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Date Archives: January 2019

Bain Real Estate - Market Update Home

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January
9

Bain Real Estate East Cornwall 2019 January Market Report.

PLEASE CLICK HERE TO SEE THE MAP

 

While usually this time of the year is slower, the 2019 market is active; we have 15 transactions countywide due to close in the first quarter alone.  Prices seem to be holding fairly strong, with most sales close to asking prices. This is a clear indication that the real estate market has finally rebounded from the depths of the Great Recession that swamped us 10 years ago. As the economy strengthened buyer confidence did so in turn. So, growth has ensued.  A cautionary approach should be taken however, as daily the volatile swings in the world and nation are having considerable influence on buyers' confidence.

 

In fact, on the upper end of the value spectrum, the sales have not been as brisk with downward pressure on houses over $1M. Owners who invested in upgrades to their homes over the last 10 years have not seen much if any return on that investment. This issue is not solely a Litchfield County concern as we see this depreciation of the upper end of the market in other areas including New York City where it is reporting a slowdown at the high end level too.  

 

This past year Cornwall registered 23 house sales and 2 land sales, with 4 of those sales occurring in your neighborhood.  Presently there are only 28 homes (statistically low) on the market and 4 properties in contract.  Clearly the local real estate market has returned to a much healthier level.

 

Here is what has transpired:

 

Camp Mohawk is celebrating its 100th anniversary this year.  This YMCA facility was originally for boys, then co-ed, and for quite a few years now it has been girls only.  Three nieces of the late and great Harriet Clark had been holding onto a beautiful lot across from Clark Pond on Clark Road for years.  Two of them live in North Carolina, the third in Texas.

 

 In the late fall of 2017 they contacted me to discuss selling their 6.78 acres.  We listed the land at $175,000 and by May it had been purchased by Camp Mohawk for $165,000.  The sisters were ecstatic that Camp Mohawk was the buyer as their aunt Harriet had often celebrated her birthdays at the camp.  Her geraniums still occupy the Cornwall selectmen's office.

 

Chris Garrity, broker and co-owner of Bain, has listed 102 acres at 3 Flat Rocks Road for $1,550,000.  This beautiful lot has 1100' of road frontage.  The land is level, has a deep pond, some wetlands, stone walls and wooded glades.  It may easily be subdivided or kept as one lovely large land tract for the estate of your dreams.

 

295 Great Hollow Road is a peaceful, quiet area and close to where the road dead-ends.  It is also the location of this 5 room ranch which was built in 1951.  With two bedrooms, a large open kitchen living room and two fireplaces, the house is a perfect country home. Sited on over 9 acres, with a large deck leading to a pool adjacent to the house, there are mature plantings and considerable woods.  This was my listing at $350,000 and it closed at $305,000.

 

34 Great Hollow Road, directly in front of Mohawk Ski area, is a spacious 3516 square foot colonial farmhouse built on speculation in 2013 on a 3.02 acre lot.  An attached 3 car garage features a large studio apartment above and the house has 4 bedrooms, 3 full and 1 half bath with large windows to take in the view of skiers.  Priced at $899,000, after being listed for many years at over $1M, it closed at $825,000.

 

Just down the road at the intersection of Routes 4, 43 and 128, 103 Cemetery Hill Road, the former Berkshire Country Store finally sold for $450,000.  The store has been closed for over 2 years and is missed.  We hope it will soon be reopened but there is no official news yet.

 

That's all we have to report on this area of town.  The Cornwall Library Friends group will be sponsoring a "How Cornwall Works" program at the library on Saturday afternoon February 16th at 4PM.  Please plan to stop in.  If you have any real estate comments, questions or needs please call or stop by our office for a visit.  We'd love to see you.

 

Cordially,

 

Priscilla Pavel

REALTOR

 

Also in the Cornwall office: Asher Pavel, Dave Hurlburt and Heidi Kearns

 

 

January
5

Dear Neighbors,

Bain Real Estate Sharon White Hollow 2018 December Market Report.

PLEASE CLICK HERE TO SEE THE MAP

Have we reached equilibrium between buyers and sellers since the Great Recession? Yes, the ensuing ten years have improved with buyers returning to the market; returning however with a tempered desire to purchase. Sensing caution sellers began lowering prices incrementally and making it more appealing to the buyers. As the economy strengthened buyer confidence did in turn. So, growth has ensued.  A cautionary approach should be taken however, as daily the volatile swings in the world and nation are having considerable influence on buyers' confidence.

            In fact, on the upper end of the value spectrum, the sales have not been as brisk with downward pressure on houses over $1M.  Owners who invested in upgrades to their homes over the last 10 years have not seen much if any return on that investment. This issue is not solely a Litchfield County concern as we see this depreciation of the upper end of the market in other areas of the state as well. 

            Below are the data from 2006, the height of the market, showing an average sales price of $546,000 (rounded) on 40 transactions. The second box is from 2018 showing 46 transactions with an average sales price of $600,000 (rounded) and for additional perspective, there were only 19 sales transactions in 2009 just after the 2008 crash.

            Presently there are only 62 homes (statistically level) on the market and 4 properties in contract.  A number of properties have sold directly without market exposure that has not figured into this data.  Clearly the local real estate market has returned to a much healthier level from the low points of years past.

 

 

Quite a bit has happened in your neighborhood over the last 14 months as you can see below:

 

2 Jackson Hill Road- Sold $360,000

Set on high with scenic views across 24 acres of wild life strewn bottom land, this beautiful 1900's colonial style home boasts 6 bedrooms and 4 bathrooms with a pre-war craftsmanship and modern touches. The country kitchen is modern and has a large eat-in area. There is a formal living room and a spacious family room with a greenhouse. This house combines both new and old touches complete with three native stone fireplaces, wood flooring, book case lined library and more. There are stone patios to sit and view the mature plantings that dot the property.  Toni Soule of my firm listed and sold this property.

