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October
31

Bain Real Estate Studio Hill and The Cobble 2018 October Market Report.

Dear Neighbor,

 

PLEASE CLICK HERE TO SEE THE MAP.

Have we reached equilibrium between buyers and seller after 10 years?   From the bottom of the market to today there has been a slow, arduous climb of local real estate values.  In the ensuing ten years values have improved with buyers returning to the market; returning however with a tempered desire to purchase. Sellers in turn reacted by lowering asking prices making it more appealing to the buyers. So, growth has ensued.  A cautionary approach should be taken however, as daily the volatile swings in the world and nation have direct impact on buyers' confidence.

 

2006 was arguably the peak of the market prior to the Great Recession. Below is the data from 2006 showing an average sales price of $475,000 (rounded) on 53 sales. The second box (Oct. 2017-Oct. 2018) shows 50 transactions with an average sales price of $675,000 (rounded). For additional perspective, the average market value from October 2010 through 2011, which was the statistically low point of the market, was $393,845 on only 32 sales.

 

One can see that the volume of sales of the last 12 months versus 2006 is awfully close. And both periods show that the Days on Market (DOM) are also nearly the same. Plus, presently there are only 46 homes (statistically low) on the market and 7 properties in contract.  There have also been a number of properties sold directly without market exposure that have not figured into this data.  All this makes a strong argument that the local real estate market has returned to a much healthier level from the low points of the local real estate market.

 

 

 

So, here are the details of what has transpired in the last 12 months in the neighborhood. There were a total of six sales in the neighborhood.

 

10 Cobble Road –Sold $567,500

This charming pre-Revolutionary Cape Cod is located in the Flanders Historic District and features sought-after elements of New England antiques: wide board floors, a central chimney servicing 2 fireplaces in the original living and dining rooms, ceiling beams, and window and interior door moldings. The house has been beautifully maintained and updated. In 2003, the rear portion of the dwelling was expanded to create a large, open kitchen, dining and living area. The kitchen features high end stainless appliances and butcher block counters. It opens to the sun-filled living/dining area that has built-in bookcases. The master bedroom with bath en suite and 2 additional bedrooms that share a bath are on the second floor. The expansive back yard has access to a stone patio and Cobble brook runs next to the property. The 2.4 acre property has a pond, a barn used for storage and garaging, and a studio with a vaulted, beamed ceiling. This home sold in only 7 days and was listed for $585,000.

 

28 Studio Hill Road-Sold $630,000

Set on 10+ acres with views over Cobble Valley this single-level home has old world charm, natural light and generously proportioned rooms. The living room has a fireplace and opens to the screened-in porch. The kitchen features a center island, eat-in area, and stainless appliances. There are 3 bedrooms including the master bedroom boasting a fireplace, beamed, vaulted ceiling, and skylights. A large barn/garage has three bays and a storage area plus the second level has a heated office and partially finished studio space. The acreage is open with meadows, gardens, and lovely old trees. It abuts Weantinogue Heritage Land Trust, with trails throughout the 200 acre Cobble Vista preserve. It was listed in July of 2017 for 6 months at $865,000- reduced to $750,000, then $695,000 when it sold last month. The roughly 25% drop in pricing made this house sell quickly.

 

For Sale:  36 Studio Hill Circle-$525,000

This house sits on a knoll at the end of a curving driveway surrounded by lawn and easy care gardens. With 3 bedrooms and 2.5 bathrooms in over 2400 sq. ft. this thoughtfully architected home has an open floor plan with the master suite on the first floor.  Spacious living room, formal dining room and a comfortable kitchen open directly on to the spacious back deck which looks out on a beautiful lawn, gardens and protected woods. The 4.5 acres abut over 200 acres of Cobble Vista Preserve on three sides. I listed this home for $550,000 in September and have recently reduced it to $525,000.

For Sale: 146 Kent Cornwall Rd- $375,000

Pre-war craftsmanship is found in this lovely 1940's Connecticut colonial.  Detailed in gracious lines and intricate details grace this classic center hall is rare to find. Elegantly positioned high on a knoll, just north of the Village the house is ensconced in garden splendor under a copse of Sycamore trees. Custom carved dental moldings decorate the exterior transepts and gabled ends. Leaded glass windows outline the front door with a fan style leaded window gracing the top. There are 4 bedrooms in the nearly 2000 square foot home. There is a formal dining room with built in corner cabinetry. The living room is anchored by a fireplace with uniquely designed mantel and a lovely sun room is located off the living room. The well designed kitchen was renovated recently offer top appliances and granite counters. The office leads to an attached two car garage with ample storage above.

  

154 Kent Cornwall Rd- Sold $1,189,500.

This 3600 sq. ft. home is a wonderfully updated late 1800's side hall colonial with modern touches. The grand living room features a fireplace, built-in cabinetry, detailed moldings and antique flooring. A chef's kitchen is an understatement as it has vaulted ceiling, huge center island and top appliances and a large eat-in area.  A formal dining room focuses around a fireplace, wet bar all detailed in antique wood. There are 3 bedrooms and 2.5 baths. The master suite has a spacious dressing room and an en-suite bath.  The separate guest area offers 2 bedrooms and a shared bath plus modern upgrades of central air and a generator. There are also two antique barns on the over 12 acre parcel. Initially listed for $1,495,000, dropped to $1,295,000 it sold within 151 days.

 

59 Muller Road-Sold $590,000

This Contemporary 2,550 sq. ft. home is located off the private section of Muller Road. The rebuilt stone walls outlining the lawn and marking the edge of lightly wooded 13 acres.  An open floor plan boasts a Living room with a stone fireplace, wood floors, and Cathedral ceilings, a well laid out light-filled kitchen, formal dining and a master suite. A large deck off the Living room faces the western views. The upper level has two guest bedrooms and a full bath. The lower level is a large family room also with stone fireplace and access to the lawn through sliding doors. The current exercise room can flip into an office/studio. The house has been carefully upgraded with central AC and offers turn key condition. It was listed for $638,000 and sold for less than 8% off asking within a month.

