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November
1

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Dear Neighbors,

Our colorful and warm autumn has continued well into November. Real estate buyers are still looking well into the fall, but offers are slow to materialize and most always well below the asking price. Mortgage rates are still below 4% but predictions are that will not hold long into 2016 if the Feds raise the now nonexistent interest rate.

Traditionally fall has been the best time to buy, buyers want to be in for the holidays and many sellers do not want to carry a property through yet another winter. There are currently 35 homes for sale in Cornwall and 2 under contract to sell. Last year at this time we reported 3 sales and 2 houses and 1 lot for sale. This year we are reporting only 1 sale in the neighborhood in the last twelve months and 6 homes for sale.

Presently in Cornwall we have 35 homes for sale with 3 in contract to close. This past year we saw 15 sales of homes in comparison to the 22 closings we experienced in the 2013-2014 period.

 


239 Great Hollow Road
was listed at $168,500 and sold for $150,000. This property includes a small red cottage in need of a complete renovation and a garage and barn which had been nicely redone across the street. The property offers an attractive view bordered by Nature Conservancy property. The sale included an engineered report for a new septic system to be installed.

 

Leading the list of properties for sale,the Cornwall Castle at 1 Castle Road is now priced at $6,000,000 reduced from its original list price of $8,500,000. Jeff Jacobson has written a charming history of this property which may be obtained from the Historical Society or the Cornwall Library. The Castle is petite at 8400 square feet when compared to the gigantic European castles of an earlier era which makes it very livable, comfortable and snug for the family today that wants a romantic retreat from city life. It has a licensed helipad, heated pool and lovely stone cape pool house, chauffeur's 2 bedroom apartment over a large heated garage and a gatehouse with 2, 2 bedroom apartments. All this is at the end of a one lane 1 mile long driveway which meanders alongside a brook. It is offered with 275 acres.

 


295 Great Hollow Road
is a 2 bedroom cape on 9 acres which backs up to Castle's acreage. Each bedroom has its own bath; the front acreage consists of a lawn, nice landscaping and a pool with the back acreage being wooded. There is a 2 car garage under the house. This is my listing at $375,000.

 

  
8.62 acres of land on Great Hollow actually continues off the road and up behind 239 Great Hollow. This is Rick Meehan's listing, lightly wooded with a rough driveway up to a level building site. $135,000

 

 


34 Great Hollow Road
is a handsome new contemporary farmhouse of 3840 square feet with 4 bedrooms and 3 and ½ baths. First floor ceilings are 9' high adding to the spacious feeling in each room. Special design finishes shine in each room, the kitchen has top of the line appliances including a Verona stove, crown moldings, beautiful wood floors and a standing seam metal roof. There is an accessory apartment over the garage. Views include Mohawk Mountain ski area. This is David Bain's listing at $1,200,000.

 


4 Cornwall Hollow Road
at the 4 corners of Routes 4, 128 and 43 is my listing of the original Dr North house. It sits on almost 4 acres and has 2 large outbuildings, a barn and a studio all rented for storage. A standing seam metal roof was the first of several improvements the current owner made before putting this property on the market. It has 4 bedrooms, eat in kitchen, 2 fireplaces, 2 porches and a grand front hall and it does need more work to restore it to its former glory. The price has been reduced from $225,000 to $195,000.

 

142 Great Hill Road is Dave Fairty's new listing.  It is a large contemporary 3 bedroom house which sits on top of the world with views in every direction.  The master suite has its own porch. The other 2 bedrooms share a hall bath. Built in 1989 this house is centrally air conditioned, oil heat, gourmet kitchen with double ovens, gas cook top and Sub Zero refrigerator freezer. It's been recently reduced from $849,000 to $799,000

 

 The world of real estate is constantly in flux: ups and downs. Here are some statistics that provide some perspective of the volatility of our market.

 

Status: Nov 2014-2015 Closed Homes (15)

 

 

Beds

Baths

SqFt

List Price

LP$/SqFt

Sale Price

SP$/SqFt

SP/LP

ADOM

Min

1

1

622

$54,900

$68.25

$50,000

$60.11

.69154

1

Max

5

5

4,669

$3,695,000

$821.11

$3,200,000

$711.11

.96882

631

Avg

3

2

2,287

$634,780

$227.92

$534,986

$192.06

.85427

210

Median

3

2

2,280

$449,000

$169.85

$380,000

$155.23

.86604

149

Sum

 

 

 

$9,521,700

 

$8,024,788

 

 

 

 

 

Status: Nov 2013-2014 Closed Homes (22)

 

 

Beds

Baths

SqFt

List Price

LP$/SqFt

Sale Price

SP$/SqFt

SP/LP

ADOM

Min

1

1

1,016

$114,900

$67.59

$94,200

$55.41

.81984

16

Max

5

5

4,936

$1,295,000

$451.58

$1,110,000

$426.59

1

470

Avg

3

2

2,310

$515,191

$224.65

$467,486

$204.55

.90327

192

Median

3

2

1,983

$407,250

$220.60

$389,750

$199.76

.90909

162

Sum

 

 

 

$11,334,199

 

$10,284,700

 

 

 

 

We look forward to more ups in the coming days one of which is Thanksgiving! We enjoy sharing our news of your neighborhood with you each year and invite you to stop by our West Cornwall office for a visit. We shall soon have a brand new sidewalk in place work is in progress due for completion before T-day. Be sure to visit www.bainrealestate.com to learn what is for sale in Litchfield County. We look forward to your questions and referrals.

 

Cordially,

 

Priscilla Pavel

Chris Garrity, David Bain and the Cornwall office

Asher Pavel, Rick Meehan, Heidi Kearns

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