By John Engel
It’s beach season and Save the Sound has graded all 197 Connecticut beaches on water quality and 75% of them got a grade of A or B. Beaches at the entrance to Long Island Sound such as in Noank and Groton lead the list, but in this area the top beaches are Bell Island Beach in Rowayton and Quigley Beach in Stamford. Eleven beaches in Long Island Sound received grade of D or lower, but they were all in New York with the exception of Byram Park Beach in Greenwich which received an F. It’s likely due to the Canadian Geese problem there. Darien’s two beaches each earned an A+, Calf Pasture in Norwalk an A- and Compo Beach in Westport got a B+.
Ok, back to real estate. How important are these beaches anyway? What is the value of waterfront in Fairfield County? In Greenwich, of the 65 single family listings 5 are listed as waterfront on Long Island Sound ranging from 545 Indian Field Rd, 12,492 sq. feet on 1.6 acres asking $49.5 million down to 33 Byram Shore Road, 4,010 sq. feet on .35 acres for $6,999,000.
The other three Greenwich waterfront are listed for $9.5 million, $12.5 million and $29.9 million which results in and average to median price per sq. foot of $2277 to $1884. Only the two most expensive have been on the market more than a month. In the last year there have been three sales fronting Long Island Sound, closing at $4.2 million (.45 acres), $5.4 million (1.14 acre) and $8.0 million (2 acres), all small older houses under 4,000 sq. feet.
In Darien there is only one listing with direct waterfront on Long Island Sound: 1 Pratt Island is 4319 sq. feet on 2 acres built in 1906. It has a dock for 2 boats and room for a barn or cottage, asking $9.6 million making this $2,222 per sq. foot. There have been five sales in the past year: $5.25, $5.27, $5.55, $6.5 and $9.6 million, ranging from 1.24 to 3.25 acres. They average $1437 per sq. foot and 96% of the asking price.
Norwalk only has one on the water. Designed by Bruce Beinfeld 1 Rocky Point Rd on Bell Island is a 3-bedroom house on 4,585 sq. feet on a tenth of an acre for $4.4 million, $958 per sq. foot. There were no sales on the water this past year in Norwalk. 12 Nathan Hale Drive tried twice, first at $8 million, and later at $6 million, but the listing expired in November.
In Stamford we found four waterfront gems listed. The smallest, 3,757 sq. feet on .34 acre for $2 million, is across the street from the water. Second is a 4,188 ft on .53 acres for $2.65 million with a substantial stone pier and boat lift. Third is 16 Fairview Ave, a large house on a full acre with a private beach for $5.8 million. Finally, 140 Wallacks Drive is a stone mansion from 1909, 14,149 sq. feet with stone guest cottage dating from 1870 on 3.51 acres of peninsula asking $8 million, only $788 per sq. foot for the main house. What I like most about this house is that in addition to a regular swimming pool they’ve carved a large saltwater pool and beach out of the natural rock. This property has two houses and can be subdivided. Let’s go in on it together! This past year there have been two sales on the water: 150 Dolphin Cove Quay sold for $3.7 on .21 acres and 2236 Shippan Avenue sold for $5.65 million.
In Westport we found seven waterfront properties ranging from 2534 sq. feet on .18 acre for $1.9 million to 3,955 sq. feet on .39 acre for $12.25 million. Two of the seven are under There were seven waterfront sales in Westport this past year ranging from $1.67 (a tenth of an acre across the street from the beach) to $2.6, two at $4.5, $6.4 $7.0 and $11 million for an average and median around $1500 per sq. foot, $6.3 million and 93% of asking price.
Ok, enough of waterfront for the 1%, what about the rest of us? You can retire to a waterfront 2-bedroom in Waterford for $399,900, 816 sq. feet. For something a bit more upscale consider this Stonington waterfront cottage for $899,000 or a couple offered in Milford for $890,000. There are 68 properties for sale advertising Long-Island Sound frontage. Is one of them calling you?
Notes from the Monday Meeting
I’ve included the Fairfield County rental chart because Summer is high season when most rentals occur. If you’re not listing because there’s nothing to buy, and nothing to rent, and you’re feeling stuck in your current situation then use this chart to know there are 1,100 rentals available in this area, in every shape and size. The real estate season feels “busier later”. That’s our answer to the Fed’s “higher for longer” mantra. Buyers I had given up on are back, trying again, competing for houses. Properties that have been on the market for years are selling in multiple-bid situations. Of the 204 New Canaan single-family sales in the past year 14 of them had been on the market for more than 6 months before selling. That’s what happens in a rising market: wait long enough and a blind squirrel finds a nut. The average and median sale occurred at 100% of asking price. The median sale occurred after only 24 days on market. A few years ago I met a family moving from Greenwich to New Canaan and when asked why they said Greenwich was a town of “sharp elbows” That phrase has stuck with me. Tonight, I’ll vote on various P&Z applications and ask myself if we are becoming a town of sharp elbows. Most of us move when a major life change requires it (death, divorce, job, kids) but this week a friend asked me to list his house because “the vibe” is changing in New Canaan and not for the better. He’s bummed out by some of our local headlines and a few mean-spirited neighbors. On this Memorial Day weekend, as we celebrate the best of our community during the parade, as we get together with family and neighbors in the warm weather let’s notice that “the vibe” here is worth protecting, and New Canaan can still be a town of soft elbows.
Biography
John Engel is a broker with The Engel Team at Douglas Elliman and he is a Pisces (married to a Scorpio). They are preparing a summer cottage for beach season: installing a hot water heater, painting the dock and staining the deck. Now, its time to go fishing! John’s son Max reports that the stripers are biting. Fisherman’s World in Norwalk confirms the “bass bonanza continued across Long Island Sound…chasing various types of bait…diamond jigs, flutter spoons, bucktails and paddletails.”
