Bain Real Estate - Market Update

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Dear Neighbor,

The numbers are in and 2016 was clearly a pivotal year in real estate. Nationally real estate sales transactions were up 12% over 2015 figures. Locally we have seen a similar bump resulting in a 15.38% increase in sales year over year!

  Kent : Closed (45) 2016

The charts above show all sales transaction in Kent (as noted in the MLS) where on average each of the segments of the market have grown. Specifically the average sales price increased 8% and there was a 12% increase in the per square foot price. While these numbers can vary as the sales units are small in Kent, what is the clearest indicator of a robust market is the Active Days on Market (ADOM) which dropped a whopping 20%. This means it took over a month less time for a house to sell than in 2015 indicating the decision process of the buyer is moving faster.

Equally telling is that there are only 36 properties actively on the market for sale in contrast to the nearly 55 listings that we carried each year, on average, since 2008. And of this figure there are 7 homes in contract to sell! While we anticipate that spring of 2017 will find more listings coming to market, the volume will not be high. The lack of inventory puts pressure on the buyer to act sooner and start competing for homes resulting in the increase of values.

So is it hooray time for the Sellers? Well we don’t know what will unfold. The historic rhythm of business suggest that lower inventory = higher values. But, as we have seen over the last few months, nothing is predictable. Lower inventory might lead to buyer frustration and sitting on the sidelines instead, who knows?

What we do know is that in the last 12 months (1/26/16 to 1/26/17) there have been over 47 residential sales in Kent. 6 of those sales have been in your neighborhood. Here is what they look like:

Starting in the south eastern part of town on Camps Road, a house sold directly to a neighbor for $366,600. According to town records 45 Camps Road is a 1550 sq. ft. home on 2.3 acres of land. The house was built in 1968 and has been upgraded over time. There are 3 bedrooms and 2.5 bathrooms. There is also a barn/studio on the property that entails 1338 sq. ft. including 1 bedroom and 1 bath.

Around the corner at 9 Tamshell Drive a well appointed raised ranch sold for $303,500.

This updated raised ranch offers 4 bedrooms, 3 full baths, and plenty of living space. Hardwood floors throughout the main level, completely remodeled kitchen with tile floors, granite counters, stainless steel appliances, propane gas stove, abundant cabinet space and breakfast bar. The master suite has an updated full bath & walk in closet. The lower level has a large family room with brick fireplace, another bedroom and full bath which has excellent space for guests or an au pair/in-law set up. Step outside to the level grounds that offer a stone paver patio, firepit, hot tub, and pergola for backyard barbecues!

Arguably some of the County’s most dramatic views can be found at the Straight Farm at 17 Straight Road. Situated in the heart of Kent Hollow and encompassing over 183 acres the open level pastures, woods and frontage on the West Aspetuck River make this a perfect New England property. This farm offers a unique feature in a 4-bedroom antique colonial home with two fireplaces and charming period details. Moreover, it is rare to find an antique home that maintains complete privacy. Two post & beam barns in need of restoration are also both rare and useable. The property was listed for $2,950,000 and sold for $2,800,000 in less than 10 days.

Just north at 127 Anderson Road, another beautiful antique sold. This spacious colonial, circa 1700s, has four-bedrooms with high ceilings and is replete with exquisite original details both inside and out. Touches including antique wood doors with original cast iron hardware, six period fireplaces, a summer kitchen with hand-hewn beams, historic 12-over-12 windows with glass that bends light in captivatingways, and warm wide-plank flooring. Once a dairy farm, the antique home sits on 99 acres and has six post and beam outbuildings, including a cow/hay barn, horse barn, granary, ice house, and two tobacco drying barns. A generator hook-up + underground utilities are also in place. Listed for $2,000,000 it closed for $1,900,000 in less than a month of market time.

296 Kent Hollow Road is another old farm, this one on 16 acres of rolling pasture with southerly views across 40 acres of conserved land. The property is ideal for horses or small farm, complete with a riding area and fruit orchard, and boasts a graceful antique Farmhouse circa 1790, in need of restoration or one can build atop the hill. In addition, situated close to the farmhouse are two classic red barns - a large post and beam storage barn and a five stall horse barn. The property has been owned by the same family for three generations and sold for $650,000 after being on the market for nearly at year $899,000 then $799,900.

127 Kent Hollow Road sold as well. An authentic 1780 Eyebrow Colonial boasting 4 bedrooms and 2 full bathrooms offers 1938 sq. ft. of living space. Maintaining exposed beams, wide plank floors, 3 fireplaces are some of the antique details. The home has been expanded and upgraded in yet retains the integrity of the original design. There are several barns and a guest cottage on the 4+ flat acres. A path from the property leads to the Aspetuck River. This home was offered on the market for $595,000 and sold for $535,000.

Lastly, 113 Kent Hollow Road, a 1967 raised ranch with just over a 1000 sq, ft, of living space sold. The house has 2 bedrooms and one bathroom on a level 1.04 acre of land. The house requires considerable upgrading. It sold for $70,000.

We continue to make more transactions in Kent, Sharon and Cornwall that any other broker! We are proud of our over 40 years of servicing the west Corner. There are few more listings available in the neighborhood a number in Kent altogether, so if you wish to see any of them, or have someone who might be looking, give us a call.

Respectfully,

David Bain

Chris Garrity

& the Kent office-Toni Soule, Marilyn DeVos, Eve Iselin, Dave Fairty & Scott Harvey

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Dear Neighbor:

Here is the annual real estate report detailing the activity in the last 12 months in the Ellsworth neighborhood.

The numbers are in and 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 Sharon 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 tightenin...

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Dear Neighbor,

Welcome to winter in West Cornwall. As you know that means snow/sleet/rain and the occasional spring-like day to really confuse us. Our real estate market reflects the changing weather, too. The newly formed Cornwall Business Association is planning a midwinter "stroll" late day on February 18th. It will include the best known locations like the Wish House and the Wandering Moose as well as other surprises, like Bain Real Estate who will host several other businesses such as Suzie's Sweets and Daval and the Serene Bean! Check out the Februar...

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  Dear Neighbor

First, we from Bain wish you all a Merry Christmas and a happy holiday season! There is no better place to celebrate than Litchfield County!

It has been quite an active year in Cornwall real estate. Currently there are 35 homes in Cornwall for sale. There have been 22 closings this year and 7 more are currently in contract. There were 35 closings the previous year (2015), so we are down a little bit. There are currently 18 land listings in Cornwall and only two have closed this year (but two more are in contract to sell). In your neighborhood of East Co...

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Dear Neighbor,

Hope all were able to enjoy the beautiful fall season. Last year we reported 3 sales in your neighborhood, but this year we have 7 to report. Currently there are 43 houses for sale in Cornwall.

Here is the report of sales:

1 School Street is a wonderful village home with a finished office area in the basement, 3 bedrooms, 2 full baths, screened porch overlooking gardens and an attached 2 car garage was listed at $435,000 and sold at $390,000.

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