Kent Market Update-South Kent

Here is the annual neighborhood real estate report detailing the real estate activity in the last 12 months in South Kent.

The 27 sales transactions in Kent in the last 12 months is slightly fewer than previous year’s volume of 30.  However we are seeing the path back to a more balanced market where there is a small pool of buyers and a limited amount of homes available for sale.  Presently there is still more seller supply than buyer demand but that volume is slowly being 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 component as to why 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 sum, incrementally the market values are getting healthier. Data shows that in Kent 2014 average sales price was even stronger than in 2013.  The Days it took to sell a house in the last 12 months was 134. That average was dramatically different by more than a month and a half (183 Days) in 2012-2013. We have only slightly more listings on the market (58) than last year at this time (55). And there are 5 sales pending.

Date                 Sales                Market Time             Av. Sales Price

2012-13               30                 183 Days on              $601,098

2013-14               27                 134 Days on             $706,120 

Earlier in the year the market was vibrant with a number of homes selling. Spring through mid summertime was also quite strong.  The market is traditionally slow as summer ebbs, but the 4th quarter is shaping up nicely as the buyers are more plentiful and a bit more eager to buy. Additionally, the last 12 months has seen 6 land sales according to the CTMLS and the town records. It is especially nice to see the uptick in interest in land. 

 

311 South Kent Road was a bank owned property that was listed and sold for $149,000. With one acre of land, cleared and surrounded by large trees, this house has approximately 1,960 sq ft of living space. There are 2 large bedrooms and 2 full baths. The house was built in 1948 and despite some nice upgrades the house requires some additional renovations. Toni Soule of my firm assisted the buyer.

 

Private and charming, 40 Camps Flat Road is a 14-acre 3 BR/3 BA country retreat with gunite pool, guest cottage, views and meticulously landscaped grounds and perennial gardens. Built in 1945 with 2,348 sq. ft. and tastefully remodeled in 1999/2000, it is tucked away on this beautiful country road. List Price: $895,000/Sale Price: $837,500.

 

Nestled on a wooded hillside at 64 Geer Mountain Road, this charming 3 bedroom, 2 and a half bathroom cape is on 5.84 acres. Behind the house stretches a 1500 square foot bluestone terrace and perennial gardens. The 2300 sq. ft. house is immaculate, with beautiful hardwood floors, tastefully painted interiors, granite kitchen counters, two fireplaces, an expansive living room with custom cabinetry, and a large den/family room/library with built-in bookcases. I have this listed for $476,000.

 

63 Howland Drive is a 4,400 sq. ft. reproduction colonial built in 1987.  Privately sited on 13.74 acres with amazing long views over the hills the 4 bedroom, 4 full & 1 half-bathroom home has a wonderful floor plan.  The home maintains lovely details such as a kitchen with stainless appliances, central air, wood floors, 3 fireplaces, 900 sq. ft. deck, stone fences and specimen plantings. List Price: $1,485,000/ Sale Price: $1,175,000.

 

141 Geer Mountain Road sold this past year.  Listed for $2,875,000 this 4700 sq. ft. contemporary home with 4 bedrooms, 4 bathrooms and stunning views sold for $2,425,000.  The house was sited on a lovely 24 acre property with a large field, surrounding woods, and stream and rock outcroppings.  Built in 1994 the chic crisp interior maintains 3 fireplaces and a luxurious master suite. The property also features a 30x50 pool and separate guest quarters.  The same buyer purchased an abutting 119.5 acres of land (a mix of farm fields and woodland) for $2,000,000 or $16,700 per acre.

 

An antique home at 52 Treasure Hill “Firefly Hill” as it was known, is a unique blend of contemporary living with antique elements, there are 2 fireplaces, interior walls of both rock & brick, wood beams and old floorboards.  The main house has 3 bedrooms and 2.5 bathrooms.  There is a separate guest wing with built-in bookcases, a fireplace and vaulted ceiling. There is a garden pool and accompanying pool house. The property is surrounded by Nature Conservancy. Originally listed at $995,000, it closed for $630,000 after being on the market for 389 days.

 

Toni Soule sold a 5 acre parcel of land up on Iron Mountain Road earlier this year.  The wooded parcel with views to the east was ready to build on.  It was listed for over 685 days asking $125,000.  It closed for $100,000.

Just to the east, another parcel sold.   A 5 acre interior parcel located off of Oak Ridge Rd. It is primarily wooded and very private. This lot sold for $130,000.  

 

There are a number of properties on the market in Kent so if you wish to see any of them, or have someone who might be looking, give us a call.

Kent Champagne Stroll Info

Have a great Thanksgiving and for those hosting dinner, make sure you come celebrate the Champagne Stroll we are sponsoring on the Friday and Saturday evenings after Thanksgiving.  Come stroll the village, stop in to stores and enjoy champagne on the walk!