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January
11

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 the flight to Kent, swelling our schools, dwindling our housing inventory and pushing our values.  The result is a market with only 12 homes available where normally 35-40 should be for sale. And only 11 parcels of land offered. The flip side is the 20%-30% increase in values has seller's buoyant and buyers scrambling. Rents have soared as well.

All of this has some buyers and sellers on the sidelines waiting.  Waiting for what is the question?  The idea that the market will be flush with listing soon is not realistic. It is a seller's market. And we predict this new paradigm will be here for a number of years.

There have been 11 sales in your neighborhood in the last year-8 in Brookwoods. Kent's 64 annual sales represent 10 greater than in the pre-COVID era.  Inventory depletion has tempered sales as there are only 6 homes in contract presently, down from our highs of 20 homes a year ago.  Despite fewer listings, sales are still brisk and competitive.

48 Duggan Road                    $427,500      Atop Kent Falls, this 2000 square foot cedar-shingled Colonial sits on 1.48 acres in earshot of the rushing brook. A deck is accessible to the country kitchen.  The dining room and oversized living room have new oak floors. The master bedroom has 18-foot-high vaulted ceilings with a loft. The detached two car garage/barn has large loft space. The house was on the market for $450,000 for over 130 days before selling.

408 Kent Cornwall Road      $375,000      This 2400 sq. ft. home features 4 bedrooms and 2.5 baths and was initially built in 1968.  While requiring some finishing, the house has quality antique reproductions such as fireplaces, paneling, and stained glass windows. The house and a 3,900 square foot barn are sited on a 4.5 acre wooded parcel set high up above Rte. 7.

11 Carter Road                      $290,500   A two story home set on .8 acres of level land offering 5 bedrooms and 2.5 bathrooms. Originally built in 1963, there have been renovations over time though the house requires considerable upgrading.  This house sold privately.

 

 

Brookwoods:

In our 2001 letter (yes we've been sending these letters for over 25 years now!) we wrote that values were rising out the doldrums of the 1990's market. We noted in 2006 the pinnacle with sales averaging $325,000!   With the Great Recession in full force, we reported in 2011 that not one unit sold and in 2012 the only sale was a short sale for $184,600.  (See chart below)

Over the last 10 years values slowly gained ground and but with the emergence of COVID, prices escalated quickly. There has been a 23% appreciation of values over the last 20 years. But a hyper increase happened in the last 12 months.  Brookwoods saw $2.1 million total sales on 8 transactions with an average of $266,250 in the past year. The last 3 sales in 2021 sold quickly at or above asking or price.

This dramatic value burst is seen clearly at Unit #17. Selling on 12/10/2020 for $225,000 after being on the market for more than a year, it came back to the market with minimal changes and sold for $279,000 within 55 days. Both sales were during the COVID era-but the 19% increase underscores the continued market pressure. 

The trend is clear.  If you are considering selling, this is the time.

Average Sales in five year increments (* 2011 had no sales-used 2012):

Price                Average sale $                         # of Sales                     % Change

  • 2001 $ 208,600                                  on 4 sales                     +39% (over 1996)
  • 2006 $ 325,000                                 on 2 sales                       +36%
  • 2012* $184,600                                  on 1 sale                       -43%   
  • 2016 $250,000                                  on 1 sale                       -23%
  • 2021 $272,000                                  on 7 sales                     +  8%

Unit sales in the last 12 months:

Date                 Unit     Asking Price                Sales Price                   Days on Market

  • 12/10/20 #17       $230,000                      $225,000                      504                              
  • 3/12/21 #  5       $249,00 0                      $275,000                        25
  • 3/28/21 #14       $280,000                      $275,000                      182                              
  • 5/06/21 #  7       Private Sale                  $220,000                      N/A
  • 5/18/21 # 20      $249,000                      $252,000                      231
  • 7/08/21 #  6       $299,900                      $305,000                      48
  • 10/28/21 # 27      $299,000                      $299,000                      54
  • 12/13/21 #17       $279,000                      $279,000                      55

 

 

 

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 should you be interested in a free assessment of your house, call us, 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.