 

 

9 Botsford Road- Sold $535,000

We sold this custom built three-bedroom home was built in 1998 and offers nearly 2300 sq. ft.

There are wood floors throughout, a first floor master bedroom with a gas fireplace and full bathroom, dining room, kitchen with a breakfast bar, two second floor bedrooms, fireplace in the living room, and a second floor office or family room. Built with creature comforts it includes central air conditioning, whole house generator, six inch exterior and interior walls, central vacuum, oil heat, and a security system. Sited on 4 level acres landscaped with a pond and specimen trees the property also affords great natural light and mountain views. In 2014 the house was listed for $795,000. In 2016 it was $675,000 and in 2017 it was reduced to $559,000 when we found the buyer.

 

16 Botsford Road- Sold $340,000

This charming, well-maintained and spacious, Cape styled home is on an open two-plus acre parcel.  There are three bedrooms, including a large master, and two full bathrooms, plus a den. Hardwood floors throughout the home and a convenient, first floor laundry room off the kitchen.  The family room doubles as part of the country kitchen and has a fireplace, French doors that open up to a stone patio. The open dining room/living room leads to an inviting three-season porch.  A two-car attached garage and a 14K whole house generator provide ease of living. The 4 acre level and sun splashed property is hidden behind privacy landscaping but still provide sunset views.  It was listed for $389,000 and was reduced to $350,000 and a sale in 102 days.

 

 

For Sale: 40 Botsford Road- $479,500

Nestled on a wooded hillside at the very end of a small town road, this beautifully landscaped home is set on 12.74 private acres with a brook tumbling through its northern end. The living room has a wood beamed and vaulted ceiling with fieldstone fireplace and French doors opening to the stone and wrought iron patio and western views. The dining room has arched windows, beamed ceiling all detailed in pecky Cyprus wood.  There is a charming cook's kitchen and three en suite bedrooms. The master bedroom is on the ground floor with an attached sun glorious room. Modern touches of central air and a new roof are comforting. 

 

 

There are a few other offerings in the neighborhood and town so to keep in touch with these happenings or other areas in the NW Corner, visit on our website, www.bainrealestate.com

This letter and the others we write are posted there as well. Have a colorful autumn.

 

 

Cheers,

David Bain &

Chris Garrity

 

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

  

 

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

 

October
29

Bain Real Estate Upper End 2018 October Market Report.

 

Dear Neighbor,

 

It's time to look at the past year to see what happened to the upper end market (sales over 1 million dollars).  This letter is an update of the activity between October 1, 2017 and today within the context of the 11 towns we service in Northwest Connecticut. There are a lot of statistics, but they do provide us with instructive perspective about the market. 

 

The first table shows the number of sold properties over $1M from 2005 to today!  The market is strong even though there are still 207 properties over the $1M mark that have not yet sold.  Note the average sale price continues to grow and the average days on market is down by almost nearly 2 months.

 

Here's some perspective over the last 13 years for the upper end market in the 11 towns we serve:*

 

This second table gives a closer look at the upper end market in each town over the last six years. Salisbury had the best year with the most sales with Roxbury in second place.  Kent jumped into third, just ahead of Washington.  Washington has 49 unsold properties on the market for the most in the region.  It is also interesting to track the progression of both listings and sales in each town to see where the action has been. Please note that these statistics do not include private sales outside of the Multiple Listing Data

 

 

Arguably, we believe there is no better place within 90 miles of NYC that offers so much as NW CT.  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 four specialty areas in the last 12 months.

 

Kent had 7 residential sales:

  1. 64 Howland Road is a 3,074 sq. ft. 5 bedroom 3.5 bath colonial built in 1986 with 19.13 acres. Perched atop Geer Mountain in South Kent it has  long southern views of the Litchfield Hills. Hardwood floors, three fireplaces, extensive moldings, soapstone countertops, top-of-the-line appliances and spacious rooms. We sold it last May for $1,473,500, down just a bit from its  list of $1,700,000.
  2. 12 Stonewall Lane is a 6,335 square foot western mountain styled home with 4 bedrooms and 4.5 baths on 20.64 high hill side acres. The craftsmanship was stunning in this post and beam was crafted from trees grown and felled in Montana. Featuring 5 fireplaces, the great room hosts a 30 foot native stone expanse. Stellar kitchen, intricate flooring, incredible tree house porch, octagonal solarium, elegant horse barn, additional car barn, riding ring and turnout  We sold this one in August for $1,550,000 down from its original list price of $4,200,000 in August of 2018.
  3. 88 Howland Road is a 2180 square foot contemporary built in 1998 with 3 bedrooms, 2.5 bathrooms on 26 acres. This was an architect designed home with 23' ceilings and walls of glass looking out on long SW vistas.  It also had a guest house and pool.  It sold in January for $1,600,000 down from its list price of $1,950,000.
  4. 32 Mountain Road is a 4622 square foot stunning contemporary designed by Tomas Rossant of Ennead Architects and Allee Design, with clean aesthetics. Built in 2004 with 4 bedrooms, 5.5 bathrooms on 37.37 hill top acres with remarkable views. It sold in November for $2,550,000 down from its list price of $2,900,000.
  5. 33 Ore Hill Road is a magnificent 7,202 square foot contemporary with 6 bedrooms and 6 full baths and 2 half baths built in 2000 on a mountain top at the end of a long, paved drive with 42 acres (which we sold). The architect designed home is simply stunning and extremely well crafted with a horizon pool, cabana, studio and 4 car garage.  It sold February for $3,050,000, down from its original list price of $10,900,000
  6. 200 Kenmont Road is a 6034 square foot American shingle style home with 6 bedrooms and 6 full baths and 3 half baths built on 102 lakefront acres. The open floor plan encompasses the fabulous kitchen, dining area, and 2-story great room with a fireplace and French doors accessing the expansive deck. The mahogany paneled library has it own fireplace. The second level features 4 BR suites. The master includes sitting area, his/her dressing rooms and bath with soaking tub and steam shower. The finished lower level has a home theater and 2 guest suites that open to the rolling lawn. It sold this May for $4,400,000, down from its original in 2012 list of $7,900,000.
  7. 164 A/B Kenmont Road is a combination of two parcels and a lakefront cabin on 1.87 acres of land.  The cabin has direct waterfront and shared the access way with a neighbor. This was a private sale closing at $1,200,000.

