Posts from March 1st, 2015

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Dear Neighbor:

Too much snow! It's great to see the full parking lot at Mohawk Ski Mountain, but not so much fun shoveling out. The parking lot at the Cornwall General Store is larger now and also full. It is such a pleasure to be greeted by name when one enters to get a great soup, sandwich or sweet. They've had a good first year, even opening in the middle of the night for the firefighters the night of the Northwest Lumberyard fire. We were happy to learn that the business will be rebuilt.

Perhaps best of all, Bonneybrook is fully occupied and our...

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Dear Neighbor,

The 30 sales transactions in Kent in the last 12 months is only slightly more than last year's tally of 27. There were three sales in the neighborhood and we are proud to say Bain assisted in them all!

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 growing 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...

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Dear Neighbor,

We've had our last snow! So we happily welcome Spring especially after that snowy winter. While long, the snow was beautiful and was fun to play in. But enough of that let's get on to flowers.

Since the abyss of 2008 the real estate market in CT has slowly and consistently climbed from a 35% value loss to now 22% off the value levels of 2006. We see the same trend nationally with the points of values in many regions growing quite strong. Many segments of the economy reported more robust than average figures and overall consumer confidence is up.

Yet, the real challenge to real estate value growth is wage growth. Locally, young families face a large hurdle trying to save enough for a down payment and afford the monthly payments despite historically low interest rates.

Despite the challenges, there are positive signs in Kent. Selling time has dropped to 5 months (5-7 months indicates a normal market). And while the average sales price was down the ratio of list price to sales price was much higher in the last 12 months.

There are presently 41 homes and 16 parcels of land on the market in Kent which is about the same figure we had a year ago. There were 30 residential sales in the last twelve months, equaling the sales twelve months prior.

We at Bain had another productive year with very strong sales. We appreciate your continued support and trust.

 Here is what transpired in the neighborhood:

This 1986 3 bedroom 3 bath home is a 2 acre retreat in Cobble Valley. A dramatic floor to ceiling native fieldstone fireplace is the center piece of this 2700 sq. ft house. The private master bedroom suite is on the second floor while 2 additional bedrooms and full bath are on the main floor. Listed: $425,000 Sold : $412,000.

11 Cobble Road

This Post & beam home with 1843 sq. ft. and built in 2005 has an open floor plan. There are vaulted ceilings in the living room, plus stainless appliances and island in the kitchen. Living room opens to deck w/pergola. Two bedrooms and two baths are well done. The pastoral view of the Cobble from this energy efficient home on 5 private park-like acres is amazing. Listed for $795,000 originally then reduced to $549,000 it closed after a year on the market for $530,000.

30 Studio Hill Circle

Surrounded by open space, this carefully architected home is beautifully screened from the very quiet road as well as any other house. It looks out upon protected pastures and mountains. It's a "green" house with a southern orientation, floor to ceiling windows to capture the sun's warmth, and, best of all, geothermal heating and cooling! The interior of the home is in mint condition with 3 bedrooms with the master suite on the first floor.Recent improvements are a new metal roof in 2014, completely renovated kitchen with top of the line appliances. This is my house and my wife Debbie and I have it listed for $895,000.

187 Kent Cornwall Road

This home was one of the few remaining bank owned properties left on the market. Fannie Mae owned this 2 bedroom, 1 bathroom ranch style home with 1200 sq. ft., oak floors, sun room and new roof. The house was originally built in the late 1950s and has nice views towards St. John's ledges. It has a level 1.1 acre parcel. The house was listed for $174,900 for over 155 days, selling for $170,600.

19 Saint Johns Acres

Nestled privately at the end of the road this 2700 sq. ft. Mansard roof home is surrounded by lawn and then woods encompassing 2.51 acres. The covered front porch is welcoming with a sun room and the back of the house has a large patio with an awning. There are 4 bedrooms and a large living room with a stone fireplace. The eat-in kitchen is spacious as well as the formal dining room. I listed this home for $389,000 and it closed for $370,000.

