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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