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August
9

 

Dear Neighbor,

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 9 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 the 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. 

Here is what has transpired since January 2021:

House Sales:

39 Segar Mountain Rd                                 2/12/2021                                            $425,800

This sixty year old country home has been nicely upgrades and offers 3 bedrooms and 1 and 1/2 baths. There is nearly 2000 sq. ft of living space with the wood beams and cathedral ceilings in the recreational room and a fireplace in the living room. The stone patio is made from native stones and an outdoor shower opens to views of the distant hills. Elevated from the road this lot entails 8.14 acres of open lawn and woods.

85 Segar Mountain Rd                                 11/15/2021                                          $365,000

Toni Soule of my firm listed and sold her 1989 ranch home with 3 bedrooms and 3 baths. This house has both main and lower level that each has a kitchen. Large deck opens to views of the distant hills. A shared drive elevated from the road this property has over 6 acres of woods.

173 Cobble Ln                                               2/16/2022                                            $616,140

My partner David Bain represented the buyer of this custom built home on the corner of Cobble and Segar Mtn. Roads on over 8 acres of land.  This unique design was created to take advantage of the lovely Cobble setting. The 2 bedrooms and 2.5 baths, offers lovely pastoral views and abundant light. The country kitchen featured a center island, cherry cabinets, gas range and soapstone sink. The living room has a fireplace, and is the access to a screened porch and open deck at the back of the house where the rush of Cobble Brook is heard.

171 Segar Mountain Rd                               12/6/2021                                            $500,000

The 4 bedroom, 2.5-bath Colonial is sited on 2.39± acre wooded parcel. The kitchen opens to main room with gas fireplace and views, formal dining room with access to deck, living room with woodstove. The 1st floor includes the primary bedroom with full bath & walk-in closet. The second floor includes 3 additional over-sized upstairs bedrooms, and a media room. This 2500 sq. ft. home built in 2004 is situated in a private setting with beautiful exterior stone work.

39 Stone Fences Ln                                      9/28/2021                                            $630,000

This modified farmhouse built in 1999 is a study in the market over the last 20 years. We sold this in 2004 for $529K and it sold again in 2019 for $440K. Recently the home sold for $630,000 all with few alterations during each transaction.  The house is well designed and well maintained with a first floor primary bedroom and two comfortable bedrooms on the second floor.  The main level has an open country kitchen that accesses the back covered porch and the garage. Central air conditioning and a generator make it even more comfortable.  Set on 2.19 acres with woods and stone walls this 2400 sq. ft. home is protected on the back by 20 acres of dedicated open space and in front by a large field owned by the association.    

20 Stone Fences Ln                                      2/27/2021                                            $735,000

This modern modified farmhouse has 3200 sq. and is a blend of contemporary style within the New England vernacular. The kitchen as featured in Architectural Digest has sleek lines, concrete counters and stainless steel appliances. Propane heating, along with propane fireplace with reclaimed barn wood/stone surround. There is an open floor plan entails the kitchen, butler's pantry and great room with cathedral ceilings anchored by a fireplace. There is a dining room, primary bedroom suite on the main level while two bedrooms are on the second floor. The property features 3.34 acre level lot. .

15 Bald Hill Rd.                                             1/19/2021                                            $450,000

Recently renovated 3-bedroom, 2 full baths 1969 house offers 1900 sq. ft. of living space.  Total renovation included a two car on new foundation and a new septic system. The primary bedroom suite features a stone fireplace and walk in closets. Sited on over 2.5 acres of lawn and woods, the property is detailed in stone walls and has mature landscaping.

71 Richards Rd.                                            10/15/2021                                          $1, 725,000

We recently listed and sold this amazing 3900 sq. foot contemporary barn on 5 acres. A gracious two-story foyer greets you as you walk in the front door to a spacious open floor plan and cathedral ceilings. The kitchen is open to the main living room offering a country feel. There are two native stone fireplaces, and a large covered deck for entertaining. The 4 bedroom home has been superbly maintained and offers many upgrades since its construction in 2005. All new Marvin doors and windows installed in 2020 as well as a new roof.

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.