Happy New Year!

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

Click the link to view the map.

/shared/fs/0658/company/N_Kent_Brookwoods_Map_-_Final.pdf

 

 

 

 

 

 

 

 

 

 

February
8

 

 

Bain Real Estate Brookwoods and North Kent 2020 January Market Report.

PLEASE CLICK HERE TO SEE THE MAP

Dear Neighbor,

The New Year provides a review of how Kent's real estate values have unfolded in 2019. Little has changed from 2018 with 49 closings and 53 sales in 2019.  A surprising statistic is the significant reduction in inventory.  Listing inventory is down over 15% YTY.  There are only 33 homes available. What are the implications?   We think that market constriction will likely bolster house values and make land, which has yet to recover from the 2006 recession, all the more intriguing. 

Nearly 60% of Kent sales in 2019 were below $400K.  The $400K-$1MM range earned 30% of the market transactions while 10% (5 sales) transpired above the $1MM mark.

Those who've been waiting on land to regain values lost over the last 13 years may find land sales rebound in 2020. The lack of house listings and a limited number of land offering (16 parcels) is a positive sign, though a cautionary perspective is advised as there were only 2 land transactions in Kent this past year.

 

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

 

310 Kent Cornwall Road- Sold–$200,256

A foreclosure that requires considerable renovation. This colonial built in 1900 offers 2800 square feet. It has 3 bedrooms and 2.5 bathrooms. There is a nicely sized kitchen, separate dining area, a family room and mud room. The living room offers access to a back yard and 2.75 acres. There is hardwood flooring throughout plus a two car detached garage and a full, unfinished basement.

 

  316 Kent Cornwall Road- Sold- $1,002,000

This 1797 barn with new construction offers 3 bedrooms and 3.5 bathrooms. Soaring ceiling, stone fireplace, exposed posts & beams, barn siding, open space, and silo are the major features. There is a modern kitchen and baths, oak flooring, smart home technology and a park-like setting with a pond and pool.  The upper level has a loft overlooking the living room, a full bath and bedroom (in the silo) with a conical ceiling. The lower level has a 3-season porch, media room and laundry. The level and open property is entailed on 3.6 acres and features a gunite pool, pond, pergola and sweeping lawns and native shade trees.

  

497 Kent Cornwall Road-Sold-$260,000

1985 contemporary ranch with views of the Housatonic River entails 3 bedrooms and 2 bathrooms in over 2200 sq. ft.  An open floor plan includes a wood-beamed living room, dining area and kitchen.  Plus, it has a large sunroom offering a vaulted ceiling and access to a deck with back yard views of the river. The lower level has a family room, wood stove and two additional rooms plus a full bath and sliding doors to the exterior. Set on 1.91 acres of woods.

There were no sales in Brookwoods in the last year but there are two properties on the market for sale for an average asking price of $234,500.  That's slightly above the average sale in the last 5 years of $230,666.

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 2020,

 

David Bain &

Chris Garrity

Associates: Toni Soule, Marilyn DeVos, David Hurlburt, Scott Harvey, Karen Grimaldi, Heidi Kearns,

Asher and Priscilla Pavel

 

         

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

 

 

October
11

 

Bain Real Estate North Kent and Brookwoods 2018 October Market Report.

PLEASE CLICK HERE TO SEE THE MAP

PLEASE CLICK HERE TO SEE THE MAP

Have we reached equilibrium between buyers and seller after 10 years?   From the bottom of the market to today there has been a slow, arduous climb of local real estate values.  In the ensuing ten years values have improved with buyers returning to the market; returning however with a tempered desire to purchase. Sellers in turn reacted by lowering asking prices making it more appealing to the buyers. So, growth has ensued.

 

2006 was arguably the peak of the market prior to the Great Recession. Below is the data from 2006 showing an average sales price of $475,000 (rounded). The second box (Oct. 2017-Oct. 2018) shows an average sales price of $675,000 (rounded). For additional perspective, the average market value from October 2010 through 2011 which was the lowest point of the market was only $393,845 with only 32 sales.

