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Date Archives: October 2014

Bain Real Estate - Market Update Home

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White Hollow | 4 Posts
October
1

PLEASE CLICK HERE TO SEE THE MAP.

Dear Neighbor,

  Here is the annual Village real estate report detailing the real estate activity in the last 12 months in the village of Kent on the residential, condominiums and commercial properties.

 Sales transactions in all of Kent were considerably lower since I last wrote which echo the national and state trends. Case Schiller report noted that prices have increased slightly while volume of sales transactions has dropped. This drop is in part attributable to the investor buyer segment of the market that has taken advantage of the "good deals" in the last few years. We are seeing a return to a more balanced market where there is a small pool of buyers and a limited amount of homes available for sale.

 Incrementally the market values are getting healthier. Data shows that 2014 average sales price was even stronger than 2013 in Kent. A more accurate reflection of a healing market is the Days it takes to sell and that average is dramatically different by nearly half. There is roughly the same amount of listings on the market (57) than last year at this time (56). We have 4 of these listings in contract to sell.

  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 19 $844,389 154 Days on $758,776

 Here is what transpired in the Village neighborhood since I wrote you last:

5 condominium sales; 4 residential closings; 1 commercial transaction.

 

Condominiums:

The condo values seemed to have dropped considerably. We are seeing sales prices that reflect pricing from a decade ago.

 

Kent Hills - 80 North Main Street

There were seven transactions at Kent Hills in the last twelve months.

Number Bds Bths Gar. Floor Sq. Ft. Ask Sold

KH3 #35 2 2.5 1 car 2nd 1612 $264,000 $240,000

KH1B4/B4 3 2 1 car 2nd 1609 $285,000 $255,000

KH1B1/A3 2 1.5 1 car 1st 1252 $179,000 $169,000*

KH1B1/B3 2 1.5 1 car 2nd 1252 $159,000 $145,000*

Average-2014 9% off asking price $221,750 $202,250

 

Average-2013 10.4% off asking price $170,971 $153,213

 These averages compared to a year ago indicate that values are solidifying. I have asterisked two sales to point out that these two units resold since last year and both sold for slightly more than they were purchased for.

 There are presently four units for sale and we have KH3U25 for sale for $260,000. This Townhouse has commanding views of the village and Mt. Algo. With 1624 sq. ft. this two bedroom 2.5 bathroom home is in excellent condition.

 

River View Commons- 16 Elizabeth Street

The one sale

Number Beds Baths Base. Gar. Sq. Ft. Ask Sold

Unit 6 1 1 None 0 961 $76,500 $70,000

 

Average 8.5% off asking price $76,500 $70,000

 

Single Family Residential:

The village residences are still very much in demand. People are seeking the convenience that the village offers, the neighborhood camaraderie and the size of the homes. Here are three sales:

 

8 Bluff Road is a 1,216 square foot Cape Cod Style home with 2 bedrooms and 1 bathroom presently on the market for sale. Sitting up high above the Housatonic River, this 1900's bungalow is a perfect house to renovate. This half acre property offers privacy and views as well. There is a large boathouse on the property with considerable frontage on the Housatonic River. It was asking $150,000- and I sold this home sold for $135,000.

 

11 Meadow Street is a Cape Style home that sits on .25 of an acre. The house has a first floor master suite and lovely book lined living room with a fireplace. There are two bedrooms upstairs in this 2000 sq. ft. home. We sold it in 1999 for $234,500 and this is the second owner who purchased the home for $330,000.

 

20 Meadow Street is a Cape style home with considerable space. This 3 bedroom home has a bedroom on the main level a large living room with a fireplace and a sizeable basement for storage or a shop. There is perfect solar gain and it has a private backyard. Marilyn DeVos of my firm along with our associate Toni Soule worked to make the buyer and seller happy with a transaction that was in contract within 5 days of listing. The house sold for $345,000 off a $365,000 list price.

 

My partner, Chris Garrity, has 23 Lane Street listed for $379,500. This is a lovely village Colonial with a level back yard. The house has been completely renovated over the last 10 years and features antique maple flooring, moldings and wainscoting. French doors open to the back patio, a cozy office and a formal dining room. Easy to maintain and top of the line appliance and utilities. Ready to go!