404 Segar Mountain Rd                               7/20/2021                                            $675,000

This 1979 colonial home has over 9 acres of lawn and woods creating a private 2800 sq. ft. retreat. The kitchen was recently remodeled and opens on to the formal dining room, living room and back yard deck. Recent upgrades include solid white oak flooring, wood paneled ceilings, updated bathrooms, and a high-efficiency radiant heating system. A separate one-bedroom apartment, complete with kitchen and light-filled living room, is located over the two-car garage. Property includes a detached 24x36 barn.

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 or land. Or stop by the office or visit our website at www.bainrealestate.com

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

 

December
23

Bain Real Estate 2019 December Segar Mountain Market Report.

PLEASE CLICK HERE TO SEE THE MAP

 

Dear Neighbor,

 

December provides a review of how Kent's real estate values have unfolded. Little has changed from 2018 to 2019 with 49 closings in 2018 and 51 sales this year.  A surprising statistic is the significant reduction in inventory.  Listing inventory is down 15% YTY.  There are only 39 homes available. What are the implications?   Market constriction will likely bolster house values and make land, which has yet to recover from the 2006 recession, more intriguing. 

 

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

 

Those waiting on land to regain values lost over the last 13 years may find land sales rebound in 2020. The lack of house options and only 16 land offerings 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.

 

28 Segar Mountain Road

This 16' x 38; 1 bedroom, 1 bathroom ranch has a new 3 bedroom septic and southern views over its gardened back yard. It's an ideal solar site. Just on the edge of the village, it is close to town but has a country feel. This one is clean and neat and I listed it for $139,500 and it sold for $135,000.

 

128 Segar Mountain Road

I sold this property for $225,000 in 1998.  Last year, a fire heavily damaged this 5 bedroom post and beam home with large windows and an open floor plan.  I recently sold this house and the renovations are underway. With considerable potential this 2800 sq. ft. home sold for $218,000.

  

9 South Road

Toni Soule & Chris Garrity sold this 3 bedroom, 2 bathroom raised ranch with a spacious living room and formal dining room.  Kitchen leads to a 14x24 deck overlooking 3 acres of manicured grounds. The lower level can be an in-law space or a family room. Built in 1987 this house has over 2300 sq. ft. with a separate laundry room, office a 2-car garage.  It closed for $265,000.

 

55 Stone Fences Lane

A 1996 4-bedroom, 3 and a half bathroom home entails over 2400 sq. ft. and has a first floor master with whirlpool tub. Other features include a fireplace, vaulted ceilings, deck and finished walk-out lower level. The newly renovated kitchen includes stainless steel gas range and stone counters. Sited on 2.41 private acres, it sold at $374,500 after spending 2 years on the market.

 

39 Stone Fences Lane

This 1996 farmhouse house offers over 2400 sq. ft.  The kitchen has stainless appliances and granite counters plus easy access to a wraparound mahogany deck. Main floor has both a master with walk-in closet and en-suite bath and a bookshelf lined living room. Three additional bedrooms are on the 2nd level while the lower level is a family room.  This sold for $440,000.

 

16 Stone Fences Lane

This 2006 Cape Cod has a 1st floor master with both laundry and bathroom en-suite. Two additional bedrooms and a full bath are upstairs. There is a large, eat-in kitchen plus a formal dining room. The attached 2 car garage provides shelter from the weather.  There are 2.77 acres of level land. Priscilla Pavel of my office listed this for 134 days when it sold for $380,000.

 

15 Bald Hill Road

This1969 Split Level style home offering over 1,000 sq. ft. is up on 2.5 acres of land. Requiring considerable work, it has 3 bedrooms, 2 bathrooms, full basement for added storage and a 2 car garage.  Listed for over a year this Bank Owned property sold for $94,400 

 

30 Kenmont Road

Along the shores of the west end of North Spectacle Lake we have listed a seasonal cottage. Known as the "Big House" by the family who built it in the early 1900's it sits above the lake with views and steps to the dock and lakeside.  With just under 1000 sq. ft. the place has two bedrooms, 1 bathroom a fireplace and a screened porch.  It's a lovely getaway for $289,000.

 

  38 Davis Road

Antique 1-room school house circa 1900 has cottage features, cathedral ceilings, framed-in bedroom, bathroom, staircase to a loft and cupola on the roof. Requiring imagination and creativity this perfect small house offered potential. This home was sold in "as is" condition and has since been upgraded by the new owners who purchased the building for $50,000.

