Bain Real Estate

Bain Real Estate

Monday, April 28, 2014

New Listing

Village Inn ~ Country Living


Presently a wonderfully successful in-town inn with impeccable details in tip-top condition. Completely renovated 10 years ago from top to bottom. Convertible to a residence for the perfect village home. Antique feeling with exposed beams, wide board flooring, stonework, 2 fireplaces and 4 suites. Use the in-law living or a home business. Zoned Commercial so lots of flexibility. Privacy assured in the spacious and level back yard.

Price: $539,000
Acreage: .54
Bedrooms: 4
Bathrooms: 4
Address: 23 Maple Street
Town: Kent,  CT 06757

Neighborhood Update - Bulls Bridge

Spring- the birds are chirping at 5:00AM, the peepers are boisterous and the crocus are bursting and little league has started again. This year it is especially welcomed after that hard, hard winter.

Over the last 12 months we have seen a season-like change in the real estate market.
2013 marked a period in which the market started to shift albeit subtly.  Many of the properties under pressure from the economic turndown were sold and finally taken off the market leaving more market valued homes to compete for buyers. 

Nationally the growth of values in many regions is palpable.  The economy is starting to get legs and many segments of the economy reported stronger than average figures.  
Confidence is up.

Values are stronger locally. Selling time has dropped to 6 months (5-7 months indicates a normal market). A 14% growth in transactions was seen in Litchfield County in 2013 and 17% in dollar sales. We at Bain had another productive year with very strong sales.  We appreciate your continued support and trust. 

There are presently 49 homes and 19 parcels of land on the market in Kent which is considerably lower than the figure we had a year ago. There were 28 residential sales in the last twelve months slightly better than the 12 month prior.

Kent 2013-14 Market Report
Property Type:Residential
Status: Closed/Sold
Number of Properties: 28

Beds
Baths
SqFt
Listing Price
LP$/SqFt
Sale Price
SP$/SqFt
SP/LP
ADOM
Average
3
2.24
2,275
$762,936
$278.82
$692,501
$253.85
91.94%
168
Median
3
2
2,009
$374,450
$194.49
$352,500
$180.5
93%
122


Kent 2012-13 Market Report
Property Type: Residential
Status: Closed/Sold
Number of Properties: 25

Beds
Baths
SqFt
Listing Price
LP$/SqFt
Sale Price
SP$/SqFt
SP/LP
ADOM
Average
3
2.19
2,219
$521,451
$214.95
$474,206
$197.81
95.33%
213
Median
3
2
2,118
$385,000
$204.12
$350,000
$188.46
91.4%
174


Of note, the average sales price increased by nearly 32%, the sales price per square foot rose 18% and the time on market dropped by a month and a half. Keep in mind that the These data points reveal a Kent real estate market that is more stable than it has been in years. These trends are apparent in our neighboring towns as well indicating a systemic county recovery.

Yet, while seller’s confidence grows, the pool of prospects is still rather low.  Keeping the interest of the buyers’ means proper pricing is still critical.  There are presently only 3 residential properties in contract to sell in Kent. I know you’ve heard it before from us, but a well priced property gets the buyer’s attention and gets the sale, and it is still true. Let’s see what sold!

Here is what transpired in the neighborhood:

Spooner Hill has seen dramatic changes in the last 5 years.  One major alteration was the renovation of 104 Spooner Hill Road that sold in the Spring of 2010 and was considerably renovated from a 1750’s antique to a large barn styled home.  After this transformation the property came back to the market and after 8 months on and off the market this property closed for $1,900,000.  The 1700’s house was rebuilt and joined to an original Mennonite barn and built with a Geo thermal and solar systems.  The soaring antique barn structure and the old floorboards is juxtaposed to the modern wall of sliding glass, indoor pond and cabled catwalk. Views to the west over a 30 acre field with stone walls and pond make this a dramatic country home.

Over at 50 Highland Road my firm sold this three bedroom 2 bathroom contemporary home built in 1986.  With 1976 square feet, wood flooring, a wood stove and a screened porch, this one level house is nicely settled on a 1.6 acre parcel.  It was listed for $325,000 and was reduced to $275,000 until Toni Soule of my office assisted the buyers with a purchase for $270,000.

