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Date Archives: November 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 | 4 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
November
1

PLEASE CLICK HERE TO SEE THE MAP.

 

 Dear Neighbor,

Here is the annual neighborhood real estate report detailing the real estate activity in the last 12 months in your area of Kent.

The 27 sales transactions in Kent in the last 12 months is slightly fewer than previous year's volume of 30. However we are seeing the path back to a more balanced market where there is a small pool of buyers and a limited amount of homes available for sale. Presently there is still more seller supply than buyer demand but that volume is slowly being chipped away.

Moreover, the national economy is systemically healthier providing a more confident buyer pool. We are seeing a very strong upper end of the market fueled by capital that is seeking hard assets, like real estate, in which to invest. It is the main component as to why we are seeing cash deals for multi-million dollar estates during a time of historically low interest rates. Typically the upper end of the market is the trend setter in value recovery as that level of the market has more capital flexibility and critical evaluation processes.

In sum, incrementally the market values are getting healthier. Data shows that in Kent 2014 average sales price was even stronger than in 2013. The Days it took to sell a house in the last 12 months was 134. That average was dramatically different by more than a month and a half (183 Days) in 2012-2013. We have only slightly more listings on the market (58) than last year at this time (55). And there are 5 sales pending.

Date Sales Market Time Av. Sales Price

2012-13 30183 Days on $601,098

2013-14 27 134 Days on $706,120

 

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, but the 4th quarter is shaping up nicely as the buyers are more plentiful and a bit more eager to buy. Additionally, the last 12 months has seen 6 land sales according to the CTMLS and the town records. It is especially nice to see the uptick in interest in land.

311 South Kent Road was a bank owned property that was listed and sold for $149,000. With one acre of land, cleared and surrounded by large trees, this house has approximately 1,960 sq ft of living space. There are 2 large bedrooms and 2 full baths. The house was built in1948 and despite some nice upgrades the house requires some additional renovations. Toni Soule of my firm assisted the buyer.

Private and charming, 40 Camps Flat Road is a 14-acre 3 BR/3 BA country retreat with gunite pool, guest cottage, views and meticulously landscaped grounds and perennial gardens. Built in 1945 with 2,348 sq. ft. and tastefully remodeled in 1999/2000, it is tucked away on this beautiful country road. List Price: $895,000/Sale Price: $837,500.

Nestled on a wooded hillside at 64 Geer Mountain Road, this charming 3 bedroom, 2 and a half bathroom cape is on 5.84 acres. Behind the house stretches a 1500 square foot bluestone terrace and perennial gardens. The 2300 sq. ft. house is immaculate, with beautiful hardwood floors, tastefully painted interiors, granite kitchen counters, two fireplaces, an expansive living room with custom cabinetry, and a large den/family room/library with built-in bookcases. I have this listed for $476,000.

63 Howland Drive is a 4,400 sq. ft. reproduction colonial built in 1987. Privately sited on 13.74 acres with amazing long views over the hills the 4 bedroom, 4 full & 1 half-bathroom home has a wonderful floor plan. The home maintains lovely details such as a kitchen with stainless appliances, central air, wood floors, 3 fireplaces, 900 sq. ft. deck, stone fences and specimen plantings. List Price: $1,485,000/ Sale Price: $1,175,000.

141 Geer Mountain Road sold this past year. Listed for $2,875,000 this 4700 sq. ft. contemporary home with 4 bedrooms, 4 bathrooms and stunning views sold for $2,425,000. The house was sited on a lovely 24 acre property with a large field, surrounding woods, and stream and rock outcroppings. Built in 1994 the chic crisp interior maintains 3 fireplaces and a luxurious master suite. The property also features a 30x50 pool and separate guest quarters. The same buyer purchased an abutting 119.5 acres of land (a mix of farm fields and woodland) for $2,000,000 or $16,700 per acre.

An antique home at 52 Treasure Hill "Firefly Hill" as it was known, is a unique blend of contemporary living with antique elements, there are 2 fireplaces, interior walls of both rock & brick, wood beams and old floorboards. The main house has 3 bedrooms and 2.5 bathrooms. There is a separate guest wing with built-in bookcases, a fireplace and vaulted ceiling. There is a garden pool and accompanying pool house. The property is surrounded by Nature Conservancy. Originally listed at $995,000, it closed for $630,000 after being on the market for 389 days.

Toni Soule sold a 5 acre parcel of land up on Iron Mountain Road earlier this year. The wooded parcel with views to the east was ready to build on. It was listed for over 685 days asking $125,000. It closed for $100,000.