 

One can see that the volume of sales of the last 12 months versus 2006 is awfully close. And both periods show that the Days on Market (DOM) are also nearly the same. Plus, there are only 46 homes on the market and 7 properties in contract.  There have also been a number of properties sold directly without market exposure that have not figured into this data.  All this makes a strong argument that the local real estate market has returned to a healthier level.

 

So, here are the details of what has transpired in the last 12 months in the neighborhood. There were a total of five sales in the neighborhood with two occurring in Brookwoods.

 

371 Kent Cornwall Road is a happy Connecticut cottage was nicknamed "The Nest" as it is loaded with charm! The floor plan features a formal living room with fireplace, a bank of windows and a small screened porch. The dining area opens to a galley kitchen that offers plenty of counter space for cooking. A master and two guest bedrooms are located on the first floor while the upper level offers another bedroom, bath & a sitting room suite. The family room is situated privately to the rear of the house and offers pretty views of the property. A large 600 sq ft deck is reached from the family room glass doors. Located adjacent to Kent Land Trust property on two sides and forever protected views, this property also enjoys a large level and private yard.  My partner Chris Garrity sold this house which he had sold nearly 20 years earlier. It closed for $360,000 after 168 days on the market.

Just up the road, associate Toni Soule and partner Chris Garrity sold 389 Kent Cornwall Road for $310,000. This is a fabulous conversion of an antique post and beam barn into a wonderful home. This former 1860's tobacco barn still has the patina of centuries and an open floor plan for modern use.  With soaring ceilings and expansive windows, the home is cozy but updated too.  The country kitchen offers top of the line touches with a Subzero fridge, Bosch Dishwasher and Bosch Gas stove. Full pantry and laundry room with Maytag W/D all leading to a separate apartment suite with bedroom, full bath and full kitchen. The master bedroom is a loft open to the whole barn frame and yet maintains a private bath and additional bedroom. Intimate bookcase lined study with a cozy wood stove adds a place of respite. It is impeccably clean and in neat order with full basement storage and all mechanicals in good condition. Central AC and ceiling fans cool the barn while large sliders offer fresh air and easy access to the large deck. Gardens galore run down and along the roiling country brook and a post and beam barn/garage offers room for storage and projects. This property was listed for $350,000, was reduced twice and sold after 230 days on the market.

We also closed on 48 Carter Road this summer.  This is a lovely, renovated ranch home on a 3 acre secluded lot. The home entails 1,560 square feet of living space on the main floor plus an additional 650 square feet carpeted family room on the lower level.  A separate part of the lower level houses the washer and dryer, half bath and storage area. Lovingly cared, for it is bright and airy. A sliding glass door from the living room provides access to a large 23'x16' deck. Bain associate Asher Pavel represented the sellers who received a sales price of $325,000 after 294 days on the market at an initial list price of $355,000.

 

As noted above there were also two sales in the Brookwoods community which continues to offer great values and numerous amenities.

 

 

433 Kent Cornwall Road, Unit# 1,  is a Saltbox-style home with attached garage situated on the 17 common acres.  This light-filled home has three skylights, a private deck, wood-burning fireplace and hardwood floors throughout its 1,900 square feet. Upstairs are two bedrooms, a sitting area and full bath. An open-concept layout on the main floor also offers a sunroom between the kitchen and garage can be used as an office or playroom. The full basement offers ample space for storage and laundry. This home enjoys mountain views and southern perspective across the park-like grounds. It sold for $250,350 with only 32 days on the market and an initial asking price of $265,000.

 

433 Kent Cornwall Road, Unit #7 is another beautifully maintained Saltbox. The first floor features cathedral ceilings and skylights in the spacious kitchen, a light-filled living room with brick fireplace and a lovely sunroom leading to the one-car garage.  There is a first floor bedroom and full bath or two spacious bedrooms that shared a full bath on the second floor. Lower level has laundry and could be finished for additional living space.  The house faces west and enjoys both sunset and Housatonic Valley Range views.  It took a bit longer to sell this one with 586 days and an initial price of $260,000 and selling for $190,000.

