" " " Maine's Waterfront Real Estate News: 2010

Friday, September 10, 2010

Fall Foliage Report

The outlook for the 2010 fall foliage is shaping up to be a good one. The first report will be available on September 15. The forests are healthy and Mother Nature has graced us with a long, hot summer, with adequate moisture. Keep track of nature's spectacle with weekly updates from www.MaineFoliage.com You'll find a report for where to find the best color, along with photos submitted by

Wednesday, August 25, 2010

Maine Home Prices Up...Sales Down

In a press release today, The Maine Association of Realtors reports Maine home sales decreased 30.07% in July 2010 compared with July 2009. The decrease was anticipated, reflective of the end of the federal tax credit which had created an accelerated demand to go under contract by a specific date. National home sales figures show a 25.6% decrease in that same time period, and the Northeast a 30.03% decrease. However, Maine median home sales prices are still increasing. The median sales price rose 4.23% to $172,500 in July 2010, compared with July 2009. Median indicates half sold for more and half for less.

Saturday, July 17, 2010

Obamas Weekend in Maine

USA Today - July 16, 2010

America may be divided over President Obama, but one thing must be agreed upon: He knows how to pick pretty vacation spots

How else to explain the First Family's visit this weekend to often-overlooked Acadia National Park, Maine's spectacular contribution to the nation's national park system? Its rocky shores and rising mountains might not be as dramatic as Yellowstone or Yosemite, but it's a photographer's dream.

The president, first lady Michelle Obama and daughters Malia and Sasha will jet there around noon today for two nights away from Washington's heat -- and heated politics. As they prepared to leave, temperatures in the nation's humid capital were headed well into the 90s, with a heat index of 105.

The Oval hesitates to opine, but in the interest of a fun family vacation, we offer these suggestions:

•Drive the 20-mile Park Loop Road, stopping frequently for snapshots.
•Check out Sand Beach and its bracing waters.
•Pause frequently in search of whales.
•Climb at least part of Cadillac Mountain, the East's tallest.
•Dine on blueberry pancakes in the morning and fresh lobster in the evening.

That is, if the Obamas are lucky enough to have two uninterrupted days. That hasn't happened much on their family outings.

Sunday, May 30, 2010

Maine Home Sales Up 62% in April

SOUTH PORTLAND (May 24, 2010) - Sales of Maine single-family existing homes rose 62.95 percentin April 2010 compared with April 2009.

According to the Maine Real Estate Information System, (MREIS), Realtors sold 994 homes in April 2010; and the statewide median sales price (MSP) forhomes sold increased 3.41 percent to $165,450 from April 2009. The median sales price indicates
that half of the homes were sold for more and half sold for less.

The end of the federal home buyer tax credit contributed to strong sales figures in April 2010.

The National Association of Realtors (NAR) reports a 20.5 percent nationwide increase in singlefamilyhome sales in the same time period. The national MSP rose 4percent to $173,400 in April.In the regional Northeast, sales were up 41.6 percent and the MSP of $243,000 reflects an increase of2.1 percent.

Sunday, May 2, 2010

A Very Special Downeast Coastal Contemporary Home

A lovely, contemporary home on a quiet, protected, deep water bay opening to the Atlantic Ocean -- perfect for mooring a boat for exploring the many islands, bays and villages of the Downeast coastline. The waterfront of this 2 acre parcel includes a small sand beach plus tide pools to explore. Nearby is a lobsterman's wharf where you can sometimes get fresh seafood for a Maine-style dinner, and a ferry to Bar Harbor for a nice days outing is just 20 minutes away. The home features a huge stone fireplace, an open floor plan with cathedral ceilings, hardwood floors, a sun room and 3 decks with ocean views Check the VIRTUAL TOUR of this outstanding property at http://www.realtourvision.com/tour/RE/rst.view.new.php?utl=RE-4029-BY79GO-02&opt=4


Waterfront Properties of Maine
Website: www.WaterfrontPropertiesOfMaine.com

Friday, April 23, 2010

Maine Home Sales Up 46% in March

Statewide Median Sales Price increases nearly 10%

SOUTH PORTLAND (April 22, 2010)— Maine is showing positive growth in both unit sales and the median sales price of single-family existing homes during the month of March 2010. According to the Maine Real Estate Information System, Inc. (MREIS), 815 homes sold last month—a gain of 46.06 percent compared to March 2009. The median sales price reached $164,900, up 9.93 percent from March 2009’s price of $150,000. The median sales price indicates that half of the homes were sold for more and half sold for less.