 

Sharon had 7 residential sales:

  1. 140 White Hollow Road is a 7,500 square foot stone Georgian Colonial with 6 bedrooms and 4.5 baths built in 1953 on 24 acres. Located well off the road with a circular drive, the property was in excellent condition, had a pool and a tennis court. Renovated with sophistication and with pool, western views, and guest house. It was originally in May of 2016 for listed for $2,595,000 and sold in April for $1,200,000.
  2. 194 Low Road is a 3,447 square foot cape cod with 4 bedrooms and 3 full baths and 2 half baths originally built in 1900 on 6.18 acres, but recently renovated stunning details throughout: wide plank walnut flooring, high ceilings, 3 fireplaces, custom millwork. The bathrooms have high-end fixtures. The fabulous eat-in kitchen is equipped with Sub-Zero refrigerator, Miele dishwasher, marble counters.  It was listed in 2010 for $1,995,000, it sold in July for $1,360,000.
  3. 40 Herb Road is 5573 square foot contemporary with 4 bedrooms and 3 baths built in 2006 on 12.3 acres.  Designed and sited to enjoy panoramic views of the Housatonic River Valley, Sharon Land Trust and beyond. Energy efficient and technologically "smart."   It sold in November for $1,450,000, down from $1,850,000.
  4. 40-42 Jackson Hill Road is a 4,909 square foot colonial with 4 bedrooms and 4 full baths and 2 half baths built in 1993 on 08 acres.  It will need total restoration, but it's on a high hill in a highly desired location.  There is another old house that should probably be taken down.  It was originally listed in 2008 for $5,900,000 sold last October for $2,000,000.
  5. 3 Westwoods Road #1 is a 4046 square foot brick Georgian with 4 bedrooms and 4.5 baths originally built in 1776. It has been meticulously restored, maintaining its original detail and enhancing its value with all new windows, insulation, wiring, central a/c, and septic system. A superb new addition houses a fabulous kitchen with marble countertops, 2 refrigerators, 2 dishwashers, gas stove and pantry.  Offered with 10.6 acres, it was first listed in February for $2,475,000 and sold immediately for $2,057,790!
  6. 14 Weber Road is a 6154 square foot contemporary with 5 bedrooms, 5 full and two half baths built at the end of a long driveway on a hilltop with one of the best western views we have seen. The property comes with 284 acres and a large pond.  Most of the acreage has conservation easements and it all abuts Macedonia State Forest.  The grounds are beautifully landscaped and there is a pool.  First listed a year ago for $8,950,000 in 2010, it sold in January for 3,411,820.
  7. 231 Lake Road is a1740 antique colonial of 3302 square feet, 5 bedrooms and 2.5 baths recently moved back from the road, enlarged and renovated on 10.6 acres with barn, pond, pastures and woods. A perfect blend!  It sold last November for $1,250,000 after 406 days on the market, down from its original list of $1,750,000. This was a private sale.

Cornwall had 1 sale in the over $1M market this past year:

  1. 92 Town Street is a single family home that contains 3,376 sq ft and was built in 2007. With 3 bedrooms and 4.5 baths, this home sold privately in March 2018 for $2,075,000.

 

In Warren, there were 5 sales. Interesting that none of them are directly on the lake:

  1. 32 Sheehan Road is a 3,739 square foot Contemporary with 4 bedrooms and 3.5 baths built in 1989 on 3.06 acres.  While not on the lake, it features grand lake views. This recently renovated home is turnkey with 4 bedroom, 3.5 bathrooms, and open floor plan with generous entertainment spaces. Additionally, this home offers oak floors throughout, two stone wood-burning fireplaces, zoned air conditioning. The kitchen features beautiful maple cabinetry, quartzite counters, concrete farm sink and views of the lake.  Originally listed September of 2017 for $1,899,000, it sold this past October for $1,150,000.
  2. 231 Lake Road is a 3,302 colonial with 5 bedrooms and 2.5 baths originally built in 1740 and actually moved back from the road about 25 years ago. It came with barns and a garage/barn was added as well as a pond for swimming.   It is a lovely compound with style privacy.   Originally listed September of 2016 for $1,750,000, it sold this last November for $1,250,000.
  3. 127 Cornwall Road is a beautifully constructed home of 5000 square feet but with an unfinished interior needing heat, walls, kitchen and baths and room framing. Attached was a large, mostly finished large barn with high ceiling and a clear spanned second floor. Best of all was the land. 123 acres of manicured fields, woods with trails, 1700'of road frontage with a 4' high 3'thick field stone wall running its length!  First listed by us in 2015 for $2,700,000 it sold for $2,000,000 in April.
  4. 14 Strawberry Ridge Road is a newly crafted Lake house of 5,153 square feet with 4 bedrooms and 4 full and two half baths with grand views of the lake. It has 2 acres and is strategically located on a small road within walking distance to the lake.  It was listed in March for $3,250,000 and sold in June for $3,000,000.
  5. 47 Tanner Hill Road is a striking architect designed contemporary of 5000 square feet with 3 bedrooms and 4.5 full baths built in 2011 on 2 acres with one of the best views over Lake Waramaug that there is. Houses like this sell themselves.  It was listed for $8,500,000 in January and sold in June for and even $8,000,000!

