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Date Archives: February 2017

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
February
1

PLEASE CLICK HERE TO SEE THE MAP.

Dear Neighbor,

The numbers are in and 2016 was clearly a pivotal year in real estate. Nationally real estate sales transactions were up 12% over 2015 figures. Locally we have seen a similar bump resulting in a 15.38% increase in sales year over year!

 

Kent : Closed (39) 2015


 

 

Beds

Baths

SqFt

List Price

LP$/SqFt

Sale Price

SP$/SqFt

SP/LP

ADOM

Min

1

1

609

$ 120,000

$ 95.40

$ 1,700

$ 1.42

.00523

4

Max

5

7

5,100

$1,995,000

$701.48

$1,550,000

$557.29

1.08834

727

Avg

3

3

2,229

$ 483,606

$220.78

$ 437,624

$196.38

.90385

193

Median

3

2

2,044

$ 369,000

$189.28

$ 350,000

$168.27

.93349

124

  Kent : Closed (45) 2016

           

 

 

Beds

Baths

SqFt

List Price

LP$/SqFt

Sale Price

SP$/SqFt

SP/LP

ADOM

Min

2

1

648

$ 129,900

$ 98.54

$ 110,000

$ 91.97

.77273

12

Max

6

6

5,345

$2,000,000

$849.77

$1,900,000

$793.65

1.06154

772

Avg

3

3

2,216

$ 513,302

$242.33

$ 474,140

$223.96

.93037

154

Median

3

3

2,117

$ 399,900

$191.63

$ 385,000

$186.78

.9462

106

The charts above show all sales transaction in Kent (as noted in the MLS) where on average each of the segments of the market have grown. Specifically the average sales price increased 8% and there was a 12% increase in the per square foot price. While these numbers can vary as the sales units are small in Kent, what is the clearest indicator of a robust market is the Active Days on Market (ADOM) which dropped a whopping 20%. This means it took over a month less time for a house to sell than in 2015 indicating the decision process of the buyer is moving faster.

Equally telling is that there are only 36 properties actively on the market for sale in contrast to the nearly 55 listings that we carried each year, on average, since 2008. And of this figure there are 7 homes in contract to sell! While we anticipate that spring of 2017 will find more listings coming to market, the volume will not be high. The lack of inventory puts pressure on the buyer to act sooner and start competing for homes resulting in the increase of values.

So is it hooray time for the Sellers? Well we don't know what will unfold. The historic rhythm of business suggest that lower inventory = higher values. But, as we have seen over the last few months, nothing is predictable. Lower inventory might lead to buyer frustration and sitting on the sidelines instead, who knows?

What we do know is that in the last 12 months (1/26/16 to 1/26/17) there have been over 47 residential sales in Kent. 6 of those sales have been in your neighborhood. Here is what they look like:

Starting in the south eastern part of town on Camps Road, a house sold directly to a neighbor for $366,600. According to town records 45 Camps Road is a 1550 sq. ft. home on 2.3 acres of land. The house was built in 1968 and has been upgraded over time. There are 3 bedrooms and 2.5 bathrooms. There is also a barn/studio on the property that entails 1338 sq. ft. including 1 bedroom and 1 bath.

Around the corner at 9 Tamshell Drive a well appointed raised ranch sold for $303,500.

This updated raised ranch offers 4 bedrooms, 3 full baths, and plenty of living space. Hardwood floors throughout the main level, completely remodeled kitchen with tile floors, granite counters, stainless steel appliances, propane gas stove, abundant cabinet space and breakfast bar. The master suite has an updated full bath & walk in closet. The lower level has a large family room with brick fireplace, another bedroom and full bath which has excellent space for guests or an au pair/in-law set up. Step outside to the level grounds that offer a stone paver patio, firepit, hot tub, and pergola for backyard barbecues!

Arguably some of the County's most dramatic views can be found at the Straight Farm at 17 Straight Road. Situated in the heart of Kent Hollow and encompassing over 183 acres the open level pastures, woods and frontage on the West Aspetuck River make this a perfect New England property. This farm offers a unique feature in a 4-bedroom antique colonial home with two fireplaces and charming period details. Moreover, it is rare to find an antique home that maintains complete privacy. Two post & beam barns in need of restoration are also both rare and useable. The property was listed for $2,950,000 and sold for $2,800,000 in less than 10 days.

Just north at 127 Anderson Road, another beautiful antique sold. This spacious colonial, circa 1700s, has four-bedrooms with high ceilings and is replete with exquisite original details both inside and out. Touches including antique wood doors with original cast iron hardware, six period fireplaces, a summer kitchen with hand-hewn beams, historic 12-over-12 windows with glass that bends light in captivatingways, and warm wide-plank flooring. Once a dairy farm, the antique home sits on 99 acres and has six post and beam outbuildings, including a cow/hay barn, horse barn, granary, ice house, and two tobacco drying barns. A generator hook-up + underground utilities are also in place. Listed for $2,000,000 it closed for $1,900,000 in less than a month of market time.

