Posts in category 'East Cornwall'

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 in...

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Bain Real Estate East Cornwall 2019 January Market Report.

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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 o...

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January  2018

Dear Neighbor,

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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 sal...

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  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 Cornwa...

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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.

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