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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

January
9

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 100th 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 16th 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

 

 

January
27

January  2018

Dear Neighbor,

 

PLEASE CLICK HERE TO SEE THE MAP.

Happy New Year 2018! Many surprises seem to be in store for us if the weather is any indication with its variances from below freezing to almost April showers and back again to the cold. Our real estate market has similar stops and starts, but it does seem to be warming up again. Currently we have fewer listings but more buyers on the search. This is not the time of year for new listings that usually happens later in the spring.

Reference is often made in my letters to Cornwall Town Appraisals and Assessments.  There is a 30% spread between these figures. Recently we are seeing more sales closer to the appraised values and even a few above!

Last year we had 6 sales in your neighborhood; this year we have 7 sales.

Starting up at the Goshen border, just beyond the state land at Mohawk Mountain at

87 Mohawk Mountain Road a 7 room cape, on 10 acres, built in 1940 was offered for sale in 2016 for $369,000. It features 3 bedrooms and a layout that would be suitable for an auxiliary apartment. A garage is located under the house. After several price reductions down to $249,000, it closed at $225,000 which is very close to the town appraisal of $236,100.

166 Bunker Hill Road is a small 1285 square foot 3 bedroom cabin built in 1978. With a board and batten exterior and its location on a lightly wooded lot back from the road, it sold quickly. Listed at $179,000 and closed at $152,500. Midway between the town appraisal of $186,300 and the assessment of $130,400.

19 Great Hollow Road is a 3 bedroom cape built in 1940 with a detached 1 car garage. A large family room had been added to the rear the house which features hardwood floors through out, a back patio for outdoor dining and a lightly wooded lot with a side meadow. This sale is one of the exceptions to prices falling between Cornwall's appraisal/assessment. Listed at $225,000 sold at $200,000 above the $184,000 appraisal. This was my listing and sale.

55 Essex Hill Road used to be known as the Children's Cottage. A delightful shop for toys and clothes for the little ones it was converted into a residence in the 1990's.  Purchased at the height of the real estate market in 2007 for $615,950,  the sellers lost money on this transaction. Located above the tumbling class A trout stream, Birdseye Brook, an outside deck, open kitchen, living and dining area, 3 bedrooms including the master with a bath en suite, it was priced to sell at $450,000 and it closed at $445,000 above the town's appraisal of $430,700. David Bain and I shared the listing and David secured the buyers.

A lot on Valley Road, over 7 acres with the Birdseye Brook tumbling through, with great views and a drive installed to the top of the hill had been offered for sale for years. It was finally lowered in price to $229,000 and closed at $175,000.

295 Great Hollow Road is another property which has just sold at a price way below the original purchase price of $440,000 which the sellers had bought back at the height of the market. Sited very privately near the end of the road on over 9 acres, it featured an in ground pool accessed from a cathedral ceilinged living room with a wood burning fireplace which opened to the dining room and kitchen. The master bedroom has a bath en suite and the second bedroom is adjacent to another full bath. The kitchen had been completed redone in 2007 prior to the previous sale. A 2 car garage is located under the house and there is room to finish the remaining basement space. Listed at $395,000 2 years ago, reduced to $350,000 and closed at $305,000. I had sold this house to the sellers and listed it for sale for them. Not the first time that I have sold a house a second time.

26 Dudleytown Road is a marvelous 1783 Saltbox antique house which has been tastefully updated for the 21st century. 3 working fireplaces on the main floor, join the kitchen, dining room and living room. There are 3 bedrooms and 3 bathrooms. Of course there is also a lovely view down the valley. Originally listed at $675,000 and closed at $565,000 which is well above the appraised value of $389,400.

In your neighborhood we do have 2 land listings for sale.

Clark Road has just been beautifully repaved and adjacent to the former Clark farm there is 6.78 acre lot which I have listed. It is across the street from the Clark Pond. This lightly wooded, level land would make an ideal home site and reasonably priced at $175,000.

