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Date Archives: January 2015

Bain Real Estate - Market Update Home

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January
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 and around the Spectacle Lakes.

I know you've heard the wonderful news that the former Camp Francis has been secured and protected by the Kent Land Trust and named the East Kent Hamlet Nature Preserve. This is an amazing property with Beaman Pond, which is fed by both Spectacles, North and South, and is the headwaters of the Aspetuck River. I have personally led the trail planning committee cutting wonderful hiking loops on this 252-plus acre property. Go try them, there are not too strenuous.

 

The 30 sales transactions in Kent in the last 12 months is only slightly more than last year's tally of 27. We are seeing the path back to a more balanced market. There is a small pool of buyers who are serious and will buy if the right house and value coincide. There is still more property supply than buyer demand, but the number of offerings is being slowly 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 reason 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 summation, incrementally our market values are getting healthier. One critical indicator is the number of days it takes to sell a house. 5-6 months is considered the standard of a "normal" market. The days it took to sell a house in the last 12 months was 148 down nearly a month from last year and two months from 2013.

Another benchmark of the market's health is the number of available listings. There are considerably fewer listings on the market today (45) than last year at this time (58). And there are 3 sales pending. Here is what has sold in the last 12 months.

Set atop one of the highest points in Kent is this spacious sun-filled house with 50 mile views. 32 Spectacle Ridge Road is listed for $3,200,000 and maintains privacy, lake access to South Spectacle and of course truly great views. Four private suites provide wonderful comfort while the open floor plan allows for family fun. The detail, quality and craftsmanship are paramount and a luxurious horizon line pool feels like swimming on top of the world. See the video at www.bainrealestate.com.

We closed on 23 Davis Road this month. This cape style home with French provincial touches is bordered in stone walls on a 2 acre manicured parcel. There are 3 bedrooms in this 1850 sq. ft. home. The 2 bathrooms are tiled and employ Toto fixtures. A country kitchen features wood beamed ceiling, stone fireplace and zinc topped cabinetry. There is a second floor family room as well as an office, garage and barn. My partner Chris Garrity had this listed for $660,000 reduced to $625,000 and it sold for $593,895.

Gorham Road offers a 7.75 acre parcel that also offers peeks 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 the highest building site in Kent. This level lot has a driveway in and utilities to the site. This lot was purchased for $529,900 first listed at $280,000 and today it is offered for $225,000!

We have Lot 22 on Old Homestead Road listed for $95,000. This 12 acre parcel has an impressive rock outcropping and mature trees. It was purchased for sale in 2004 for $179,000 and offers a wonderful opportunity now.

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.

There are more 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 2015 and hope you will let us know if you need any help in the coming year. For current updates check our blog at http://heartofkent.blogspot.com/

All the best,

David Bain

Chris Garrity

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

 

 

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

January
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 Village of Sharon.

In the whole town home sales were ahead of pace with 45 homes selling in the last 12 months against 41 reported last year at this time. And by comparison there are 66 homes listed compared to 75 homes on the market in Sharon last year.

  Status: Closed (45)- Sharon CT Jan 2014-Jan 2015

 
 

Beds

Baths

SqFt

List Price

LP$/SqFt

Sale Price

SP$/SqFt

SP/LP

ADOM

Avg

3

3

2,672

$911,760

$285.12

$792,542

$248.54

0.86

181

Additionally, the last 12 months has seen 9 land sales according to the CTMLS and the town records. It is especially nice to see the uptick in interest in land.

There were fewer foreclosures and there is an increase in buyer traffic. Stability has settled in as the local real estate market is getting healthier incrementally and maintaining a consistent pace of sales and listings. The average period that a house was on the market (ADOM) is 6 months which indicates a balanced market. While this news is all positive news, values in the state are still approximately 22% off the prices of 2006.

  Sold:

80 Amenia Union Road- Listed: $1,490,000- Reduced: $1,200,000 Sold: $1,200,000. This lovely 1820's 3300 sq. ft. home requiring renovation is sited on a 51 acre parcel of land overlooking a Nature Conservancy preservation. There are 5 bedrooms and 3 bathrooms and large open rooms with floor to ceiling windows. A large barn complex is also a feature here.

Benton Hill Road- Not Listed: Private sale- a 5.76 acre parcel of open field overlooking land owned by the Sharon Country Club. It was a sundrenched lot with northwestern views and recently sold for $300,000.

Heading north into the village 31 South Main Street sold again. Ten years ago this cape on .52 acres closed for $490,000. The 1950's home contains over 1400 sq. ft. of living space complete with 2 bedrooms and 2 bathrooms. It sold again in 2013 for $442,500 (10% loss) and just sold once again in 2014 with improvements for $470,000 (5% gain). This home's sale history is a good view of the market cycle!

