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December
3

 

Bain Real Estate Skiff Mountain 2018 December Market Report.

PLEASE CLICK HERE TO SEE THE MAP   

 

     

Dear Neighbor,

        

Have we reached equilibrium between buyers and seller since the Great Recession? Yes, the ensuing ten years values have improved with buyers returning to the market; returning however with a tempered desire to purchase. Sensing caution, sellers began lowering prices incrementally and making it more appealing to the buyers. As the economy strengthened buyer confidence did in turn. So, growth has ensued.  A cautionary approach should be taken however, as daily the volatile swings in the world and nation are having considerable influence on buyers' confidence.

In fact, on the upper end of the value spectrum, the sales have not been as brisk creating downward pressure on houses over $1M.   Owners, who over the last 10 years invested in upgrades to their homes have not seen much, if any, return on that investment. This issue is not solely a Litchfield County concern as we see this depreciation of the upper end of the market in other areas of the state as well. 

Below is the data from 2006, the height of the market, 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.

The sales volume of the last 12 months versus 2006 is awfully close as well. And both periods show that the Days on Market (DOM) are also nearly identical. Presently there are only 42 homes (statistically low) on the market and 3 properties in contract.  A number of properties have sold directly without market exposure that has not figured into this data.  Clearly the local real estate market has returned to a much healthier level from the low points of the local real estate market.

Here is what has happened in the neighborhood.

 

My associates, Chris Garrity and Toni Soule have just listed 60 Macedonia Brook Road, a 1950's colonial style home with 6.8 acres of land tucked along Macedonia Brook and offering nice pastoral views. The house has period details with a large flagstone living room anchored by a large fireplace.  There are four small bedrooms and 2 bathrooms. The house is in need of considerable renovation but the location is triple A.  It's listed at $290,000.

 

Just up the street, a 3 acre parcel sold privately for $40,000.  This lot appears to be wooded and rises to the west from Macedonia Brook Road.

 

221 Fuller Mountain is my listing for $1,650,000. This modern home is all about location and quality of construction.  A 1200' driveway curves gently across a brook and up to a hillside site where a few acres of landscaped grounds surround the 12 room 5500 sq.ft. home. Every room is spaciously large and boast high ceilings, while windows and decks (open and roofed) bring the outside in. There is a 5 car heated garage and separate studio that could become an additional bedroom. 8 zone radiant heat in all floors and central AC throughout the house and a whole house generator! There is a touch of the orient in this contemporary design.

 

48 Dolldorf Road is a delightful escape.  This immaculate country home is sited on a level lot surrounded by conservation land. Redone hardwood floors throughout, a cathedral ceiling and wood-burning fireplace with insert in the living room and a new eat-in kitchen with granite counter tops enhance the home. The master bedroom has a full bathroom, complete with a walk-in tiled shower. The second bedroom is located on the first floor. Two large sheds provide storage and workshop area. The spacious deck is perfect for relaxing in this quiet part of the neighborhood. We sold this house in 2011 for $254,000. With time and nice upgrades it recently sold for $320,000 and was only on for 32 days.

 

19 Nodine Pasture Road is a beautifully crafted post and beam construction and is the hallmark of this quality home.  Made of old growth Douglas fir, the exposed beams are art as much as engineering. The floors are quarter sawn white oak planks, and a free standing stone and stucco chimney is at the home's heart. Though traditional in spirit, there is a modern open floor plan, a large eat-in kitchen, sun room, living room, formal dining room, open and screened porches. There is a detached barn/garage. Sited on a private parcel of level woods, surrounded by 3,500 contiguous acres of protected Connecticut State Park and Land Trust property quiet and privacy are ideal. It sold in 2016 for $725,000 and then again this past March for $730,400 in less than 3 months.

 

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 or visit and like us on Facebook.  This letter and the others we write are posted there as well.

 

We are always looking for new listings, so if you know of anybody getting close, we would love a chance to talk to them about the market and our services. Happy Holidays!

 

Cheers!

David Bain, 

Chris Garrity

& Associates Toni Soule, Marilyn DeVos & Scott Harvey of the Kent office

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

October
16

 

Bain Real Estate Skiff Mountain October 2017 Market Report.

Please Click Here To See The Map.