Directly to the east, another 5 acre parcel sold. This lot is an interior parcel located off of Oak Ridge Road. It is primarily wooded and very private. This lot sold for $130,000.

There are a number of properties on the market in Kent so if you wish to see any of them, or have someone who might be looking, give us a call.

Have a great Thanksgiving and for those hosting dinner, make sure you come celebrate the Champagne Stroll we are sponsoring on the Friday and Saturday evenings after Thanksgiving. Come stroll the village, stop in to stores and enjoy champagne on the walk!

 

Respectfully,

 

David Bain

Chris Garrity

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

November
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 Sharon/West Cornwall neighborhood.

Sharon home sales were slightly ahead of last year's pace with 43 homes sales in the last 12 months against 41 the previous period. The local real estate market is getting healthier incrementally.

Yet there are 92 homes on the market in Sharon (with 7 homes in contract to sell) which is a historically large supply. Salisbury by comparison has 98 listings (9 in contract) and Kent maintains 63 offerings (6 are 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, but the 4th quarter is shaping up nicely as the buyers are more plentiful and a bit more eager to buy. Additionally, the last 12 months has seen 8 land sales according to the CTMLS and the town records. It is especially nice to see the uptick in interest in land.

To put this year in perspective please see the charts below. The first set of statistics show the last twelve months of activity while the second Market Analysis Report is from 10 years ago (prior to the bubble bursting). 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. The average sales price is considerably higher too.

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

2.57

2,664

$883,695

$279.05

$776,819

$245.89

87.2%

189

Median

3

2.5

2,202

$499,000

$208.73

$453,750

$182.45

89.9%

155

 

 

Market Analysis Report 2003-2004

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

2.24

1,964

$459,042

$222.62

$422,750

$206.49

93.26%

132

Median

3

2.05

1,830

$385,000

$210.26

$355,000

$194.38

92.86%

77

 

 

So it appears the current trends are positive!

There was only one property in the neighborhood that sold in the last twelve months. It was a one acre parcel of land abutting the Housatonic River on Old Route 7. It was listed at $75,000 and closed this October for $68,000.

Here are a few things we currently have listed in the neighborhood (to see everything available in Sharon go to out web site www.bainrealestate.com ):

There are 30 acres of natural beauty surrounded by state forest land that is included with the house at 184 West Cornwall Road . It's made up of 3 surveyed parcels: The 1384 sq. ft. house comes with 2.13 acres and has 3 bedrooms and 2 bathrooms. It requires some renovation and upgrading. The balance of land is a separate parcel that has considerable elevation (over 1100 feet) offering views to the south and east. The whole package is listed by Rick Meehan of the Cornwall office for $365,000.

A 1920's gambrel roofed shingle home sits high on the hill looking out over the Housatonic River and the West Cornwall Covered Bridge at 319 Route 7. Dramatic views from both porches. Main level porch is enclosed and heated. Lower level porch is part of a separate in-law or rental apartment. With over 3280 square feet the house has great space with 6 bedrooms and 4 bathrooms on 2.2 acres. Priscilla Pavel of my Cornwall office has this listed for $375,000.

Rick has also listed 296 West Cornwall Road a small ranch that looks out upon the covered bridge. The 2 bedroom, 1 bathroom house deserves some loving and skilled attention to become a great investment or as a pleasant place to live. It's a great starter house or retirement home with 1094 sq. ft., wood floors and a full basement. With just under an acre, the grounds are easy to maintain. It is listed for $154,400.

Up off Swaller Hill Road we have a 21.14 acre parcel of land with views to the southeast and solar centric listed for sale. Primarily wooded this parcel is slightly sloped to the east. It is listed for $299,000.

Further up Swaller Hill off a quiet graveled road is where we have listed a solar A frame home at 9 Birch Lane. The 2000 sq. ft. home is very privately sited on the 4 acre level lot and offers 3 bedrooms, 2 baths and a lower level ready to be finished. There is a large deck and oversized windows to promote the ease of both inside and outside living. It is listed for $355,000.

Across the street we have a level and wooded 4 acre parcel on Birch Lane ready for development. The lot is listed for $140,000.

396 Route 7 is a genuine country cabin perched dramatically above the Housatonic River with views over the water and the valley below. Sited on 10 acres of woods and level land this is a 1950's log cabin and a perfect place to enjoy the country. Woods, river and serenity are found here along with a pool and four electrically lit pool cabanas. The house has 5 bedrooms and two bathrooms and a period native stone fireplace. It is listed for $345,000.

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.