Bain Real Estate - Market Update

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Sharon home sales were 20% ahead of last year’s pace with 54 homes selling in the last 12 months against 43 the previous period. Last year, I reported 80 homes for sale with 6 homes in contract to sell while today we see 74 homes listed for sale with 5 in contract to sell. The local real estate market is getting healthier incrementally!

Additionally, the last 12 months has seen 7 land sales according to the CTMLS and the town records. There are 25 parcels of land in various acreage configurations on the market. It is especially nice to see the uptick in interest in land.

So it appears the current trends are positiv...

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Dear Neighbor:

Our most beautiful fall is lasting longer than ever. The usual peak weekend of Columbus Day came and went and we still have lots of color. Our Cornwall Economic Development Committee sponsored an Explore Cornwall weekend and lots of visitors did just that. Several open houses were held and the good news is that Cornwall real estate is appreciated and selling.

Last year, we reported 2 sales in your neighborhood and this year we are reporting 3, all at significantly higher prices than last year. Overall there were 15 sales in town within the last year which is considerably lower than the previous year. While the data sample is small and a few sales can really skew the statistics, a common thread can be seen with the square footage selling price in the $200 per sq. ft. range and nearly 6 months to sell a house. There are presently 37 homes for sale in Cornwall.

Price is still a most significant feature of a successful sale. Most Cornwall properties sell below the town's appraised value, but above the assessment. Those properties priced way above this benchmark usually linger as "sales listings" and sell when the price drops.

This year's sales:

8 Popple Swamp Road had been priced at $825,000 several years ago and was listed by David Bain in 2014 at $592,500. This 10 room 3558 square foot house with 5 bedrooms, 3 baths, 2 fireplaces now has new owners who bought the property for $487,500. It looks great now, shining improvements with paint and landscaping.

19 Todd Hill Road had been priced at $733,000. It is a large black walnut log cabin, 2934 square feet sited on 30 very private acres at the end of a dead end road with views overlooking the valley. The house has 4 bedrooms each with bath en suite and includes a first floor master. The new owners paid $615,288.

239 Great Hollow Road consists of 3 lots totaling 10.2 acres with a small cottage on the north side of the road and a barn plus a garage on the south side which borders a nature conservancy property. The cottage needs a total redo but the location near Mohawk Ski area is lovely with pastoral views. Listed at $168,500 it sold for $150,000.

We have 5 listings for sale in the neighborhood. Three are homes and two are land.

52 Cemetery Hill Road is my listing, originally priced at $395,000 and reduced in 2 steps down to $299,000. This 1950 cape is large and light filled at 2715 square feet. It is an estate sale and the interior needs the floors refinished, some walls painted and kitchen appliances updated. But the house and property are unique and offer the next owner an opportunity to create a new and lovely home. One could live in the house while having the work done. The home has 3 bedrooms and 3 baths, 2 fireplaces and the most storage ever! Additionally there is a detached 3 car garage, storage barn, 1 acre pond with writer's cottage and a magnificent 300+ year old oak tree.

4 Cornwall Hollow Road was Dr North's home and office back in the early 20^th century.

Built in 1914, this 5 bedroom house with eat-in kitchen, gracious front hall, 2 porches and hardwood floors throughout needs serious renovation. It sits on a hill at the 4 corners and needs a new owner to bring it back. The current owner added a handsome standing seam metal roof and has used it as a rental for over 10 years. The property also offers 2 barns, currently rented out as storage units, all on 3.75 acres. In the 1950's and 60's this was a bed and breakfast inn for hunters and skiers. This is also my listing originally priced at $225,000 and just reduced to $195,000.

34 Great Hollow Road is David Bain's listing at $1,200,000. This spacious 2013 farmhouse is sited on 3 acres with views of Mohawk Ski Area. A master builder has created a 3840 square foot 10 room home with 4 bedrooms and 3.1 baths and 4 fireplaces. Nine foot ceilings add to the grace, crown moldings, 2 porches, an attached 2 car garage and a large screened porch are all part of the package.

On Valley Road I have listed a 7 acre lot with a waterfall! 681' frontage and a driveway roughed in to the top of the acreage where one could build a dream house with views down Coltsfoot Valley. Underground utilities, an incomparable romantic bridge over rushing waters (but built to accommodate a fire truck or ambulance) this land is just past Essex Hill Road. Recently, reduced to $299,000.

Over on Great Hollow Road Rick Meehan has listed an 8.62 acre lot. There is a rough drive to a level building site which offers nice eastern views. Listed at $135,000.

Currently there are 37 Cornwall houses on the MLS and 3 homes for sale by owner. Please visit www.bainrealestate.com to see all them all. We'd love to have you visit us in the West Cornwall office, next door to the Wandering Moose. If you have any real estate questions, please ask and we'll get the answers.

