Bain Real Estate 2019 November Upper End Market Report

Dear Neighbor,

It's time to look at the past year to see what happened to the upper end market.  This letter is an update of the activity between October 31, 2018 and today within the context of the 11 towns we service in Northwest Connecticut. There are a lot of statistics, but they do tell us things about the market. 

The market is strong even though there are still 196 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 up by almost 37 days.

Salisbury and Washington had the best year with the most sales with Roxbury in third place.  Washington again has the most unsold properties on the market for the last 6 years.  It is also interesting to track the progression of both listings and sales in each town to see where the action has been.  The percentage of sold properties to the number of unsold properties on the market is a little low this year.

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 4 residential sales:

1. 152 Ore Hill Road is a 3800 sq. ft. colonial with 4 bedrooms built in 1986 on 7.4 acres with long SE views that sold in May for $1,500,000, down from it's original list of $2,395,000 after 569 days on the market.
2. 109 Mountain Road is a 8038 sq. ft. colonial with 7 bedrooms built on 125 acres set high on a hill with long southern views that sold in May for $3,100,000, down from $3,950,000 after 213 days on the market.
3. 155 Camp Flats Road is a 4063 sq. ft. contemporary set privately on 45 acres with good southern views in the heart of south Kent. It was purchased by its neighbor without going on the market in January for $1,588,000
4. 34 Macedonia Road is a 6,251 sq. ft. contemporary with 7 bedrooms built on 17 pastoral acres on the edge of the village that sold in September for $1,900,000 down from it's original list price of $4,950,000 after 811 days on the market.

Sharon had 7 residential sales:

1. 230 Mudge Pond Road is a 3740 sq. ft. colonial with 4 bedrooms built in 1992 on 6.28 acres that sold in July for $1,371,000 in 160 days, down from its list of $1,750,000.
2. 15 West Meadow Road, one of our listings, is a 2400 sq. ft. farm house with 3 bedrooms built in 1996 on 7.51 acres with long western views over protected lands that sold in April for $1,250,000 after just 87 days on the market, down from its list of $1,495,000.
3. 85 South Main Street is a 7500 sq. ft. contemporary with 5 bedrooms built on a 10.5 acre flag lot with lots of privacy in 2006. It sold in April for $1,600,000 in 444 days, down from its original list of $2,485,000
4. 174 Amenia Union Road is 171 acres of rolling pasture in the NE corner of Lambert Road and Route 41. Productive farm land that has Mill Brook running through its middle. It sold in April without going on the market for $2,425,000.
5. 75 Keeler Road is a Trelleborg contemporary with 3 bedrooms in 4118 sq.ft. built in 1991 on 20 acres abutting state forest with Macedonia brook running through it. It also had a pool and a marvelous green house.  It sold in March for $1,205,400, down from it's original price of $2,195,000 and 605 days on the market.
6. 33 South Main Street is a 6,239 sq. ft. colonial with 4 bedrooms built originally in 1964 on 5,27 acres. Originally on the market for $2,150,000, it became bank owned and sold in February for $1,085,000 after 326 days on the market.
7. 13 Herb Road is a 3988 sq. ft. contemporary with 4 bedrooms, pool and tennis court built on 5.94 acres in 1974. We sold it this November for $1,300,000 after 415 days on the market, down from its original list of $1,698,000

Cornwall had two sales in the over $1M:

1. 61 Castle Road, this was out listing and our sale. Known as the Cornwall Castle, its main house was 8400 sq. ft. with 8 bedrooms. On the market for years at prices above $5M until Chase Bank took it over and listed it for $1,900,000 with 275 acres.  Un inhabited for years, it needed a lot of restoration. We sold it in 65 days in June for $1,600,000 and are happy to say it is being beautifully restored.
2. 28 Reed Brook is a 6500 sq. ft. 5 bedroom contemporary built in 2007 on 18 private acres. It sold in September for $2,725,000, down from $3,950,000 after 730 days on the market.

In Warren there were 2 sales.

1. 15 Melius Road is a 3004 sq .ft. colonial built in 1759 and now on 3.68 landscaped acres with pool and pool house that sold in March for $1,750,000 down from its original list of $1,495,000 after 94 days on the market.

2. 64 Hopkins Road is a 5100 sq. ft. 3 bedroom contemporary just built in 2018 on 2.2 acres surrounded by Hopkins Vineyards sold in June for $1,575,000, down from its original list price of $2,350,000 after 310 days on the market.

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.  We'd love for you to Like and Follow us on Facebook and Instagram.

Sincerely

David Bain

Chris Garrity and Associates

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