 

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 listing and selling in those towns for more that 44 years.  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 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, Chris Garrity and the Bain Office

 

*Statistics taken from CTMLS.

 

     

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

October
18

Bain Real Estate 2018 October Kent Segar Mountain Market Report.

PLEASE CLICK HERE TO SEE THE MAP.

Dear Neighbor,

 

Have we reached equilibrium between buyers and seller after 10 years?  From the bottom of the market to today there has been a slow, arduous climb of local real estate values.  In the ensuing ten years values have improved with buyers returning to the market; returning however with a tempered desire to purchase. Sellers in turn reacted by lowering asking prices making it more appealing to the buyers. So, growth has ensued. 

           

2006 was arguably the peak of the market prior to the Great Recession. Below is the data from 2006 showing an average sales price of $475,000 (rounded) on 53 sales? The second box (Oct. 2017-Oct. 2018) shows 50 transactions with an average sales price of $675,000 (rounded). For additional perspective, the average market value from October 2010 through 2011, which was the statistically low point of the market, was $393,845 on only 32 sales.

           

One can see that the volume of sales of the last 12 months versus 2006 is awfully close. And both periods show that the Days on Market (DOM) are also nearly the same. Plus, presently there are only 46 homes (statistically low) on the market and 7 properties in contract.  There have also been a number of properties sold directly without market exposure that have not figured into this data.  All this makes a strong argument that the local real estate market has returned to a much healthier level from the low points of the local real estate market.

 

 

So, here are the details of what has transpired in the last 12 months in the neighborhood. There were a total of seven sales in the neighborhood.

 

24 A Segar Mountain Road

This unassuming Modern home on 3.12 acres is hidden near Kent's village center with western views of farmland and hills beyond. A 30 x 21 Great room is the highlight of the house with fireplace, exposed wood beams, and vaulted ceiling. The kitchen offers a walk-in pantry, wood cabinets, granite counter tops, gas range, and stainless steel appliances. There are three bedrooms upstairs with the master suite offering walk in closets and a full bath with Jacuzzi tub. Two other guest bedrooms share a full common bathroom. Sun filled lower level room offers many potential uses. With over 3200 sq ft of living space, a two car attached garage, this is in turnkey condition.  Chris Garrity, my partner, sold this house in 2005 for $362,500 and he brought the most recent buyer who paid $425,000 or a nearly a 15% increase from pre-Great Recession market height.

 

  55 Stone Fences Road

Back in 2005 this house was sold for $495,000.  After thirteen years and a foreclosure, this contemporary colonial sold again for $269,000.  This 50% loss of value was dramatic but largely due to the deteriorated condition of this 1996 home.  New owners invest money, energy and enthusiasm thus this 2380 sq. ft. home with 3 bedrooms and 3.5 bathrooms has been rejuvenated. Newly renovated kitchen with stainless steel gas range, stone counters, new cabinetry, farm sink, lighting and plumbing fixtures. Recent interior paint, refinished white oak flooring, tree removal and mechanical system updates.  This house boasts a cathedral ceiling living room anchored by a large brick fireplace.  The master suite is on the main floor and is connected via a wood deck to the kitchen and living room.

It is now for sale again for $399,000.

 

  25 Bald Hill Road

This home has rustic charm on a very private 1.5 acres on a dead end road. It's a contemporary barn style home offering large public rooms- Kitchen with vaulted ceilings and exposed beams with fireplace and a pantry.  There is a spacious living room with a fireplace and wood flooring.  There are 4 bedrooms 3 full and one half baths. Extra rooms include a reading nook at second floor landing, a sun room on first floor couples as an office, a lower level playroom, TV room and Laundry room round out the house. In 2008 this house was sold for $250,000 and with some improvements to the house and improvements in the real estate market, this house sold for $320,000 in 2018.

 

18 Kenmont Road

Exceptional lakefront and 16.5 acres on North Spectacle Lake is what makes this property so special. With views over the lake and 500' of lakefront and a private cabana and dock, the 20 years old house was an afterthought. In fact the 4 bedroom, 3 bath custom Lindal cedar home with post-and-beam construction, huge panoramic windows, vaulted ceilings, fireplace and an open floor plan was demolished after it was sold.  Once listed for over $3 million, we represented the buyers who have since begun to erect a home with better quality and design.  The property sold for $1,250,000.

 

445 Segar Mountain Road

Also on North Spectacle Lake is a 1995 contemporary with direct frontage. Intentionally designed open floor plan allows the light to flood in and the lake views to be the focal point from each of the three levels. This 2500 sq. ft. lake house has 3 bedrooms and 3.5 bathrooms a living room with a fieldstone fireplace, vaulted ceilings and French doors to large 36 foot deck. The open loft office has lake views while the large family room on the lower level offers a small kitchen and a bedroom and full bath.  This home sold for $500,000 after being on the market for nearly 2 years with an initial asking price of $895,000. It had last sold in 2001 for $450,000.