  

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 Holidays,

David Bain &

Chris Garrity-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

 

 

April
9

 

Bain Real Estate Kent Segar Mountain 2017 May Markt Report.

 

Dear Neighbors,

PLEASE CLICK HERE TO SEE THE MAP.

 

Spring has shaken off winter's grasp and so the real estate market!  After the 10 year real estate slumber the market appears to be awakening.

 

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 Kent 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 tightening interest rates have bolstered consumer confidence. This confidence mixed with the reduction of available homes to buy has solidified real estate values and will predictably push value higher.  This is already happening.

 

Last year's letter noted over 60 houses being available for sale in Kent. Well, what a difference a year makes as presently there are 43 residential homes listed for sale. And there are 2 homes in contract to close.

 

While we have seen a strong 36 sales in the last 12 months, this is 8 fewer sales than same period in 2015. We are happy to say that Bain Real Estate participated in over 30% of these transactions so thank you for your confidence.

 

Anecdotally, we recently closed on a house where there were two bidders. The first prospect reluctantly cancelled their contract as they could not get their loan so the second buyer ended up winning the sale. And for a bit higher, I might add.

 

The lesson here is that the market has become one of both buyer and seller on an equal footing, no longer just a buyer's market.  Should there be a prolonged period of fewer listings than interested buyers, we could see that balance shifting to a seller's market.

Here is what has transpired around the lakes in the last 12 months.  Please note that not all listings in the neighborhood are posted here so if you want to know more, please let us know or head to our website to see all the available listings in Sharon and countywide.

 

Overlooking The Cobble is 3 Cobble Heights a hillside contemporary built in 1984 and set on 2.72 acres. In this 2300 contemporary home the living/dining room are one room anchored by a massive floor to ceiling native stone fireplace and a wall of windows offering southern views and a deck to enjoy the out doors.  There are two bedrooms and full bath on first floor and a master bedroom suite on second floor.  A family room, full bath and separate entrance are on the lower level. Features such as hardwood flooring, central air conditioning and a back up generator are some of the nice qualities. Listed for $535,000 it closed for $510,000.

 

184 Cobble Road is a 1967 Bungalow overlooking Cobble Road. The home features two bedrooms and two full baths, a spacious living room with fireplace, and a wonderful two story deck with sunset views. Sited privately up a 3.9 acre wooded hillside the yard area is well maintained with, lawn, birches and large boulder outcroppings adding a natural touch.  The large deck is designed for taking in the views.  Hardwood flooring and a fireplace make this a distinctive country home.  Listed for $249,000 it sold for $242,000 rather quickly.

 

171 Segar Mountain Road-Built in 2004, this 4 bedroom, 2.5 bath home features a spacious open kitchen with Viking cook top and breakfast bar connected to family room with gas fireplace. The great room offers vaulted ceilings; there is a formal dining room with a rear deck for outdoor dining. First floor master suite has a walk in closet plus there are 3 additional bedrooms. Set on a hillside 2.39 acre wooded parcel this 3200 sq. ft. home was bank owned and sold for $333,333.  

 

A sweet cottage on 2.27 acres at 16 South Road sold for $223,200. The 2 bedroom, 1.5 bath 1982 home features an open floor plan downstairs incorporating the kitchen, dining room/sitting area with a cozy woodstove, and a light filled living room in nearly 1200 sq. ft. French doors open to an outdoor deck great for relaxing or entertaining. Upstairs there are two bedrooms that share a full bath.

 

29 Iron Mountain Road is another house built in 2004. This Colonial style home is sited on 5 private acres with seasonal sunset views. The 2,860 square foot home features hardwood floors throughout, three spacious bedrooms, 2.5 baths, and a large eat-in kitchen with granite counters and stainless steel appliances that opens onto a spacious deck great for entertaining. The master bedroom suite incorporates a large private bath, his-and-her walk-in closets, as well as a lovely sitting room that can be used as a fourth bedroom. In addition, the walk-out basement has been finished into a media/game room and opens to the back yard. Listed for $595,000 in the summer of 2015, the house sold for $525,000 a year later.

