Bain Real Estate Kent Segar Mountain 2017 May Markt Report.
Spring has shaken off winter's grasp and so the real estate market! After the 10 year real estate slumber the market appears to be awakening.
2016 was clearly a pivotal year in real estate. Nationally real estate sales transactions were up 12% over 2015 figures. Litchfield County overall saw just over 8% increase. Locally we have seen a similar bump resulting in the volume of sale increase around 14%! In summation, real estate in Kent is on a steady upswing as the market recognizes good values.
The positive economic confluence of lower unemployment, strong trends in the financial markets and tightening interest rates have bolstered consumer confidence. This confidence mixed with the reduction of available homes to buy has solidified real estate values and will predictably push value higher. This is already happening.
Last year's letter noted over 60 houses being available for sale in Kent. Well, what a difference a year makes as presently there are 43 residential homes listed for sale. And there are 2 homes in contract to close.
While we have seen a strong 36 sales in the last 12 months, this is 8 fewer sales than same period in 2015. We are happy to say that Bain Real Estate participated in over 30% of these transactions so thank you for your confidence.
Anecdotally, we recently closed on a house where there were two bidders. The first prospect reluctantly cancelled their contract as they could not get their loan so the second buyer ended up winning the sale. And for a bit higher, I might add.
The lesson here is that the market has become one of both buyer and seller on an equal footing, no longer just a buyer's market. Should there be a prolonged period of fewer listings than interested buyers, we could see that balance shifting to a seller's market.
Here is what has transpired around the lakes in the last 12 months. Please note that not all listings in the neighborhood are posted here so if you want to know more, please let us know or head to our website to see all the available listings in Sharon and countywide.
Overlooking The Cobble is 3 Cobble Heights a hillside contemporary built in 1984 and set on 2.72 acres. In this 2300 contemporary home the living/dining room are one room anchored by a massive floor to ceiling native stone fireplace and a wall of windows offering southern views and a deck to enjoy the out doors. There are two bedrooms and full bath on first floor and a master bedroom suite on second floor. A family room, full bath and separate entrance are on the lower level. Features such as hardwood flooring, central air conditioning and a back up generator are some of the nice qualities. Listed for $535,000 it closed for $510,000.
184 Cobble Road is a 1967 Bungalow overlooking Cobble Road. The home features two bedrooms and two full baths, a spacious living room with fireplace, and a wonderful two story deck with sunset views. Sited privately up a 3.9 acre wooded hillside the yard area is well maintained with, lawn, birches and large boulder outcroppings adding a natural touch. The large deck is designed for taking in the views. Hardwood flooring and a fireplace make this a distinctive country home. Listed for $249,000 it sold for $242,000 rather quickly.
171 Segar Mountain Road-Built in 2004, this 4 bedroom, 2.5 bath home features a spacious open kitchen with Viking cook top and breakfast bar connected to family room with gas fireplace. The great room offers vaulted ceilings; there is a formal dining room with a rear deck for outdoor dining. First floor master suite has a walk in closet plus there are 3 additional bedrooms. Set on a hillside 2.39 acre wooded parcel this 3200 sq. ft. home was bank owned and sold for $333,333.
A sweet cottage on 2.27 acres at 16 South Road sold for $223,200. The 2 bedroom, 1.5 bath 1982 home features an open floor plan downstairs incorporating the kitchen, dining room/sitting area with a cozy woodstove, and a light filled living room in nearly 1200 sq. ft. French doors open to an outdoor deck great for relaxing or entertaining. Upstairs there are two bedrooms that share a full bath.
29 Iron Mountain Road is another house built in 2004. This Colonial style home is sited on 5 private acres with seasonal sunset views. The 2,860 square foot home features hardwood floors throughout, three spacious bedrooms, 2.5 baths, and a large eat-in kitchen with granite counters and stainless steel appliances that opens onto a spacious deck great for entertaining. The master bedroom suite incorporates a large private bath, his-and-her walk-in closets, as well as a lovely sitting room that can be used as a fourth bedroom. In addition, the walk-out basement has been finished into a media/game room and opens to the back yard. Listed for $595,000 in the summer of 2015, the house sold for $525,000 a year later.
25 Stone Fences Lane has all the creature comforts and more in a carefree country home. Expansive country kitchen with a native stone fireplace with bookshelves at one end and a granite topped gourmet kitchen on the other. Master suite and two additional bedrooms plus a private office are offered. French doors lead to the wrap around porch overlooking the heated pool. Listed for $535,000 it sold for $515,000.
Across the road and sited at the end of a long drive on the south west slope of Bald Hill is 28 Stone Fences, a house for sale for $775,000. Nestled privately on 7.8 acres is this nearly 4000 sq. ft. farmhouse has large rooms, a kitchen that is a cook's delight with a 6 burner stove and professional hood. The home offers a formal dining room, and screened porch for gatherings. There are 3 bedrooms and 2.5 bathrooms in this 2005 built home.
Directly next door, I also have an undeveloped 10.04 acre parcel listed for sale.
Lot 44 Stone Fences Lane is a level, lightly wooded parcel bounded in stone walls. There is a level driveway roughed into the lot. The parcel overlooks a large hay field that has protective easements. A small cabin offers a perfect place to site the house. The native oak and maple trees dot the former pasture creating a setting ready for the country home. I have this listed for $225,000.
38 Davis Road is a former One-Room School House circa 1900 that recently sold.
Set on the corner of a quiet town maintained gravel road, the 600 square foot home with 2 bedrooms and 1 bathroom has potential to become a sought after " Tiny house". While there are elements of original charm (wainscoting, two built in cupboards), the structure requires a comprehensive renovation. It was listed for $85,000 reduced to $75,000, sold for $53,250.
Lastly my partner Chris Garrity has a dynamic lakefront property available at 59 Kenico Road. The property is located on the north side of North Spectacle Lake and is accessed off a long, private driveway. It maintains nearly 6 acres nestled quietly amongst the substantial estates and State Forest. The 4 bedroom country home was renovated 10 years ago and maintains a gourmet kitchen, stone fireplaces and a wrap-around deck. The master suite overlooks the lake and there is a large family room on the lower level. The lakefront is amazingly level and open with a sandy bottom. Sun splash the house all day with much cherished southeast orientation. There is plenty of acreage for an additional house. It is just listed for $1,650,000. We have a video on our site!
There are other offerings on the market and if interested call us, stop by the office or visit our website at www.bainrealestate.com. Of note Bain Real Estate again received 3 separate recognitions for our good work: The US Commerce Association gave us the designation
" Best of Kent in 2011-16." The Connecticut Magazine conducted an independent survey of buyers and sellers through out Litchfield County where we finished with "Highest in Overall Satisfaction," a title we work hard for and cherish. And our distinguished agent Priscilla Pavel was chosen as the Litchfield County Realtor of the Year!
If you know anyone thinking of selling their property, we would like the opportunity to talk to them about our marketing. Thanks. I'll write again in a year to let you know what's happened.
All the best,
David Bain &
Chris Garrity and the Kent Office-Toni Soule, Marilyn DeVos, Dave Fairty & Scott Harvey
Please note that not all listings and sales transactions are through David Bain Real Estate