Bain Real Estate 2019 December Spectacle Lakes Market Report.

Dear Neighbor,

PLEASE CLICK HERE TO SEE THE MAP.

As we close out 2019 it is interesting to see how the year in Kent and area real estate unfolded. Sales, year over year proved consistent from 2018 to 2019 with 49 closings in 2018 and 51 sales this year.  But the real surprising statistic is the significant reduction in inventory.  Listing inventory is down 15%.  There are 39 homes available. What are the implications?   Market constriction will likely bolster values and are spotlighting land that has still yet to recover from the 2006 recession. 

Nearly 60% of the sales in Kent this year have been under $400,000.  The $400,000-$1,000,000 range earned 30% of the market transactions while 10% or 5 sales transpired above the $1MM mark.

As noted above, the opportunity for land sales to rebound with the lack of house options and only 16 land offerings, this is a positive sign for those waiting on their land to regain the lost value. Though as we have learned this is a cautionary perspective as there were only 2 land transactions in the last year and a number of bank owned parcels are still available in the neighborhood.

The most impactful news in the neighborhood is of course the proposed cellular tower in the Spectacle Lake neighborhood.   There are two properties that are under lease by the company (Bald Hill and Richards Road) and pose considerable value impact to the area.  Either site, if state approval is granted, will feature a tower of between 125' and 175' in height thus being visible from not only the neighborhood but from far beyond.  While the merits of the safety and communications are important, these considerations clash with the rural beauty and preservation priorities of many Kent residents and Planning and Zoning's.   

Here it is what has transpired in your neighborhood in the last 12 months.

Most of the activity occurred in the St. John's area of the neighborhood with a generous gifting of a 100 acre parcel to the Kent Land Trust.  My partner, Chris Garrity sold the Aroesty family this property that features views of the Catskills and the Yuza Mini brook.  While remote, this parcel connects nicely with other protected parcels.  Thank you Jeff and Kelly for your donation.

Of the 16 parcels of land in Kent that are for sale, 10 are in St. John's Peak neighborhood. There have been a few parcels that are now owned by the lender who took over non performing loans. The lot prices range from $44,900 to $395,000.

9 Old Paddock Lane

This newer 2500 sq. foot 3-bedroom, 2 and a half bathroom Colonial home is located on 14 acres at the end of the road. The wood shake and vertical shiplap with the roof a combination of metal and asphalt shingles makes this an interesting home. The open floor plan entails a large living/dining area with a native stone fireplace and an atrium door to the deck. An eat-in kitchen features shaker style cabinetry, farmhouse sink, and Viking range. The master has two walk-in closets and en suite bath. There is both an office and library with bookshelves and fireplace. A 2-car garage is attached plus storage barn. Much of the acreage remains woodland and a portion of the property abuts Wyantenock State Forest while the house is surrounded by open lawns and gardens. Closed in late 2018 this house sold for $570,000 with only 45 days on the market.

12 Old Homstead Lane

A privately sited 4 bedroom, 3.5 bath Colonial set on 6 acres.  There is a 1st floor bedroom en suite. This home is tastefully designed and well constructed. The open floor plan offers a modern touch to the traditional style.  Master bedroom features 2 walk-in closets & full bath. The separate 3-car garage offers ample storage. Immediately abuts Protected Lands. Initially listed in 2015 for $920,000, the house sold for $752,500 this past February.

  59 Kenico Road

An idyllic Orvis-type lakefront cottage steps from North Spectacle Lake. The living room and kitchen both center on the 1930's native stone fireplace with sliders opening to the deck and lake. Completely renovated in 2007 it has new bathrooms and country kitchen featuring central air conditioning and hardwood floors. There is an outdoor fireplace on the wrap-around deck overlooking the level lakefront with sandy bottom. Mountain laurel and large oak trees dot the 5.7 acre lakeside parcel which Chris Garrity sold this in 2006 for $1,330,000 and sold it again this past summer for $1,365,000.

30 Kenmont Road

Along the shores of the west end of North Spectacle Lake we have listed a seasonal cottage. Known as the "Big House" by the family who built it in the early 1900's it sits above the lake with views and steps to the dock and lakeside.  With just under 1000 sq. ft. the place has two bedrooms, 1 bathroom a fireplace and a screened porch.  It's a lovely getaway for $289,000.

38 Davis Road

An antique one room school house circa 1900 is a charming cottage featuring cathedral ceilings, framed-in bedroom, bathroom and staircase to a loft. Prior additions included a cupola on the roof and electric upgrade from 100A service to 200A. Requiring imagination and creativity this perfect small house offered potential. This home was sold in "as is" condition and has since been upgraded by the new owners who purchased the building for $50,000.

15 Bald Hill Road

This 1969 Split Level style home offering over 1,000 sq. ft. is up on 2.5 acres of land. Requiring considerable work, it has 3 bedrooms, 2 bathrooms, full basement for added storage and a 2 car garage.  Listed for over a year, this bank owned property sold for $94,400. 

  9 South Road

Toni Soule & Chris Garrity sold this 3 bedroom, 2 bathroom raised ranch with a spacious living room and formal dining room.  Kitchen leads to a 14x24 deck overlooking 3 acres of manicured grounds. The lower level can be an in-law space or a family room. Built in 1987 this house has over 2300 sq. ft. with a separate laundry room, office a 2-car garage.  Closed for $265,000.

11 Upper Kent Hollow Road

An existing cottage sits on 7.12 acres of largely open land.  The cottage was gutted to prep for a renovation that never took place, an existing septic and well whose conditions are unknown. My agent Toni Soule sold this for $139,000 and new owners have already begun renovations.

40 Spectacle Ridge Road

This custom built and designed American Shingle Style is perfect for a site which enjoys spectacular panoramic views over Lake Waramaug and Kent Hollow framed by the large windows in most rooms. The living room features a fireplace and a library alcove. The well equipped kitchen with an eat-in area opens to the family room with a fireplace and access to a terrific screened-in porch. On the second level are 4 bedrooms. The master bedroom has a fireplace and a luxurious bath with soaking tub and oversized shower. Two bedrooms share a bath; another has a bath en suite. A room over the 3-car garage could be a 5th bedroom. Walk-out, finished lower level has gym and game room. Professionally landscaped gardens have natural stone walkways, and an infinity-edged pool offers a view. It was listed for $2,750,000 and closed for $2,450,000.

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 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. 

Happy Holidays,

David Bain &

Chris Garrity-Toni Soule, Marilyn DeVos, David Hurlburt, Scott Harvey, Karen Grimaldi

Asher and Priscilla Pavel

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