 

25 Stone Fences Lane has all the creature comforts and more in a carefree country home. Expansive country kitchen with a native stone fireplace with bookshelves at one end and a granite topped gourmet kitchen on the other. Master suite and two additional bedrooms plus a private office are offered. French doors lead to the wrap around porch overlooking the heated pool. Listed for $535,000 it sold for $515,000.

 

Across the road and sited at the end of a long drive on the south west slope of Bald Hill is 28 Stone Fences, a house for sale for $775,000. Nestled privately on 7.8 acres is this nearly 4000 sq. ft. farmhouse has large rooms, a kitchen that is a cook's delight with a 6 burner stove and professional hood. The home offers a formal dining room, and screened porch for gatherings.  There are 3 bedrooms and 2.5 bathrooms in this 2005 built home.

 

Directly next door, I also have an undeveloped 10.04 acre parcel listed for sale.

Lot 44 Stone Fences Lane is a level, lightly wooded parcel bounded in stone walls. There is a level driveway roughed into the lot. The parcel overlooks a large hay field that has protective easements.  A small cabin offers a perfect place to site the house. The native oak and maple trees dot the former pasture creating a setting ready for the country home. I have this listed for $225,000.

 

38 Davis Road is a former One-Room School House circa 1900 that recently sold.

Set on the corner of a quiet town maintained gravel road, the 600 square foot home with 2 bedrooms and 1 bathroom has potential to become a sought after " Tiny house". While there are elements of original charm (wainscoting, two built in cupboards), the structure requires a comprehensive renovation. It was listed for $85,000 reduced to $75,000, sold for $53,250.

 

Lastly my partner Chris Garrity has a dynamic lakefront property available at 59 Kenico Road. The property is located on the north side of North Spectacle Lake and is accessed off a long, private driveway.  It maintains nearly 6 acres nestled quietly amongst the substantial estates and State Forest.  The 4 bedroom country home was renovated 10 years ago and maintains a gourmet kitchen, stone fireplaces and a wrap-around deck.  The master suite overlooks the lake and there is a large family room on the lower level.  The lakefront is amazingly level and open with a sandy bottom.  Sun splash the house all day with much cherished southeast orientation.  There is plenty of acreage for an additional house.  It is just listed for $1,650,000. We have a video on our site!

 

There are other offerings on the market and if interested call us, stop by the office or visit our website at www.bainrealestate.com.   Of note Bain Real Estate again received 3 separate recognitions for our good work: The US Commerce Association gave us the designation

" Best of Kent in 2011-16." The Connecticut Magazine conducted an independent survey of buyers and sellers through out Litchfield County where we finished with "Highest in Overall Satisfaction," a title we work hard for and cherish. And our distinguished agent Priscilla Pavel was chosen as the Litchfield County Realtor of the Year!

 

If you know anyone thinking of selling their property, we would like the opportunity to talk to them about our marketing. Thanks. I'll write again in a year to let you know what's happened.

 

All the best,

David Bain &

Chris Garrity and the Kent Office-Toni Soule, Marilyn DeVos, Dave Fairty & Scott Harvey

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

October
18

Bain Real Estate 2018 October Kent Segar Mountain Market Report.

PLEASE CLICK HERE TO SEE THE MAP.

Dear Neighbor,

 

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) on 53 sales? The second box (Oct. 2017-Oct. 2018) shows 50 transactions with an average sales price of $675,000 (rounded). For additional perspective, the average market value from October 2010 through 2011, which was the statistically low point of the market, was $393,845 on 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, presently there are only 46 homes (statistically low) 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 much healthier level from the low points of the local real estate market.

 

 

So, here are the details of what has transpired in the last 12 months in the neighborhood. There were a total of seven sales in the neighborhood.

 

24 A Segar Mountain Road

This unassuming Modern home on 3.12 acres is hidden near Kent's village center with western views of farmland and hills beyond. A 30 x 21 Great room is the highlight of the house with fireplace, exposed wood beams, and vaulted ceiling. The kitchen offers a walk-in pantry, wood cabinets, granite counter tops, gas range, and stainless steel appliances. There are three bedrooms upstairs with the master suite offering walk in closets and a full bath with Jacuzzi tub. Two other guest bedrooms share a full common bathroom. Sun filled lower level room offers many potential uses. With over 3200 sq ft of living space, a two car attached garage, this is in turnkey condition.  Chris Garrity, my partner, sold this house in 2005 for $362,500 and he brought the most recent buyer who paid $425,000 or a nearly a 15% increase from pre-Great Recession market height.

