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Email Post to a Friend: Bain Real Estate 2022 August East Cornwall Market Report

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September
19

 

Dear Neighbor,

In the spirit of getting back to normal, our neighborhood letters are out again with hopes of keeping you informed on local sales, offerings, trends and the Bain perspective.

The pandemic unleashed a flight to Cornwall from NYC, swelling our schools, absorbing our housing inventory and pushing our values to levels not seen in a long time, if ever. 

All of this has some buyers and many more sellers on the sidelines waiting.  Waiting for what is the question.  The idea that the market will be flush with listings soon is not realistic. It is a seller's market.  We predict this new paradigm will be here for a number of years to come.

In the whole of Cornwall there were 28 property sales in the last 12 months, 8 of those were land sales and 7 were over $1 million! The previous 12 month period saw 55 property sales with 12 land sales and 10 properties sold over the $1 million mark. Going back a third year when we were moving into Covid times, there were 29 sales with 7 being land sales and just 5 over $1 million. Currently there are only 19 properties available in Cornwall and 7 of those are land offerings and 6 are over $1 million leaving only 6 residential properties for sales below that mark. Slim pickings!

In East Cornwall there were 4 sales in the last 12 months. This dramatic drop is not due to lack of interest, but lack of inventory. Despite fewer listings, purchasing desire is strong, sales are brisk and competition s fierce.  Here is what has transpired:

 

39 Great Hollow Rd                       9/22/2021                   $361,000

"The Wick" was built in 1800 on 6.55 acres. This antique home opens to a welcoming living room with fireplace and eat-in kitchen along with a new roof, new hot water heater, and updated septic.  Upstairs are two large bedrooms. The 2-car detached garage gives even more room for storage

 

Lot 2/3 Great Hill Rd               1/18/2022                   $85,000

Great opportunity to own lots 2& 3 for less than buying them separately! Has good western view potential. Gently sloping and lightly wooded, this very private 23 acre lot abuts Mohawk State Forest.

Parcel E Everest Rd               3/23/2022                   $50,000

The only potential building site is in the SE portion. Much of the lot is too steep for building, but it does have good SW views and solar potential. Lot was not perked and needed TAHD approval. Utilities available on street. 

Cook Rd               8/1/2022                   $750,000

These 5 properties are now in the hands of the State of Connecticut, joining 1000's of abutting acres of preserved land. We are very proud of our role in making this happen. This transaction involved 371 acres. All of these parcels are strikingly beautiful with mature timber growth and steep slopes, very scenic and with abandoned town roads and trails for access. The hiking there will be awesome, but give the state some time to make trail heads and mark the trails!

 

We hope you are well and keep strong spirits. We feel so fortunate to be here, continuing working and thriving in this very curious time. Thank you.

And if you are considering selling this seems to be an unprecedented time to capitalize. Call us for a free assessment of your house, office or condo. Or stop by the office or visit our website at www.bainrealestate.com

All the best!

David Bain

 

David Bain & Associates- Chris Garrity, Debbie Bain, Toni Soule, Erin Hull, Amy Danis, Amy Longley, Elisa Waysenson & Heidi Kearns

 

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