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Date Archives: October 2016

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
October
1

PLEASE CLICK  HERE TO SEE THE MAP.

Dear Neighbor,


It's time to look at the past year to see what happened to the upper end market. This letter is an update of the activity between October 1, 2014 and today within the context of the 11 towns we service in Northwest Connecticut.

The first table shows some mixed statistics. The number of sold properties is slightly down and the average sales price is slightly up from last year. The average selling period of days on the market (DOM) is significantly down by two months! All in all it's been a better sales market even though the volume of transactions was down.

Here's some perspective over the last 12 years for the upper end market in the 11 towns we serve:*

Year # for Sale Average List price # Sold Average Sale Price DOM

'03-'04 94 $1,682,000 42 $1,444,200 213

'04-'05 117 $2,248,000 48 $1,634,481 146

'05-'06 162 $2,325,407 65 $1,747,561 171

'06-'07 164 $2,316,129 105 $1,960,938 178

'07-'08 221 $2,599,338 59 $2,306,338 201

'08-'09 179 $2,086,619 35 $1,743,175 253

'09-'10 155 $2,115,980 54 $1,835,570 218

'10-'11 201 $1,595,000 48 $1,702,522 195

'11-'12 184 $1,887,029 57 $1,599,297 268

'12-'13 184 $2,345,057 54 $2,327,630 191

'13-'14 185 $2,145,011 62 $1,714,246 228

'14-'15 166 $1,954,571 50 $1,780,000 164

 

Here's the action by town in the upper end market for the past six years:*

Town

Sold/for Sale

Sold/for Sale

Sold/for Sale

Sold/for Sale

Sold/for Sale

Sold/for Sale

 

'9-'10

'10-'11

'11-'12

'12-'13

'13-'14

'14-'15

Bridgewater

0/14

3/19

3/11

1/12

2/13

6/10

Cornwall

0/11

4/10

2/10

1/8

3/9

1/5

Kent

10/4

2/7

4/14

4/15

6/10

2/16

Lakeville/Salisbury

9/18

9/20

9/28

10/23

5/22

9/24

Litchfield

3/19

3/25

6/24

4/22

9/23

6/25

New Milford

2/5

0/12

5/8

1/5

3/9

2/10

Roxbury

8/26

5/23

9/34

6/34

13/32

7/15

Sharon

6/19

7/17

8/17

4/22

8/17

12/13

Sherman

6/10

0/10

3/8

1/9

2/11

6/6

Warren

1/4

2/7

0/10

3/8

3/7

6/12

Washington

10/28

13/27

8/24

17/28

10/24

19/29

Total

54/155 (35%)

48/177 (27%)

57/188 (30%)

54/186 (29%)

64/177 (35%)

77/166 (46%)

 

 

 

 

 

The second table gives a closer look at the upper end market in each town over the last six years.

Washington is back in the lead with the most sales with Sharon in second place and Salisbury in third. It is interesting to keep in mind that New Milford has a population of 29,000 and Litchfield has a population of 8600 while the rest of the other towns have 3000 +/-.

Arguably we believe there is no better place within 90 miles of NYC that offers so much. We're blessed with such natural beauty, safe environment, many cultural amenities and interesting friends with whom to share it all. The demand to live here is solid and constant. We are the lucky ones.

On to the details of what happened in our five specialty areas in the last 12 months.

Kent had 2 residential sales:

1. 98 Anderson Road is a 4324 sq. ft. colonial built in 1900 (parts were earlier) on 10 acres

with a barn complex, heated pool, pond and brook. It has 5 bedrooms and 3.5 baths and was totally renovated. It sold last November for $2,225,000.

2. 260 Kent Hollow Road is a new 2400 square foot French Normandy home with 18" masonry walls, leaded glass windows, beamed ceilings, walled cobblestone garden with a fountain, 3 bedrooms and 3 baths built in 1972 on 17 acres. In addition it had both a pool and a pond and landscaped grounds. I listed it for $1,450,000 and it closed in May for $1,337,500.

We have two properties for sale in Kent:

A. 18 Kenmont Road is a 2900 square foot 4 bedroom 3.5 bath contemporary on 16.5 acres of direct waterfront on North Spectacle Lake. Great view and lovely landscaping. Easy access just 4 minutes from the village. $3,200,000.

