Homes, apartments, commercial property: Corning area's biggest sales of 2023
The Elmira and Corning housing markets reflected national trends in 2023, with higher mortgage rates and low inventory cooling a market that was red hot post-COVID.
The Elmira-Corning Regional Association of Realtors tallied a 25% dip in total sales closed in 2023 compared to 2022.
Homes weren’t the only thing on the market in 2023, though. A number of high-profile commercial properties, downtown buildings and manufacturing facilities changed hands over the course of the year.
An analysis of the latest available real estate data, through mid-December, found just over a dozen Chemung County homes sold for more than $500,000 in 2023.
The Corning area in Steuben County had 10 properties sell for over $500,000 through the latest available data. The Elmira-Corning market topped out at just over $1 million for a home in Corning sitting on 48.5 acres.
Association President Mark Costanza sees similarities between today’s housing market and the one that greeted homebuyers when he entered the real estate industry 22 years ago.
“The rates then were high sevens, low eights,” he recalled. “Today we’re sitting around an average of 6.8, and the prediction for this year is it’s going to drop a little bit, which is good.
“There’s less buyers wanting to upgrade when they’ve got an existing lower rate mortgage, because they’ve been in the mix of buying and selling for awhile. The positive is a lot of the buyers are brand new buyers, so they’re unaffected by what the rates are.”
Costanza said the Association began 2024 with 55 active listings in the Elmira and Corning areas, with an uptick in new listings over the final few months of 2023. Costanza is optimistic the market will heat up as rates inch downward.
“I think we’ll see more listings and more buyers stepping up,” he said. “The reasons for people buying are very consistent. Whether it’s a job change, family change, those sorts of factors — those things don’t stop. We’ll be moving forward. We’re all very optimistic for the New Year and we’re ready as realtors to help everybody out as much as we can.”
Top 10 Corning area commercial property sales in 2023
120 Victory Highway, Erwin: The Hampton Inn motel on 2.47 acres sold for a little under $4 million on April 13. The motel has around 70 units over three stories.
243 Hamilton St., Painted Post: The former Chemung Canal Trust Company bank, now a KFC fast food restaurant, sold for over $2.5 million on Jan. 9.
11849 East Corning Road, Corning: The professional building that houses numerous enterprises sold for $1.8 million on April 5. LeChase Construction Services, DXP Enterprises and Express Employment Professionals are among the tenants.
737 Addison Road, Erwin: The office building in Painted Post sold for over $1.7 million on Jan. 4. H&H Financial Group lists its offices at the site, which covers 4.5 acres.
115 Main St., Erwin: Listed as a dairy farm, the property’s 115 acres were sold for $875,000 on April 27.
769 Hamilton Road, Tuscarora: Listed as a horse farm, the log home, accompanying facilities and 123 acres were sold for $749,900 on Feb. 1.
11375 LPGA Drive, Corning: The Budget Inn near the Corning Country Club sold for $670,000 on Jan. 17. The property last sold for $164,400 in 2010.
30 Mechanic St., Hammondsport: The site of the Village Tavern Restaurant & Inn sold for $400,000 on March 28.
810 Addison Road, Erwin: The site of Del’s Bar & Grill in Painted Post sold for $250,000 on June 23.
305-307 Hamilton St., Erwin: The gas station and convenience store in Painted Post sold for $200,000 on May 9.
Top 10 sales of Corning row buildings, apartment buildings in 2023
22 E. Market St.: Sold for $567,000 on Oct. 25.
89 E. Market St.: Sold for $525,000 on June 1.
17-19 E. Market St.: Sold for $505,000 on April 13.
44 Bridge St.: Sold for $390,000 on Oct. 31.
68-76 W. Second St.: Sold for $375,000 on Aug. 18.
101 Davis St.: Sold for $360,000 on Oct. 6.
90 E. Market St.: Sold for $350,000 on June 1.
197 Fuller Ave.: Sold for $252,500 on Oct. 27.
79 E. Market St.: Sold for $250,000 on Aug. 25.
123 W. Market St.: Sold for $238,000 on Sept. 19.
Top 10 Corning area home sales in 2023
2649B Spencer Hill Road, Corning: Sold for $1.045 million on July 14, with 48.55 acres.
2382 Stonegate Trail, Erwin: Sold for $753,000 on April 7, with 5.01 acres.
2459 Morningstar Trail, Erwin: Sold for $740,000 on Sept. 8, with 2.01 acres.
10790 Hidden Meadow Trail, Erwin: Sold for $610,000 on Sept. 26, with 2 acres.
3098 Hickock Road, Corning: Sold for $600,000 on March 3, with 18.29 acres.
51 Oakwood Drive, Erwin: Sold for $575,000 on June 15.
3672 Summit Court, Erwin: Sold for $560,000 on Nov. 29, with 1.77 acres.
3132 Hickock Road, Corning: Sold for $517,500 on June 26, with 16.46 acres.
3045 Oakwood Drive, Erwin: Sold for $515,000 on Oct. 10, with .71 acres.
3545 Conhocton Road, Erwin: Sold for $510,000 on Nov. 3, with .4 acres.
This article originally appeared on The Evening Tribune: Corning area's biggest home, commercial property sales of 2023