296 Kent Hollow Road is another old farm, this one on 16 acres of rolling pasture with southerly views across 40 acres of conserved land. The property is ideal for horses or small farm, complete with a riding area and fruit orchard, and boasts a graceful antique Farmhouse circa 1790, in need of restoration or one can build atop the hill. In addition, situated close to the farmhouse are two classic red barns - a large post and beam storage barn and a five stall horse barn. The property has been owned by the same family for three generations and sold for $650,000 after being on the market for nearly at year $899,000 then $799,900.

127 Kent Hollow Road sold as well. An authentic 1780 Eyebrow Colonial boasting 4 bedrooms and 2 full bathrooms offers 1938 sq. ft. of living space. Maintaining exposed beams, wide plank floors, 3 fireplaces are some of the antique details. The home has been expanded and upgraded in yet retains the integrity of the original design. There are several barns and a guest cottage on the 4+ flat acres. A path from the property leads to the Aspetuck River. This home was offered on the market for $595,000 and sold for $535,000.

Lastly, 113 Kent Hollow Road, a 1967 raised ranch with just over a 1000 sq, ft, of living space sold. The house has 2 bedrooms and one bathroom on a level 1.04 acre of land. The house requires considerable upgrading. It sold for $70,000.

We continue to make more transactions in Kent, Sharon and Cornwall that any other broker! We are proud of our over 40 years of servicing the west Corner. There are few more listings available in the neighborhood a number in Kent altogether, so if you wish to see any of them, or have someone who might be looking, give us a call.

Respectfully,

David Bain

Chris Garrity

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

February
1

PLEASE CLICK HERE TO SEE THE MAP.

Dear Neighbor:

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

The numbers are in and 2016 was clearly a pivotal year in real estate. Nationally real estate sales transactions were up 12% over 2015 figures. Litchfield County overall saw just over 8% increase. Locally we have seen a similar bump resulting in the volume of sale increase around 14%! In summation, real estate in Sharon is on a steady upswing as the market recognizes good values.

The positive economic confluence of lower unemployment, strong trends in the financial markets and tightening interest rates have bolstered consumer confidence. This confidence mixed with the reduction of available homes to buy has solidified real estate values and will predictably push value higher. This is already happening.

Last year's letter noted over 70 houses being available for sale in Sharon. Well, what a difference a year makes as presently there are 47 residential homes listed for sale. Yes in the last 12 months we have seen 55 sales in Sharon up from 47 in same period in 2015.

We are happy to say that Bain Real Estate participated in over 25% of these transactions

and thank you for your confidence.

Anecdotally, I recently closed on a house here in Sharon where there were two bidders. The first prospect reluctantly cancelled their contract as they could not get their loan so the second buyer ended up winning the sale. And for a bit higher, I might add.

The lesson here is that the market has become one of both buyer and seller on an equal footing, no longer just a buyer's market. Should there be a prolonged period of fewer listings than buyers, we could see that balance shifting to the seller.

 

3 Vanishing Brook Lane is a house on 3 acres that I sold in 2007 at the apex of the market. It closed for $1,150,000. The property came back to the market in 2010 and weathered the down turn and with a final listing price of $1,195,000. The property closed two months ago for $1,085,000.

The story here is telling. The selling price difference between the 2007 sale and the 2016 sale is $69,000 or a 6% loss. But is it a loss? Over the 6 years that this house was on the market, the owners successfully leased their home for the summer likely covering the carrying costs for those 6 years plus the loss in value. In addition, they were able to use the house. Not bad!

 

1 Northrup Road has a peaceful pastoral setting on 5 plus acres of gentle rolling topography and offers easy access via Route 7 and Route 4. This parcel has been perc-tested and surveyed. Last year it was first listed for $125,000 then reduced to $99,000 and is now $85,000. This is an example of a most affordable parcel. Rick Meehan, one of my agents, has this offering.

43 South Ellsworth is a lovely Victorian styled farmhouse with a gracefully detailed front porch, an old shed and an old dairy barn all set on a level 33 acres of hay fields, orchards and gardens. The 1870's home is preserved nicely with amazing details of ornate Victorian era moldings and floors. There are large porch door windows to open on a summer's day. The house is mechanically updated-new roof, furnace. It is easy to update kitchen and baths. I had this originally listed for $1,650,000 and recently reduced the price to $1,050,000.

Our website at www.bainrealestate.com one can find not only the aforementioned listings and solds but also one can 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.

 

All the best,

Chris Garrity

 

David Bain & the Sharon office

Jennifer Luning, Michele Pastre, Joanie Yahn & David Almquist

 

 

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