Bain Real Estate North Kent and Brookwoods 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. 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.
David Bain &
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