Bain Real Estate 2018 West Cornwall Market Report.

Dear Neighbor,

PLEASE CLICK HERE TO SEE THE MAP.

We have had a long cold winter which extended through April!  But now it is truly a warm and wonderful spring, much later than I usually write to my West Cornwall neighbors.  I'll explain the reason why the delay in just a little bit.

There is a lot going on in West Cornwall.  This summer, 3 bridges will be repaired and/or replaced. One that will not be a bother is the one over Mill Brook which leads to the gravel bank.  However, the crossing over Mill Brook from Route 128 to Smith Hill Road will affect the access to 4 residences and will also require a detour off Railroad Square for those home owners. But the major headache, beginning on September 4^th will be the closing of the Covered Bridge!  It is expected to take 30 days to create a new surface road to cross the Housatonic.   The good news is that this is a State of Connecticut expense, not Cornwall's.  The bridge is expected to reopen before Columbus Day weekend.  Detours will be well marked, but for our business community this is usually a busy time, the beginning of leaf season.

The other major project in West Cornwall is the Sewer Commission study which has been going on now for over a year.  The search for a solution to water and septic needs for our community along the Housatonic is ongoing.  Some of our businesses and homes are hurting because of limited land for individual septic systems.  Unfortunately no one wants to see a building housing the new septic plant in their front or back yards, so we are still looking for a suitable location.  An update will follow next year.

On to the real estate values.  The strengthening of values in our real estate market has been intensifying for the last two years especially due in part by the diminishing inventory of homes for sale.  To date we only have 27 residential homes listings for sale a very low number of opportunities for buyers.  And we find 5 homes are in contract to sell in the next 30-45 days. This means is you are considering selling your property, listing now may prove to be prudent strategy.

Equally strong are sales with 27 homes selling in the last 12 months just slightly below the 22 sales the year prior.  The increased demand and a sell-off of an over supplied market of listings a few years back is promising. 

Even with fewer houses available there are still a number of distractions that foster a buyer's hesitation, whether it is unpredictable international or national events, the financial uncertainty of the State of Connecticut or the coming of age of younger buyers whose desires and goals vary considerably from the previous generation of buyers, there seems to be so many uncertain issues.

The Millennial Buyer who wishes to purchase a home that is in tip top condition is one such issue.  It's challenging to discern if the culprit is the HGTV influence or the fact that today's 30-40 year old was not brought up to relate to fixing up houses is unanswered.  Nevertheless 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 or new.  The better your house presents, the higher the value you will see. 

Here is what has happened in the neighborhood in the last year.

44 River Road was my listing for over a year.  It was listed on 16.37 acres for $285,000 or on 1.5 acres for $185,000. This 4 bedroom Cape with a 3 season back porch and 1 full and 2 half baths closed in December for $164,000.  The new owner is a full time resident with plans to renovate and update.

The adjacent land is now listed at $90,000 for 14.87 acres.  There is a large level front field of about 2 acres, the balance of the land goes uphill and curves around behind the next 3 houses.

415 Sharon Goshen Turnpike, Todd Piker's Pottery Store has been sold and that is the reason I delayed this letter.  This business location is prime and the new owners are James and Idella Shepard, the owners of the Cornwall Country Market in Cornwall Bridge.  CJ's Hairworks will continue in his corner location and it is thought that perhaps the balance of the retail space may be divided for new businesses. The building sold for $300,000, above appraised value.

When your travels bring you to West Cornwall, please stop by our office for a visit.  We have brochures to give you and the local magazines.  You'll also want to visit our marvelous new neighbor, Pearly's Farmhouse Café, a very tasty addition to the neighborhood.

Cordially,

Priscilla Pavel

and the Cornwall Crew:  Dave Hurlburt, Heidi Kearns, Asher Pavel

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