Bain Real Estate Cornwall Cream Hill 2019 Market Report.
Litchfield County's real estate market has strengthened nicely since the Great Recession, ten years past. As the economy has improved buyer confidence has in turn responded positively and thus growth has ensued.
So, how come we had 25 sales in 2017 and yet only 16 sales transactions in Cornwall in the last 12 months? While it may appear as a weakening market the drop is attributable to declining listing levels. With fewer homes available some buyers are reacting to the lack of inventory by pausing. But if there is a scarcity of homes available, the market forces will raise values more hurting those who are on the sidelines.
Currently in Cornwall we have 33 houses listed on the MLS for sale, 4 in the Cream Hill area. There are also 12 parcels of land listed, 2 in the Cream Hill area. We are reporting on 6 sales, 3 of which were not listed on the open market.
327 Cream Hill Road had been on the market for several years and the owner, Lois Redington, had recently passed away. This brick mid-20th century classic is sited back from the road on a 5 acre parcel. With 9ft ceilings and spacious rooms, including 4 bedrooms, it has a most gracious charm. Two of the bedrooms feature exterior doors, which means that there are 4 exterior exits plus the inside garage entry. It had been on the market since 2016 starting at $575,000 and had been reduced to and sold for $499,000.
285 Cream Hill Road had been listed by David Bain originally and some acreage was sold off 2 years ago. More recently a family member purchased the original family house on the remaining acreage for $285,000.
25 Cherry Hill Road, a 5 room cottage on just over 5 acres, sold in only 35 days at the full list price of $595,000. This scenic dead end road off Cream Hill is one of the most desirable areas in town. The selling price is well above the town's appraised value of $494,000! This small, 1696 square foot house was built in 1850 and features high ceilings, 3 bedrooms and 2 full baths. The large living room has a lovely fireplace, French doors opening to an expansive deck with views.
55 Cogswell Road was a family land transfer for $55,000.
92 Town Street was also a private transfer of 45.32 acres of partially wooded land featuring a comfortable house on a long quiet driveway for $2,075,000. Again the town appraisal is considerably lower on this property at $1,618,000.
46 Scoville Road is an 1850 colonial antique house on a quiet road sited on 7.44 acres. It had been vacant for several years and in need of significant repairs to be made habitable. The pricing reflected that at $285,000. It sold quickly in only 17 days at the full list price of $285,000.
92 Cream Hill Road is two separate homes on one parcel and had been listed for sale by my associate Dave Hurlburt, but instead he leased it! The owner already had a long term tenant in the apartment over the garage and this log cabin rental more than covers his expenses so he is happy with tenants for the time being.
We do have 2 parcels of land for sale in the Cream Hill neighborhood.
David Bain has listed 9.1 acres immediately behind Cornwall Consolidated School.
It is on a hillside, with pastoral views and is listed at $99,000.
I have a 14.45 area lot at 20 Stone Hill Road for $199,000. This level lot also has pastoral views, a drive way to the back to a potential house site. There are only 2 houses which have been built on this private road.
We hope you are enjoying the Cornwall lifestyle. If you are passing through West Cornwall, please stop by our office at 418 Sharon Goshen Turnpike for a chat and a cup of coffee or hot chocolate. We'd like to touch base with you.
And the rest of our Cornwall crew:
Dave Hurlburt, Asher Pavel, Heidi Kearns
Please note that not all listings and sales transactions are through David Bain Real Estate