 

  55 Stone Fences Road

Back in 2005 this house was sold for $495,000.  After thirteen years and a foreclosure, this contemporary colonial sold again for $269,000.  This 50% loss of value was dramatic but largely due to the deteriorated condition of this 1996 home.  New owners invest money, energy and enthusiasm thus this 2380 sq. ft. home with 3 bedrooms and 3.5 bathrooms has been rejuvenated. Newly renovated kitchen with stainless steel gas range, stone counters, new cabinetry, farm sink, lighting and plumbing fixtures. Recent interior paint, refinished white oak flooring, tree removal and mechanical system updates.  This house boasts a cathedral ceiling living room anchored by a large brick fireplace.  The master suite is on the main floor and is connected via a wood deck to the kitchen and living room.

It is now for sale again for $399,000.

 

  25 Bald Hill Road

This home has rustic charm on a very private 1.5 acres on a dead end road. It's a contemporary barn style home offering large public rooms- Kitchen with vaulted ceilings and exposed beams with fireplace and a pantry.  There is a spacious living room with a fireplace and wood flooring.  There are 4 bedrooms 3 full and one half baths. Extra rooms include a reading nook at second floor landing, a sun room on first floor couples as an office, a lower level playroom, TV room and Laundry room round out the house. In 2008 this house was sold for $250,000 and with some improvements to the house and improvements in the real estate market, this house sold for $320,000 in 2018.

 

18 Kenmont Road

Exceptional lakefront and 16.5 acres on North Spectacle Lake is what makes this property so special. With views over the lake and 500' of lakefront and a private cabana and dock, the 20 years old house was an afterthought. In fact the 4 bedroom, 3 bath custom Lindal cedar home with post-and-beam construction, huge panoramic windows, vaulted ceilings, fireplace and an open floor plan was demolished after it was sold.  Once listed for over $3 million, we represented the buyers who have since begun to erect a home with better quality and design.  The property sold for $1,250,000.

 

445 Segar Mountain Road

Also on North Spectacle Lake is a 1995 contemporary with direct frontage. Intentionally designed open floor plan allows the light to flood in and the lake views to be the focal point from each of the three levels. This 2500 sq. ft. lake house has 3 bedrooms and 3.5 bathrooms a living room with a fieldstone fireplace, vaulted ceilings and French doors to large 36 foot deck. The open loft office has lake views while the large family room on the lower level offers a small kitchen and a bedroom and full bath.  This home sold for $500,000 after being on the market for nearly 2 years with an initial asking price of $895,000. It had last sold in 2001 for $450,000.

  447 Segar Mountain Road

This property uses the same driveway as the aforementioned home at 445 Segar Mtn.  Set 200 feet back from North Spectacle Lake this 3742 square foot contemporary is sited to maximize the views.  Likes it neighbor this 3 bedrooms and 3 full baths is designed to see and access the lake.  The living room has windows on 3 sides with a fieldstone fireplace in between. The kitchen is large (17'x 23') with ample storage, counter space and views of the lake. The second floor has 3 bedrooms, two full master baths (one with a deep soaking tub) and a separate office. An elevator was recently added to give easy access to the second floor. There is also a large family room on a walkout lower level to the boardwalk to the lake.  This home sold in 2007 for $637,685 and sold again this past summer for $670,000. This house was on the market for five years with an initial asking price of $990,000.

 

If you were curious, much of the value discrepancy between (445 and 447 Segar Mtn. Rd) and 18 Kenmont Road is attributable to the quality of the lake front each has. 18 Kenmont Rd. has deep water access and has dry ground.  445 and 447 Segar Mtn. Rd which abut one another are at the outlet end of the lake where the shallow and weedy conditions make it less appealing to the market.

