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Date Archives: February 2019

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February
26

 

Bain Real Estate Kent Route 7 South 2019 March Market Report.

 

Dear Neighbor

PLEASE CLICK HERE TO SEE THE MAP

 

Litchfield County's real estate values have grown nicely since the Great Recession ten years ago. As the economy has strengthened, buyer confidence has in turn responded positively; so growth has ensued. Hence, in 2017 we saw 36 sales in Kent and in 2018 we had 41, a slight improvement. A cautionary approach is advised, however, as the local, state, national and even global issues affect consumer confidence and the winds could blow in a different direction tomorrow!  

 

We are seeing this fickleness manifest at the upper end of the market, as the sales have not been as brisk as the mid-range. This past year, Kent had only 4 sales over $1MM or less than one percent of the all sales. This issue is not solely a Litchfield County concern as we see this depreciation of the upper end of the market in other areas of the county and state as well. 

 

Offerings are limited with only 38 homes currently available and the question is whether this scarcity solidifies values or turns buyers off. There are 2 home sales in contract presently in Kent.

 

Since I last wrote, we have been busy listing and selling. I am happy to report that Bain Real Estate sold two of the four sales in your neighborhood.  Of these sales, three were bank owned and each sold incredibly quickly.  Here they are:

 

86 Kent Road is a cozy riverfront ranch style home on one acre.  From this 1800 sq. ft. home Housatonic River and mountainside are seen. There are 5 spacious rooms including an eat-in kitchen, living room with fireplace, dining area and 2 bedrooms. There is a one car detached garage. This home was bank owned and had been listed for $184,900.  But it was well priced and lasted only 15 days prior to an accepted offer and selling over asking price of $192,536.  

 

18 Birch Hill Lane was also a foreclosure and in need of some updating when it sold. This 1943 ranch style home offers 1200 sq. ft. and has a half an acre of land high on the banks of the Housatonic River.  It features 3 bedrooms and 1 full bathroom. There is a sizeable living room with stone fireplace, large eat in kitchen, formal dining room and attached 1 car garage. It lasted 7 days on the market and while listed for $110,000 it closed higher at $117,050.

 

209 Kent Road is another foreclosed property that sold this year. Set well back off the road, this 3 bedroom, 3-bath Colonial built in 2007 has 2.3 acres. The layout is open with a large kitchen featuring granite counters and hardwood floors and sliders leading to a patio. There is a fireplace in the living room as well. 3 full bathrooms all have marble and granite counters plus tile floors. The master bedroom has hardwood flooring, walk-in closet and full bath with tub and glass enclosed shower. The 9 Ft ceilings on main floor make the rooms larger. The house offers 1844 sq. ft. with large windows overlooking the grounds terraced with stone walls. 2 car detached garage with 900 sq. ft. loft. Toni Soule of my office found the buyer who paid $335,904 off an asking price of $349,900. Again as with all well priced houses this only lasted 31 days on the market.

 

We sold 30 Valley View Road! This renovated barn was originally located in the village of Kent and in the 1980s was assembled on this 2.92 parcel of land.  Now with its easy open floor plan it's great for entertaining. There are 3 bedrooms, 2 full baths, a kitchen with terra cotta tile floors and stainless steel appliances. Antique hewed beams are accentuated by vaulted ceilings. There is a cozy wood stove and skylights brighten both the rooms and the patina of the old wood flooring.  There is a game room that opens to a stone patio and a sunroom with a bank of windows leading outside to an oversized deck. It sold for $378,000 from a list of $399,000.   

 

There are other offerings on the market and if interested call us, stop by the office or visit our website at www.bainrealestate.com.   One can find not only listings and sales but also this letter and all other Kent neighborhood letters archived on our site too. And if you wish to follow our blog for new listings, sales and other interesting real estate tidbits join up from our website. 

 

All the best,

David Bain &

Chris Garrity-

Toni Soule, Marilyn DeVos, David Hurlburt, Scott Harvey, Karen Grimaldi, Michele Pastre,

Asher and Priscilla Pavel

 

 

Please note that not all listings and sales transactions are through David Bain Real Estate

 

 

 

 

February
21

Bain Real Estate Kent Village 2019 February Market Report.