 

There are a few other offerings in the neighborhood and town so to keep in touch with these happenings or other areas in the NW Corner, visit on our website, www.bainrealestate.com

This letter and the others we write are posted there as well. Have a colorful autumn.

 

 

Cheers,

David Bain &

Chris Garrity

 

And the Kent office-Toni Soule, Marilyn DeVos & Scott Harvey

 

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

 

May
1

PLEASE CLICK HERE TO SEE THE MAP.

Dear Neighbor:

We are seeing the path back to a more balanced market. There is a small pool of buyers who are serious and will buy if the right house and value coincide. There is still more property supply than buyer demand, but the number of offerings is being slowly chipped away. Here is our annual real estate report detailing the real estate activity in the last 12 months in Kent and your North Kent neighborhood.

 

 

32 Residential Homes in Kent sold in 2014-2015

 

Beds

Baths

SqFt

List Price

LP$/SqFt

Sale Price

SP$/SqFt

SP/LP

ADOM

Min

2

1

983

$149,000

$76.02

$149,000

$76.02

.79125

4

Max

5

5

4,440

$2,200,000

$604.17

$2,225,000

$557.29

1.05764

462

Avg

3

2

2,392

$579,572

$224.52

$540,890

$211.42

.94797

149

 

43 Residential Homes in Kent sold 2015-2016

 

Beds

Baths

SqFt

List Price

LP$/SqFt

Sale Price

SP$/SqFt

SP/LP

ADOM

Min

1

1

609

$120,000

$101.59

$1,700

$1.42

.00523

10

Max

5

5

5,100

$2,000,000

$701.48

$1,900,000

$631.65

1.08834

727

Avg

3

2

2,230

$483,790

$221.70

$437,592

$196.78

.90326

215

 

We saw 11 more sales year-over-years suggesting a more bullish buying sector. That said winter was milder this year so a seasonal effect may also figure in this bump in sales. Interesting is the increase time it took to sell a house climbing from 149 days on average to 215 days.

 

A common benchmark of the market's health is the number of available listings. While there are only slightly fewer listings on the market today (53) than three years ago (58), we have been trending on a decreasing plane. A balanced supply and demand create a more normalized market. Also encouraging is the fact that there are 8 homes in contract presently. There are only 5 properties available for sale in the neighborhood and these are the three that sold in the last 12 months.

 

321 Kent Cornwall Road


I sold my house, a completely renovated wonderful old colonial, featuring a gourmet kitchen, a formal dining room, cozy fireplace in living room with a large window seat looking out over to distant western views. The large deck is off living room and overlooks both the gardens and the view out over 8000 of protected acres. There are 5 large, light filled bedrooms, with the master suite located conveniently on ground floor. The grounds offer stone wall laced gardens, private pool with waterfall, out door shower, tumbling brook and spacious lawns. Listed for $535,000, it sold for $450,000 after spending 279 days on the market.

  Unit 30 Brookwoods


This Saltbox Style home is in impeccable condition with an open floor plan, renovated kitchen, fireplace in the living room and wood flooring throughout. - This contemporary saltbox has cathedral ceilings in the kitchen, sunroom, first floor bedroom and bath. Kitchen and sunroom also feature a breakfast bar, skylight and ceiling fans. Living and dining rooms each have fireplaces. It closed at $250,000 after 301 days on the market at $290,000.

 

12 Dugan Road


  

Cozy and privately sited cottage complete with hardwood floors, a wood burning fireplace, built-ins, country kitchen, full basement, and a wrap-around deck. Living is all on one level for easy living in this three bedroom one and a half bath home on 2 acres. This house had been on and off the market since 2010 and was listed as high as $375,000. In its last listing iteration it was listed for $237,000 and sold in125 days for $210,000.