 

  4 Kenico Road

Another victim of the Great Recession was this practical raised ranch on 1.2 acres of land.  Last purchased in 2003 for $265,000, this home represented a good family house value. But in 2017 after some considerable neglect, this 1281 sq. ft. home was foreclosed upon and came back on the market for $199,900. With my partner's assistance the new buyers snapped it up for at $198,000 only after 14 days on the market.  It has since been updated and brought back to comfortable living standards.

 

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

 

August
1

PLEASE CLICK HERE TO SEE THE MAP.

The first two quarters of 2016 were promising in terms of real estate transactions. There were 46 in the last year in Kent and 25 sales in the last 180 days. It seems the summer slumber has taken hold as buyer activity is slowing.

There is a small pool of buyers who are serious and will purchase if the right house and value coincide. Generally speaking the buyers are more attracted to homes that are well cared for with little work to be done. The better condition and the newer the upgrades to the house, the easier it is for it to sell.

There is still more property supply (53 Listings) 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 activity on Segar Mountain.

We saw 10 more sales year-over-year, 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. Another interesting fact is that many of the sales we are seeing are homes that have been on and off the market for 2, 3, even 5 years. This is a clearing of the pre bubbled priced homes and may be harbinger of stronger values in the future as post recession values start to take hold of the market.

An insightful 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 9 homes in contract presently. Not to get too excited, keep in mind two of the sales reported in your neighborhood were bank owned properties. On the positive side, they sold!

 

This is what sold in your neighborhood since I last wrote.

Beginning closer to the Village of Kent, 174 Cobble Road closed for $860,000.

This impeccably finished home has scenic views of The Cobble.

Many extras - screened porch, 3 fireplaces, reclaimed wide board floors, cook's kitchen, pristine laundry, heated 3-car garage. There are four bedrooms including well detailed master suite with fireplace and deluxe bath. Systems include a whole house generator, security system with safe heat monitor, roof warming cables and more. Originally listed just over a million dollars then reduced to $895,000 it sold after 539 days on the market.

After 138 days on the market 152B Segar Mountain, a bank owned property, closed for $205,000. Situated privately on 4.7 acres of woods this 4 bedroom colonial has 2 and a half bath rooms. There is a nice open eat in kitchen which opens to a deck overlooking the open back yard w/seasonal views. There is a large formal dining room and a spacious living room. Wide board floors throughout walk out basement which has plumbing for future expansion. It was listed originally for $280,000 and finally reduced to $214,900 prior to selling.

Another bank owned property recently sold. 171 Segar Mountain Road closed at $333,333 after 44 days on the market. The town appraisal on this home is $407,400

Because this 2004 custom built colonial is like new. It has 4 bedrooms, 2.5 baths in over 2500 sq. ft. It also features a huge open kitchen with top appliances like a Viking cook top and breakfast bar connected to family room with gas fireplace. The great room with has vaulted ceilings and the formal dining room offers access to large private rear deck perfect. There is a first floor master suite with a walk in closet, separate tub/seamless glass shower stall and double vanity sinks. 3 additional oversized bedrooms and media loft overlook lower great room on second floor with full bath and double vanity. Beautiful exterior stone work, gardens abound this private retreat on the hill. This home had been on the market since summer of 2011 and fell into foreclosure, relisted in early March of this year and sold quickly.

Dave Fairty of my firm sold his listing at 46 Stone Fences quickly. It took only 34 days because this home offered considerable value; Tennis court, basketball court, fabulous poolscape including screened cabana with a huge stone fireplace and heated Gunite pool, plus an outdoor kitchen. The house offers 4+ bedrooms, 4 full baths with numerous public rooms. There is a considerably large game room in lower level with additional bed/bath. A spacious family room, a combined living room/dining room plus a dramatic.

Kitchen had stainless steel appliances & granite counter tops.

This house with over 4000 square feet of space is set on over 4 very private acres of woods and meadows. It was listed for $849,000 and closed higher with multiple bids for $860,000.

We have two very nice listings in Stone Fences:

I have a 10 acre undeveloped parcel of land adjacent to the open space field and to the property described above. This lot is level and offers numerous building sites all offering different settings. Stone walls and towering trees make this a special lot for $225,000.

