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Date Archives: September 2014

Bain Real Estate - Market Update Home

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Bulls Bridge | 4 Posts
Cornwall Bridge | 6 Posts
Cornwall Hollow | 4 Posts
Cream Hill | 5 Posts
East Cornwall | 5 Posts
East Warren | 5 Posts
Ellsworth | 5 Posts
Kent Hollow | 3 Posts
Kent Village | 4 Posts
Long Mountain | 2 Posts
Merryall | 2 Posts
Mid Cornwall | 5 Posts
Mudge Pond | 5 Posts
Route 7 South | 3 Posts
Segar Mountain | 6 Posts
Sharon Mountain | 4 Posts
Sharon Village | 4 Posts
Silver Lake | 5 Posts
Skiff Mountain | 4 Posts
South Kent | 3 Posts
Spectacle Lakes | 5 Posts
Waramaug | 4 Posts
West Cornwall | 7 Posts
West Warren | 5 Posts
Westwoods | 4 Posts
White Hollow | 4 Posts
September
1

PLEASE CLICK  HERE TO SEE THE MAP.

 

Dear Neighbor:

We've had a lovely summer selling properties in your Cornwall neighborhood and fall is now here with some exciting new listings. Currently there are 38 homes and 17 lots for sale in town. The homes range in price from $168,500 to $3,695,000.

Buyers are still negotiating for the very best prices they can get as our report on what has sold will show, but most of the sales were cash sales. The sale prices still range in that mid-point between the town appraised value and the town assessed value (70% of appraised value).

Last year we reported 2 sales in your neighborhood. This year we are reporting 7 sales and 3 properties are currently listed for sale. A nice pick up!

38 Popple Swamp Road is a unique mid-century (20th) modern 3000 square foot home perched on the hillside of 30 acres. It had a 21st century kitchen with stainless steel appliances and sold for $750,000 down from the original list price of $765,000. The real story here is that the sellers had paid $950,000 about 5 years earlier.

45 Pierce Lane is a 3 bedroom Colonial set back on a 5 acre lot with an adjacent 6 acre lot for sale at $175,000. The house was priced at $389,000. The total package sold for $450,000.

15 Poughkeepsie Turnpike is a barn style home of 2000 square feet on a five acre lot with great views. This new (2007) post and beam structure was light and bright with great privacy, screened porch, each bedroom has a bath en suite and there is a detached barn/garage. It was listed for $795,000 and sold for $712,000.

67 Dibble Hill Road is a ranch style house with a fully finished lower level on 18.5 acres. Solidly built in 1967 with a long driveway for privacy, it has 4 bedrooms, 3 full and 1 half bath, eat in kitchen adjacent to a formal dining room, large living room with wood burning fireplace, large family room with a wood stove. Originally listed at $650,000 I was the selling agent to delighted summer renters for $450,000.

96 Dibble Hill Road was David Bain's listing. This spacious 1976 contemporary has 3 bedrooms and 3 bathrooms, vaulted ceiling in the large living room with views looking over the 11 acres. At one time the lower level, fully finished, had been rented as a separate apartment. Listed at $375,000 and sold at $300,000.

40 Woodruff Lane was my listing. This architect designed contemporary has distant northwestern views. A swimming pool nestles in the front yard. At almost 3000 square feet on 6 acres, all the rooms are open to the light. The vaulted ceiling in the living room is anchored by a fieldstone fireplace surrounded by bookshelves and is open to the dining room. Originally listed at $895,000 it sold for $705,000.

79 Todd Hill Road is a 2007 contemporary shingle style home on 3 acres with sunset views. A most spacious 4936 square feet with 4 bedrooms, 3 with baths en suite, plus a library with a full bath, eat in kitchen with pantry and Viking stove and French doors to a 3 season porch, it is a gracious home. Originally listed at $1,295,000 it sold for $1,100,000.

Currently for sale with us:

8 Popple Swamp Road. This 1850 Colonial is a large 3558 square feet on over 8 acres. The land is beautifully landscaped with sweeping lawn, private brook side garden with bridge over the brook, another fenced area for deer free gardening and the back several acres are wooded. There is a barn plus a 2 car garage with a work shop area. Inside this lovely home are high ceilings, formal dining room, casual den, sitting room parlor, wide board floors, wainscoting, covered front porch and screened back porch plus 5 bedrooms and 3 baths. David Bain has this listing recently reduced to $592,500.