On Flat Rock Road Chris Garrity has listed a marvelous horse property of 102 acres with 1100' of road frontage. It is level, has some stone walls,6 open fields, a deep pond and some wetlands. It abuts Connecticut State Forest and has views from high points. Listed at $1,800,000.

We look forward to your visits and calls. Please let us assist you in your real estate adventures.

 

Cordially,

 
 

 

Priscilla Pavel

And the Cornwall crew: Heidi Kearns, Dave Hurlburt, Rick Meehan and Asher Pavel

  

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

December
1

PLEASE CLICK HERE TO SEE THE MAP.

  Dear Neighbor

First, we from Bain wish you all a Merry Christmas and a happy holiday season! There is no better place to celebrate than Litchfield County!

It has been quite an active year in Cornwall real estate. Currently there are 35 homes in Cornwall for sale. There have been 22 closings this year and 7 more are currently in contract. There were 35 closings the previous year (2015), so we are down a little bit. There are currently 18 land listings in Cornwall and only two have closed this year (but two more are in contract to sell). In your neighborhood of East Cornwall 8 properties have sold and 7 are for sale and there is one rental.

Fall is rushing into winter with snow past and present. We are not sure what effect the new administration in Washington will have on real estate, but the interest rates are slowly rising, and the inventory is shrinking. We will have a better perspective on how these contrasting forces play out in our letter next year.

Here is what has transpired in the neighborhood:

4 Cornwall Hollow Road at the crossroads of Routes 4/43/128 sold in January for $170,000. Originally this had been Dr. North's house, an early Cornwall physician. High ceilings, hardwood floors, gracious front hall and stairway all reflected its early grandeur. The seller had installed a standing seam metal roof and had used the property as a rental for several years. The buyer, a contractor with local connections, is bringing the structure back to serve him as a home. Fortunately I was able to represent both the buyer and the seller.

0 Cemetery Hill is a 4.71 acre lot across the street from 4 Cornwall Hollow and it included a lease to CL&P. It was listed for $235,000 and sold at $185,000 to Eversource.

96 Cemetery Hill Road sold privately for $210,000. This well maintained 3 bedroom ranch house with an attached garage also features a barn behind the house.

 

111 Great Hollow Road is a Peter Eisenman designed contemporary one bedroom home. This one of a kind modernist home is sited on 6 acres bordered by a brook and adjacent to farmland. A gunite pool is on one side of the house, a Civil War era schoolhouse on the other. Originally priced over 1 million it had been reduced to $550,000 and closed at $525,000.

142 Great Hill Road was listed by Dave Fairty of our Kent office. This large contemporary 3 bedroom home commands a top of the world view of all the surroundings. The master bedroom suite has its own porch. Built in 1989 with central air conditioning, oil heat and a gourmet kitchen it had been reduced to $799,000 and sold at $550,000.

196 Great Hill Road is an antique cape (1818) meticulously cared for on 4 acres with a large barn at the top of the property and beautiful gardens. An attached 2 car garage plus another sizeable barn adjacent to the house as well as a garden shed complete the package. Listed at $299,000 and sold at $275,000.

00 Dudleytown Road is a vacant hilly lot of 11.94 acres that was listed by my associate Rick Meehan at $162,000. The neighbors decided to buy the lot at $150,000.

221 Flat Rocks Road is a 7 room 1930's cape which was completely rebuilt in 2005. Located on over 11 acres with a large pond in the backyard, first floor master suite, hardwood floors throughout, screened porch. Listed at $489,500 and sold for $450,000.

Leading the list of properties for sale, David Bain has the listing on the Cornwall Castle just off Valley Road at 1 Castle Road. Jeff Jacobson has written a charming history of this property which is available for purchase at the Cornwall Historical Society. Small by some standards at 8400 square feet it is offered on 275 acres for $6,000,000. More acreage may be available. It is very livable and also boasts a one bedroom pool house, a two bedroom chauffeur's apartment above a large heated garage and a two apartment gatehouse. The driveway in meanders along a brook for a mile and there is also a licensed helipad.