Dear Neighbor,

 

PLEASE CLICK  HERE TO SEE THE MAP

 

Litchfield County's real estate market has strengthened nicely since the Great Recession ten years past. As the economy has strengthened buyer confidence has in turn responded positively. So, growth has ensued. Hence in 2017, we saw 36 sales in Kent and in 2018, we had 49.  A cautionary approach is advised, however, as the local, state, national and even global issues affect consumer confidence and the winds could blow in a different direction tomorrow! 

 

 In fact, we are seeing this sentiment manifest on the upper end of the value spectrum, as the sales have not been as brisk with downward pressure on houses over $1MM.  This past year Kent had only 4 sales over $1MM or less than one percent of the all sales. This issue is not solely a Litchfield County concern as we see this depreciation of the upper end of the market in other areas of the state as well. 

 

Listing levels have been constricting with 37 currently available, and the question to be seen is whether scarcity solidifies prices or will buyers continue to wait. There are 2 home sales in contract to sell presently.

 

Since I last wrote we have been busy listing and selling. I am happy to report that Bain Real Estate sold all 3 houses, the 1 commercial sale and participated in 5 of the 7 condominiums transaction in the village neighborhood.

 

 Single Family Residential:

The village residences are still very much in demand but with little supply they seem to sell quickly.  My partner, Chris Garrity has sold all three of the village houses here:

 

20 Meadow Street is a spacious 2-story light-filled home of 2021 sq. ft. With its open concept kitchen, dining room, and living room there is a modern flair to this 3 bedroom cape.  There is a wood burning fireplace outlined in built-in book cases. The first floor also boasts a generously sized master bedroom with en-suite bathroom, a dedicated laundry room, coat closet/pantry and half bath for guests. Two upper spacious, bright bedrooms, full bath, bonus craft room, and storage complete the second floor. The backyard is party-ready with patio, grill area and fire pit. Property includes an over-sized one-car garage and full basement ready for conversion. Solar panels, town sewer and water are added benefits. Toni Soule listed this home and Chris found the buyer for $358,000.

 

Hidden in the middle of the village neighborhood down the private lane is this untouched 1930's Cape Cod style home at 7 Locust Lane.  With lovely pre-war touches like oak flooring, built-in cabinetry, brick fireplace and light fixtures, this 1232 sq. ft. home is a charmer.  The living room has nicely detailed boxed beams and a substantially large fireplace that can heat both the living room and the 15 x 13 sun room. There are 2 bedrooms and one full bath on the second floor and

a half bath tucked into the galley kitchen. There is a good sized basement and a one car garage. Small but private back yard ensconced in arborvitae and gardens. Chris listed this home that sold for $210,000.

 

42 Elizabeth Street is a charming cedar shingled home with 4 bedrooms and one and a half bathrooms. The living room of this home is enhanced by a wood burning fireplace, and the dining room has a lovely bay window and hardwood flooring. The kitchen offers a breakfast bar and tile floor and opens to both the heated enclosed porch. Hardwood flooring throughout the 1560 sq. ft. home plus the lower level is partially finished and there is a 2 car garage. Located on a level lot the house has a fenced back yard, and is connected to both town water and sewer.

Chris sold this for $315,000.

 

Commercial:

 I listed and sold 31 North Main Street, a 3600 sq. ft. mixed use commercial/residential building.  There are two tenants in place with long term leases. Existing tenants pay $2,750 a month with double net leases. High traffic location offers a nice investment so it was listed for $445,000 and closed for $395,000.

 

Condominiums:

We are seeing sales prices growing. The desire to live in the village without the upkeep of a house is strong.  Units are selling that had been owned for numerous years that require upgrading of bathrooms and kitchens. But those that have been updated are highly prized as move in makes life so much easier.  So as these units undergo these important upgrades, the values are that much stronger.     

 

Kent Hills - 80 North Main Street

There were 5 sales Kent Hills in the last twelve months and Bain Real Estate was involved on all 5. There are no units listed for sale or in contract to sell at Kent Hills presently.

 

River View Commons-16 Elizabeth Street –2 Sales- There are no units listed for sale or in contract to sell at River View Commons presently.

 

Unit #16 is well kept and updated 1232 sq. ft. unit featuring 2 generous sized bedrooms, the master having 3 closets, large living room, kitchen with recessed lighting, newer cabinets and pantry, dining area with slider to private 10x22 brick paver patio & 1 1/2 baths. There is a second floor level laundry plus a 1 car garage and 1 additional parking space. Listed for $129,938 and closed for $123,750.

