Today’s blog entry is brought to you from LandVest – Camden, Maine by Terry Sortwell -Regional Manager/Principal and Shannon Thompson -Project Manager.
Midcoast Maine Market Perspective
Second Quarter 2009
There are encouraging signs in the wider financial and real estate markets, and we feel confident that the Maine coastal markets will recover from this extended downturn with strength and vigor. Demand remains low for the time being but inventory of quality properties for sale at the top end of the market has remained relatively stable, with only a modest increase over the last year. The Maine coast continues to be an attractive option for vacation home buyers, and all indications are that there are able and willing buyers on the sidelines, knowledgeable people who remain interested in Maine Waterfront real estate and are ready to purchase property when the time is right.
Our primary question of last quarter remains unanswered: just when these buyers will step back into the market. There are two themes we’re hearing from buyers: 1) they don’t want “to do anything stupid” and are proceeding extremely cautiously, waiting out uncertainty; and 2) they’re seeking deep discounts on all but the very best, most desirable and unusual properties. Value is difficult to establish in the current environment—difficult for us as brokers, difficult for appraisers, and difficult for buyers and sellers. There have simply been too few sales, especially at the upper end of the real estate market, to clearly understand what effect the financial downturn has had on value.
Market activity indicates that we’re very likely at the bottom of this downturn. Looking at the coastal communities from Boothbay to Blue Hill, there have been just 8 sales this year to date of residential properties priced at $1,000,000 and above. (There were 21 sales in this range between January and August 2008.) The very few properties that come on the market in the most sought-after locations, if priced realistically to capture serious buyers, are selling relatively quickly and at a lesser discount. Maine coastal properties have long represented good value, and perhaps never more so than right now, with strong and appealing inventory, appropriate listing prices, and motivated sellers.
All properties benefit from wide exposure to the market. LandVest launched our new website this quarter, with expanded property pages, mapping features, and greatly enhanced visibility on the web. Many of the improvements are just being rolled out, with more to come, but already our web traffic is improved, helping ensure that all of our listings are represented in their best light and visible to anyone seeking a special and distinctive Maine property. Of the properties that sold statewide at the top of the market during the last year, more were listed with LandVest than with any other agency.
Thank you Terry and Shannon.
Below you’ll find a selection of extraordinary Midcoast Maine Real Estate Listings. For more, click on Properties for Sale, and select Midcoast Maine. For details on the below properties for sale, click on the property image.