back. Now that you have a general understanding of Westport, let's dive right into the condo market.

There are currently 32 active condo listings in Westport. They encompass a price range of $183,000-$1,299,000, and have an average list price of $759,773. The average time on the market for these listings is 113 days. The condos range from 1-3 bedrooms and 1-3.5 baths, with the majority falling at 2 bedrooms and 2.5 baths. There is also a great range in the age of the different condos currently available, with some being close to 30 years old (Strathmore and Harvest Commons), and others new construction (Bradley Commons). In addition to the 32 condos that are currently for sale, there are also 12 available for rent, (2 of which are also for sale) asking between $2300-$5000/month.

Look for the next addition of Westport Condos when I dive into the various statistics regarding the market in the last 12 months. We will be taking an in-depth look at how many condos have sold during this period, at what price, how long they took to get sold and other important figures. Until next time...

Welcome To The Westport Condos Blog!

Welcome one and all to the Westport Condos Blog! This is the blog to come to for all things related to the condo market in Westport. The goal of this blog is to simply act as an informant, and give people an insider's view of the condo market in one of the most sought after communities in the country, Westport, CT.

For those of you that don't know much about Westport, here's a little background of this lovely town. Westport is a coastal town located on the Long Island Sound in Fairfield County, CT, just 47 miles North from the center of the world New York City, New York. Westport is one of the most affluent communities in the United States and is home to significant cultural attractions, including the Westport Country Playhouse, a longtime regional theater, the unique Levitt Pavilion providing free concerts, a strong arts council, the Westport Public Library, and a heritage as a former artists' colony. The population was estimated at 26,615 in 2005.

Westport was named the fifth top-earning city in the US, with a median family income of $193,540 and median home price of $1,200,000 in July, 2008.

The general market areas in town consist of: Saugatuck, Greens Farms, Cockenoe Island, Old Hill, and Coleytown.

The public school system in Westport consistent ranks among the best in the state. The town's public high school, Staples was ranked the #1 public high school in the state this year by Connecticut Magazine. In 2005, Staples High School was ranked by Newsweek magazine as 452nd on a list of the best 1,000 high schools in the country (Grades 9 to 12) with 1,800 students.

Notable residents both past and present include: Paul Newman, Joanne Woodward, Phil Donahue, Marlo Thomas, Don Imus, Michael Bolton (home currently for sale), Harvey Weinstein, Martha Stewart, Bette Davis, Jim Nantz, Michael Douglas, Rodney Dangerfield, Christopher Lloyd (Staples High School '57), Jim McKay, Rod Serling, Neil Sedaka, Helen Keller, and F. Scott Fitzgerald, just to name a few.

Westport is host to several prominent business including: Bridewater Associates, a global investment manager. Canaan Partners, a leading early stage venture capital firm focusing on IT and life sciences. dLife, a multimedia diabetes education and marketing company. Pequot Capital Management, a hedge fund with $7 billion under investment. Playtex Products Inc., and Terex round out the list.

Although it might not seem it, this is just a small glimpse into this wonderful jewel. Stay tuned for my next entry when I dive headfirst into the Westport Condo Market!