B. 72 Howland Drive is a spacious 5846 square foot contemporary with 4 bedrooms and 3.5 baths builton 22.9 acres that additionally abut 100 acres of open space. This is a very private setting in an upscale neighborhood. $1,435,000.

Sharon had 12 residential sales:

1. 80 Amenia Union Road is a 3312 square foot 1820 colonial with 5 bedrooms and 3 baths built on 25.48 acres. It has a caretaker's house and a vineyard with 700 vines. It was listed for $1,490,000 and sold in May for $1,200,000.

2. 130 Amenia Road , a 3049 square foot colonial with 4 bedrooms and 2.5 baths on 4.6 acres built in 1940. It was originally part of the Colgate Estate sold last year. This has been updated and sits privately at the end of a long drive. It was listed in July for $1,325,000 and sold 2 months later for $1,260,000.

3. 196 East Street is all about the 170 acres of pasture lands with great views and also abutting state lands. There is a 1948 farm house with 2000 square feet and 3 bedrooms and 2.5 baths along with several barns. It was listed for $3,125,000 and sold in October for $3,000,000.

4. 6 Herb Road is a 5300 square foot grand colonial built in 1890 on 30 acres of pasture and woods with a large pond. The main house has 5 large bedrooms and 5 baths. There was also a guest house over a multi car garage. Great location. It was originally listed in January of 2010 for $3,400,000 and sold this December for $2,410,000.

5. 318 Calkinstown is a contemporary farm house of 3600 square feet with 6 bedrooms and 3 baths built in 2012 on 6 acres. It was listed for $1,950,000 and sold in December for $1,350,000.

6. 46 Fairchild Road is a 6469 square foot colonial with 5 bedrooms and 5.5 baths built in 1880 but totally renovated in 2009 with lots of attention spent on the details. It was listed in September of 2009 for $1,675,000, reduced several times to $1,450,000 in July 2014 and it finally sold for $1,350,000 last January.

7. 15 West Meadow Road is a 2950 square foot home with 3 bedrooms and 2.5 baths built in 1976 on 7.51 acres. Beautifully renovated with superb western views over protected pastures, it was listed for $1,285,000 and sold in March for $1,075,000.

8. 20 West Woods Road is a 3475 square foot tastefully renovated 1768 colonial with 5 bedrooms and 3.5 baths on 5.27 acres with great western views overlooking Land Trust owned pastures. It was listed for $1,675,000 and sold in March for $1,245,000.

9. 248 Gay Street is a 3213 square foot country home built in 1992 well off the road, surrounded by pastures and views on 18 protected acres. It has 4 bedrooms and 4.5 baths. It was listed for $1,425,000 and sold in April for $1,185,000.

10. 44 Jewett Hill Road is a magnificent 6398 square foot colonial built in 2003 well off the quiet Jewett Hill Road on a choice 20 acres of pasture and woods with remarkable western views. The finishing details, moldings, paneling, floors, and kitchen are all top of the line. This one was listed for $4,500,000 and sold in May for $3,400,000.

11. 344 Calkinstown Road is a 4000 square foot custom colonial built in 2014 with 4 bedrooms and 4.5 baths on 13 acres. Finishing details of the house left nothing out. It was listed for $2,475,000 and sold 5 months later for $2,030,000.

12. 498 Cornwall Bridge Road is a beautiful 3670 square foot colonial with 4 bedrooms and 3.5 baths located well off the road on 45 acres of woods, pastures, and highly landscaped grounds. A brook tumbles past the house and through the gardens. The setting is remarkable. The house was built in 1987, but looks older with exposed beams and wall paneling. It was first listed in May of 2013 for $2,375,000 and sold this past March for $2,000,000.

We have two properties for sale in Sharon:

A. 89 West Woods Road is a 1600 square foot home with 2 bedrooms and 1.5 baths. This one is horse property with 83 acres and views to the Catskills. $1,800,000.

B. 84 Knibloe Hill, a 1500 square foot, 2 bedroom, 2 and ½ bath hand crafted country home on 120 acres. Meadows, spring fed pond, brooks, woodlands and views that are magical. $1,350,000


Cornwall had just 1 sale in the over $1M market this past year, but it was a nice one.

