Real Estate

House Hunting in Italy: A Tower North of Milan, South of $1 Million

This six-bedroom home is in Cavallirio, a small city in the hills of Novara province, in the Piedmont area of northwest Italy. Located 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 is just not included in the sale worth.

The property, on a few half acre, has been used for wedding ceremony occasions, and there’s a massive tent in the yard that may simply be eliminated, mentioned Angela Pedrozo, an agent with Italy Sotheby’s International Realty, 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 straight into the receiving corridor, which is frescoed all through and has an historic brick hearth and a marble staircase. Just off the corridor is an office, positioned in the bottom of the tower.

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

Across the corridor, the white-tiled kitchen is small and designed for cooking relatively than as a gathering area. There can be a visitor bathtub on this ground.

The house’s second stage has 4 bedrooms (one is a small room for employees) and a full bathtub. The principal bed room has a personal sitting room. All of the bedrooms have arched doorways and window shutters to dam out gentle. A massive coated brick terrace on this ground overlooks the parklike grounds.

The renovated higher stage has been transformed to an condominium with two bedrooms, a rest room, lounge, kitchen, and a examine in the tower. It doesn’t have a separate entrance, Ms. Pedrozo mentioned.

The prime 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. The metropolis 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 facet of the Alps. It is split down the center between the Piedmont area to the west and the Lombardy area (additionally house to Lake Como) to the east.

Amid the pandemic, the Lake Maggiore space is being found by extra patrons, each native and international, searching for area and privateness, as it’s extra reasonably priced than properties close to modern Lake Como, brokers mentioned.

“Maggiore attracts more understated buyers, people who are into nature or historic properties,” mentioned Diletta Giorgolo Spinola, head of gross sales for Italy Sotheby’s International Realty.

The coronavirus has taken a heavy toll on Italy as an entire. As of March 2, the nation had reported no less than 2.9 million Covid-19 circumstances and 97,945 deaths, in line with the New York Times’s coronavirus world map. Italy’s GDP decreased by about 9 % final year, whereas unemployment rose to almost 10 %, in line with the Italian National Institute of Statistics.

But the housing market remained buoyant, thanks in half to traditionally low borrowing prices, and that has continued into 2021. “People are more committed to buying at the moment,” Ms. Spinola mentioned. “Property seems to be a safe place to put money, and people are giving more thought to property in places where life is very sustainable.”

Home costs countrywide had been up 2.6 % in 2020 in comparison with 2019, in line with information from Idealista, a nationwide itemizing portal. Demand for leases is down sharply, nonetheless, as a result of of job losses, motion away from cities, and the drop-off in tourism, mentioned Vincenzo De Tommaso, press office supervisor for Idealista.

In the Lake Maggiore market, the Piedmont facet of the lake, from the shoreline cities of Stresa up by Cannobio, is extra touristic and dear. The space started attracting moneyed households from Italy and England in the early 1900s, and retains many historic villas, mentioned Francesco Papurello, proprietor of Stresa Luxury Real Estate.

“This area is the perfect escape all year long, thanks to the beautiful lake in summertime and the mountains for hiking and skiing in winter,” he mentioned.

The Lombardy facet of the lake “is the sunny side with modern villas,” Ms. Spinola mentioned.

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

Generally, 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 mentioned.

Before the pandemic, most patrons had been searching for properties priced between 500,000 and 1 million euros ($603,000 and $1.21 million), Ms. Dutto mentioned. That sometimes buys a cottage-type property with about 2,000 sq. toes, a small backyard and a lake view.

But as 2021 unfolds, “we are having more requests from people for 3 to 4 million euros,” she mentioned. “Those are the historical houses with frescoes and high ceilings — very Italian.”

Italy was the primary Western nation to implement a nationwide lockdown, a few year in the past. The authorities 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 recently extended by March 27, as a result of of the danger of virus unfold from extremely contagious Covid-19 variants.

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

Mr. Papurello, from Stresa Luxury Real Estate, mentioned that whereas his company has currently seen a rise in European patrons, curiosity from patrons in the U.S., Britain and Russia has declined.

There aren’t any restrictions on most international patrons, though foreigners from exterior the European Union could solely purchase property if their house nation has a reciprocity settlement with the Italian authorities. Swiss residents could not purchase properties bigger than 200 sq. meters (about 2,150 sq. toes), Ms. Dutto mentioned.

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

Ms. Spinola famous that the federal government’s flat-tax incentive program is attracting many high-net-worth patrons 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 % of the property worth for a major residence, and 9 % on second houses. Ms. Pedrozo mentioned she couldn’t present a exact property tax quantity for this house.

Angela Pedrozo, Italy Sotheby’s International Realty, 011-39-032-20-30-110;

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