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 100^th 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 16^th 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