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