29 Chimney Rock Road

We reported last year that this house was renovated beautifully and was listed on the market for sale at $425,000. This three bedroom home with 2 full baths, new kitchen and garage was completely renovated with eco-sensitive construction. It sold for $372,500.

There are a number of other listings in the neighborhood that present good opportunities for all levels of the market. So, let us know if we can assist you or a friend in finding the best place to live.

Our whole firm hopes you enjoy these neighborhood updates of the market and want you to know you can find this letter and all our Kent market letters on our website www.bainrealestate.com under Neighborhood Stats. There is a place there where you can give us your email address to get these letters electronically. We continue to work to assist buyer and sellers in their pursuit of their goals and thank you for supporting our success as the leading real estate firm in Sharon, Kent and Cornwall.

Respectfully,

David Bain

Chris Garrity

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

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

This graph shows the number of successful transactions

in our key towns of Cornwall, Kent and Sharon in 2014

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Dear Neighbor,

45 homes sold in Sharon within the last 12 months keeping pace with the previous 12 month period. And by comparison there are 62 homes listed for sale compared to 65 homes on the market in Sharon last year.

10 land parcels sold in the last year according to the CTMLS and the town records. Land is becoming interesting as owners snap up neighboring lots to protect their privacy.

The prolonged winter seems to be creating a bit of pent up demand so the Spring market should be quite fluid. We are already getting more calls. Last year's average period that a house was on the market (ADOM) was 5-6 months which indicates a balanced market. While this news is all positive news, values in Connecticut are still approximately 22% off the prices of 2006.

Yet, while buyer confidence grows the pool of prospects is still historically lower. To keep the interest of the buyers, proper pricing is still critical. There are presently 7 properties in contract to sell in Sharon. You've heard it before; a well priced house gets the buyer's attention.

Here is what has transpired in the last 12 months in your neighborhood.

 
12 Old Sharon Road is a designer's mountain side retreat on over 6 acres of woods. This home is perched overlooking the hills of Cornwall to the east and has a whimsical style. There are three bedrooms and baths in this 1987 home with wood beams, stucco and stone, and cathedral vaulted living room. The rooms are spacious with wonderful views from all rooms. There is a stone patio, water feature and a barn/garage. It closed for $930,000 after being on and off the market for over three years.

13 Route 7 is a wonderful Antique country lodge with 5 private rooms in the main house. Additionally there are 5 completely renovated high quality cabins with kitchens, fireplaces and screened porches for guests. Tastefully designed and furnished this is an established destination for weddings, events and fishing. There are three extra buildings on the property for expansion or multiple businesses. Plus a retail shop that is presently a fly fishing shop. Across from the Housatonic Meadows State Park and the River this property is perfect as a business and family compound, listed at $535,000.

This peaceful pastoral setting in the historic Ellsworth section of Sharon CT at 1 Northrup Road has 5 plus acres of gentle rolling topography and offers easy access via Route 7 and Route 4. The Appalachian Trail, Housatonic River and Mohawk Ski Area are nearby. This parcel has been perc tested, deep hole and surveyed, just pick the site with the best view for $125,000. Rick Meehan is the listing agent.

There are a number of other listings in the neighborhood that can be found on our website. Please take a look.

We hope this Spring brings you lots of sunshine and pretty flowers! And should you wish to discuss your property, the market conditions or anything else with respect to local real estate, please give us a call and we will gladly help. As the leading real estate experts in the Sharon, Cornwall and Kent area, we offer our best professional efforts to you.

Thanks in advance.

All the best,

Chris Garrity

David Bain

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

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

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Dear Neighbor,

45 homes sold in Sharon within the last 12 months keeping pace with the previous 12 month period. And by comparison there are 65 homes listed for sale compared to 66 homes on the market in Sharon last year.

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 are fewer foreclosures and there is an increase in buyer traffic. The prolonged winter seems to be creating a bit of pent up demand so the Spring market should be quite fluid. Stability has set...

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