 

Dear Neighbors,

2016-17 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 sales increase of 14%! In summation, real estate in Kent has 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 52 residential homes listed for sale. The count was as low as 40 listings in the Spring but the stronger market has led to more seller's testing the market. There are now 12 homes in contract to close.

There is still a considerable amount of distractions that make the buyer hesitate whether it is unpredictable international or national events or the financial uncertainty of the State of Connecticut, there seems to be so many issues to think about.

Another trend we are seeing is the desire on the buyer's part to purchase a home that is in tip top condition.  Whether it is the HGTV influence or the fact that today's 30-40 year old buyers were not brought up to relate to fixing up houses is to be argued.  Never-the-less a house that needs considerable work or is "tired" or not updated is more often passed over for one that is ready to move in.  The better your house presents, the higher the value you will see.  Here is what has happened in the last 12 months.

I listed this 1920's Kent homestead at 73 Fuller Mountain Road which had been in the family for two generations and needed some freshening to bring it back to its original splendor. The 1860 sq. ft home with 4 bedrooms and 1 and a half bathrooms is a classic family colonial. It has a great pastoral setting surrounded by blocks of acreage and a short 5 minute walk to Pound Mt. Trust, a lovely 460 acre open space holding with views, water and trails. Originally listed at $295,000 it closed for $210,000.

A cleared driveway is established in the beginning of this 12.54 acre piece of undeveloped land off Macedonia Road. A bridge is required to be built to access majority of land over lovely small creek. An old logging trail winds up the property with a stone wall on northern border. A small brook also runs through the property, flowing into the larger brook on the bottom border of the plot. Another plot is included with this piece & price adjoining in NY State (9acres) on Western border, making the total 21.54 acres. A 4 bedroom home is already approved for this lot, plans are available to view for a home & garage/shop. This was last purchased in 2009 for $150,000 and was brought to the market for $260,000 dropped eventually to $145,000 and closed for $115,000.

184 Macedonia Road is a spacious Cape on a wooded 2.8 acres. The first floor of this three bedroom home features a large eat-in kitchen and a large dining and living room with fireplace that open onto a large deck. The master bedroom with private bath and two bedrooms that share a hall bathroom are found upstairs. The walk-out lower level of the home one finds a finished family room with fireplace, a half bath and laundry, as well as a two car garage. Situated well back from the road taking advantage of seasonal western views, the house was listed for $350,000 and sold for $322,500.

At 9 Macedonia Brook Road the former Macedonia Brook school house, which was repositioned, redone and expanded, sold. This one level home has all the amenities and style one would want including a fabulous pool and gardens. Features include wood floors throughout, 2 fireplaces, a gourmet kitchen that opens to dining room with vaulted ceilings and views of the neighboring meadow, sunroom, 2 bedrooms & 2 baths. It was listed for $575,000 and sold for $515,000 after two price reductions and 300 days on the market.

This lovely antique Colonial at 95 Macedonia Road was built in the late 18th century. Since this time it has evolved into a warm and inviting home with spacious rooms and many of today's comforts and conveniences, all on a 4-acre setting. There are 4 bedrooms including a main floor master and 3.1 baths. The wonderful chef's kitchen with a fireplace leads to a formal dining room and charming living room with original beams, a vaulted ceiling and loft-style balcony. In total, there are 4 fireplaces, including one in the kitchen. Hardwood floors throughout. The outdoor spaces include a blue stone patio and screened-in gazebo along with a free-form Gunite pool with field stone surround. Recent updates include a generator and new roof in 2013. Two driveways- the upper one goes right to the back door. It was listed for $749,000 in 2015 and sold for $500,000 in 2017.

75 Macedonia Road has a similar story. This Kent antique charmer was listed on the market since 2014 and had considerable price changes before selling for $283,700.  This 4 bedroom, 2.5-bath colonial has 4 fireplaces, hardwood floors and exquisite grounds that border the Appalachian Trail.  Pretty views across the open fields the house owns land on both sides of road! Toni Soule and Marilyn Devos of my firm helped sell this house.

I currently have listed 221 Fuller Mountain Road which has both location and quality of design and construction.  A 1200' driveway curves gently across a brook and up to a hillside site where a few acres of landscaped grounds surround the 12 room, 5500 sq. ft. home with a massive stone fireplace. There are 4 bedrooms with 3 and half bathrooms. Rooms are large and ceilings high, while windows and decks (open and roofed) bring the outside in. There is a 5 car heated garage and separate studio that could become an additional guest space. 8 zone radiant heat in all floors and central AC throughout the house. There is also a whole house generator! There is a touch of the orient in this contemporary design. It is listed for $1,800,000.