00 Valley Road is my land listing of 7.35 acres which is a lot within the Coltsfoot Valley.

Birdseye Brook tumbles down one side of the land and there is a sturdy bridge which leads up to the top for a protected view building site. It can be yours for $249,999, a new lower price.

19 Great Hollow Road is my listing, a 3 bedroom 1 bath cape with a newly finished large addition which could become a new family room. A detached 1 car garage and all this on over 2 acres within walking distance of Mohawk Ski Mountain for $225,000.

55 Essex Hill is just past the Mohawk Ski Area. David Bain and I have this former Children's Cottage now a three bedroom romantic escape. The master suite is at one end of the house, gourmet kitchen open to dining and living areas at the other end. The living area opens to a wraparound deck from which you can see and hear Birdseye Brook. The lower level has a large family room, laundry area and walk out. This is all sited on 4.3 acres for $495,000.

00 Clark Road is my land listing of 6.78 acres. Originally part of the Clark farm it is adjacent to Pinnacle Farm which bought most of the Harriet Clark farm. Three Clark sisters have offered this land for sale as they are no longer in the area. The land includes stone walls, woods and a view of the pond across the road. It has just been reduced to $175,000.

3 Flat Rocks Road is a 102 acre land offering listed by Chris Garrity, broker of our Sharon office. With over 1000' of road frontage, the land includes several fields bordered by stone walls, wooded glades and a deep, clean pond all directly abutting Connecticut State Forest and it can be yours for $1,890,000.

 

At 6 Day Road, a charming 3 bedroom 3 bath farmhouse on 10 acres with a large studio barn (and another 2 bedrooms), brook and pasture is offered by David Bain for $567,000.

And finally I have a rental at 11A Day Road for $1400 a month. This 2 bedroom apartment is behind the dome house with a very private backyard. The kitchen has an eating bar, first floor half bath includes a washer and dryer and the two upstairs bedrooms share a full bath.

We hope you'll visit us online at www.bainrealestate.com. Maybe you'll choose to visit in person, we are next door to the Wandering Moose in West Cornwall and would love to visit with you and answer any real estate inquiries you may have.

Respectfully yours,

Priscilla Pavel

And also in West Cornwall: David Hurlburt, Heidi Kearns, Rick Meehan and Asher Pavel

 

 

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

November
1

PLEASE CLICK HERE TO SEE THE MAP.

Dear Neighbors,

Our colorful and warm autumn has continued well into November. Real estate buyers are still looking well into the fall, but offers are slow to materialize and most always well below the asking price. Mortgage rates are still below 4% but predictions are that will not hold long into 2016 if the Feds raise the now nonexistent interest rate.

Traditionally fall has been the best time to buy, buyers want to be in for the holidays and many sellers do not want to carry a property through yet another winter. There are currently 35 homes for sale in Cornwall and 2 under contract to sell. Last year at this time we reported 3 sales and 2 houses and 1 lot for sale. This year we are reporting only 1 sale in the neighborhood in the last twelve months and 6 homes for sale.

Presently in Cornwall we have 35 homes for sale with 3 in contract to close. This past year we saw 15 sales of homes in comparison to the 22 closings we experienced in the 2013-2014 period.

 


239 Great Hollow Road
was listed at $168,500 and sold for $150,000. This property includes a small red cottage in need of a complete renovation and a garage and barn which had been nicely redone across the street. The property offers an attractive view bordered by Nature Conservancy property. The sale included an engineered report for a new septic system to be installed.

 

Leading the list of properties for sale,the Cornwall Castle at 1 Castle Road is now priced at $6,000,000 reduced from its original list price of $8,500,000. Jeff Jacobson has written a charming history of this property which may be obtained from the Historical Society or the Cornwall Library. The Castle is petite at 8400 square feet when compared to the gigantic European castles of an earlier era which makes it very livable, comfortable and snug for the family today that wants a romantic retreat from city life. It has a licensed helipad, heated pool and lovely stone cape pool house, chauffeur's 2 bedroom apartment over a large heated garage and a gatehouse with 2, 2 bedroom apartments. All this is at the end of a one lane 1 mile long driveway which meanders alongside a brook. It is offered with 275 acres.

