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August
10

Dear Neighbor,

We, like all of you, are attempting to get back to "normal".  In that spirit, we have resumed our neighborhood letters with hopes of keeping you informed on local sales, offerings and trends.

Like elsewhere, the pandemic unleashed a flight to Kent, 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 with only 7 homes available where normally 35-40 should be up for sale. And 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.  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, but sell only if you have a place to move to.  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 the 2021. This dramatic drop is not due to lack of interest, but lack of inventory.  The depletion of homes for sale has tempered sales leaving only 5 homes in contract presently. Despite fewer listings, purchasing desire is strong, sales are brisk and competition is fierce.  Here is what has transpired:

Residential Sales:  Single Family

18 South Main Street                                    $352,000

This Renovated 8 room 1840s home, located in the Kent village offers considerable charm. Hardwood floors, quartz countertops and stainless steel appliances in the kitchen, first floor laundry are a few of the amenities in this 4 bedroom, 1 1/2 baths Colonial. It also entails a covered porch, full unfinished basement, detached garage and a level yard.

3 Meadow Street                                           $385,000

On the corner of Meadow and Judd sits this 3 bedroom and 1.5 baths Colonial. The kitchen includes stainless appliances open to a breakfast nook and formal dining room. Cherry wood floors throughout. The primary bedroom has a walk-in closet and additional closet plus 2 additional bedrooms on the upper level. There's a full basement plus a whole house generator.

52 Elizabeth Street                                        $362,000

This small 3 bedroom, 1 bath single family house is a well maintained ranch that includes a 3-season porch, wood burning fireplace, eat in kitchen, attached garage and a large shed, approximately 12' x 16',  in the backyard. The private backyard has a mature dogwood tree and a private hemlock hedge.

 

24 Elizabeth Street                                        $375,000

I sold this 4 bedroom 1.5 bath colonial home in 2000 for $159,000.  Built in 1938 with a level and lovely back yard, the house features wood floors, a large front porch, and a small garage.  High ceilings and large windows made the 1637 sq. ft. even more spacious. This was a private sale and likely had it been on the open market it would have gained even more value.

13 Lane Street                                               $360,000

This building with four, one bedroom units also has a large commercial garage with workshop space currently used as a woodworking shop. The workshop is heated with electrical and water and a full bathroom. Office spaces as well. This property requires some renovation but with its flexible zoning use provides a good investment return.

Residential Sales: Condominiums

The condo values have strengthened considerably.  We are seeing sales prices that reflect pricing from 2006- the last high water mark in Kent real estate values.  Those who purchased in the five years prior to COVID have seen strong appreciation.

Kent Hills - 80 North Main Street

There were eight transactions at Kent Hills in the last twelve months, which all tell interesting stories.  Prior to the pandemic we sold 3 units in 2019 with an average sales price of $197,000 (rounded).  In the last 12 months the 8 sales represent an average sales price of $236,000 (rounded).  A 16% increase in value. Here is the breakdown:

 

Number          Beds    Bath    Deck   Garage    Floor          Sq. Ft.             Price

# 1B1              2          2          Yes      Yes         1 Floor         1227                $250,000

# 3A4              2          2          Yes      Yes         1 Floor         1225                $165,000

# 4                   2          1.5       Yes      1 car       1 Floor         1201                $260,000

# 5B3              2          1.5       Yes      No          2 Floor         1077                $225,000

# 5B5              2          1.5       Yes      1 car       1 Floor         1252                $245,000

# 7                   2          1.5       Yes      1 car       1 Floor         1201                $195,000

# 22                 3          2.5       Yes      1 car       3 Floor         1688                $266,000

# 35                 2          3.5       Yes      1 car       2 Floor         1612                $279,000

 

 

Riverview Commons- 16 Elizabeth Street

This condominium association is in very good condition and has never looked better.  Back in 2009 values were under pressure by a few unfortunate foreclosures leaving many underwater. Times have changed and no better example is the sale of unit 6 that sold in 2009 for $126,000 with a 19% increase over 13 years.

Number        Bed      Bath     Deck      Garage     Basement    Sq. Ft.         Price

Unit #1          2            2            Yes        No             No                1232            $170,000

Unit #6          1            1            Yes        No             No                961              $155,000

 

Commercial/Investment Sales:

Considerable investment has taken root in Kent's beloved downtown commercial section. With more people in town the appreciation of what we have here has spurned others to invest, increase and improve our village. The sidewalk process is working its way through these investment improvements, to the betterment of the whole town.

25 North Main Street Unit 5B                      $172,500

The corner unit on the south east side of the Kent Town Center offers considerable street visibility. This perfect retail spot has over 1500 sq. ft. and basement storage.

27 North Main Street Unit 1                        $210,000

This store front has exposure on the north east side of Kent Town Center on Main Street. The large windows offer goods display while the open floor plan provides opportunity for any store. Upgrades of hardwood maple floors, a private powder room and 600 square feet of downstairs storage space make this a perfect investment.

81 North Main Street Unit 1-11                   $1,210,000

This 11 unit condominium complex has been an investment property for years. This restored 1800's Victorian has 5 Bedroom suites. There are two formal parlors and a dining room with period fenestration and lovely public spaces. Front and side porches offer great outdoor space. Additionally, there are two adjacent, 1 Bedroom condominiums and another building with 8 condominiums all generating a rental income.

9 Railroad Street Unit 1                                $100,000

Circa 1800's antique Saltbox is located behind the Railroad Station Unique and yet classic, the interior features antique wood floors, a working fireplace and exposed beams. The property has plenty of parking with shared ownership in the large parking lot. The building has AC and propane heat and a small yard behind a stone wall.

 

 

11 Railroad Street Unit 2                              $100,000

A rare find is this 1890 Caboose, last used as a guitar retail shop. Fully restored, this train car has wood walls and an up to date propane heat, including a mini split system for air conditioning, along with a 1/2 bath. The Caboose shares a paved parking lot with only two other buildings.

13 Railroad Street Unit 3                              $225,000

This antique barn is in excellent condition. The rustic interior with exposed beams and wood floors provides character, while the 1/2 bath and open floor plan offer enough space to create 2 units. The building shares a paved parking lot with 2 other condo units 9 and 11 Railroad St.

 

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.  Lastly, please note that we are able to send this letter out digitally, so email us and we will add you to the list.

All the best!

Chris Garrity

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