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Date Archives: October 31st, 2018

Bain Real Estate - Market Update Home

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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