Home Searching in Italy: A Tower North of Milan, South of $1 Million

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This six-bedroom house is in Cavallirio, a small city within the hills of Novara province, within the Piedmont area of northwest Italy. Positioned about 12 miles from Lake Maggiore, Italy’s second largest lake, the house has a castle-like wing with a turreted tower that dates to the late 18th century. The dwelling areas have frescoed partitions, hovering ceilings and marble mosaic-tile flooring. The furnishings shouldn’t be included within the sale worth.

The property, on a few half acre, has been used for marriage ceremony occasions, and there’s a giant tent within the yard that may simply be eliminated, stated Angela Pedrozo, an agent with William Pitt Sotheby’s Worldwide, which has the itemizing.

The 4,305-square-foot home has an elaborate arched entrance entrance with wrought-iron gates that may be closed over the wooden doorways. It opens instantly into the receiving corridor, which is frescoed all through and has an historical brick fire and a marble staircase. Simply off the corridor is an workplace, situated within the base of the tower.

A hallway results in the adjoining dwelling and eating rooms, bisected by two columned archways. Each rooms have darkish wooden coffered ceilings and fancy frescoes. The eating room has a large walk-in fire with stone seating constructed into the wall.

Throughout the corridor, the white-tiled kitchen is small and designed for cooking quite than as a gathering area. There’s additionally a visitor tub on this flooring.

The house’s second stage has 4 bedrooms (one is a small room for workers) and a full tub. The primary bed room has a non-public sitting room. All the bedrooms have arched doorways and window shutters to dam out mild. A big lined brick terrace on this flooring overlooks the parklike grounds.

The renovated higher stage has been transformed to an condo with two bedrooms, a rest room, front room, kitchen, and a research within the tower. It doesn’t have a separate entrance, Ms. Pedrozo stated.

The highest of the tower serves as an attic.

The property is located in a residential space close to the middle of Cavallirio, which has fewer than 2,000 residents, near cafes, retailers and eating places. Town of Novara, the capital of Novara province, with about 105,000 residents, is 20 miles south. Milan Malpensa Airport is about 30 miles east, and the town heart is one other 25 miles from there.

Lake Maggiore stretches for about 40 miles from northern Italy to southern Switzerland, on the south aspect of the Alps. It’s divided down the center between the Piedmont area to the west and the Lombardy area (additionally dwelling to Lake Como) to the east.

Amid the pandemic, the Lake Maggiore space is being found by extra consumers, each native and international, in search of area and privateness, as it’s extra inexpensive than properties close to trendy Lake Como, brokers stated.

“Maggiore attracts extra understated consumers, people who find themselves into nature or historic properties,” stated Diletta Giorgolo Spinola, head of gross sales for William Pitt Sotheby’s.

The coronavirus has taken a heavy toll on Italy as an entire. As of March 2, the nation had reported at the very least 2.9 million Covid-19 instances and 97,945 deaths, in line with the New York Occasions’s coronavirus world map. Italy’s GDP decreased by about 9 p.c final yr, whereas unemployment rose to just about 10 p.c, in line with the Italian Nationwide Institute of Statistics.

However the housing market remained buoyant, thanks partially to traditionally low borrowing prices, and that has continued into 2021. “Individuals are extra dedicated to purchasing in the intervening time,” Ms. Spinola stated. “Property appears to be a protected place to place cash, and persons are giving extra thought to property in locations the place life may be very sustainable.”

House costs countrywide have been up 2.6 p.c in 2020 in comparison with 2019, in line with knowledge from Idealista, a nationwide itemizing portal. Demand for leases is down sharply, nevertheless, due to job losses, motion away from cities, and the drop-off in tourism, stated Vincenzo De Tommaso, press workplace supervisor for Idealista.

Within the Lake Maggiore market, the Piedmont aspect of the lake, from the shoreline cities of Stresa up by means of Cannobio, is extra touristic and expensive. The realm started attracting moneyed households from Italy and England within the early 1900s, and retains many historic villas, stated Francesco Papurello, proprietor of Stresa Luxurious Actual Property.

“This space is the right escape all yr lengthy, because of the attractive lake in summertime and the mountains for mountain climbing and snowboarding in winter,” he stated.

The Lombardy aspect of the lake “is the sunny aspect with fashionable villas,” Ms. Spinola stated.

It tends to be “a little bit bit wilder and cheaper,” stated Flavia Dutto, an agent with Engel & Völkers Lago Maggiore.

Typically, costs on Lake Maggiore common round 3,000 euros a sq. meter ($335 a sq. foot), whereas properties on Lake Como may be twice as a lot, she stated.

Earlier than the pandemic, most consumers have been in search of properties priced between 500,000 and 1 million euros ($603,000 and $1.21 million), Ms. Dutto stated. That sometimes buys a cottage-type property with about 2,000 sq. ft, a small backyard and a lake view.

However as 2021 unfolds, “we’re having extra requests from folks for 3 to 4 million euros,” she stated. “These are the historic homes with frescoes and excessive ceilings — very Italian.”

Italy was the primary Western nation to implement a nationwide lockdown, a few yr in the past. The federal government eased restrictions in June, solely to reinstate them in early November after a second spike in infections. A ban on journey between totally different areas and provinces was not too long ago prolonged by means of March 27, due to the danger of virus unfold from extremely contagious Covid-19 variants.

Foreigners account for a few quarter of the consumers within the Lake Maggiore space, in line with Idealista. Greater than half are from Germany and Switzerland, whereas the remainder are primarily from the Netherlands, the U.S. and Britain.

Mr. Papurello, from Stresa Luxurious Actual Property, stated that whereas his company has recently seen a rise in European consumers, curiosity from consumers within the U.S., Britain and Russia has declined.

There are not any restrictions on most international consumers, though foreigners from exterior the European Union might solely purchase property if their dwelling nation has a reciprocity settlement with the Italian authorities. Swiss residents might not purchase properties bigger than 200 sq. meters (about 2,150 sq. ft), Ms. Dutto stated.

Notary prices are about 1 p.c of the acquisition worth. The agent’s fee is break up between purchaser and vendor, with every sometimes paying 3 p.c, Ms. Dutto stated.

Ms. Spinola famous that the federal government’s flat-tax incentive program is attracting many high-net-worth consumers from Asia and Europe, who pay 100,000 euros ($121,000) in annual tax on all earnings earned exterior Italy.

Italian; euro (1 euro = $1.21)

Stamp obligation tax is 2 p.c of the property worth for a major residence, and 9 p.c on second houses. Ms. Pedrozo stated she couldn’t present a exact property tax quantity for this dwelling.

Angela Pedrozo, William Pitt Sotheby’s Worldwide, 011-39-032-20-30-110; sothebysrealty.com

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