I assisted the purchasers of 17 Great Elm Road in their acquisition of this incredibly beautiful home. It is sited on 3.13 acres of open lawn and gardens in nice proximity to the association pool. With over 6000 sq. ft. this house offered wonderful value at a $730,000. A large portion of this former Buckley estate is a grand second floor ballroom/library. With paneling and high ceilings the space is a perfect place for family gatherings. With 6 bedrooms and 6 and a half bathrooms in this 1940's home, this purchase was a great opportunity.

A private commercial sale of 16 Amenia Road , the home of Sharon Auto Body, had over 1700 sq. ft. of office space and a 6 bay shop. It is great to see a healthy business continuing to thrive in town. The Sharon Land Records show a sale of $635,000.

Just down Amenia Road , #64 sold after 179 days on the market. The 1850's colonial is in very good condition and has just .83 acres of land. The 2200 sq. ft. home offers 3 bedrooms and 2.5 bathrooms. It closed for $345,000, a 12.5% off asking price of $395,000.

Up on the Green 49 Main Street closed. Its list price: $565,000 but its sale price was $325,000. This Main Street beauty was on the market for over 500 days before it found a buyer to appreciate this 1803 home with gracious rooms, fine antique detailing and numerous fireplaces. The house requires considerable attention to update it, but is well worth it. There are 4 bedrooms and 2 and a half bathrooms in this 2500 sq. ft. Saltbox style home. A lovely terrace and backyard are included on the .53 acre in town parcel.

A condominium sold at 4 Upper Main Street, #6. Listed for $210,000 this 2 bedroom, 2 bathroom unit is in very good condition. It has over a thousand square feet of living space. It closed for $190,000 in October.

I helped the purchaser of 74 Still Meadow Road who was attracted by the large, deep pond and privacy the 5 acre parcel affords. The house was built in 1960 with 3 bedrooms, 2 baths, cathedral ceiling living room with a fireplace and a spacious family room with sliders to the lawn and pond. Views across the water can be seen from almost everywhere in the house. The property sold for $415,000.

The small commercial building at 5 Calkinstown Road has sold and plans are in the works for a wonderful change. The existing structure is a 1564 sq. ft. commercial building with two units that have seen numerous tenants in and out for years. While the lines of the cottage like structure are nice, the practical use of the building for today's commercial needs and codes is lacking. The property closed for $163,000.

Another commercial property transferred at 110 North Main Street. The property was purchased late in 2013 and then two buildings on the property were demolished revealing a pretty view to the north. Three buildings were left (two storage facilities as well as the former Dance Studio) and so it will be exciting to see renovations to this highly visible commercial spot that sold for $250,000.

A lovely 1907 home at 59 Hilltop Road sold for $1,000,000 after being on the market for 149 days. Listed for $1,685,000 then reduced $200,000, this 4700 sq. ft. beauty has 5 bedrooms and 4 and a half bathrooms. The elegant detailing throughout the home such as beamed ceilings and grand spaces like a drawing room, a kitchen with a formal butler's pantry and 2 master suites made this special.

On the Green 149 Main Street the former General Store sold for $105,000. Listed for $145,000 this iconic pillared building requires considerable renovation. The old store had no heat, no plumbing and was a throw back to days when life was not as comfortable. Ensuing renovation to today's standards will breathe new life back into this classic building and it will once again shine on the Green!

Two doors south at 141 Main Street is a 1800's colonial that also sold in the last twelve months. The 4482 sq. ft. antique has been wonderfully renovated with central AC, new kitchen and offers both living quarters and commercial space. Set on .92 acres of land there is plenty of parking in the rear. The home has 5 bedrooms and 4.5 bathrooms with polished old floor boards, patina hued paneling and stairs all in 200 year old wood. It sold for $545,000.

Down towards the hospital I sold off two of my buildings at 29 and 31 West Main Street. Now part of a commercial condominium, my wife and I were happy to help keep a restaurant stay here in Sharon! The commercial building (Pig's Fly) is over 1000 sq. ft. and he now has beer and wine. The back building is a 2 bedroom, one level residential home. The two buildings sold together while I have retained my lovely Victorian office. The sale was transferred at $285,000.

13 Hospital Hill was an office building owned by Essent Health Care who sold the 1,938 sq. ft. commercial building privately for $125,000.

20 King Hill Road was listed for $169,000 and sold 250 days later for $150,000. The cape style home offers lovely views across the Sharon Valley but requires considerable attention. The 1950's home has 4 bedrooms, 2 bathrooms a large sunroom and a living room with a fireplace.

The renovation theme continues. Simply there is a large stock of aged housing that requires updating, renovation and modification to today's standards aesthetic and building safety and health codes.

That applied at 21 Mudge Pond Road where a lake cottage that was built in 1935 sold for $123,000. It has 1400 sq. ft. of living space with 3 bedrooms and 2 bathrooms. The house was purchased and renovated-new kitchen and bathrooms. It is now back on the market for sale for $309,000.