11 Preston Mountain is an Arts and Craft house offering 3 bedrooms and 2 1/2 baths. The custom kitchen has top of the line stainless steel appliances. In the large living room there is a native fieldstone fireplace and french doors to spacious stone patio. Master bedroom with bath en suite also has a walk-in closet and a private balcony overlooking a stream.  Plus there is an amazing 2 bedroom 1920's chestnut log guest house that has been totally renovated. The living room has a massive beamed cathedral ceiling, 20 foot fieldstone fireplace and frenches doors to deck and stone patio. There are two brooks on the property listed for $799,000.

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.  Enjoy the Fall!

 

All the best,                                              

 

David Bain &

Chris Garrity

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

 www.bainrealestate.com

 

 

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



September
1

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.

.

Here is what has happened in Kent by the month.

 

Month

Sales, Number of

Sep 1 2014

Oct 2014

4

0

Nov 2014

5

Dec 2014

6

Jan 2015

4

Feb 2015

3

Mar 2015

2

Apr 2015

1

May 2015

2

Jun 2015

5

Jul 2015

2

Aug 2015

4

 

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

September
1

PLEASE CLICK HERE TO SEE THE MAP.

Dear Neighbor,

Each summer we take stock of how the previous 12 months of the real estate market have fared nationally, regionally, town wide and even down to your neighborhood.

 

While the last quarter traditionally maintains strong sales, this third quarter reflection is a good barometer to measure the health of the market.

 

Nationally we are seeing the high growth areas, primarily the major cities, booming as foreign money and urban renewal are stoking value increases. However, there has been slippage in markets that had a considerable amount of distressed properties as those "deals" are bought up constricting buying opportunities.

 

In Connecticut we are seeing a stable market with sales reflecting national trends. In a press release to the media last Friday, Connecticut REALTORS reported that single-family residential home sales in Connecticut decreased 1.4% comparing July 2014 to July 2013.The median sales price of $277,750 represents a 4.7% decrease from $291,500 in that same time period. Median indicates that half the homes sold for more and half for less. Total units sold were 3,288 in July 2014 and 3,335 in July 2013.

 

The local real estate market is slightly more active and incrementally getting healthier. Data shows that 2014 was even stronger than 2013 in Kent.

 

Confidence continues to be the main factor in the solidification of values. As the local market is primarily driven by metropolitan New York, we are seeing more prospects who are confident that they can buy a weekend home and not feel they are putting themselves at financial risk. Simply put, people are more confident in the future and secure in their job. Those seeking a value oriented property to relax and enjoy on weekends are able to find it.

 

There are more listings on the market (56) than last year at this time (49). Historically we are well below the transaction numbers of the hay days (2004-2006) but we are much healthier on the average selling price and, as importantly, the days it takes to sell a house.

 

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

2001-02 40 $469,000 148 Days on $423,554

2002-03 37 $505,000 103 Days on $471,000

2003-04 38 $481,000 143 Days on $449,000

2004-05 48 $613,000 116 Days on $565,000

2005-06 41 $690,000 122 Days on $639,000

2006-07 29 $760,000 168 Days on $695,000

2007-08 29 $1,062,000 125 Days on $957,000

2008-09 28 $675,000 161 Days on $585,000

2009-10 27 $1,127,545 226 Days on $1,012,698

2010-11 21 $423,000 192 Days on $379,000

2011-12 28 $591,299 212 Days on $523,515

2012-13 25 $433,000 299 Days on $410,300

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

 

The Skiff Mountain neighborhood has seen only one sale and that was a direct sale to the Marvelwood School. Initially listed for $328,000, the 3 bedroom, 2 bath log home with 1900 sq. ft. at 395 Skiff Mountain Road sold for $295,000 very quickly.

 

There are four homes listed in the area that range from the mid $200,000's up to $549,000. One in particular that Toni Soule of our firm has listed is a 1929 Cape style home at 119 Macedonia Road for $225,000. 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.

 

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 and Eve Iselin

 

 

 

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