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Email Post to a Friend: Bain Real Estate Upper end 2017 November Market Report.

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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