Bain Real Estate East Warren 2017 June Market Report.
What a beautiful month! I thought it would never get here. The trees are full in leaf and blossoms delight everywhere. And our market is also looking good!
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 a sale increase around 14%! In summation, real estate in Warren 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 has solidified real estate values and will predictably push values higher. This is already happening.
Take a look. Warren had 27 residential sales last year plus two more currently in contract. That's more than in any of the past 10 years! There are currently 31 homes on the market and that is a health number. Regarding land transactions that has been a little less active with 15 parcels currently available for sale and just 2 sold in the last year.
In your neighborhood there were 15 residential sales last year!
Starting in the north on Route 45, 260 Cornwall Road, known as Turning Point Farm is a rambling antique of 3800 square feet built in 1750 with 5 bedrooms, 4 baths and a large antique barn on 10.59 acres. It overlooked its own pond and pasture and was run as a B&B for many years. It was sold to a family member for $550,000.
234 Cornwall Road is a 1874 colonial comprised of two homes put together to make this a 3054 square foot 12 room home with at least 3 bedrooms (it had an interesting floor plan) and 3.5 baths. The house sat on 1.67 acres and like many old houses was very close to the road which is why it was on the market since March of 2008 when it was listed for $385,000. It finally sold this February for $184,000.
11 Windy Ridge is a 1448 square foot 3 bedroom 2.5 bath ranch built in 1963 on 2 acres that sold in March of 2016 for $225,000.
18 Reverie Lane is a 2119 square foot gambrel roofed home with 3 bedrooms and 2 baths tucked at the end of a cul-de-sac on 2.43 acres that sold in January of this year for $338,000.
45 Cornwall Road is 1782 Antique of 1312 square feet with 2 bedrooms and 2 baths with just 1 acre. It also had a garage studio, a brook, pond and gardens. A real cutie. It was originally listed for $349,000 in 2014 and we sold it in April of 2016 for $268,000.
15 Melius Road is a 1759 Colonial with 3005 square feet, 4 bedrooms and 3 baths in meticulous condition on 3.68 acres, a barn and a pool and pool house. Across the street 76 acres of pasture and woods were protected with easements. The property was first listed in March, 2009 for $2,150,000 and sold April of last year for $1,030,000.
My partner Chris Garrity sold the former Rooster Tail Inn at 11 Cornwall Road! The former destination inn/restaurant is a renovated colonial consisting of 8 bedrooms, 9 full and 3 half state-of-the-art bathrooms, kitchen needs equipment, dining room, living room with fireplace, pub room and gym with sauna. Also includes stone terrace with outdoor fireplace. Magical setting in a great location. With second residential 1 bedroom barn that also needed renovation. Sold for $750,000 and is being renovated.
137 Lake Road is a 1352 square foot ranch with 2 bedrooms and 2 baths built in 1996 on 2 acres. It had 40 acres of open space on 3 sides and a private deck to over look it. It first came on the market in May of 2009 for $265,000 and it closed in July of 2016 for $239,000.
221 Lake Road is a barn with 2457 square feet and 3 bedrooms and 3.5 baths converted in 1987 with great landscaping and views over its 6 acres of pasture and rolling farmland beyond. First listed by another broker for $725,000 in December of 2013, I took it over in 2016 for $575,000 and sold it this April for $550,000.
77 Couch Road is a 1783 square foot ranch with 2 bedrooms and 2 baths build in 2001 on 2.18 acres. It had many upgrades and was in excellent condition and abutted open space offering privacy. Listed in June of 2014 for $354,000, it closed last August for $318,500.
103 Town Hill is a High Ranch with 1813 square feet, 3 bedrooms and 2 baths built in 2008 on 2.23 acres. First listed in July of 2013 for $399,900, it closed last September for $321,000.
On the other side of the reservoir at 272 Milton Road is a beautiful 1859 colonial with 4 bedrooms and 2.5 baths on 7 private acres. Not often do you find an antique in great shape of a quiet country road. This one was first listed for $825,000 in June and closed for $705,000 in December.
100 Rabbit Hill Road is a spectacular 48+/- acre wooded building parcel high above Lake Waramaug offering potential views and ultra privacy. Highest elevation is listed as the Pinnacle on the U.S. Geological survey map. Listed in August, it sold in January for $500,000.
Bain has 6 properties for sale in the neighborhood.
On Windy Ridge we have 50 acres of gently rolling woodland offered for $260,000.
At 156 Cornwall Road we have a cute 2 bedroom cape on 4 level acres asking $239,000.
At 37 Cornwall Road we have a 1795 2 bedroom 2 bath antique gem for $200,000
At 23 Cornwall Road we have a spacious 3 bedroom ranch on 3 acres with a pond and pool for $295,000
On 15 Town Hill we have just listed a 1780 eyebrow colonial with 2 bedrooms and 2 baths for $439,000.
On 383 Lake Road we are offering a 3088 square foot colonial built in 1983 with 4 bedrooms and 4 baths on 30 acres for $1,350,000.
We also received again 2 separate recognitions for our work:
The US Commerce Association gave us the designation "Best of Kent in 2011-16."
The Connecticut Magazine conducted an independent survey of buyers and sellers throughout Litchfield County where we finished with "Highest in Overall Satisfaction," a title we work hard for and cherish.
If you know anyone thinking of selling their property, we would like the opportunity to talk to them about our marketing. Thanks. I'll write again in a year to let you know what's happened.
And the rest of our Associates:
Kent: Toni Soule, Debbie Bain, Dave Farity, Marilyn DeVos, Scott Harvey.
Cornwall: Priscilla Pavel, Heidi Kearns, Rick Meehan, Asher Pavel, David Hurlburt.
Sharon: David Almquist, Jennifer Luning, Michele Pastre, Joanie Yahn.
P.S. One of our Associates, Priscilla Pavel was voted Realtor of the Year by the entire Litchfield Board of Realtors! It is a special honor bestowed by her colleagues and we are very proud.
Please note that not all listings and sales transactions are through David Bain Real Estate.