  447 Segar Mountain Road

This property uses the same driveway as the aforementioned home at 445 Segar Mtn.  Set 200 feet back from North Spectacle Lake this 3742 square foot contemporary is sited to maximize the views.  Likes it neighbor this 3 bedrooms and 3 full baths is designed to see and access the lake.  The living room has windows on 3 sides with a fieldstone fireplace in between. The kitchen is large (17'x 23') with ample storage, counter space and views of the lake. The second floor has 3 bedrooms, two full master baths (one with a deep soaking tub) and a separate office. An elevator was recently added to give easy access to the second floor. There is also a large family room on a walkout lower level to the boardwalk to the lake.  This home sold in 2007 for $637,685 and sold again this past summer for $670,000. This house was on the market for five years with an initial asking price of $990,000.

 

If you were curious, much of the value discrepancy between (445 and 447 Segar Mtn. Rd) and 18 Kenmont Road is attributable to the quality of the lake front each has. 18 Kenmont Rd. has deep water access and has dry ground.  445 and 447 Segar Mtn. Rd which abut one another are at the outlet end of the lake where the shallow and weedy conditions make it less appealing to the market.

 

  4 Kenico Road

Another victim of the Great Recession was this practical raised ranch on 1.2 acres of land.  Last purchased in 2003 for $265,000, this home represented a good family house value. But in 2017 after some considerable neglect, this 1281 sq. ft. home was foreclosed upon and came back on the market for $199,900. With my partner's assistance the new buyers snapped it up for at $198,000 only after 14 days on the market.  It has since been updated and brought back to comfortable living standards.

 

There are a few other offerings in the neighborhood and town so to keep in touch with these happenings or other areas in the NW Corner, visit on our website, www.bainrealestate.com

This letter and the others we write are posted there as well. Have a colorful autumn.

 

Cheers,

David Bain &

Chris Garrity

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

 

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

 

October
18

 

Bain Real Estate 2017 November Upper End Market Report.

 

 

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, 2016 and today within the context of the 11 towns we service in Northwest Connecticut. There are a lot of statistics, but they do tell us things about the market. 

 

The first table shows the number of sold properties over $1M is the highest since 2007!  All in all the market is strong even though there are still 203 properties over the $1M mark that have not yet sold.  Note the average sale price is up 2% but the average days on market is up by 41 days.

 

Here's some perspective over the last 14 years for the upper end market in the 11 towns we serve.

This second table gives a closer look at the upper end market in each town over the last six years. Salisbury had the best year with the most sales with Sherman in second place.  Washington, usually the leader, tied Litchfield for third place with just 8 sales.

 

Arguably we believe there is no better place within 90 miles of NYC that offers so much as NW CT.  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 7 residential sales:

  1. 411 Jennings Road is a 3688 sq. ft. 4 bedroom 3.5 bath colonial built in 1800 with 37 acres.The home was meticulously restored and expanded.  A new barn was built and extensive landscaping done.  It sold last January for $1,037,000, down just a bit from its list of $1,285,000. 
  1. 79 Muller Road is a 4014 square foot contemporary with 4 bedrooms and 4.5 baths on 20.64 high hill side acres. The craftsmanship was stunning and the views long.  It sold last December for $1,150,000 down from its original list price of $1,387,000.
  2. 154 Kent Cornwall Road is a 3293 square foot colonial built in 1900 with 3 bedrooms, 2.5 bathrooms on 3 acres and recently totally and beautifully renovated in just the last few years.  Two barns and extensive landscaping.  It sold in July for $1,189,500 down from its list price of $1,295,000.
  3. 18 Kenmont Road is a 1879 square foot contemporary with 3 bedrooms and 3.5 baths built in 1999 on 16.5 lake front acres. The land nicely landscaped, the house set privately high above the lake with an access road down to the water where there was a dock and cabana.  We sold this past September for $1,250,000, down from its original list price of $2,750,000.
  4. 17 Straight Road is a 2720 square foot colonial built in 1900 with 3 bedrooms, 2.5 bathrooms on a gorgeous 5 acres of pastures and woods with remarkable views. It had two barns as well.  It sold in July for $2,800,000 down from its list price of $2,950,000.
  5. 6. 23 Kane Mountain Road is a 3468 square foot contemporary with 4 bedrooms and 3.5 baths built in 1998 with significant recent upgrades all on 1.7 acres with a long SW   view shed, pool, pool house and barns.  It sold October 24 2017 for $1,875,000,     down from it's original list price of $3,000,000
  1. 18 Kenmont Road 13 a 1879 square foot contemporary with 3 bedrooms and 3.5 baths  built on 16.5 lakefront acres.  Much of the land was professionally landscaped and had a sloping road down to its waterfront.  Listed in 2015 for $3,200,000, the price dropped several times before Dave Fairty of our Kent office sold it this September            for $1,250,000.

 

We have 13 properties for sale in Kent.  Five of them our listings:

  1. 171 Bulls Bridge is a 3224 square foot 4 bedroom 2.5 bath colonial built in 2003 and privately set 1 acres abutting the Bulls Bridge Golf Course. It's offered at $1,199,000 by Chris Garrity.
  2. 59 Kenico Road is a spacious 1296 square foot lakefront contemporary home with 4 bedrooms and 2 baths built on 97 acres. The land slopes gently to the lake and the setting is amazingly private. It's listed at  $1,650,000 by Chris Garrity.
  3. 221 Fuller Mt. Road is a 5512 square foot contemporary with 4 bedrooms and 3 full and 2 partial baths built in 2009 on 22.5acres.  Its architecture and design reflect Frank Lloyd Wright.  Its privacy is absolute and it has a heated 5 car garage Offered for $1,800,000 by David Bain
  4. 64 Howland Road is a 3074 square foot colonial with 5 bedrooms and 3.5 baths built on 13 acres in 1986. Its southern views over its own pastures to distant hills are remarkable. It's offered for sale by Dave Fairty for $1,900,000
  5. 12 Stone Wall Lane is a 6335 square foot western mountain styled contemporary crafted with trees felled in Montana and equipped with 4 bedrooms and 4.5 baths. It was built in 2006 on 2 acres Offered for $1,975,000 by Toni Soule.