 

Unit #19 is similar Townhouse as #16 offering two good size bedrooms and 1.5 baths. There is a formal living room, separate dining room and private patio off the dining room. One detached garage and one reserved parking space. This unit had to be owner occupied because the condo is over the allowable amount of rental units. Listed for $139,000 and closed for that price.

 

There are other offerings on the market and if interested call us, stop by the office or visit our website at www.bainrealestate.com.   One can find not only the aforementioned listings and sales but also one can find this letter and all other Kent neighborhood letters archived on our site, too. And if you wish to follow our blog for new listings, sales and other interesting real estate tidbits join up from our website. 

 

 

 

All the best,

 

David Bain &

Chris Garrity, Toni Soule, Marilyn DeVos, David Hurlburt, Scott Harvey, Michele Pastre, Karen Grimaldi, Asher and Priscilla Pavel

 

 

Please note that not all listings and sales transactions are through David Bain Real Estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

February
11

 

Bain Estate Sharon West Cornwall 2019 February Market Report.

 

Dear Neighbor,

PLEASE CLICK HERE TO SEE THE MAP

Litchfield County's real estate market has strengthened nicely since the Great Recession ten years past. As the economy has strengthened buyer confidence has in turn responded positively.  So, growth has ensued. Hence in 2016 we saw 58 sales in Sharon and in 2017 we had 50. We   had only 46 sales transactions in Sharon in the last 12 months but while the drop might be attributable to declining listing levels, a cautionary approach is advised as the local, state, national and even global issues effect consumer confidence. 

 

In fact, we are seeing this manifest on the upper end of the value spectrum, as the sales have not been as brisk with downward pressure on houses over $1MM.  This past year Sharon had only 4 sales over $1MM or less than one percent of the 46 sales. This issue is not solely a Litchfield County concern as we see this depreciation of the upper end of the market in other areas of the state as well. 

 

Buyers are clearly seeking affordable housing opportunities with a keen intent on not overinvesting and with a sense of not wanting to invest in a house that gets limited use.  Sellers who over invested in their homes in the last 10 years are finding that buyers are not valuing the upgrades as sellers might have hoped.

 

Listing levels have been shrinking slightly with 56 currently available, but in each price range there are an even amount of offerings. There are 16 properties available under $400,000 and 16 homes from $400K-$700K. There are 8 homes available from $700K to $1MM and 14 homes from $1MM to $3MM. There are two offered above that level at $7 MM and $11MM.

 

What is interesting while the offerings are spread nicely over the spectrum of the market, the sales data reinforces the idea that the market is still price sensitive.  Of the 46 sales last year 57% closed under $400K. 11 sold in the $400K-$700K price range or 24%, 3 sales occurred in the $700K to $1MM and 4 sales from $1MM to $2MM.

 

Interestingly, there are 8 home sales in contract to sell presently.  Three sales are under $400K or 37%. In the $600K-$1M range there are another 3 sales (37%), and 25% of the sales are two sales in the $1MM-$1.3MM range. This is a smoother market spread. It will be interesting as to how 2019 shapes up.

 

 

We have only two houses to report selling in the neighborhood in the last 12 months.

293 West Cornwall Road Listed: $365,000/Closed $367,000.

This home is a fabulous Cape, built in 2007. It is bright and full of light, move-in ready in and just steps from the West Cornwall covered bridge. There are large windows with wide plank wood floors throughout. Main level includes a living room with working fireplace and French door walk out to patio; large country-style kitchen for easy cooking; dining room and a bedroom that can double as a study. The Master Bedroom and 2 other bedrooms are on the upper level along with a large full bath featuring dual sinks, a claw foot tub with European style faucet, and a separate stall shower. Asher Pavel and Toni Soule of my office assisted in the sale.

 

240 West Cornwall Road Listed: $149,000/Closed $149,000.

Bain agent, Priscilla Pavel listed and sold this 1810 colonial, a bright, pretty antique with 1040 sq. ft. of living space. There are 2 bedrooms, one on the first floor and one on the second floor. The house boasts hardwood floors and antique character. The house maintains a 2 year old propane furnace and newly outfitted first floor bath. Separate garden shed (used to be a chicken coop), stone walls, off street parking and attractive garden plantings. It is simple and easy.

 

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 or see us on Facebook and Instagram.  This letter and the others we write are posted on the website as well. Cheers!