Over 5 acres of land sold at 14 Sharon Station Road for $135,000. The parcel had a driveway installed to a building site and pretty views.

At 123 King Hill Rd a 2200 sq. ft. home sold for $200,000. This was a private sale. It is a 4 bedroom 2.5 bathroom two-story colonial home on .79 acres of land with a nice brook.

We sold 120 Sharon Valley Road another 1970's colonial on .71 acre. It has a front porch, 1440 sq. ft. and 4 bedrooms. This was a bank owned property that requires renovation. It was listed for 3 months for $139,000 and closed for $119,975.

We also sold 209 Amenia Road a 1350 sq. ft. home with two bedrooms and two baths. The one level home is set well back from the main road and maintains a large kitchen and master suite. Listed at $199,000 it closed for $195,000.

The most talked about sale was the Colgate Mansion at 138 Amenia Road. What is more impressive than the selling price of $6,137,500 is that another iconic Sharon property is to be revitalized. It is a testament that people still desire to live in our town and that the properties are worthy of reinventing, redoing and regenerating for centuries to come. This Mansion erected in 1903, the Colgate Mansion is one of the most beautiful authentic estates in New England, 50 acres, all original details, stone/stucco exterior, carriage trails, level pasture, stone walls. For more details search the sold section of Sharon on my website.

For Sale:

We have a number of properties listed here in the Village and there are more listings available on our site. Here is what is for sale:

103 Sharon Valley Road is a nature lover's sportsman's property with long views, beautiful fields, thousands of feet of frontage on pristine Webatuck Creek. Nature abounds on these 123 acres of land, an antique barn in wonderful condition with a bridge crossing the river to property of fields and streams, woods and trails. The main house is a classic 1870's antique in great conditions offering 5 bedrooms and 3.5 bathrooms. A real find for $1,348,000 listed by Priscilla Pavel.

Up on The Green David Almquist has just listed 133 Main Street for $399,000. Built on the site of the former Sharon Casino, it was built in 1927 after the Casino burned down. With 1744 sq. ft. there are three bedrooms and 2 full and 2 half bathrooms. The details are beautiful with wood flooring, specially carved banisters, fireplace and whimsical windows. A real treat that needs only touches of updating.

One of the only examples of Greek revival architecture in Sharon is 32 North Main Street listed for $268,000. I have this single family home which is in move-in condition. Solidly built with period details, this home offers three bedrooms and a bathroom on the second floor. The main level has a dining room, living room with fireplace and built in bookcases and a renovated kitchen. Classically designed with Ionic columns, fantail portal above the door, it is a real piece of art. There are two large decks on the back of the house overlooking amazing views across Sharon Valley.

56 Gay Street is a perfect in-town beauty that Toni Soule has listed. The house is in tip-top condition and while spacious the 4 bedrooms and 2.5 bathrooms are not overwhelmingly large. It is a perfect home for a couple or a family. There are 3.9 acres with room for a garden or pool. There is also a two story barn that was used by the former artist/documentary filmmakers as a studio/storage. It is listed at $475,000.

2 Jackson Hill Road offers great value. Set on a scenic 24 acres, this beautiful country style home boasts 6 bedrooms and 4 bathrooms. Built in the 1850's this home has a formal library, living room and dining room. There are even maid's quarters that make a perfect nursery. The house is in good condition with a modern kitchen and a rustic barn. The grounds maintain mature plantings and the view across the expansive wetlands is full of bird life. It is listed by Drew Holland for $399,000.

I have listed 72 Hilltop Road for $350,000. Set on three quarters of an acre of land with views to the east, this privately sited home is a two-story colonial style home with 4 bedrooms, formal dining room, and large living room with a fireplace. Antique flooring, wood paneling and detailed moldings make this a splendid in town home in which to reside.

Unit #12 at 8 Upper Main Street is on the Green in Sharon offering no step access and just the right amount of space for very low maintenance and carefree living. One level with a spacious master suite and an extra bedroom and second full bath offer a convenient lifestyle. To that add a wonderful living room with deck and fireplace and an office and the compliment is complete. Jen Luning of our firm has it listed for $149,000 you can let others do the lawn mowing and snow plowing for you.

35 New Street is a listing Michele Pastre of the Sharon office is offering for$225,000.
This 3 bedroom 1 bathroom home is one level and maintains oak flooring and a fireplace.
The large in town lot has great privacy in the back with space for a garden and many mature trees. It is a perfect size for retirees, starter or small weekend home.

There are a number of properties in the neighborhood for sale and should you be interested, they can be found on our website at www.bainrealestate.com. One can also find this letter and all other Sharon neighborhood letters archived on our site too. And if you wish to follow our blog for new listings, sales and other interesting real estate tidbits join up from our website.

Happy New Year and have a great 2015.

All the best,

Chris Garrity

David Bain

& the Sharon office- Jennifer Luning, Michele Pastre, Drew Holland & David Almquist