At 5 Cornwall Hollow Road I have listed a 10 acre hillside, wooded, with great views to the east and north and south. It is very close to Mohawk Mountain Skiing and Cream Hill Lake . $150,000.

Along Sharon Goshen Turnpike Rick Meehan has listed 16.57 acres with a brook and several potential building sites with southerly views for $175,000.

We hope to see you around town. Do stop by and visit us in West Cornwall next door to the Wandering Moose. We have many other offerings in Cornwall that you may see on your visit to www.bainrealestate.com.

 

Cordially,

 

Priscilla Pavel

Also in the Cornwall Office: Rick Meehan, Heidi Kearns, Shirley Zimmerman

September
1

PLEASE CLICK HERE TO SEE THE MAP.

Dear Neighbor,

Each summer we take stock of how the previous 12 months of the real estate market have fared nationally, regionally, town wide and even down to your neighborhood.

 

While the last quarter traditionally maintains strong sales, this third quarter reflection is a good barometer to measure the health of the market.

 

Nationally we are seeing the high growth areas, primarily the major cities, booming as foreign money and urban renewal are stoking value increases. However, there has been slippage in markets that had a considerable amount of distressed properties as those "deals" are bought up constricting buying opportunities.

 

In Connecticut we are seeing a stable market with sales reflecting national trends. In a press release to the media last Friday, Connecticut REALTORS reported that single-family residential home sales in Connecticut decreased 1.4% comparing July 2014 to July 2013.The median sales price of $277,750 represents a 4.7% decrease from $291,500 in that same time period. Median indicates that half the homes sold for more and half for less. Total units sold were 3,288 in July 2014 and 3,335 in July 2013.

 

The local real estate market is slightly more active and incrementally getting healthier. Data shows that 2014 was even stronger than 2013 in Kent.

 

Confidence continues to be the main factor in the solidification of values. As the local market is primarily driven by metropolitan New York, we are seeing more prospects who are confident that they can buy a weekend home and not feel they are putting themselves at financial risk. Simply put, people are more confident in the future and secure in their job. Those seeking a value oriented property to relax and enjoy on weekends are able to find it.

 

There are more listings on the market (56) than last year at this time (49). Historically we are well below the transaction numbers of the hay days (2004-2006) but we are much healthier on the average selling price and, as importantly, the days it takes to sell a house.

 

Date Sales Av. List Price Market Time Av. Sales Price

2001-02 40 $469,000 148 Days on $423,554

2002-03 37 $505,000 103 Days on $471,000

2003-04 38 $481,000 143 Days on $449,000

2004-05 48 $613,000 116 Days on $565,000

2005-06 41 $690,000 122 Days on $639,000

2006-07 29 $760,000 168 Days on $695,000

2007-08 29 $1,062,000 125 Days on $957,000

2008-09 28 $675,000 161 Days on $585,000

2009-10 27 $1,127,545 226 Days on $1,012,698

2010-11 21 $423,000 192 Days on $379,000

2011-12 28 $591,299 212 Days on $523,515

2012-13 25 $433,000 299 Days on $410,300

2013-14 23 $815,491 146 Days on $748,010

 

The Skiff Mountain neighborhood has seen only one sale and that was a direct sale to the Marvelwood School. Initially listed for $328,000, the 3 bedroom, 2 bath log home with 1900 sq. ft. at 395 Skiff Mountain Road sold for $295,000 very quickly.

 

There are four homes listed in the area that range from the mid $200,000's up to $549,000. One in particular that Toni Soule of our firm has listed is a 1929 Cape style home at 119 Macedonia Road for $225,000. With 2 bedrooms and 2 bathrooms on nearly an acre of land, it maintains a lovely country feeling with old floor boards, wood beamed ceilings and a large fireplace. Requiring some work, it is in that affordable range that suits the market place.

 

I hope you find this information useful and we wish you a wonderful autumn!

 

To provide you with more information these letters are archived on our website: www.bainrealestate.com. Look for "Neighborhood Sold Stats" on the home page. There you will find other Kent neighborhood letters. We have also added all the houses for sale in Kent and surrounding towns that are in the MLS system to our website! This means that you need only to go to our site to find any and all the properties in your neighborhood, Kent or the fourteen towns we serve. We have also added videos to our site to improve and sharpen the marketing of homes. Video is the medium our customers are used to so we are on the cutting edge and the only ones using them in the area. Please check them out! If you have any questions, give us a call and we'll let you know about properties in the neighborhood! And until then be well and enjoy the onset of autumn.