 

40-42 Jackson Hill Road- Sold $2,000,000

This property located on Jackson Hill consists of three separate parcels totaling 42 acres; the main brick house is on 20 acres and has views to the west, originally a single family residence this dwelling needs a total restoration. The location offers privacy and long western views. The second and third parcels of 22 acres features a large, high field with long views to the west, there is a house that can either be restored or taken down.  It was listed for $2,500,000.

 

Jackson Road- Sold $225,000

Two separate parcels of 7.36 acres and 33 acres were sold.  The 7.36 acre parcel has considerable road frontage on Jackson Road and provides access to the interior 33 acre parcel.  Both are heavily wooded but offer a wonderfully private site for a home or two.  This property was not on the market.

 

10 Williams Road- Sold $425,000

This charming antique offers character of an older home with the functionality of new, with a large addition and many contemporary upgrades. The living room with its Dutch door has the original floors and a wood burning fireplace. A den/library has both built-in book shelves and window seats and a country kitchen is open to the dining room. Upstairs is the large master bedroom with en-suite bath. Two more bedrooms, full bath, office area, attic storage and laundry complete the second floor. The screened porch opens to a deck in the rear and a covered porch. The 1.26 acre lot offers a fenced flat area and a separate half acre lot across the street ensures privacy for a total of 1.81 acres.

 

17 Williams Road- Sold $472,500

This 4-Bedroom, 2.5 Bath cape style home is well designed for today's needs with a Master Bedroom Suite on the Main Floor. In top condition this home features central air, 2-Bay attached garage, and a generator which completes this lovely 2007 home. The large windows,  front porch and terrace overlook the 4.41 acres with a stream and, beyond, a picturesque farm and view of distant mountains.

 

24 Rhynus Road- Sold-$160,000

This private sale is of a 2064 sq. ft. ranch style house with 3 bedrooms and 2.5 bathrooms. This house was built in 1970 and features a fireplace and pine flooring throughout.  It is set on a 1.97 acre parcel of open level land with nice views to the west over a farm field.

 

157 Gay Street- For Sale-$435,000

Beardsley Gardens- is my listing and offers an amazing opportunity.  Presently a pre-existing commercial landscaping and retail greenhouse endeavor, this property was built as a home in 1966. Retain the existing use and utilize the property to run a full service landscaping business with additional income from the retailing of plants, flowers as a garden center. Or scale it down and employ the present office as it was initially built as a 3 bedroom house complete with fireplace. One can use the retail shop as such or employ it as a studio. Sitting smack on Rt. 41 from Sharon to Salisbury it offers preeminent frontage on a well traveled road with a large car count. The property includes a large pond, sweeping lawns, huge storage barn with a separate driveway and numerous other outbuildings such as a cold house/tea house/massive shade house.

 

 

234 Gay Street- Sold $600,000

Grandview Farm is a 1920 cross-gabled converted barn to a residence that retains much of the original, authentic charm. It is located on 28+ pastoral acres with open meadows, horse paddocks, and pond. The living, dining and kitchen areas have exposed beams soaring to the high ceiling, wood-burning stove and huge windows and glass doors that provide lots of natural light and frame the terrific views. The kitchen has stainless appliances, marble counters and ample cabinetry. There are 3 bedrooms and 2 baths. The master bedroom has a bath en-suite. There are a two other buildings/sheds for storage.

 

240 Gay Street- For Sale $645,000

This was the farmhouse for the barn above. Now it is a spacious, bright, airy and right in so many practical ways and oh so comfortable. The large country kitchen offers farmer's sink, marble counters and top appliances. Plus there is a large pantry and a pine paneled mud-room. Graciously sited on 2 acres of farm fields, the gardens, the views and sky are omnipresent. Solidly erected in 1929 with a practical layout and renovated in 2010 which added all of today's quality and comfort- it is the perfect blend of both country comfort and upscale sensibilities. Views across to the east over the town reservoir are only surpassed by the views to the west over large farm fields. There is a 570 sf. Studio-heated a 40 x 30 utility barn with 20' height clearance. This is my listing.

 

140 White Hollow Road- Sold $1,200,000

This beauty is a 1950's Stone Colonial set privately on 24+ Acres in the valley.  It has elegant home with wonderful qualities and numerous details.  The rooms are gracious and sizeable. The house offers a large eat-in kitchen. There is, of course, a formal dining room with a bank of French doors to a patio. The living room is centered by a massive fireplace and the library is paneled and also offers a fireplace.  There are 24 acres of open fields and woods that can be enjoyed from the patio, screened porch or swimming pool and cabana.

 

160 White Hollow- Sold $335,000

Well maintained house located on 6 acres (2 acres in Salisbury and 4 acres in Sharon). The house has 4 bedrooms and 3.5 baths with a large eat-in kitchen and combination living and dining room with built-ins. The deck overlooks beautiful gardens and a large heated in-ground pool. Woods surround the property giving it a sense of privacy.

 

There are a few other offerings in the neighborhood and town so to keep in touch with these happenings or other areas in the NW Corner, visit on our website, www.bainrealestate.com or like and follow us on Facebook and Instagram.  This letter and the others we write are posted there as well.

 

Cheers!

Chris Garrity,

David Bain & Associates

 

Toni Soule, Marilyn DeVos, David Hurlburt,, Karen Grimaldi, Priscilla and Asher Pavel

 

 

 

 

 

 

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