1. 233 Warren Hill Road is a 4500 square feet contemporary with 4 bedrooms and 5.5 baths built in 1976 on 92 acres of mostly pasture with views to the east, west (Catskills) and south. It came with a pool and guest house. A long, curving drive insured privacy. It came on the market in April of 2011 at $3,395,000, raised its price to $3,695,000 in May of 2014 and sold this past August for $3,200,000.

We have 3 properties for sale in Cornwall:

A. On 1 Castle Road we have the Valley Castle (8 bedrooms and 7.5 baths) with 200+ acres including pastures, brooks, ponds and views. A mile long private drive gets one to the Castle, guest house, caretaker's house, and stables . $8,500,000.

B. 37 Woodruff Lane is a 3571 square foot farmhouse with 4 bedrooms and 3.5 baths built in 1990 on 8.5 acres. Private and views to the Catskills! $1,295,000

C. 34 Great Hollow is a 3840 contemporary with 4 bedrooms and 3.5 baths built in 2013 on 3 acres with views on Mohawk Ski Area. $ 1,200,000.

 

New Milford had 2 sales, both on Lake Candlewood.

1. 134 Sherry Lane is a 3202 square foot contemporary built in 1960 with 3 bedrooms and 3 baths. Part of Candlewood Point, this home has level lakefront, a pool and pool house. First listed in January of 2014 for $1,480,000, it sold this July for $1,100,000.

2. 192 Candlewood Lake Road is a 2754 square foot contemporary with 3 bedrooms and 3.5 baths built in 1975 on .27 of an acre. It's direct lakefront with great lake views, but had steps down to the water. First listed this past January for $1,295,000, it sold 8 months later for $1,200,000.

 

In Warren there were 6 sales.

1. 8 North Shore Road is a 3000 square foot bungalow with 2 bedrooms and 2.5 baths built in 2000 on 2.05 acres with a caretaker's house, guest house and boat house. This was one of the few houses with direct waterfront located on the north east corner of the lake. It was listed on September 4th for $8,000,000, put in contract on September 24th and sold on October 3rd for $6,100,000.

2. 102 Melius Road is an 18th century stone colonial that dates from 1799. It's large with 6844 square feet, 8 bedrooms, 4 full baths and 5 half baths. It has a guest house, several large barns, a studio, an old pool and 89 acres of pastures and woods. It was listed in May for $3,895,000 and sold in October for $3,300,000.

3. 26 Hopkins Road is a 1652 square foot contemporary with 3 bedrooms and 3.5 baths built in 1952 on 4.69 acres. The location is private and the views of the lake very special. It was listed in July 2014 for $1,750,000 and sold 3 months later for $1,100,000.

4. 36 Arrow Point is a striking 3652 square foot contemporary with 4 bedrooms 3.5 baths built in 2004 on a 1 acre lot. It was listed in October for $3,750,000 and sold 2 months later for $3,750,000

5. 102 North Shore Road is an 1870 square foot cottage that used to be the snack shack associated with the Inn on Lake Waramaug of years past. It is direct waterfront with 2 half baths and one large room built in 1999. It sold this June with its lakefront neighbor (108 North Shore Road below) for $1,558,500.

6. 108 North Shore Road is one of the landmark homes on the lake sitting on 4.6 acres of a peninsula that juts into the lake. A long driveway takes one to the 7,165 square foot wood shingle home with 8 bedrooms and 7 baths and two half baths. It has over 1500' of waterfront! It was sold privately in June for $8,991,500. This is the most expensive sale on the lake to date!

 

We have one for sale in Warren.

A. 187 Kent Road is a 4430 square foot Colonial with 4+ bedrooms and 5 baths originally built in 1978, but extensively remodeled in recent years. It comes with 50 acres and two barns, pasture and woods. $1,145,000

 

 

 

 

 

If you or your friends would like more information on any of these sales or any listings offered in this price range, please call us. We have three offices in Kent, Sharon and Cornwall and we list and sell more in those towns than any other broker. We will show you or your friends the entire market, regardless of town or agency. Should you wish to read this letter online or our letters of the previous year's sales, you can find them at www.bainrealestate.com. Look for "Neighborhood Sold Stats." You can now also easily search all MLS listings in the NW corner on our website.

 

Enjoy the fall. I'll be in touch in a year.

Sincerely,

David Bain

 

 

This graph shows the number of successful transactions

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

*Statistics taken from CTMLS.

 

 

 

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