My associate Toni Soule has listed 25 Stone Fences for $579,000. With over 3300 sq. ft. this home has all the creature comforts and more. The expansive country kitchen offers a novel and friendly layout detailed in high quality stainless including appliances and a gas stove. The country kitchen open to a spacious dining area and family room featuring a native stone fireplace outlined in bookshelves. The master suite has a 5 star bathroom a ample closets. There is a private office, 3 additional bedrooms and game room on the lower level with a bar, exercise area and a full bath. There is a screened porch or rest on the wrap around porch overlooking the heated pool. This is all set on a level yard with 2.31 acres of privacy.

76 South Road sold. This post-and-bean cape of 2600 sq. ft. offers lots of space and privacy. The living room with fireplace opens to the kitchen and an enclosed porch. Beamed ceilings on the main level and wood floors throughout add to the country feel, which also includes a formal dining room. There are 3 bedrooms and 2.1 baths, including a master bedroom suite with a sitting room. There's also a studio/office space with separate stairs, which is adjacent to an addition off the deck with a Swim Spa. Two-car attached garage. The large deck and back yard open to the level lawn on the 1.7 acre parcel. Closing for $350,000, this home was originally listed for $560,000 and was on the market for 453 days.

Up on Iron Mountain Road two houses closed:

38 Iron Mountain closed for $515,000. This builder's own home has long views. The main floor of 1680 square feet is finished while second floor offers 2446 sq. ft. of unfinished space. The main floor features a massive native stone fireplace complete with a pizza oven. Wooden flooring throughout and 18 x 14 screened porch with views of South Spectacle Lake. There is a four bedroom septic in place with 3 bedrooms and two bathrooms presently available on the main floor. There is a walkout basement, 5 car garage all on 5 acres. This parcel is located at the end of the road and offers nice privacy.

Like many of the sales this house had been on and off the market since 2009.

29 Iron Mountain is a beautifully built Farmhouse sited on 5 private acres with seasonal sunset views. The 2,860 square foot home features hardwood floors throughout, three spacious bedrooms, 2.5 baths, and a large eat-in kitchen with granite counters and stainless steel appliances that opens onto a spacious deck great for entertaining. The master bedroom suite incorporates a large private bath, his-and-her walk-in closets, as well as a lovely sitting room that can be used as a fourth bedroom. In addition, the walk-out basement has been finished into a media/game room and opens to a perfect pool site. It sold for $525,000.

28 Iron Mountain is an energy efficient barn on 5 acres. High ceilings, bright, open loft floor plan with oak woods throughout, stone fireplace in the living room are only part of this 2400 sq. ft. home. There are 4 bedrooms and 2.5 bathrooms plus a terrace off the living room and main floor master bedroom. The lower level with high ceilings offers expansion possibilities. Adjacent to the main residence is a garage with large loft above that could be finished. Selling for $600,000 this home has Easterly views towards South Spectacle Lake.

I have 94 Richards Road listed for sale. The home is privately set with winter views. The 3 bedroom, L-shaped one level home is a perfect for those seeking easier mobility. It has a large living room/dining room that focuses on the fireplace. Sliding glass doors to a large new deck offers more entertaining space. The master bedroom is large and multi-leveled suite. It is listed at $379,500.

There is an adjacent 5 acre parcel also available for purchase for $160,000. This one sits on Richards Road and is high, treed land with a gentle slope to the north.

Lastly, 45 Richards Road sold. With direct waterfront and glorious lake views of South Spectacle from every room, this home is a spacious modern home. Jeremiah Eck, a New England Design Hall of Fame Architect designed this 4 bedroom lake house whose interior includes gourmet kitchen, floor to ceiling stone fireplace, master suite with views over the lake and a screened porch. This property is part of the Spectacle Lake Community and has rights to tennis courts and the beach house. The house had been listed on and off the market since autumn of 2013 starting at $2,950,000 and sold for $1,550,000.

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 Summer!

 

David Bain

Chris Garrity

And the Kent Office-Toni Soule, Dave Farity, Marilyn DeVos, Eve Iselin & Scott Harvey

 

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

February
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. 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 systemically 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.

In summation, incrementally our market values are getting healthier. 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. The days it took to sell a house in the last 12 months was 148 down nearly a month from last year and two months from 2013.

Another benchmark of the market's health is the number of available listings. There are considerably fewer listings on the market today (45) than last year at this time (58). And there are 3 sales pending.

