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Dear Neighbor,

The autumn morning cool has set in and is a nice relief to the warmth and dryness of summer. Leaf peeping season is upon us and the village center will be bustling much like the real estate market this past year.

So, its time again for our annual neighborhood 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. In Kent here are the listings broken down into their categories:

73 residences

6 condominiums

19 commercial – 9 of which are in the Kent Town Center complex

19 parcels of undeveloped land

Confidence continues to be the main factor in the solidification of values. National Economic trends are faring well despite worldwide market turmoil. Unemployment claims are fewer than the most recent years and consumer confidence is buoyed. While we have had considerable sales success in Kent in the last year we are still confronting the supply and demand issue that shows there are more sellers than buyers.

With increased optimism and more sales, sellers who have been on the sidelines for the last 6 years are coming into the market. Hence there are more listings on the market today (73) than last year at this time (66), a 10% increase. So, as the market becomes loaded with homes, the pressure on prices begins to increase. We are already seeing this manifest in our listing to closing ratios.

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

2013-14 27 $776,085 138 Days on $706,286

2014-15 42 $ 486,170 165 Days on $449,711

Average sales price reflect a $190 per sq. ft. as opposed to the $224 per sq. ft. the 12 months prior.

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

There were 6 condominium sales; 2 residential closings; 4 commercial transactions.

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 five transactions at Kent Hills in the last twelve months.

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

KH1B5/B1 2 2 1 car 2nd 1225 $135,000 $117,500

KH1B5/B2 2 2 1 car 2nd 1280 $175,000 $162,500

KH1B5/A2 2 2 1 car 2nd 1280 $225,000 $225,000

KH1B5/B5 2 1 1 car 2nd 1252 $120,000 $120,000

KH3 U 15 2 2.5 1 car 2nd 1688 $199,000 $199,000

Average-2015 4% off asking price $170,800 $164,800

Average-2014 9% off asking price $221,750 $202,250

These averages compared to a year ago indicate that values are still vacillating. 1 of these sales was a bank owned property.

There are presently eight (8) units for sale with an average listing price of $175,500.

River View Commons- 16 Elizabeth Street – No sales

Victorian Square Condominiums – 81 North Main Street

This whole complex sold this year. All 11 units sold including the main house for $980,000. The units are all leased.

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 are desirable.

My partner, Chris Garrity, sold 23 Lane Street listed for $369,000 it sold for $355,000. This is a lovely 3 bedroom 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.

8 Elizabeth Street : This early 1900's dwelling is a two family home on almost an acre with Housatonic River frontage and large rear yard. Each apartment has a private entrance and feature 2 bedrooms, a full bath, eat in kitchen, deck and laundry. The main floor has an attached garage and a full basement. It was listed and sold full price at $350,000. We subsequently leased the second floor unit for the new owner.

Commercial:

The commercial market has been pretty active this year. Last October 3^rd the town's people voted 124 to 44 in favor of acquiring the 1.6 acre former Chevy Dealership lot across from the Fife n Drum. The town's bid failed and another purchaser paid $420,000 for the lot that was being offered for $495,000.

39 North Main Street sold. This three unit apartment building sits on .14 acres and has 2229 sq. ft. It closed for $240,000 at the end of 2014 and has been completely renovated. There will be two apartments in the dwelling and presently the main street apartment is being converted into two office spaces.

Across the street the Train Station at 38 Main Street sold. The 3400 sq. ft. building is presently being renovated and will be the new location for the pharmacy. The property sold for $785,000.

We leased the former Cliff's Garage at 21 Bridge Street. The building has many levels that include over 9000 sq. ft. of apartments, showrooms, garages and office space. There is an additional outbuilding on the nearly one acre of land. The former "bus barn" for the local school buses is set on the back of the lot. It was asking $3,000 per month for rent.

One of the prettiest buildings in town recently sold. The "Belgique" building at

1 Bridge Street closed for $525,000 after being on and off the market for years. The last list price was $549,000 but the listing was once closer to a million dollar. This classic 3600 sq. ft. Queen Ann Victorian is ornate and well appointed both inside and out. There are 4-5 bedrooms and numerous parlors in the house. The front porch has a great view up Main Street under a lovely old copper beech tree planted in 1898 when the house was built for Dr. Barnum. There is a 2000 sq. ft. carriage house that was once the chocolate store that is included in the sale.

We have a few new listings in town that are of interest.

45 North Main Street, formerly Bank of America is an opportunity in the heart of downtown Kent. This 3300 sq. ft. former bank building is ready to repurpose. 1872 contiguous sq. ft with private offices, drive up window & 100 sq. ft. walk-in vault. There is a large lower level with bathrooms and storage. The second floor has two separate one bedroom apartments leased. The building is ADA compliant with over 18 parking spaces. It has great Main Street visibility and convenient for foot and vehicular traffic. The owner will consider a long term lease at $3000 per month or sale for $675,000.

Chris Garrity is the listing agent.

This is also a great alternative for the Town of Kent to consider for its desire for public bathrooms, parking and information/community center. The owner is willing to work with the town on this idea. Come to the meeting on the Town's acquisition of the Manasse lot and let's hear your opinion!

There are 19 other commercial properties on the market in Kent so there are many options in town.

Lastly, we have listed a charming in town cape at 92 North Main Street. There is a movement to settle in the village and this cute cottage just north of town on .8 acres, has the potential. With a first floor master bedroom with nearby full bath, a large eat-in kitchen, adjoining family room & den with fireplace and a screened porch, first floor living is easy. But wait there is more; two additional bedrooms and a full bath upstairs. All listed for $325,000 and requiring some updating. Dave Fairty has the listing.

Kent continues to thrive. See you on Main Street.

Respectfully,

David Bain

Chris Garrity

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

This graph shows the number of successful transactions

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

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