On the other side of Highland Road we have an 8.55 acre parcel with a barn, well and views to the west listed for sale at $129,500.

4 Eber Road sold for $270,000 after being on the market for less than two months.  This 1940’s Bungalow was in good repair and offers view of Hatch Pond and is sited on 1.51 acres of land.  The house maintains 3 bedrooms and 2.5 bathrooms in 1996 sq. ft. of living space.

Two doors down at 269 South Kent Road a 1950’s cottage that was taken in foreclosure sold.  With 3 bedrooms and 1 bath this house was listed for $99,900 and sold for $82,000. It has .48 acre of land and requires some restoration.

Over at 15 Mountain Road my partner Chris Garrity has a secluded 3 bedroom country retreat on five acres.  With an open floor plan this log cabin has a 25 foot native stone fireplace, and wide board flooring.  Natural light floods the living room through a bank of skylights. A loft bedroom and master suite with a new bathroom are located on the second floor. The remodeled opens to the living room which in turn opens to a 30 x 40 four season heated porch. Summer screens can be installed and make accessing the pool all the better. It is listed for $675,000.

40 Camps Flat Road includes a 3 bedroom house, guesthouse and a pool set amidst wonderful gardens, towering oaks and maple trees. Since we sold this property over 16 years ago additional property was acquired creating a 14 acre parcel with views over South Kent School fields.  The renovation of a kitchen and the addition of an in ground pool were tastefully done.  The development of deer fencing also helped insure the ever beautiful gardens protection.  This lovely country home lasted only 23 days on the market and selling for $837,500

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 8 years.

Happy Spring!



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

Saturday, April 5, 2014

Neighborhood Update - North Kent

The last 12 months was extremely positive for us at Bain, the local real estate market and businesses alike. 2013 marked a period in which the market started to change.  Many of the properties under pressure from the economic turndown were finally taken off the market. So, as we head into the New Year, the momentum continues. 

Nationally we are seeing the growth of values in many regions.  The economy is starting to get legs and many segments of the economy reported stronger than average figures.  

Our local real estate market is active, and getting healthier incrementally as well. Values are stronger. Selling time has dropped to 6 months (5-7 months indicates a normal market). A 14% growth in transactions was seen in Litchfield County in 2013 and 17% in dollar sales. We at Bain had another productive year with very strong sales.  We appreciate your continued support and trust. 

There are presently 43 homes and 20 parcels of land on the market in Kent which is considerably lower than the figure we had a year ago. There were 29 residential sales in the last twelve months, equal to last year’s pace. 

Of note, the average sales price increased by over 30%, the sales price per square foot rose 21% and the time on market dropped by nearly two months. Keep in mind that the Median Sales price remained the same year over year and the median sq. ft. actually went down.  But all of these data points reveal a market that is healing well which is a nice trend.  We are seeing these same trends in other towns in the area.

Yet, while buyer confidence grows the pool of prospects is still rather low.  To keep the interest of the buyers, proper pricing is still critical.  There are presently 3 properties in contract to sell in Kent. You’ve heard it before, a well priced house gets the buyer’s attention, and it is still true. Let’s see what sold!

Here is what transpired in the neighborhood:

Starting up north I sold Leona Bell’s house at 492 Kent Road.  This 3 bedroom 2 and a half bathroom ranch style home has 2,200 sq. ft. of living space on a 2 acre parcel.  The house had been on the market for 111 days and listed for $248,500.  I sold it for $230,500.



Nearby at 383 Kent Road Toni Soule of my firm has listed another good quality ranch style home.  With four bedrooms and two bathrooms this house also features a renovated kitchen and family room, oak flooring and a wonderful fireplace.  It is set on 1.24 acres and is set well back off Route 7. It is listed for $235,000.



Brookwoods: The chart below shows trending of values from the lows of the early 2000’s to the peak in 2005-2007.  The foreclosed property in 2012 has given way to two traditional sales boosting the level of value.  Brookwoods once again has become a positive option for living in Kent. Unit 11 sold for $300,000. And its neighbor #12 sold for $195,000.  Both were in very good condition.

Here are the stats for Brookwoods from the previous years:



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 8 years.


Happy Spring!


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