 

Chris Garrity,

David Bain & Associates

Toni Soule, Marilyn DeVos, David Hurlburt, Karen Grimaldi, Priscilla and Asher Pavel

      

Please note that not all listings and sales transactions are through David Bain Real Estate

 

February
5

Bain Real Estate Cornwall Village 2019 February Market Report.

 

Dear Neighbor,

PLEASE CLICK  HERE TO SEE THE MAP

 

 

It is a very cold winter indeed; which is certainly not news to anyone in Cornwall today. But what may be not as well known is that sale prices have been firming up hinting that we have finally rebounded from the depths of the Great Recession that swamped us 10 years ago.  Since then as consumer confidence grew, so did buyer confidence.  With buyer confidence come sales, shrinking inventory, increased demand and stronger values. This is clearly evident with only 28 residential homes available for sale which is traditionally low. A cautionary note to insert, we are now seeing daily volatile financial world swings and that will affect our real estate values.

The upper end of the market (sales over $1 million) is the outlier in the county as well as town.  There are sales in this end of the market but they are not as brisk as the past few years. Another manifestation we are seeing is that significant investments in one's home over the past 10 years may prove to be a personal benefit but an investment that may not always be recouped upon a sale.

This past year Cornwall registered 23 house sales and 2 land sales.  2 of the sales were in the village and an additional 6 sales were in the vicinity, so I have included them all here.  Several of the sales were not open on MLS, but privately accomplished.

 36 Bolton Hill was a family sale/transfer.  This is the first lot as one drives into the village from Route 4 and includes the Cornwall Village Post Office building.  The lot is 1.1 acre and the building is 925 square feet on the main floor.  The recorded sale price is $85,000.

1 School Street at the corner of Bolton Road is a charming 1957 3-bedroom colonial.  It has a view looking over its lovely gardens and an attached 2 car garage.  The dining/living room has a great fireplace and the basement level offers a full walkout and is an ideal office or studio space. Originally listed at $425,000 and reduced to $350,000, it closed for $370,400.

56 Todd Hill Road may have set the record for the quickest sale in Cornwall; listed at $296,000 in September, it closed in November.  This ranch style house offers 3 bedrooms, 2 full baths and a security system.  The house was built in 1930 on 4.5 acres.  It also offered a detached 3 car garage and a barn in a lovely neighborhood.  Final sale price: $280,000.

103 Cemetery Hill Road was better known as the Berkshire Country Store and took many years to sell.  We have lamented its close and hope it will soon reopen.  It sold for $450,000.

34 Great Hollow Road was a true "spec" house.  It is a large colonial, 3516 square feet, with 4 bedrooms, 3 full and 1 half bath on 3 acres in full view of the Mohawk Ski Area.  Above the attached 3 car garage is a studio apartment which adds potential rental income.  The house offers both a deck and a screened porch and rare for Cornwall, cell service!  $899,000 was the asking and it sold at $825,000.

45 Valley Road was a private estate sale of an 1855 colonial with 6 rooms, 3 of them bedrooms.  Located on an acre, major construction is underway.  It sold for $230,000.

46 Valley Road was another private estate sale of an 1860 colonial on 2 acres.  This house is a bit larger, over 2000 square feet, with 7 rooms, 4 bedrooms 2.1 bathrooms but it sold for $150,000.

I listed 295 Great Hollow Road a quaint 1951 cottage on over 9 acres for $350,000. It has 2 bedrooms and 2 full baths and a spacious open kitchen, dining and living room with 2 fireplaces.  There is a large deck off the living room that leads to gardens and a swimming pool.  The house has a 2 car garage on the lower level.  It has long view potential and borders the Cornwall Castle property. It sold for $305,000.

We received a letter recently from some former Cornwallians, Betsy and Christopher Pope, who wanted us to report that they had given the Cornwall Conservation Group a 12 acre lot on Popple Swamp and Pierce Roads.  That happened in 2015.  The land value is $314,000. We wish to thank them for their generosity and love of Cornwall.

If you have any questions or comments, please share them with us.  If you find yourself in the neighborhood of 419 Sharon Goshen Turnpike, please stop in for a cup of coffee or hot chocolate and a conversation. Also, please visit us on the web at www.bainrealestate.com, and follow us on Facebook and Instagram. 

 

Respectfully yours,

 

Priscilla Pavel

And the rest of the Cornwall crew:  Dave Hurlburt, Asher Pavel, Heidi Kearns