Posts from October 26th, 2022
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Bain Real Estate 2022 October Cornwall Bridge Market Report
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. 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 av...