 


295 Great Hollow Road
is a 2 bedroom cape on 9 acres which backs up to Castle's acreage. Each bedroom has its own bath; the front acreage consists of a lawn, nice landscaping and a pool with the back acreage being wooded. There is a 2 car garage under the house. This is my listing at $375,000.

 

  
8.62 acres of land on Great Hollow actually continues off the road and up behind 239 Great Hollow. This is Rick Meehan's listing, lightly wooded with a rough driveway up to a level building site. $135,000

 

 


34 Great Hollow Road
is a handsome new contemporary farmhouse of 3840 square feet with 4 bedrooms and 3 and ½ baths. First floor ceilings are 9' high adding to the spacious feeling in each room. Special design finishes shine in each room, the kitchen has top of the line appliances including a Verona stove, crown moldings, beautiful wood floors and a standing seam metal roof. There is an accessory apartment over the garage. Views include Mohawk Mountain ski area. This is David Bain's listing at $1,200,000.

 


4 Cornwall Hollow Road
at the 4 corners of Routes 4, 128 and 43 is my listing of the original Dr North house. It sits on almost 4 acres and has 2 large outbuildings, a barn and a studio all rented for storage. A standing seam metal roof was the first of several improvements the current owner made before putting this property on the market. It has 4 bedrooms, eat in kitchen, 2 fireplaces, 2 porches and a grand front hall and it does need more work to restore it to its former glory. The price has been reduced from $225,000 to $195,000.

 

142 Great Hill Road is Dave Fairty's new listing.  It is a large contemporary 3 bedroom house which sits on top of the world with views in every direction.  The master suite has its own porch. The other 2 bedrooms share a hall bath. Built in 1989 this house is centrally air conditioned, oil heat, gourmet kitchen with double ovens, gas cook top and Sub Zero refrigerator freezer. It's been recently reduced from $849,000 to $799,000

 

 The world of real estate is constantly in flux: ups and downs. Here are some statistics that provide some perspective of the volatility of our market.

 

Status: Nov 2014-2015 Closed Homes (15)

 

 

Beds

Baths

SqFt

List Price

LP$/SqFt

Sale Price

SP$/SqFt

SP/LP

ADOM

Min

1

1

622

$54,900

$68.25

$50,000

$60.11

.69154

1

Max

5

5

4,669

$3,695,000

$821.11

$3,200,000

$711.11

.96882

631

Avg

3

2

2,287

$634,780

$227.92

$534,986

$192.06

.85427

210

Median

3

2

2,280

$449,000

$169.85

$380,000

$155.23

.86604

149

Sum

 

 

 

$9,521,700

 

$8,024,788

 

 

 

 

 

Status: Nov 2013-2014 Closed Homes (22)

 

 

Beds

Baths

SqFt

List Price

LP$/SqFt

Sale Price

SP$/SqFt

SP/LP

ADOM

Min

1

1

1,016

$114,900

$67.59

$94,200

$55.41

.81984

16

Max

5

5

4,936

$1,295,000

$451.58

$1,110,000

$426.59

1

470

Avg

3

2

2,310

$515,191

$224.65

$467,486

$204.55

.90327

192

Median

3

2

1,983

$407,250

$220.60

$389,750

$199.76

.90909

162

Sum

 

 

 

$11,334,199

 

$10,284,700

 

 

 

 

We look forward to more ups in the coming days one of which is Thanksgiving! We enjoy sharing our news of your neighborhood with you each year and invite you to stop by our West Cornwall office for a visit. We shall soon have a brand new sidewalk in place work is in progress due for completion before T-day. Be sure to visit www.bainrealestate.com to learn what is for sale in Litchfield County. We look forward to your questions and referrals.

 

Cordially,

 

Priscilla Pavel

Chris Garrity, David Bain and the Cornwall office

Asher Pavel, Rick Meehan, Heidi Kearns

This graph shows the number of successful transactions

in our key towns of Cornwall, Kent and Sharon in 2014

 

 

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