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. But the current uncertainty in the economic market and the higher mortgage rates has created some caution on the buyers' side. We predict the market will be stable with the forces balancing out.
In the whole of Cornwall there were 26 property sales in the last 12 months, 8 of those were land sales and 6 were over $1 million! Currently there are only 15 properties available in Cornwall and 9 of those are land offerings and 9 are over $1 million leaving only 6 residential properties for sales below that mark. Slim pickings!
In Cornwall Bridge there were 9 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's what happened in your neck of the woods:
358 Furnace Brook Rd 7/29/2022 $375,000
This was a 2016 sq ft 3 bedroom, 1.5 bath home built in 1800 on 1.43 acres. It sold directly without benefit of a broker.
22 Kent Rd 7/29/2022 $330,000
Located at the intersection of CT Route 7 and Route 4, this building has two office areas, a conference room with a kitchenette. Other features include a new roof, new doors and windows, along with being newly painted inside and out, plus new carpeting.
24 Kent Rd 2/28/2022 $325,000
This commercial opportunity is located off the busy intersection of Route 7 and Route 4 in Cornwall CT. With 2,324 sq ft. the large storefront windows are able to accommodate more than one business, or can be an ideal space for an artist studio, rental space, gallery, or possible live-in/workspace (subject to zoning approval).
Lot 1, 00 Kent Rd 4/20/2022 $76,800
This parcel includes 3.3 acres while the survey indicates a seasonal watercourse and there will be a partially shared driveway.
234 Kent Rd S 1/19/2022 $450,000
This 2445 sq ft 4 bedroom, 2 bath Country home is hidden behind evergreens and even though it is located on Route 7, it enjoys a sense of privacy. It also abuts a pasture in the rear with a potential view to the west. It sold in January of this year.
176 Kent Rd S 12/22/2021 $150,000
This 1442 sq ft home with 3 bedroom, 2 bath home was built in 1950 on .56 of an acre shaped like a triangle. Many a vehicle has been sold off this lot as it has great visibility. The house was also sold directly on December 29, 2021.
127 Kent Rd S 12/3/2021 $215,000
This 1430 sq ft Eyebrow Colonial built in 1820 has tremendous character and features a light filled living room with fireplace, rustic kitchen with wood paneling, oversized den with access to the backyard, plus a main level bedroom while two additional bedrooms with exposed beams are on the second level. It sold December 9.
119 Kent Rd S 10/14/2021 $247,730
Built in 1985 on over 3.68 acres, this 1404 sq ft Cape with 3 bedroom, 2 baths. The house features a full walkout basement with garage, large deck and balcony. The first floor includes a large eat-in-kitchen, living room with woodstove and bay window, main floor master bedroom with double closets, while the upper level has 2 good sized bedrooms with full bath. It sold a year ago on October 20.
75 Warren Hill Rd 3/31/2022 $495,000
This 2365 sq ft, 4 bedroom 2.5 bath Country Cape was built in 1946 on 4.6 acres. It is nicely set back from the road and offers privacy and a view, making for a perfect weekend retreat with a brook and nice landscaping. It sold in just 10 days on April 6 for $495,000.
D 1-1 Pritchard Rd 1/18/2022 $640,000
C2-2 Cook Rd 1/18/2022 $750,000
We are pleased to report the sale of 580 acres to the State of Connecticut. We worked hard for two years to bring these7 parcels of beautiful, mature woods with stunning outcrops, brooks, and trails. These parcels formed a hole in thousands of acres of open space that run from Cornwall Bridge down past the Waterbury Reservoir in Warren. It's now one, large continuous preserved area!
We hope you are well and keep strong spirits. We feel so fortunate to be here, continuing to work 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 & Associates- Chris Garrity, Debbie Bain, Toni Soule, Erin Hull, Amy Danis, Amy Longley, Elisa Waysenson & Heidi Kearns