Chris and I, along with our entire firm, hope you enjoy our updates of the market and want you to know you can find this letter and all our Kent market letters on our website www.bainrealestate.com under Neighborhood Stats. There is a place there where you can give us your email address to get these letters and other market updates electronically. We continue to work to assist buyer and sellers in their pursuit of their goals and thank you for supporting our success as the leading real estate firm in Sharon, Kent and Cornwall over the last 10 years.

Happy Spring!

Respectfully submitted,

David Bain

Chris Garrity

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

 

 

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

March
1

PLEASE CLICK HERE TO SEE THE MAP.

Dear Neighbor,

The 30 sales transactions in Kent in the last 12 months is only slightly more than last year's tally of 27. There were three sales in the neighborhood and we are proud to say Bain assisted in them all!

We are seeing the path back to a more balanced market. There is a small pool of buyers who are serious and will buy if the right house and value coincide. There is still more property supply than buyer demand, but the number of offerings is being slowly chipped away.

Moreover, the national economy is growing healthier providing a more confident buyer pool. We are seeing a very strong upper end of the market fueled by capital that is seeking hard assets, like real estate, in which to invest. It is the main reason we are seeing cash deals for multi-million dollar estates during a time of historically low interest rates. Typically the upper end of the market is the trend setter in value recovery as that level of the market has more capital flexibility and critical evaluation processes.

Incrementally our local market values are getting stronger. One critical indicator is the number of days it takes to sell a house. 5-6 months is considered the standard of a "normal" market. It only took us 64 days to list and close a house in Brookwoods.

Another benchmark of the market's health is the number of available listings. There are considerably fewer listings on the market today (41) than two years ago (58). And there are 3 sales pending. There are only 5 properties available in the neighborhood.

Here is what has transpired in the last 12 months.

 


I have my house, a completely renovated wonderful old colonial, at 321 Kent Cornwall Road listed for sale. Featuring an open floor plan with a cook's kitchen (Bosch appliances, Sub Zero, Granite and butcher block counters) that flows into both dining room and living room with wood burning fireplace and a large window seat looking over to distant western views. Two large decks, one off the living room and the other off the main floor master suite overlook both the gardens and the view of over 8000 protected acres. There are 4 more light filled bedrooms. The grounds offer stone wall laced gardens, private pool with waterfall, out door shower, a tumbling brook and spacious lawns. Listed for $535,000

 

Across the street at 316 Kent Cornwall Road we sold a wonderful old barn that has been partially converted to a home. The barn is an antique beauty which once served a lovely colonial that was tragically lost in a fire years ago. The barn had been renovated but not finished and after a bank sale the property was acquired for $300,000, and is being improved and finished!


We also closed on a lovely ranch style home at 381 Kent Cornwall Road. Toni Soule of my firm assisted the purchaser of this one level home with 3 bedrooms and 2 baths. The house maintains 1300 sq. ft. and was recently renovated with hardwood flooring, kitchen with corian countertops and stainless appliances. It was listed for $305,000 reduced to $289,000 and sold for $289,000.

 


Chris Garrity, my partner, listed the only home in Brookwoods that sold in 2014. Unit #27 was listed and sold in 64 days. The house was completely updated with new appliances, redone cherry flooring and a third floor that was turned into a master suite. The Colonial has 1730 sq. ft. and three bedrooms and two and a half bathrooms. There is a fireplace and large deck. The house was listed for $235,000 and sold for $215,000.

 

Chris and I, along with our whole firm hope you enjoy our updates of the market and want you to know you can find this letter and all our Kent market letters on our website www.bainrealestate.com under Neighborhood Stats. There is a place there where you can give us your email address to get these letters and other market updates electronically. We continue to work to assist buyer and sellers in their pursuit of their goals and thank you for supporting our success as the leading real estate firm in Sharon, Kent and Cornwall over the last 10 years.

Happy Spring!

All the best,

David Bain

Chris Garrity

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

 

 

 

 

 

 

 

 

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