Bain Real Estate Spectacle Lakes 2018 October Market Report.
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 &
Please note that not all listings and sales transactions are through David Bain Real Estate