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Date Archives: May 2018

Bain Real Estate - Market Update Home

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Bulls Bridge | 4 Posts
Cornwall Bridge | 6 Posts
Cornwall Hollow | 4 Posts
Cream Hill | 5 Posts
East Cornwall | 5 Posts
East Warren | 5 Posts
Ellsworth | 5 Posts
Kent Hollow | 4 Posts
Kent Village | 4 Posts
Long Mountain | 2 Posts
Merryall | 2 Posts
Mid Cornwall | 5 Posts
Mudge Pond | 5 Posts
Route 7 South | 3 Posts
Segar Mountain | 6 Posts
Sharon Mountain | 4 Posts
Sharon Village | 4 Posts
Silver Lake | 5 Posts
Skiff Mountain | 4 Posts
South Kent | 3 Posts
Spectacle Lakes | 5 Posts
Waramaug | 4 Posts
West Cornwall | 7 Posts
West Warren | 5 Posts
Westwoods | 4 Posts
White Hollow | 4 Posts
May
19

 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 4th 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

 

May
19

Bain Real Estate Cornwall Hollow 2018 May Market Report.

 

Dear Neighbor, 

PLEASE CLICK HERE TO SEE THE MAP

 

A year ago when I wrote, I was thrilled with lilacs for May Day!  After the worst wintry April in my memory, on May Day we had daffodils, forsythia and magnolias.  Now in mid-May we have the fragrant lilacs back! 

 

The positive Real Estate news continues, especially in your neighborhood as last year we reported 6 sales, this year we report 10! Obviously your neighborhood is in demand.

 

 

The strengthening of values in our real estate market has been intensifying a bit each year and there have been fewer homes for sale.  Currently there are 26 homes for sale in Cornwall and another 5 are on deposit to sell within the next 30-45 days.  This means if you are considering selling your property, listing now may prove to be prudent strategy.

 

The Millennial Buyer who wishes to purchase a home wants one in tip top condition.  A house that needs considerable work or is "tired" is more often passed over for one that is ready to move into or new.

 

Here is what has happened in your neighborhood:

 

8 Town Street had been listed for some time above $595,000.  It is a vintage farmhouse on over 16 acres; the land extends down to Sharon Goshen Turnpike. Extensive renovations had been begun.  They were of high quality but remained unfinished.  The updates included a new kitchen with soapstone counters, Jenn-air gas cook top, Bosch Dishwasher, central air, laundry, walkout basement with finished rooms and new windows.  It closed at $400,000. That buyer has completed the work and it is now back on the market finished at $595,000.

 

92 Town Street is a lovely farm location with a 4 bedroom house, several outbuildings for livestock and/or storage/garage on a lightly wooded slope with some open fields as well.  The seller had created a working farm with a shop for vegetable and meat sales, then reverted it all back to a lovely home at the end of a private road.  It sold privately for $2,075,000.

 

Adjacent to 92 Town Street 3 parcels of land totaling 86 acres have been conserved and sold for $1,450,000.

 

191 Town Street is a beautiful English cottage with 3 bedrooms, 2 full baths and a redone gourmet kitchen set on 3 nicely manicured acres within walking distance of Cream Hill Lake sold for $530,000.  This home was on the market for 253 days with an initial asking price of $775,000 and an assessment of $388,300.

 

Just up Town Street, a few hundred yards from this cottage, 4 prime acres of the Scoville Farm sold to a family member for $160,000.

 

34 Cornwall Hollow Road came on the market as a HUD home.  It was in need of several repairs due to a former freeze-up, sold as is.  In spite of that it is a pleasant split level home with 3 bedrooms and a bath and a half sited on a hillside with a detached 2 car garage.  It sold for $129,256.

 

66 Cornwall Hollow Road is a large, 4332 square foot house set on over 5 acres.  Our associate, Dave Hurlburt, listed this house originally over $600,000 but it too suffered a pipe freeze-up.  The subsequent water damage was extensive.  Ceilings, walls and floors all suffered water damage.  The price was reduced to $325,000 for this 3 bedroom house, 2 with baths en suite, plus a living room with a fireplace.  A detached 2 car garage with studio/storage space above is located below the house on this wooded, sloping lot. It sold for the asking price of $325,000.

 

77 Hollenbeck Road is a nicely redone ranch, updated with low maintenance, energy efficient features.  It has 3 bedrooms, 3 baths, all new windows, central air, in-ground pool and an attached 3 car garage. In 2009 this house sold for $261,500 and was improved. In 2012 the house was listed for $395,000, several reductions and finally Chris Garrity, a Bain RE partner brought in the buyer at $230,000.

 

19 Clark Hill Road is a spacious colonial set on 5 acres with views. This 7 room house has 3 bedrooms, 2 fireplaces, slider out to a spacious deck and a finished lower level.

Originally listed at $375,000, with multiple offers it closed at $390,000.

 

166 Bunker Hill Road was an estate sale of a small rustic cabin of 1285 square feet with 3 bedrooms and 1 bath on 2.5 acres.  Listed at $179,000 it sold at $152,500.

 

Currently for sale in the neighborhood; 2 building lots and one farm:

 

39 Hautboy Hill Road is a farm of 88 acres with rolling fields and woods on both sides of the road.  This multi-generational family farm has been in the family since 1749.  The farmhouse has 4 bedrooms, 2 baths and an attached 2 car garage.  Outbuildings include a main barn 50'x290', 40'x70' storage shed, 20'x40' greenhouse, 36'x50' shop, 30'x80' barn, 40'x70'storage shed plus 2 bunker silos.  Dave Hurlburt's listing at $1,200,000.

 

15 Stone Hill Road is a 3.3 acre lot with a partially cleared house site featuring views across Scoville Farm and a babbling brook.  Chris Garrity's listing at $157,000.

 

20 Stone Hill Road is a 14 acre lot across from #15.  It has stone walls, a brook and a driveway in to the back of the lot at the far end. I have this listing at $199,000.

We hope you enjoy catching up with us each year.  We look forward to your visiting our West Cornwall office.  Our new neighbor, Pearly's Farmhouse Café is a very tasty place to visit.  As always we welcome your questions, referrals and business.


 

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