Nationally, single-family existing homes sales rose 13.3 percent. The National Association of Realtors (NAR) reports the national median sales price increased 0.6 percent to $170,700 in March 2010. Regionally, sales in the Northeast were up 25.4 percent and the regional median sales price increased 8.9 percent to $249,800 in March 2010

Alan Peoples of Coldwell Banker Residential Brokerage in Portland relays, “The economic numbers for March and the rolling quarter are strongly positive and April is likely to be more of the same. These numbers reflect momentum from the first time and repeat buyer tax credit programs, which end at the end of April.” The increase in the median home sales price shows increased sales of higher priced homes in Maine from the same time period in 2009.

For more information on Maine waterfront real estate, go to www.WaterfrontPropertiesOfMaine.com.

Tuesday, March 30, 2010

What Your Dollar Is Worth in Maine

Article from February 2010 Down East Magazine

* By: Joshua F. Moore

Fifty-six years ago, the very first issue of Down East featured five properties for sale, including a quarter-acre Colonial in Camden for what must have seemed the exorbitant sum of $10,500. Ten years later the Magazine of Maine featured thirty-seven available homes, and just last August we had twenty-five pages of house ads. Mainers and readers from away have found a thirst, whether based in real need or voyeuristic thrill, for learning what homes from Kittery to Calais and Fort Kent are worth. Such fancy now extends far beyond our pages — publications ranging from the New York Times to Seattle Metropolitan now regularly include columns explaining “What You Get For . . . Such-and-Such.”

These days, of course, as the Great Recession reels on, some homeowners might prefer not to know the current valuation of their homes. But our survey of Maine properties sold over the past year proves that they might be missing out on the best opportunity since, well, you could buy a magazine for less than five bucks. Although the median sales price of single-family homes in Maine declined nearly 9 percent last year to $164,000, the number of homes sold jumped by 10 percent. Maine beat the national statistics on both counts — total sales increased just 5 percent nationwide, and median sales price dropped 12 percent.

“There were plenty of sellers who were able to sell their homes last year — I sold a home and bought a new one myself — and while maybe they weren’t selling it for what they thought they could in 2006, they were able to get into another quality home,” says Marc Chadbourne, president of the Maine Association of Realtors. “It’s a yin and yang thing, because we didn’t get those appreciation levels that San Francisco or Florida got, but they had a lot farther to fall when the markets did decline.”

In a state as enormous as Maine, of course, where you decide to buy will have a huge impact on how much your budget will get you. In Piscataquis County, for instance, where the median sales price dropped 21 percent last year, you might be able to afford a couple of hundred acres and a stunning farmhouse. Dream of moving to coastal Knox County, though, where prices dropped just 3 percent, and that same money will see you in a much more modest home. And if your needs have you searching on the water someplace farther south, like York, you could have to shell out more than eight hundred dollars per square foot — nearly ten times what you might pay in Aroostook County.

As the economy shows signs of rebounding the demographics of Maine buyers has shifted due in part to federal stimulus funds. “The retired population has been the largest-growing group of buyers in Maine until recently, when the tax incentives for the first-time buyer came into play,” Chadbourne says. “ I assume that will continue, because Maine offers a quality of life and an affordability compared to other markets.”
Indeed, the Maine way of life seems to be the most important market condition for both buyers and sellers.

“I had a client tell me recently, ‘You know, we’ve always lived in kind of a down economy in Maine, so this is nothing new,’ ” Chadbourne says. “We’re a hardy bunch, and we do what we need to do to maintain the lifestyle that we’re used to. We like living here.”

And deal or no deal, boom or bust, isn’t that the name of the game when it comes to buying or selling real estate in Maine?