Here is what has transpired in the last 12 months.

Time to enjoy the simple things in life! Charm carries through this impeccable 2 bedroom home at 9 Segar Mountain Road. This family has installed many great quality upgrades including a new driveway. The proximity to town and easy to maintain are two major reasons why this house, available at $235,000, is a deal.

59 Segar Mountain Road is a 1930's style cape home with three bedrooms, two bath, fireplace in the living room and wood flooring throughout. The home was in need of considerable updating and renovation. The grounds maintain over 70 years of plantings and also include a pool and a one bedroom pool house. Listed for $235,000 we sold it for $175,000 to an investor who renovated beautifully. They took this 1935 gem and completely renovated the entire property. A master craftsmen and an interior architect reinvigorated the timeless style and included high standards that today's savvy population expects. The custom high-end fixtures, appliances, kitchen and bath appointments as well as the state of the art heating and air conditioning systems make this a great full time or weekend residence. The original main house has retained many details from 1935 and now has 3 bedrooms with baths en suite. The pool house was upgraded with a new septic and the place is fabulous. It was listed for $595,000 and sold for $555,000 all in 98 days.

22 Cobble Heights is a perfect getaway retreat off Cobble Valley. Dramatic fieldstone fireplace & soaring ceiling in LR/DR. Private 2nd floor Master bedroom suite. Family room/office on lower level has a full bath and a professional photographer's darkroom. The 2700 sq. ft. house on 2 acres sold for $412,000.

206 Segar Mountain Road was renovated and expanded by its current owners. An upper level was added affording panoramic views of Cobble Brook and a sumptuous master suite. The main level has a warm and inviting kitchen with wood stove, living room, guest room & bath as well as a den. We assisted the buyers who closed for $257,000.

Nestled on a hill side acre, this cutie at 246 Segar Mountain could be a 3 bedroom home, but works best with two bedrooms and 2 full baths. It is in great condition recently painted and nice floors. Improvements such as a new septic, new water pump ensure mechanicals are of no concern. It is listed $149,000 as one of the best opportunities at this price point.

Beautiful private 4.48 acre wooded lot at the end of the cul-de-sac on Stone Fences Lane sold. This is a great site for one's dream home on this level and private parcel. This parcel last sold in 1992 for $60,000 and closed recently for $86,000.

A Contemporary home at 280 Segar Mountain with great space and sunlight-filled rooms is in turnkey condition. Both the living and dining rooms have high ceiling and lead to a wrap-around deck. 3 bedrooms include a master suite and there is potential for a 4th bedroom. The home is privately sited at the top of a 3.6 acre parcel that is wooded and sloped. Close to town it was originally listed for $495,000 in May 2010 and sold after three price reductions for $335,000.

Atop a 5 acre parcel with views over South Spectacle Lake, 36 Iron Mountain Road has a level wooded building site that closed for $100,000.

We closed on 23 Davis Road this month. This cape style home with French provincial touches is bordered in stone walls on a 2 acre manicured parcel. There are 3 bedrooms in this 1,850 sq. ft. home. The 2 bathrooms are tiled and employ Toto fixtures. A country kitchen features wood beamed ceiling, stone fireplace and zinc topped cabinetry. There is a second floor family room as well as an office, garage and barn. My partner Chris Garrity had this listed for $660,000 reduced to $625,000 and it sold for $593,895.

Set atop one of the highest points in Kent is this spacious sun-filled house with 50 mile views. 32 Spectacle Ridge Road is listed for $3,200,000 by Chris Garrity and it maintains privacy, lake access to South Spectacle and of course truly great views. Four private suites provide wonderful comfort while the open floor plan allows for family fun. The detail, quality and craftsmanship are paramount and a luxurious horizon line pool feels like swimming on top of the world. See the video at www.bainrealestate.com

There are more properties for sale in the neighborhood, so if you need assistance on any of them, please give us a call. We here at Bain Real Estate wish you all the best of 2015 and hope you will let us know if you need any help in the coming year. For current updates check our blog at http://heartofkent.blogspot.com/

All the best,

David Bain

Chris Garrity

And the Kent office-Toni Soule, Dave Farity, 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