Cordially,

 Priscilla Pavel

 Asher Pavel Richard Meehan Heidi Kearns

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

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Dear Neighbor,

It is so great to be living here. The leaf peeping season is upon us and while it may be a bit too dry, hikers come back to Bulls Bridge to see the cataracts and walk the trails in our hills.. It is also that time again for our annual neighborhood real estate report detailing the activity in the last 12 months. Wow, we are fortunate as the wonderful summer day’s shift into lovely autumn splendor.

This same shift seems to be the real estate mantra. Confidence continues to be the main factor in the solidification of values. While there are daily occu...

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Dear Neighbor,

The local real estate market was strong in the first quarter of 2015 but quickly evaporated during the summer months. Yet the data shows that the last 12 months has been a bit stronger than the previous in Sharon. In the last 365 days there have been 49 sales transactions in Sharon 5 more sales than the year prior. As one can see the average sales price has decreased slightly and yet the average square foot price has increased. To provide perspective in 2011 there were 43 sales and in 2012 there were 37 home sales transactions. So we are continuing a slow growth path and returning good values.

There are 81 home listed for sale presently and 5 homes in contract to sell.

Here is what has happened in your neighborhood.

2 Jackson Hill Road known as “Longview Cottage” maintains 24 acres of property with room for horses, pasture, gardens, trails and has mountain views. The large main house built in the early 1900s is spacious, has light filled rooms, attached greenhouse, period barn, stone patio. There are 6 bedrooms, 4 bathrooms; a book lined study as well as two fireplaces. Requiring considerable renovation this home sold for $305,000.

Up the hill at 46 Fairchild Road another large home, this one an antique farmhouse, sold. With over 6000 square feet of living space this 1880 home offers 5 bedrooms and 5 and a half bathrooms. Elegant master suite w/his and hers baths and closets. There are both a formal dining and living room with good natural light. The main floor offers many openings to a spacious patio and long western views beyond. Outside is an in-ground pool, barn, 3 car garage and views over open meadows. It was listed for $1,545,000 and closed for $1,350,000 after 101 days on the market.

Around the corner at 41 Jackson Road a cape style home requiring some cosmetic upgrades closed for $205,000. The house is on a level and open lot of .75 of an acre. The house maintains 3 bedrooms and 2 bathrooms in nearly 2400 sq. ft. of living space. It was on the market for 54 days.

Up at 44 Jewett Hill Road a house with incredible views and well appointed sold for $3,400,000 after being offered for $3,950,000. This exquisite 6400 sq. ft. home features grand architectural details, 20 secluded acres with breathtaking views to the Catskill Mountains, stunning landscaping and a Gunite pool. Features include 5-6 bedrooms, 6 full and 2 half baths, 6 fireplaces, and a cherry paneled library. The expansive kitchen offers only top of the line appliances. The family room with high coffered ceiling is an intimately detailed space. There is also a private wine cellar and tasting room. Pretty special.

A small 2 acre parcel sold at 6 Weeds Dam Road. This open lot with views across to the neighboring pheasant farm has good light and room to build. The lot is level and closed for $50,000.

Jen Luning of my firm assisted the purchasers of 119 Gay Street a lovely cape style home on .61 of an acre. The house was built in 1957 and has 5 bedrooms and 2 full baths. It has wood flooring, living room with a fireplace and an attached garage. Listed for $325,000 the home closed for $278,500.

Over at 14 Williams Road I assisted the buyer of this one level home on .47 of an acre that was bank owned. The house needed considerable repair and yet maintains really nice views. It did not last long as it was sold with multiple bids within 23 days of listing.

The winner paid $135,000 with a list price of $109,000.

Up at 248 Gay Street a lovely 1992 country home on 18 acres sold pretty quickly as well. Having tested the waters last year the house came back on the market and sold within 3 days. The list price was $1,295,000 and it closed for $1,185,000. This sale is an example of pricing a house well to attract the buyers as well as maintaining a home in top condition. These two components provide the maximum positioning to sell a home.

So, with 4 bedrooms, 4 and a half bathrooms, a master suite on the main floor and lovely views it is no surprise this home sold quickly even if the house is over 20 years old.

Further up Rt 41 367 Gay Street sold. Again a buyer was found rather quickly (21 days) for this 1972 raised ranch that needs TLC. This lovely 1300 sq. ft. home has 3 bedrooms and 1 bathroom. It is sited on 3.4 acres of land, views across to the Twin Oaks hillside and abuts a large farm. It sold for $225,000 off a list price of $249,500.

