In the spirit of getting back to normal, our neighborhood letters are out again with hopes of keeping you informed on local sales, offerings, trends and the Bain perspective.
The pandemic unleashed a flight to Kent from NYC, swelling our schools, absorbing our housing inventory and pushing our values to levels not seen in a long time, if ever. The result is a market today with only 7 homes available where normally 35-40 should be up for sale. And there are only 9 parcels of land offered. The flip side is the 20%-30% increase in values has sellers buoyant and buyers scrambling with rents soaring as well.
All of this has some buyers and many more sellers on the sidelines waiting, but waiting for what is the question. The idea that the market will be flush with listings soon is not realistic. It is a seller's market. We predict this new paradigm will be here for a number of years to come.
Kent registered 53 sales in the last 12 months. This is 30 fewer home sales than in 2021. This dramatic drop is not due to lack of interest, however, but lack of inventory. The depletion of homes for sale has tempered sales leaving only 4 homes in contract presently. Despite fewer listings, purchasing desire is strong, sales are brisk and competition is fierce.
On both Spectacle Lakes the inventory has been limited for many years. Owners, thrilled with their property, have kept their lake homes. Plus nearly all the vacant land has been built upon. That's why there were only three sales with lake access. Here is what has transpired:
79 Richards Rd 10/18/2021 $948,800.
Custom designed Colonial offering private outdoor spaces and spacious interiors. The great room features vaulted ceiling, wood burning fireplace, oak flooring, oversized windows and doors that open to a generous deck. The floor plan opens the kitchen to the dining room and the screened-in porch. There are three bedrooms and three full baths in over 3000 sq. ft. The house is sited on a slight rise on the 5 acre lot that is privately wooded.
71 Richards Rd. 11/15/2021 $1, 725,000
David and Debbie Bain teamed to list and sell this amazing 3900 sq. foot contemporary barn on 5 acres. A two-story foyer greets you as you walk in the front door to a spacious living room with cathedral ceilings and native stone fireplace. The 4 bedroom home has been well maintained since its construction in 2005 with all new Marvin windows and a new roof. Lovely gardens and outdoor spaces plus access to South Spectacle Lake amenities.
28 Kenmont Rd 8/27/2021 $335,000
North Spectacle Lake opportunity for the intrepid glampers! Rare 1937 summer cottage that sits on, over and in the water, hence the moniker "Lapping Waters". Owned by the same family since the late 1800's, this 900 sq ft cottage includes two large docks with deep water access. The main floor entails a simple open living, dining and kitchen concept while 2 bunk rooms and full bath are on the lake level. I both listed and sold this unique old school gem last summer.
201 Kenmont Rd 9/22/2021 $737,500
This 60 acre parcel with long western views to the Catskills had significant investment in infrastructure and planning, including a driveway, underground utility conduits to the road, and blasting for a full foundation.
00 Gorham Rd 11/13/2021 $395,000
Pristine untouched 70 acres of forest with small ponds, woodlands with evergreens, birch and oaks has over 900 ft of road frontage on Gorham Road.
Here is what has transpired at St. John's Peak:
Land Sales: Close Date: Price: Acreage:
207 Kenmont Rd 11/23/2020 $75,000 7 acres
Lot 1 Gorham Rd 11/25/2020 $75,000 5.37 acres
Lot 17 Gorham Rd 5/10/2021 $100,000 12.9 acre
Lot 33 Old Paddock Ln 6/4/2021 $91,000 6.52 acre
Lot 22 Old Homestead Ln 6/11/2021 $92,500 12.18 acre
Lot 5 Mt. Mauwee Ln 6/17/2021 $450,000 5.03 acre
Lot 8 Mt. Mauwee Ln 6/17/2021 $25,500 5.84 acre
Lot 48 Gorham Rd 1/21/2022 $100,000 7.75 acre
Lot 32 Old Paddock Ln 2/28/2022 $100,000 7.14 acres
Lot 38 Stonewall Ln 3/14/2022 $127,000 10.92 acre
18 Stonewall Ln 8/6/2021 $1,375,000
A country home featuring a Great Room boasting soaring ceiling heights also has large floor to ceiling windows. The 25 foot stone fireplace anchors the living room, which includes a dining area opening to the kitchen. The primary suite is on the first floor and includes a private sitting room with a gas fireplace. Three guest bedrooms and two offices comprise the second level.
We hope you are well and keep strong spirits. We feel so fortunate to be here, continuing working and thriving in this very curious time. Thank you.
And if you are considering selling this seems to be an unprecedented time to capitalize. Call us for a free assessment of your house, office or condo. Or stop by the office or visit our website at www.bainrealestate.com.
All the best!
David Bain & Associates-Debbie Bain, Toni Soule, Erin Hull, Amy Danis, Amy Longley, Elisa Waysenson & Heidi Kearns
Please note that not all listings and sales transactions are through David Bain Real Estate