 

89A Main Street North is a Colonial house next to the Community House. This antique beauty sold in a direct transaction for $350,000. The house has a fireplace, first floor master bedroom and a formal dining room.

 

 

Commercial:

The commercial market was not as active as last year but there is still a considerable amount of opportunities on the market. On Thursday night October 3rd the town's people voted 124 to 44 in favor of acquiring the former Chevy Dealership lot across from the Fife n Drum. That property is listed for $495,000 and the town was awarded a $500,000 STEAP grant to acquire the 1.6 acre parcel for future town use. Stay tuned for whether a deal can be reached with the seller.

 

Another private sale occurred this past summer where 10 Main Street (the building that houses the bookstore and coffee shop) sold directly for $835,000. This property includes two barns behind the 6760 sq. ft. main building and has 6 tenants. Since this property was last sold in 2000 it has grown in value over $26,000 per year.

 

Listed is 23 Maple Street- Presently a wonderfully successful village inn- The Kent Country Inn-with impeccable details in tip-top condition. Completely renovated 15 years ago from top to bottom it retains the antique feeling with exposed beams, wide board flooring, stonework, 2 fireplaces and 4 suites. It is zoned commercial so there are many options available for use (former site of Restaurant Moosalauke), it could be converted back to a residence for the perfect village home. Privacy is assured in the spacious and level back yard. It is listed for $539,000.

 

There are 6 other commercial properties on the market in Kent so if you wish to see any of them, give us a call.

 

Kent continues to thrive. We had great Summer Sidewalk Sales and the Champagne Stroll in the village the weekend after Thanksgiving will be a great event. See you on Main Street.

 

 

 

Respectfully,

David Bain

 

Chris Garrity

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

 

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

October
1

PLEASE CLICK HERE TO SEE THE MAP.

Dear Neighbor,

Here is the annual real estate report detailing the real estate activity in the last 12 months in the White Hollow neighborhood.

Sales transactions in all of Sharon were considerably lower since last year's report this slowdown echoes both the national and state trends. Case Schiller report noted that prices have increased slightly while volume of sales transactions has dropped. This drop is in part attributable to the investor buyer segment of the market that has taken advantage of the "good deals" in the last few years. We are seeing a return, albeit slowly, to a more balanced market where there is a small pool of buyers and a limited amount of homes available for sale.

Sharon's real estate market is slightly more active and incrementally getting healthier. Data shows that 2014 sales were slightly stronger than 2013 in Sharon with 43 sales in the last twelve months compared with 39 in the year prior.

 But there are 96 homes on the market (only 3 in contract to sell) in Sharon which is a historically large supply of homes. Salisbury by comparison has 98 listings (9 in contract) and Kent maintains 63 offerings (6 in contract) each town has approximately 10 more homes on the market than last years' offerings.

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, and it will be interesting to see how the 4th quarter shapes up as the buyers are plentiful as they traditionally are this time of the year. 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 Oct-Oct. indicate that the sales volume has remained constant with 4 more sale this year than last. To put this in perspective the last Market Analysis Report is from 10 years ago which was the run up before the bubble burst. Ten years ago the houses sold quicker and closed for closer to asking price. But the sq. ft. cost is roughly the same and the number of sales was dramatically lower ten years ago.

So it appears the current trends are positive!

Market Analysis Report 2013-2014

Property Type: Residential

Status: Closed/Sold

Number of Properties: 43

 

 

Beds

Baths

SqFt

Listing Price

LP$/SqFt

Sale Price

SP$/SqFt

SP/LP

ADOM

Average

3

2.56

2,674

$824,858

$248.39

$720,191

$216.4

87.18%

189

Median

3

2.5

2,316

$499,000

$208.73

$453,750

$182.45

89.9%

149

  

Market Analysis Report 2003-2004

Property Type: Residential

Status: Closed/Sold

Number of Properties: 28

 

 