Across to the east on White Hollow Road #151 closed again. In February of 2012 this 1400 sq. ft. contemporary sold for $235,000. With considerable upgrading and tweaking this 1987 contemporary with 3 bedrooms and 2 baths went back on the market for $329,900 in March 2014. After a number of price reduction and time off the market the home was listed for $225,000 and sold within 80 days for $220,000.

Directly next door at 147 White Hollow a log cabin home with a nice open kitchen, loft bedroom and wrap around deck sold for $205,000. This 1,073 sq. ft. cabin has 2 bedrooms and one bathroom and was built in 1981. It has 6 acres of hillside woods and family room on the lower level.

Across the street at 150 White Hollow Road is a great property with open floor plan and wonderful setting. Clean and neat interior with natural wood and southern exposure providing natural sunlight, this 1900 sq. ft. home has 3 bedrooms and 2 baths. The cape style home was built in 2000 and has a full basement and a separate barn. We sold this country property for $280,000 off an original asking price of $349,000.

35 White Hollow Road sold for $350,400. This 1377 sq. ft. home has 1000 sq. ft. of living space on the lower level as well. This ranch has 2 bedrooms and 2 and a half baths according to town records. There are 2 acres and a generator included in this private sale.

Another substantially large home sold at 344 Calkinstown Road this year. Set on 13 acres of woods, gardens and lawn this 4000 sq. ft. home was built in 2014. There are 4 bedrooms, 4 bathrooms and one half bath in this Colonial style residence. The kitchen features top of the line appliances and is sizable for both living room furniture and kitchen dining table. There is a more formal dining room as well as a considerably spacious living room with 12 foot tray ceilings, fireplace, moldings and other details.

The master suite on the second floor also offers a fireplace as a focal point. This property was listed for $2,475,000 and closed for $2,330,000. An additional 6 acres was included in this transaction.

Just west on the road at 318 Calkinstown Road a house on 6.62 acres sold for $1,350,000. This traditionally tailored colonial is a custom built 3-bedroom, 3.5 bath home erected in 2012. With over 3100 sq. ft. it maintains a spacious and open floor plan. Included in the design is a gracious foyer leading to a large living room featuring a fireplace. There is a separate library with custom moldings and built-ins. The master bedroom is well detailed offering a walkout onto a large bluestone patio.

We have one neighborhood listing. I have 10 Downey Road offered at $405,000. This country home is a naturalist’s dream. Set on a private 9 acre parcel the house is surrounded by both the State of Connecticut State Forest and Audubon lands. The house began as a 1939 country cabin with a fieldstone fireplace. It was updated in the 1980s with a solarium and a main bedroom and bath. The house has over 2000 square feet and has 2 bedrooms and 2 baths. There is a nice deck off the living room as well as two outbuildings. Come take a look!

As one can read the activity has been busy in Sharon and in particular your neighborhood. Should you wish to know about additional listings in the town or other neighborhoods, just jump on our web site and click through Sharon. Or call us and we would be glad to help with a market perspective.

Respectfully,

Chris Garrity

David Bain

& the Sharon office- Jennifer Luning, Michele Pastre, Joanie Yahn, Ethan Watt and David Almquist

This graph shows the number of successful transactions

in our key towns of Cornwall, Kent and Sharon in 2014

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

PLEASE CLICK  HERE TO SEE THE MAP.

 Dear Neighbor,

Summer is fading so it's our time to reflect on the real estate market over the previous 12 months and how it has fared nationally, regionally, town wide and even down to your neighborhood.

Nationally the main urban centers are doing quite well. They are the drivers of the economy and by extension real estate sales. In Connecticut we are seeing a stable market with sales reflecting national trends. Foreclosures are ebbing from the historical highs of only a few years ago. The local real estate market was strong in the first quarter of 2015 but quickly evaporated during the summer months. But the data shows that 2015 was considerably stronger than 2014 in Kent. In the last 12 months there have been 38 sales transactions in Kent nearly a 40% increase in transactions year over year.

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Here is what has happened in Kent by the month.

Confidence continues to be the main factor in the solidification of values. National

Economic trends are faring well despite worldwide market turmoil. Unemployment claims are fewer than the most recent years and consumer confidence is buoyed.

But there is still softness in our market. With increased optimism and more sales sellers who have been on the sidelines for the last 6 years are coming on the market for sale. Hence there are more listings on the market today (66) than last year at this time (56), a 15% increase. So, as the market becomes bloated with homes, the pressure on prices begins to increase. We are already seeing this manifest in our listing to closing ratios.

Date Sales Av. List Price Market Time Av. Sales Price

2013-14 23 $ 815,491 146 Days on $748,010

2014-15 38 $ 500,425 169 Days on $469,997

The Skiff Mountain neighborhood has seen five sales in the last 12 months which is four greater than the previous year. Here is what has transpired and some of our offerings.