 

Sharon had 6 residential sales:

  1. 3 Vanishing Brook Lane  is a 3050 square foot 1983 contemporary with 3 bedrooms and 3 baths built on 3.06 private acres.  Renovated with sophistication and with pool, western views, and guest house. It was listed for $3,750,000 and sold last November for $1,075,000 down from its list price of $1,195,000.
  2. 49 Boland Road, is a 1826 square foot converted barn with 2 bedrooms and 2.5 baths on 19 acres.   Most of the land was pasture and it came with a pool and several small barns.  It was listed in July for $1,445,000 and sold in September for $1,100,000, down from $1,195,000.
  3. 12 Old Sharon Road #2 is 2571 is a stunning Michael Trapp designed 1506 square foot hand crafted contemporary with long eastern views. It has 3 bedrooms and 3 baths and was built in 1987 but recently renovated on 45 acres acres. It sold in May for $1,166,250, down from $1,200,000.
  4. 17 Grandview Lane is a 5675 square foot contemporary with 5 bedrooms and 5.5 baths built in 1993 on 08 acres.  An old farm was tastefully subdivided with lots of visual protection and pastoral views.  It was listed for $1,995,000 and sold in August for $1,655,000.
  5. 14 and 18 Knibloe Hill Road is a 5000 square foot contemporary farm house with 6 bedrooms and 4.5 baths built in 1997 high on a hillside with long western views and 87 acres. It was first listed in 2015 for $4,800,000 and dropped a year later to $4,250,000, it sold for $3,900,000 last month.
  6. 49 Boland Road is a 1826 square foot post and beam barn turned into a 2 bedroom 2.5 bath home privately set on 4 acres of pasture with long southern views, a pool and 2 small barns. First listed a year ago for $1,295,000, it sold this September for $1,100,000.

 

We have one property for sale in Sharon:

  1. 43 Ellsworth Road: Picture a lovely old farmhouse (3400 square feet, 5 bedrooms and 2.5 baths) with a gracefully detailed front porch, an old shed and an old dairy barn all on a level 33 acres of hay fields, orchards and gardens. There you have it. The 1870's home is preserved nicely with amazing details. Offered at $1,050,000.

 

 

Cornwall had one sale in the over $1M market this past year:

 

  1. Sadly the Cornwall Castle which we had for sale for several years is being foreclosed by Chase Bank. There will be an auction in Early December at which time the bank will probably bid the amount of the mortgage, and if not out bid, will take over ownership.  We may see its parts for sale again.

 

  1. 56 Whitcomb Hill is a stunning 8075 square foot English Manor house, extremely well build deep in its 80 acres with pool and tennis court.  It had 5 bedrooms and 4.5 baths and massive beams, 12 ' ceilings, old wide plank boards, "sleep in" fireplaces, geothermal heat and cooling and many special details throughout.  It was listed for $4,600,000 and sold in May for $4,200,000.

 

There are 11 properties over the $1M mark currently for sale in Cornwall.  Check our website for those: www.bainrealesrtate.com

 

 

In Warren there were 3 sales:

 

  1. 379 Lake Road is a 2125 square foot colonial farmhouse with 4 bedrooms and 2 baths built in 1904 on 59 acres. It had some lake front, the old house and a large barn that begged for renovation. Much of the land was wooded and hilly.  It was listed in for $1,945,000 and sold last November for $1,945,000.
  2. 26 Hopkins Road is a 1652 square foot 1968 Contemporary with 3 bedrooms and 3.5 baths on 69 acres. The house needs much work, but the value is in the location and the views of the lake and the vineyard.  Listed for $2,200,000, it sold in January for $1,925,000.
  3. 95 Curtis Road is a 3000 square foot colonial with 4 bedrooms and 4.5 baths built in 1941 on 94 acres. Great potential estate site with long views over the lake.  It was listed in September 2015 for $2,500,000 and sold in July for $2,050,000.

 

 

We have one for sale in Warren:

 

  1. 290 Lake Road is a 3300 square foot 1745 Colonial with additions and a guest house attached to a 2 car garage/barn. The best part is the brook that wraps around the property and the covered bridge that links the barn/garage with the house.  The house is in mint condition with 4+ bedrooms and 3.5 baths. The gardens are a show piece.  Trails wind around the garden, ponds and across the brook. This truly unique property is listed for $1,300,000.

 

There are 10 other properties listed over $1M.  You can see them on our website, www.bainrealesatate.com.

 

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 have listed and sold  in those towns for more that 44 years.  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 "Market Update" on our home page. You can 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

*Statistics taken from CTMLS.

 

 

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

 

 

October
11

 

Bain Real Estate North Kent and Brookwoods 2018 October Market Report.

PLEASE CLICK HERE TO SEE THE MAP

PLEASE CLICK HERE TO SEE THE MAP

Have we reached equilibrium between buyers and seller after 10 years?   From the bottom of the market to today there has been a slow, arduous climb of local real estate values.  In the ensuing ten years values have improved with buyers returning to the market; returning however with a tempered desire to purchase. Sellers in turn reacted by lowering asking prices making it more appealing to the buyers. So, growth has ensued.

 

2006 was arguably the peak of the market prior to the Great Recession. Below is the data from 2006 showing an average sales price of $475,000 (rounded). The second box (Oct. 2017-Oct. 2018) shows an average sales price of $675,000 (rounded). For additional perspective, the average market value from October 2010 through 2011 which was the lowest point of the market was only $393,845 with only 32 sales.