Wednesday, March 24, 2010

Maine Home Sales up 14% in February

SOUTH PORTLAND (March 23, 2010)— The median sales price of existing single-family homes in Maine remained unchanged during the month of February 2010 compared with February 2009, according to the Maine Real Estate Information System, Inc. While home sales increased by double digits (14.09 percent) in February 2010, the median sales price of $158,000 is the same as one year ago. The median sales price indicates that half of the homes were sold for more and half sold for less.

According to the National Association of Realtors (NAR), existing home sales nationwide rose 4.3 percent in February 2010 compared to one year ago. The national median sales price for those homes dipped 2.1 percent to $164,300. Regionally, sales in the Northeast were up 12 percent and the regional median sales price increased 7.5 percent to $254,700.

“Prices seem to have stabilized somewhat, rates remain within everyone’s reach, and there are plenty of deals to be had, and lenders are working overtime to help secure financing for buyers.”

Tuesday, February 9, 2010

Check Out Our New Video

To complete a search as described in this video, go to www.WaterfrontPropertiesOfMaine.com and click on "Customized Property Search"

Monday, February 1, 2010

Federal Tax Credit Extended and Expanded

The program providing first-time home buyers a tax credit of $8,000 has been extended to April 30, 2010 and expanded to allow for existing home owners who have been in their home for at least 5 years of the last 8 years to receive a $6,500 tax credit if they purchase a new primary residence.

Key considerations include:

First-time Home Buyers Tax Credit at a Glance

* Buyer must be someone who has not owned a home during the 3 year period prior to purchase.
* The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’ principal residence within 3 years after the initial purchase.
* The tax credit is equal to 10% of the home’s purchase price up to a maximum of $8,000
* The tax credit applies only to homes priced at $800,000 or less.
* The tax credit applies to sales occurring after 1/1/2009 and on or before 4/30/2010. However, in cases where a binding sales contract is signed by 4/30/2010, a home purchased by 6/30/2010 will qualify.
* For homes purchased after 11/6/2009 and on or before 4/30/2010, income limits are $125,000 for single taxpayers and $225,000 for married couples filing jointly for the full tax credit.

The Tax Credit Move-Up/Repeat Home Buyer

* Buyer must have owned and lived in their previous home for 5 consecutive years out of the last 8 years.
* The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within 3 years after the initial purchase.
* The tax credit is equal to 10% of the home’s purchase price up to a maximum of $6,500.
* The tax credit applies only to homes priced at $800,000 or less.
* The credit is available for homes purchased after 11/6/2009 and on or before 4/30/2010. However, where a binding sales contract is signed by 4/30/2010, the purchase qualifies if it is completed by 6/30/2010.
* Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.


Sunday, January 24, 2010

Maine Real Estate Report

While home prices in some U.S. markets increased 15-20% annually in the early 2000’s, Maine prices went up around 5% annually. In our cyclical real estate market, what goes up must eventually come down a bit, soMaine didn’t have as far to fall. The market re-set here about 20-25% below its peak in 2006.

In line with the national upward trend, Portland, Maine median sold home prices for the 5 months starting in July were 207k, 198k, 204k, 200k, and 212k respectively. Volume on the other hand has been way up for this area.

So it now seems we have found the approximate bottom of the real estate market, with prices firming up and sellers refusing to go lower than 25% from the peak in 2006 to move their property now..

In short, we are cautiously optimistic that 2010 will be a year of healthy sales volume, as there is a large inventory to choose from, and borrowing costs are as low as they will be for a long time to come.

If you haven’t tried a search for your “dream property recently, you might be interested in having us check the current inventory and prices that meet your personal criteria. Just go to our Customized Property Search page by clicking on the following link:


Monday, January 18, 2010

2010 Real Estate Forecast

New Year’s 2010 looks a whole lot more positive for real estate and housing than things did last year at this time.

The out look right now is a complete contrast -- home sales have been rising for several months, thanks in part to the federal tax credit programs, new home starts and permits are up in most parts of the country, and prices are generally trending up in most of the markets that got shell-shocked in the bust.

So here’s what many economists are projecting:

• 2010 will continue to be an optimum buyer’s market, where those in a position to purchase will continue to receive and negotiate optimum deals.

• Home prices are expected to rise 3 to 5 percent in 2010

• Mortgage interest rates are projected to move up from just over 5% for 30 year loans to 6% by late 2010.