The Lakes are Frozen!

Here is the annual real estate report detailing the real estate activity in the last 12 months in and around the Spectacle Lakes.

You’ve likely heard the wonderful news that the former Camp Francis has been secured and protected by the Kent Land Trust and named the East Kent Hamlet Nature Preserve. This is an amazing property with Beaman Pond, which is fed by both Spectacles, North and South, and is the headwaters of the Aspetuck River.  David Bain has personally led the trail planning committee cutting wonderful hiking loops on this 252-plus acre property.  Go try them, they are not too strenuous.

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.

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 market values are getting healthier and 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 days 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 been going on in the last 12 months.

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 with Chris Garrity. With lake access to South Spectacle and of course truly great views, this is a special property. 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.     

Chris 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 1850 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.

Gorham Road offers a 7.75 acre parcel that also offers peeks of the Catskills. The western sloping property is easy to build on as it has been cleared for both the house and the view. It is listed for $245,000.

Another incredible view unfolds from the top of 28 Mt. Mauwee Road.  From this 8.581 acre parcel this lot can boast the highest building site in Kent. This level lot has a driveway in and utilities to the site.  This lot was purchased for $529,900 first listed at $280,000 and today it is offered for $225,000! David Bain is the listing agent.

David also has Lot 22 on Old Homestead Road listed for $95,000.  This 12 acre parcel with an impressive rock outcropping and mature trees was purchased for sale in 2004 for $179,000 and offers a wonderful opportunity now.

 

 

 23 Stone Wall Lane is a private lot consisting of 17.32 acres of woods. The building site is level and is situated near the stream with its sizeable waterfall and deep pool.  This lot is listed for $175,000.

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.  We hope you like our blog and will pass this link on to others, thanks. http://heartofkent.blogspot.com/