Beds

Baths

SqFt

Listing Price

LP$/SqFt

Sale Price

SP$/SqFt

SP/LP

ADOM

Average

3

2.24

1,987

$482,750

$229.58

$446,554

$213.19

93.11%

130

Median

3

2

1,830

$395,000

$223.9

$355,000

$199.98

93.14%

74

 Here is what transpired in the neighborhood this past year:

120 Calkinstown Road is an antique home in impeccable condition and loaded with charm that sold within the last 12 months. This 2500 sq. ft. Cape style home has 4 bedrooms and 3 and one half bathrooms. There are old wide board floors throughout, plaster walls and a wood shingle roof on this 1740's home. There are over 7 acres of open land, rock walls, garden and brook. It closed for $1,000,000.

This renovated antique at 158 Calkinstown Road has all the charm of an 18th century center chimney saltbox plus includes a new kitchen and renovated bathrooms. And the basement was rebuilt in the 1980's. This 2347 sq. ft. house has 3 bedrooms and 2 bathrooms. There is an in ground pool and a landscaped private yard abutting conservation. It was listed for $595,000 and sold for $565,000.

30 Jewett Hill maintains uninterrupted views to the Catskills from this estate Colonial on 34 acres. The house is reached by a private winding driveway to a Belgian Block courtyard dotted with mature pear trees. The house boasts quality design and detail with a comfortable 5321 sq. ft. of living space. There are 5 bedrooms and 6.5 baths plus a large Kitchen/Breakfast Room, spacious Family Room, gracious Living/Dining Room, Office and Master Suite, all open to columned porch, terrace and sweeping views. There are four en-suite bedrooms plus Home Theatre and Exercise Room. The house includes 2 fireplaces and state of the art Internet Technology. Bluestone terrace and irrigated landscape connects to a heated Gunite pool. Closing Price: $4,000,000 on a listing price of $5,250,000.

268 Calkinstown Road was recently sold for $170,000 as an undeveloped parcel of land. This 1.1 acre had a house on it which was demolished last year as the house was in poor condition. The house sold last year for $220,000.

139 Calkinstown Road is a sweet Sharon Cape home on over 1/2 acre of land. There are 3 bedrooms and one bath with an open living and dining room. There is wood flooring throughout. Kitchen opens to a private deck and back yard. It was listed for $237,500 and sold for $220,000.

76 Jackson Road is a post and beam barn house with modern touches. Spacious rooms and cathedral ceilings highlight the barn frame. There is a large fireplace, wide board pine flooring and an open floor plan. The porch has floor to ceiling screens and mahogany flooring. There is a large master suite plus a fully operational attached guest house with a kitchen, fireplace and screened porch. There are 6.08 acres of land with woods and fields. Plus there is an expansive barn system for horses, entertainment, storage or hobbies. I had this property listed for $795,000 and closed for $678,000.

22 Red Rock Road is nestled in the maples and shagbark hickories, and is in move-in condition. Thousands of acres of protected land are within walking distance from this 3-bedroom 2-bathroom home on 5.97 acres. The open floor plan with sliders to decks and screened porch all increase the livability and desirability of this wonderful property. It is listed for $354,000.

A 1760 antique loaded with charm at 145 White Hollow Road sold for $453,750 last December. Many modern updates to the kitchen and baths, plus cosmetics & mechanical improvements made this old house easy to live in. Set on a beautiful 13 acres, the meadow is perfect for horses. There is a 3 season cottage with a bathroom and fireplace, a writer's studio and 2 car garage are also part of the property. It had been last listed for $499,000.

38 acres • 5 BR • 6 BA • 1

150 White Hollow is a Cape style home with an open floor plan and wonderful setting. The natural wood interior of this the 1,932 sq. ft. home with 3 bedrooms and 2 bathrooms provides a warm country feel. Considerable natural light with southern exposure makes this property ideal for solar energy possibilities. The home is listed for $349,000.

We have also listed an affordable lot with a babbling brook on Gay Street. The lot can remain mostly wooded for privacy or cleared substantially to allow more light, an opportunity to build a nice house in Sharon. This 2.69 acre parcel has 25 feet of road front and is listed for $72,000.

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 Stats" on the home page.

Respectfully,

Chris Garrity

David Bain

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