 

One can see that the volume of sales of the last 12 months versus 2006 is awfully close. And both periods show that the Days on Market (DOM) are also nearly the same. Plus, there are only 46 homes on the market and 7 properties in contract.  There have also been a number of properties sold directly without market exposure that have not figured into this data.  All this makes a strong argument that the local real estate market has returned to a healthier level.

 

So, here are the details of what has transpired in the last 12 months in the neighborhood. There were a total of five sales in the neighborhood with two occurring in Brookwoods.

 

371 Kent Cornwall Road is a happy Connecticut cottage was nicknamed "The Nest" as it is loaded with charm! The floor plan features a formal living room with fireplace, a bank of windows and a small screened porch. The dining area opens to a galley kitchen that offers plenty of counter space for cooking. A master and two guest bedrooms are located on the first floor while the upper level offers another bedroom, bath & a sitting room suite. The family room is situated privately to the rear of the house and offers pretty views of the property. A large 600 sq ft deck is reached from the family room glass doors. Located adjacent to Kent Land Trust property on two sides and forever protected views, this property also enjoys a large level and private yard.  My partner Chris Garrity sold this house which he had sold nearly 20 years earlier. It closed for $360,000 after 168 days on the market.

Just up the road, associate Toni Soule and partner Chris Garrity sold 389 Kent Cornwall Road for $310,000. This is a fabulous conversion of an antique post and beam barn into a wonderful home. This former 1860's tobacco barn still has the patina of centuries and an open floor plan for modern use.  With soaring ceilings and expansive windows, the home is cozy but updated too.  The country kitchen offers top of the line touches with a Subzero fridge, Bosch Dishwasher and Bosch Gas stove. Full pantry and laundry room with Maytag W/D all leading to a separate apartment suite with bedroom, full bath and full kitchen. The master bedroom is a loft open to the whole barn frame and yet maintains a private bath and additional bedroom. Intimate bookcase lined study with a cozy wood stove adds a place of respite. It is impeccably clean and in neat order with full basement storage and all mechanicals in good condition. Central AC and ceiling fans cool the barn while large sliders offer fresh air and easy access to the large deck. Gardens galore run down and along the roiling country brook and a post and beam barn/garage offers room for storage and projects. This property was listed for $350,000, was reduced twice and sold after 230 days on the market.

We also closed on 48 Carter Road this summer.  This is a lovely, renovated ranch home on a 3 acre secluded lot. The home entails 1,560 square feet of living space on the main floor plus an additional 650 square feet carpeted family room on the lower level.  A separate part of the lower level houses the washer and dryer, half bath and storage area. Lovingly cared, for it is bright and airy. A sliding glass door from the living room provides access to a large 23'x16' deck. Bain associate Asher Pavel represented the sellers who received a sales price of $325,000 after 294 days on the market at an initial list price of $355,000.

 

As noted above there were also two sales in the Brookwoods community which continues to offer great values and numerous amenities.

 

 

433 Kent Cornwall Road, Unit# 1,  is a Saltbox-style home with attached garage situated on the 17 common acres.  This light-filled home has three skylights, a private deck, wood-burning fireplace and hardwood floors throughout its 1,900 square feet. Upstairs are two bedrooms, a sitting area and full bath. An open-concept layout on the main floor also offers a sunroom between the kitchen and garage can be used as an office or playroom. The full basement offers ample space for storage and laundry. This home enjoys mountain views and southern perspective across the park-like grounds. It sold for $250,350 with only 32 days on the market and an initial asking price of $265,000.

 

433 Kent Cornwall Road, Unit #7 is another beautifully maintained Saltbox. The first floor features cathedral ceilings and skylights in the spacious kitchen, a light-filled living room with brick fireplace and a lovely sunroom leading to the one-car garage.  There is a first floor bedroom and full bath or two spacious bedrooms that shared a full bath on the second floor. Lower level has laundry and could be finished for additional living space.  The house faces west and enjoys both sunset and Housatonic Valley Range views.  It took a bit longer to sell this one with 586 days and an initial price of $260,000 and selling for $190,000.

 

There are a few other offerings in the neighborhood and town so to keep in touch with these happenings or other areas in the NW Corner, visit on our website, www.bainrealestate.com

This letter and the others we write are posted there as well. Have a colorful autumn.

 

 

Cheers,

David Bain &

Chris Garrity

 

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

 

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

 

October
10

Bain Real Estate Spectacle Lakes 2018 October Market Report.

PLEASE CLICK HERE TO SEE THE MAP

Have we reached equilibrium between buyers and seller after 10 years?  From the bottom of the market to today there has been a slow, arduous climb of local real estate values.  In the ensuing ten years values have improved with buyers returning to the market; returning however with a tempered desire to purchase. Sellers in turn reacted by lowering asking prices making it more appealing to the buyers. So, growth has ensued.

 

2006 was arguably the peak of the market prior to the Great Recession. Below is the data from 2006 showing an average sales price of $475,000 (rounded). The second box (Oct. 2017-Oct. 2018) shows an average sales price of $675,000 (rounded). For additional perspective, the average market value from October 2010 through 2011 which was the lowest point of the market was only $393,845 with only 32 sales.

 

One can see that the volume of sales of the last 12 months versus 2006 is awfully close. And both periods show that the Days on Market (DOM) are also nearly the same. Plus, there are only 46 homes on the market and 7 properties in contract.  There have also been a number of properties sold directly without market exposure that have not figured into this data.  All this makes a strong argument that the local real estate market has returned to a healthier level.

 

So, here are the details of what has transpired in the last 12 months in the neighborhood.

Starting at the top of the attached map, an 8.56 acre parcel of land that was purchased in 2004 when St. John's Peak was sold off in a mass sales event. This property was acquired for $159,900 with an original loan of $143, 910.  After wallowing on the market for 10 years the loan was foreclosed and the land at Old Paddock Lane sold for $57,750.

