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Date Archives: January 2014

Bain Real Estate - Market Update Home

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Bulls Bridge | 4 Posts
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Cornwall Hollow | 4 Posts
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East Warren | 5 Posts
Ellsworth | 5 Posts
Kent Hollow | 3 Posts
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Long Mountain | 2 Posts
Merryall | 2 Posts
Mid Cornwall | 5 Posts
Mudge Pond | 5 Posts
Route 7 South | 3 Posts
Segar Mountain | 6 Posts
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Spectacle Lakes | 5 Posts
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White Hollow | 4 Posts
January
1

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Dear Neighbor,

 

We at Bain wish you a Happy New Year hoping health and happiness continue for you throughout 2014.

 

Unsettling is an apt word for the 2013 real estate market where the insecurities of the world seemed so pervasive. Yet in reflection the year was extremely positive for us at Bain, the local real estate market and businesses alike. And as we head into the New Year, the momentum continues.

 

Nationally we are seeing the growth of values in many regions. The economy is starting to get legs and many segments of the economy reported stronger than average figures.

 

Our local real estate market is active, and getting healthier incrementally as well. Values are stronger. Selling time has dropped to 6 months (5-7 months indicates a normal market). A 14% growth in transactions was seen in Litchfield County in 2013 and 17% in dollar sales. We at Bain had another productive year with very strong sales (67% of the sales in your neighborhood in 2013). We appreciate your continued support and trust.

 

There are presently 37 homes and 19 parcels of land on the market in Kent which is considerably lower than the figure we had a year ago. Of the 4 land sales in Kent last year, two were in the neighborhood. There were 30 residential sales in the last twelve months, six sales over last year's pace.

 

Kent Sales- 2013

Property Type: Residential

Status: Closed/Sold

Number of Properties: 30

 

 

Beds

Baths

SqFt

Listing Price

LP$/SqFt

Sale Price

SP$/SqFt

SP/LP

ADOM

Average

3

2.24

2,263

$729,027

$270.76

$653,250

$242.94

90.77%

185

Median

3

2

2,009

$367,000

$184.85

$325,000

$169.27

91.85%

150

 

 

Kent Sales- 2012

Property Type: Residential

Status: Closed/Sold

Number of Properties: 24

 

 

Beds

Baths

SqFt

Listing Price

LP$/SqFt

Sale Price

SP$/SqFt

SP/LP

ADOM

Average

3

2.13

2,088

$527,636

$229.74

$487,251

$214.31

96.55%

245

Median

3

2

1,762

$378,750

$206.61

$357,250

$195.09

91.55%

257

 

 

Of note is that the average sales price increased by 25%, the sales price per square foot rose 12% and the time on market dropped by nearly two months. All of these data points reveal a market that is healing well. We are seeing these same trends in other towns in the area.

 

Yet, while buyer confidence grows the pool of prospects is still rather low. To keep the interest of the buyers, proper pricing is still critical. There are presently 2 properties in contract to sell in Kent. You've heard it before, a well priced house gets the buyer's attention, and it is still true. Let's see what sold!

Atop a 5 acre parcel with views over South Spectacle Lake 32 Iron Mountain Road has a sophisticated flare. This Contemporary Cape has 4 bedrooms, 3 bathrooms in over 2000 square feet of space. The house was built in 1993 and has cathedral ceiling in the living room, a large fireplace and wood flooring. There is a 3-season porch and finished basement all in excellent condition. Toni Soule of our firm assisted the purchasers that closed for $534,000. It had been listed for over 450 days with an original listing price of $675,000.

Just down the hill Toni also aided another family in their pursuit of a country home at Oak Ridge Road. This was a Custom Build sale where the buyers work with the builder to build a house on a 5 acre parcel. In this case the proposed house will be a 3500 sq. ft. home with 3 bedrooms and 3 bathrooms and plenty of quality details. The sales price was $747,135.

Another 5 acre parcel on Oak Ridge Road also sold as a Custom Build sale. The proposed house will be a 2200 sq. ft. home with 4 bedrooms and 2.5 bathrooms and a bonus room over the garage. The sales price was $599,950.

280 Segar Mountain Road is a contemporary home I have listed for sale. This three bedroom home with oak flooring, renovated kitchen, fireplace in the livingroom is a private retreat. Set atop a 3.697 acre wooded parcel the 2000 sq. ft. house is in excellent condition. Built in 1987 this home is listed for $395,000.

23 Davis Road is a cape style home with French provincial touches. Set on a gravel road bordered in stone walls this 2 acre parcel is well manicured. There are exceptional boxwood design formal gardens, and a large blue stone patio. There are 3 bedrooms in this 1850 sq. ft. home. The 2 bathrooms are tiled and employ Toto fixtures. The large country kitchen features wood beamed ceiling, stone fireplace and zinc topped kitchen. There is a second floor family room as well as an office, garage and barn. My partner Chris Garrity has this listed for $660,000 or lease at $3,200 per month.

Chris and I sold 45 Davis Road, a wonderful lakefront cabin on North Spectacle Lake. This is truly a throw back as this 500 sq. ft. cabin perches over the lake offering 2 bedrooms and a bathroom. I use that word loosely as there is a chemical toilet and water that is pumped from the lake. A perfect place to fix up and summer it was sold for $121,000 within the first few days of listing it.

Next door a private sale occurred at 53 Davis Road. These were two cabins built in the 1960's, not winterized, that sat out on a point at the edge of the lake. The waterfront was accessed from a long driveway through the 1.44 acre parcel. It sold for $650,000.

Speaking of the lake we have 59 Kenico Road for summer lease. Sitting on the north shore of North Spectacle, this 4 bedroom lake house receives incredible sun all day long with its east, southeast positioning. Sited on 6 private acres the house is in excellent shape with open rooms, 3 fireplaces (one outside), granite countertops, tile bathrooms all focused on the view of the lake. A large deck overhangs the lake. Boats available. It is listed for $30,000 for Memorial Day through Labor Day.

We have 61 acres on Kenmont Road listed for $699,000. From the high point of over 1370 feet one can see the Catskills to the west. There is an estate quality to this lot.

Gorham Road offers a 7.75 acre parcel that also offers peaks of the Catskills. The western sloping property is easy to build on as it has been cleared for both the house and the view. It is listed for $245,000.

Another incredible view unfolds from the top of 28 Mt. Mauwee Road. From this 8.581 acre parcel this lot can boast one of the highest building sites in Kent. This level lot has a driveway in and utilities to the site. This lot was purchased for $529,900 and is now listed at $280,000.

23 Stone Wall Lane is a private lot consisting of 17.32 acres of woods. The building site is level and is situated near the stream with its sizeable waterfall and deep pool. This lot is listed for $175,000.

Two parcels in the St. John's Peak neighborhood have sold. Both were bank owned and located on Weantinoge Lane. #10 was listed for $49,900 and sold for $40,000. This lot is a 4.38 acre parcel of woods. # 14 is a 5.83 acre parcel of woods at the end of the road. This parcel abuts open space; it was listed for $77,000 and sold for $75,500.

There are more than 12 properties for sale in the neighborhood, so if you need assistance on any of them, please give us a call. We here at Bain Real Estate wish you all the best of 2014 and hope you will let us know if you need any help in the coming year.

All the best,

 

David Bain

 

Chris Garrity

And the Kent office-Toni Soule, Marilyn DeVos, Eve Iselin and Scott Harvey

 

 

Please note that not all listings and sales transactions are through David Bain Real Estate