 

Respectfully,

 

David Bain

 

Chris Garrity

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

 

 

 

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

September
1

PLEASE CLICK HERE TO SEE THE MAP.

Dear Neighbor,

Each September we take stock of how the previous 12 months of the real estate market have fared nationally, regionally, town wide and even down to your neighborhood.

While the last quarter traditionally maintains strong sales, this third quarter reflection is a good barometer to measure the health of the market.

Nationally we are seeing the high growth areas, primarily the major cities, booming as foreign money and urban renewal are stoking value increases. However, in markets that have had a considerable amount of distressed properties there is still market turbulence. But as those "opportunities" are bought up, the market constricts making the long term values stronger.

In Connecticut we are seeing a stable but flat market. In a press release to the media last Friday, Connecticut REALTORS reported that single-family residential home sales in Connecticut decreased 1.4% comparing July 2014 to July 2013.The median sales price of $277,750 represents a 4.7% decrease from $291,500 in that same time period.

Sharon's real estate market is slightly more active and incrementally getting healthier. Data shows that 2014 was even stronger than 2013 in Sharon with 45 sales in the last twelve months compared with 37 in the year prior.

There are 83 homes on the market in Sharon which is a considerably large supply of homes. Salisbury has 88 listings and Kent maintains 53 offerings by comparison.

Earlier in the year the market was vibrant with a number of homes selling. Spring through mid summertime was also quite strong. The market is traditionally slow as summer ebbs, so it will be interesting to see how the 4th quarter shapes up. Presently there are 3 homes in contract to sell. Additionally, the last 12 months has seen 10 land sales according to the CTMLS and the town records. It is especially nice to see the uptick in interest in land.

Year over year stats from Sept.-Sept. indicate that the sales volume has exceeded a level the 2006-2007 when values were at their peak. While volume is up the values still lag behind considerably. The time it took to sell a home this past 12 months has decreased quite nicely since 2011. The trends are positive.

Date # Home Sales Avg. Sales Price Days on Market

Sept. 2005-2006 28 Sales $560,715 109

Sept. 2006-2007 30 Sales $757,917 145

Sept. 2007-2008 20 Sales $481,180 114

Sept. 2008-2009 19 Sales $706,626 133

Sept. 2009-2010 27 Sales $740,161 154

Sept. 2010-2011 28 Sales $511,554 200

Sept. 2011-2012 44 Sales $489,440 246

Sept. 2012-2013 37 Sales $454,335 160

Sept. 2013-2014 45 Sales $453,750 149

Last year's letter noted no sales in your neighborhood. This year we had 3 sales in Silver Lake Shores and 2 sales on Minneluta Heights.

40 Roberts Road was listed for $134,000 and closed after 149 days on the market. This 2-bedroom cottage was built in 1950 and has 850 square feet of living space, fireplace and pine floors. The property includes .18 acre with a garage across the street. Sam FitzGerald of my firm assisted the buyers who paid $115,000.

108 Silver Lake Shore Road closed after years on the market David Almquist of my office and Sam FitzGerald together sold this 1520 sq. ft. home with 2 bedrooms and 2 baths on .47 acres of land. The lot overlooks the lake and has a level, open lot. The property was oringally listed for $179,000 in 2012 and sold for $80,000.

Two contiguous parcels at the corner of Bettina and Douglas Roads fetched $8,000.

We have 134 Cedar Road listed for sale at $125,000. This 716 square foot cottage has 2 bedrooms and one bathroom on .80 acres of land. The house needs considerable work as did the aforementioned sales.

Across the lake, I listed a cottage at 40 Minneluta Trail for $125,000. This residence had a new septic system installed and both the bathroom and kitchen had been renovated but fixtures had not been installed. It sold for $90,000 after three months on the market.

At the end of Minneluta a 38.78 acre parcel of land sold with additional access off of Drum Road the land is wooded and maintain some sloped areas. It closed for $132,000.

We have other offerings around town so if you know of anyone seeking a home, let us know or point them to our website at: www.bainrealestate.com

We hope you enjoy the coming autumn and will write again next year. Or you may find these letters and others sent to different Sharon neighborhoods that are archived on our website look for "Neighborhood Sold Stats" on the home page.

Respectfully,

Chris Garrity

David Bain

& the Sharon office- Jennifer Lunning, Michele Pastre, Sam FitzGerald, Drew Holland and David Almquist

 

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