 

On Stonewall Lane David Bain has listed a 17 acre with a building site at 1300' high, the trees tower and the brook tumbles through this wooded parcel. The lot has been perked for a 4 bedroom home and elevations and driveway plans have been done for the house site on the high plateau north of the brook.

It is listed for $175,000.

 

Just up the road Toni Soule and I sold 12 Stonewall Lane last month. This fabulous western mountain styled home is sited on nearly 12 acres of woods and meadows. It is a 4-bedroom, 3.5 bath post and beam crafted from trees grown and felled in Montana. It is graciously appointed with creative touches and featuring 5 fireplaces.  The great room hosts a 30 foot stone faced fireplace.  . Top of the line kitchen, intricate flooring, tree house styled porch with fireplace, octagonal solarium, horse barn, additional car barn, riding ring and turnout. It was listed originally for $1,975,000, for over a year then reduced to $1,675,000 and sold for $1,550,000.

 

7 Gorham Road is an incredible site with special long views being offered for $195,000.  A curving rough drive has been cut to the view site. The Catskill Mountains are over the nearby hills. A portion of the lot is restricted from development.

 

Jumping over to North Spectacle Lake some additional healthy sales transpired such as 200 Kenmont Road.  This property is amazing and so in 2012 it came to the market for $7.9MM.  It came and went on the market for the next six years when it was listed last for $5,150,000 and sold for $4,400,000.  This Shingle Home is akin to the lake homes built more than a century ago. The house design offers over 6000 sq. ft. with generous rooms and spectacular lake views. The home encompasses a fabulous country kitchen, and 2-story great room with a fireplace and French doors accessing the expansive deck. The mahogany paneled library, rounded within the turret, has a fireplace and built-in shelving. The second level features 4 BR suites. The master includes sitting area, his/her dressing rooms and bath with soaking tub and steam shower. The finished lower level has a home theater and 2 guest suites that open to the rolling lawn. Above the 3-car garage is space that can be finished for a separate guest house or home office. The property, accessed via a gated driveway reaching the private 100+ acres parcel with 800' of south facing lakefront.

 

Directly to the west a lakefront cabin was purchased for $1,200,000. 164 A/B Kenmont is a combination of two parcels and a cabin on 1.87 acres of land.  The cabin has direct waterfront and shared the access way with a neighbor. This was a private sale.

 

Off the lake over at 25 Bald Hill Road a house on 1.5 acres sold for $320,000.  Sporting rustic charm with wood flooring and exposed beams this contemporary Barn Style home offers large public rooms - Kitchen with vaulted ceilings and exposed beams with fireplace, Large Living room with Fireplace and 4 bedrooms 3 .5 baths. The house is set in a very quiet location on which a large private deck offers seasonal views. There is a separate 2-car garage with brand new metal roof. The property was on the market for nearly 190 days and was originally listed at $395,000 or 16% off the first asking price? 

 

Back on North Spectacle Lake we sold a contemporary with a lake side cabana and private dock.  18 Kenmont Road is nicely private on 16.5 acres with professionally landscaped grounds. Owning a generous 500' of lakefront with some of the deepest water on the lake, the custom Lindal Cedar is home sited to enjoy the gorgeous lake views from high above the lake. The 3000 sq. ft. post-and-beam construction had huge panoramic windows, soaring vaulted ceilings and an open floor plan, 2-story fireplace and 3 bedrooms.  The house has since been knocked down and is being replaced with a larger and more updated home.  It sold for $1,250,000 after 4 years, three real estate agencies and an initial asking price of $3,200,000. 

 

445 Segar Mountain Road is a contemporary lake house that offers a large open floor plan with big windows to allow natural light in and views to be enjoyed. The vaulted ceilinged living room is anchored by a fieldstone fireplace and has French doors to large 36 foot deck .Master suite on upper level has an enviable master bath with lake views. There is a large family room on the lower level with small kitchen and a bedroom and full bath. There is also a 2 car attached garage. The path to the lake is planked and easy to access. Listed initially for $695,000 with a final list price of $595,000 it closed for $500,000 after two and a half years on the market.

 

Next door, 447 Segar Mountain Road sold as well.  This lakefront contemporary began its market journey in 2013 with another firm for a list price of $990,000. With 80+ feet on North Spectacle Lake, this house has 3742 square feet of living space.  There are 3 bedrooms and 3 full baths with a potential 4th bedroom and bath (already plumbed). An elevator was recently added to give easy access to the second floor. The living room has windows on 3 sides with a fieldstone fireplace in between. The kitchen is large (17'x 23') with ample storage, counter space and views of the lake. There is potential for a main floor bedroom with full bath. The second floor has 3 bedrooms, two full master baths (one with a deep soaking tub) and a separate office. There is also a large lake room on a walkout lower level and plumbing in for yet another bath, if needed.  When David Bain listed this property he offered it at $748,000 and closed in 84 days with a final sales price of $670,000.

 

Lastly, we sold 4 Kenico Road.  This 1,218 sq. ft. split level home has 3 bedrooms and 2 bathrooms. It was a bank owned home that had been neglected and in need of some TLC.  The buyers have since made considerable improvements with a new kitchen, carpeting and more.  There is a large family room, wood flooring and carpeting as well as an attached 2-car garage. I assisted the buyers with the purchase of this beautiful family home on 1.10 level acres. It sold in 14 days for $198,000 with a list price of $199,900.

 

To keep in touch with other happenings in this neighborhood or other areas in the NW Corner, keep in touch on our website, www.bainrealestate.com.  This letter and the others we write are posted there as well.

All the best,

 

Chris Garrity &

David Bain

 

 

  

       

 

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