75 Macedonia Road was the Pratt family Homestead from 1865 until 1935 and is now listed for sale for $470,000. The 3 story, 1776 sq. ft. home has been well cared for. It is uniquely arranged with a large first floor living room with a massive fireplace and kitchen. Upstairs, there is a cozy library with fireplace, master bedroom en-suite and 3-season screen porch overlooking gardens. The home is situated on over 11 protected acres with land on both sides of the road and has 4 bedrooms and 2.5 bathrooms. Listed with Toni Soule and Marilyn DeVos.

Toni Soule of our firm has sold this 1929 Cape style home at 119 Macedonia Road listed for $195,000 and closed for $183,000. With 2 bedrooms and 2 bathrooms on nearly an acre of land, it maintains a lovely country feeling with old floor boards, wood beamed ceilings and a large fireplace. Requiring some work, it is in that affordable range that suits the market place.

11 Preston Mtn. Rd is set between two cascading mountainside brooks. This Kent family compound offers two houses. The 3 bedroom main house features a custom kitchen with stainless steel appliances, soapstone counters, large living room with stone fireplace & French doors to the stone patio and screened porch, master bedroom with bath en suite, walk-in closet and balcony. The 1500 sq. ft. guesthouse is a 1900's chestnut cabin offering 2 bedrooms, 2 bathrooms, gourmet kitchen, lofted living room with a massive stone fireplace, all for $879,000. The owner and agent is Eve Sommerfield

16 Stony Brook Road is a private setting on 2.7 acres. The home features a cathedral ceiling in kitchen, hardwood floors and fireplace in living/dining area. First floor has a bedroom the second floor includes two additional bedrooms, walk in closets and full bath. Large level yard with stone walls and gardens bordering the Bog Hollow Brook. Listed for $342,000 and closed for $315,000 in 227 days.

257 Macedonia Road has the Bog Hollow Brook curving through the 1.49 acre property. This sweet country Cape has 1,350 sq. ft. of living space with 3 bedrooms and 2 baths. The open kitchen features a fireplace and a large deck off the dining area opens to meticulous grounds and gardens. Toni Soule has this listed for $245,000.

13 Kelley Drive is a one level home with all hardwood or tile floors throughout. There are 3 large bedrooms, two full updated baths, a fireplace, attached 2 car garage, full house generator with 1000 gal propane tank. Private, quite this 1,404 sq. ft. home is nestled on a 1.83 acres of level land. Originally listed at $355,000 the home closed within 142 days for $290,000 with David Almquist of our firm assisting the buyer.

22 Dolldorf Road closed last November for $520,000. This Adirondack-inspired country house has 3 bedrooms and has many modern features. Set on 3.5 wooded acres, this country house has an open living room and dining area plus new cook's kitchen. Redone baths w/radiant heat, main floor master suite, wide board wood floors are all nice touches. It was listed for 210 days before selling.

30 Dolldorf Road is an example of the real estate bubble. In 1994 this 3 bedroom ranch with 1852 sq. ft. on 2.14 acres sold for $144,000. 14 years later (2008) with nice improvements such as a barn, horse pastures, wood flooring and new kitchen and bathrooms the property sold for $450,000. In the course of 6 years the devastation of the Great Recession forced a foreclosure where the house became run down and shabby. It has recently sold for $183,500 in a hail of bids and is in the process of being rejuvenated!

Lastly, I have listed this handcrafted New England home on 8.5 acres surrounded by 3500 acres of state forest and land trust. The timber frame construction is of aged Douglas fir, hand cut on site and joined. The construction and the finishing details are works of art. The materials used were the best to be found: quarter-sawn white oak and 6" knot free southern yellow pine for the floors and knot free poplar and oak trim. This 2400 sq. ft. home has 3 bedrooms and 2.5 bathrooms and is listed for $795,000. You can watch the video on our website.

I hope you find this information useful and we wish you a wonderful autumn!

To provide you with more information these letters are archived on our website: www.bainrealestate.com. Look for "Neighborhood Sold Stats" on the home page. There you will find other Kent neighborhood letters. We have also added all the houses for sale in Kent and surrounding towns that are in the MLS system to our website! This means that you need only to go to our site to find any and all the properties in your neighborhood, Kent or the fourteen towns we serve. We have also added videos to our site to improve and sharpen the marketing of homes. Video is the medium our customers are used to so we are on the cutting edge and the only ones using them in the area. Please check them out! If you have any questions, give us a call and we'll let you know about properties in the neighborhood! And until then be well and enjoy the onset of autumn.

Respectfully,

David Bain

Chris Garrity

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

This graph shows the number of successful transactions

in our key towns of Cornwall, Kent and Sharon in 2014

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