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Dear Neighbor,

  Here is the annual Village real estate report detailing the real estate activity in the last 12 months in the village of Kent on the residential, condominiums and commercial properties.

 Sales transactions in all of Kent were considerably lower since I last wrote which echo the national and state trends. Case Schiller report noted that prices have increased slightly while volume of sales transactions has dropped. This drop is in part attributable to the investor buyer segment of the market that has taken advantage of the "good deals" in the last few years. We are seeing a return to a more balanced market where there is a small pool of buyers and a limited amount of homes available for sale.

 Incrementally the market values are getting healthier. Data shows that 2014 average sales price was even stronger than 2013 in Kent. A more accurate reflection of a healing market is the Days it takes to sell and that average is dramatically different by nearly half. There is roughly the same amount of listings on the market (57) than last year at this time (56). We have 4 of these listings in contract to sell.

  Date Sales Av. List Price Market Time Av. Sales Price

2001-02 40 $469,000 148 Days on $423,554

2002-03 37 $505,000 103 Days on $471,000

2003-04 38 $481,000 143 Days on $449,000

2004-05 48 $613,000 116 Days on $565,000

2005-06 41 $690,000 122 Days on $639,000

2006-07 29 $760,000 168 Days on $695,000

2007-08 29 $1,062,000 125 Days on $957,000

2008-09 28 $675,000 161 Days on $585,000

2009-10 27 $1,127,545 226 Days on $1,012,698

2010-11 21 $423,000 192 Days on $379,000

2011-12 28 $591,299 212 Days on $523,515

2012-13 25 $433,000 299 Days on $410,300

2013-14 19 $844,389 154 Days on $758,776

 Here is what transpired in the Village neighborhood since I wrote you last:

5 condominium sales; 4 residential closings; 1 commercial transaction.

Condominiums:

The condo values seemed to have dropped considerably. We are seeing sales prices that reflect pricing from a decade ago.

Kent Hills - 80 North Main Street

There were seven transactions at Kent Hills in the last twelve months.

Number Bds Bths Gar. Floor Sq. Ft. Ask Sold

KH3 #35 2 2.5 1 car 2nd 1612 $264,000 $240,000

KH1B4/B4 3 2 1 car 2nd 1609 $285,000 $255,000

KH1B1/A3 2 1.5 1 car 1^st 1252 $179,000 $169,000*

KH1B1/B3 2 1.5 1 car 2nd 1252 $159,000 $145,000*

 These averages compared to a year ago indicate that values are solidifying. I have asterisked two sales to point out that these two units resold since last year and both sold for slightly more than they were purchased for.

 There are presently four units for sale and we have KH3U25 for sale for $260,000. This Townhouse has commanding views of the village and Mt. Algo. With 1624 sq. ft. this two bedroom 2.5 bathroom home is in excellent condition.

River View Commons- 16 Elizabeth Street

The one sale

Number Beds Baths Base. Gar. Sq. Ft. Ask Sold

Unit 6 1 1 None 0 961 $76,500 $70,000

Single Family Residential:

The village residences are still very much in demand. People are seeking the convenience that the village offers, the neighborhood camaraderie and the size of the homes. Here are three sales:

8 Bluff Road is a 1,216 square foot Cape Cod Style home with 2 bedrooms and 1 bathroom presently on the market for sale. Sitting up high above the Housatonic River, this 1900's bungalow is a perfect house to renovate. This half acre property offers privacy and views as well. There is a large boathouse on the property with considerable frontage on the Housatonic River. It was asking $150,000- and I sold this home sold for $135,000.

11 Meadow Street is a Cape Style home that sits on .25 of an acre. The house has a first floor master suite and lovely book lined living room with a fireplace. There are two bedrooms upstairs in this 2000 sq. ft. home. We sold it in 1999 for $234,500 and this is the second owner who purchased the home for $330,000.

20 Meadow Street is a Cape style home with considerable space. This 3 bedroom home has a bedroom on the main level a large living room with a fireplace and a sizeable basement for storage or a shop. There is perfect solar gain and it has a private backyard. Marilyn DeVos of my firm along with our associate Toni Soule worked to make the buyer and seller happy with a transaction that was in contract within 5 days of listing. The house sold for $345,000 off a $365,000 list price.

My partner, Chris Garrity, has 23 Lane Street listed for $379,500. This is a lovely village Colonial with a level back yard. The house has been completely renovated over the last 10 years and features antique maple flooring, moldings and wainscoting. French doors open to the back patio, a cozy office and a formal dining room. Easy to maintain and top of the line appliance and utilities. Ready to go!

89A Main Street North is a Colonial house next to the Community House. This antique beauty sold in a direct transaction for $350,000. The house has a fireplace, first floor master bedroom and a formal dining room.

Commercial:

The commercial market was not as active as last year but there is still a considerable amount of opportunities on the market. On Thursday night October 3^rd the town's people voted 124 to 44 in favor of acquiring the former Chevy Dealership lot across from the Fife n Drum. That property is listed for $495,000 and the town was awarded a $500,000 STEAP grant to acquire the 1.6 acre parcel for future town use. Stay tuned for whether a deal can be reached with the seller.

Another private sale occurred this past summer where 10 Main Street (the building that houses the bookstore and coffee shop) sold directly for $835,000. This property includes two barns behind the 6760 sq. ft. main building and has 6 tenants. Since this property was last sold in 2000 it has grown in value over $26,000 per year.

Listed is 23 Maple Street- Presently a wonderfully successful village inn- The Kent Country Inn-with impeccable details in tip-top condition. Completely renovated 15 years ago from top to bottom it retains the antique feeling with exposed beams, wide board flooring, stonework, 2 fireplaces and 4 suites. It is zoned commercial so there are many options available for use (former site of Restaurant Moosalauke), it could be converted back to a residence for the perfect village home. Privacy is assured in the spacious and level back yard. It is listed for $539,000.

There are 6 other commercial properties on the market in Kent so if you wish to see any of them, give us a call.

Kent continues to thrive. We had great Summer Sidewalk Sales and the Champagne Stroll in the village the weekend after Thanksgiving will be a great event. See you on Main Street.

Respectfully,

David Bain

Chris Garrity

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

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