Midcoast Maine Market Report

May

Midcoast Maine Real Estate Market Report: “Unremittingly Gloomy” Gives Way as Midcoast Maine Real Estate Market Begins to Show Signs of Recovery
By LandVest

This entry is brought to you by Terry Sortwell and Shannon Thompson, who assist and advise real estate owners and buyers of fine homes and estates throughout Midcoast Maine.

The Grace Estate in Islesboro, Maine is a historic Penobscot Bay landmark and is currently for sale. Islesboro is one of several pocket markets in Maine that can boast improved activity and sales of million plus homes.

We are more optimistic about the upper end of the real estate market than we have been in several years, despite recent news about a double-dip decline in home values nationally. (A recent issue of the Economist noted that February’s numbers for existing- and new-home sales were “unremittingly gloomy,” falling sharply after increasing for three months.)

There are encouraging signs pointing toward market recovery in Maine. The Multiple Listing Service shows that in 2009 there were 32 sales above $2,000,000; sales went down to 25 in 2010, but so far this year there have been 6 sales of properties priced above $2,000,000, and there are 10 sales pending. This is certainly an encouraging start. Year-to-date sales over $1,000,000 are on pace with last year at this time, or slightly ahead. It’s really too early in the year to judge with certainty, since our winter market is limited; but looking across the region, this solid start seems to be occurring across New England, with first quarter numbers boding moderately well for the year. There are also reasons for optimism right in our local market. For example, there is strong activity on Islesboro, which has had have seven sales during the last 24 months at over $975,000. There were just three sales in this range in the two year period before that.

While we’ve had a slightly better start than last year, we’re definitely still in the midst of a major correction, with widespread and deep price reductions, and sales occurring at prices as low as 50% off original list price. (Residential sale prices since January 2010 average about 75% of original listing price.). There are encouraging signs of recovery in specific markets, as in the example of Islesboro above, but other similar and neighboring markets—such as North Haven and Vinalhaven—are still suffering. This is a pattern that seems to be occurring across New England.

Still, things seem to be heading up and we are more optimistic about the near future. Fortune magazine declares that “it’s time to buy again” in its April cover story, “The Return of Real Estate.” The severe decline in prices, together with increasing supply of renters, a likely shortage of new homes once the market recovers slightly, investors jumping into the foreclosure market, and signs of improvement in the general economy all point to (more…)

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Apr

Private Properties – Perspectives on Luxury Real Estate – Mid-Coast Maine
By LandVest

This blog post is brought to you by Ruth Kennedy Sudduth, who, as the director of LandVest’s Residential Brokerage Division, has a unique perspective on the luxury real estate market. This regular feature will chronicle special places and give readers insights on New England’s high end real estate market.

One of the great pleasures of directing the LandVest Residential Real Estate Group is seeing the truly remarkable properties we have for sale, and understanding their appeal through the eyes of our team of experts in each regional market. LandVest has offices and experts in the markets where the most special properties exist. The best real estate tends to be in locations where beauty and sense of place have been recognized for generations, making for truly remarkable combinations of site and houses. This series of blog entries explores some of these special places and some of the remarkable private properties hidden within them.

On up the coast to Camden and Rockport to meet with Terry Sortwell and Shannon Thompson. Camden’s streets tip and wrap along the rocky shoreline of the harbor, with gaps between the buildings opening to glimpses of lobster boats and moored cruising schooners.

Camden Harbor Waterfront is a rare investment opportunity with a variety of possibilities, and the best of Camden’s waterfront vistas.

Though the population bulges in the summer, the year-round community is vital enough to support a thriving village life, with most shops and top-notch restaurants staying open through the seasons, and several noteworthy conferences and recreational and cultural events happening through fall, winter and spring. Including internationally known Pop!Tech, the highly regarded foreign affairs symposium Camden Conference , the Camden Snow Bowl hosting the National Toboggan Championships, and the renovated historic Strand Cinema in Rockland, bringing first run movies, nationally recognized music acts, and the Met Opera live in HD.

My favorite place may not be the most glamorous, but the Boynton McKay coffee shop, located in an old pharmacy, serves up amazing sticky buns and thick, homemade French toast. At the other end of the spectrum, Francine Bistro just down the street resonates to a cooler downtown vibe, with excellent seasonal menus well-presented. Life in the Camden/Rockport region is civilized, with amenities ranging from the excellent Bay Chamber concert series to a great pool at the Penobscot Bay YMCA for lap swimming. Road biking is fantastic along the back roads that fan out from town, with harbor vistas shifting to quiet lakes and open farmland. The hills above Camden have wonderful hiking, with the reward of big views of Penobscot Bay when you get to the top.

The LandVest office in Camden is in a beautiful harbor location, tucked up in an old sail loft down near the waterfront. Above the harbor, climbing creaking stairs, it feels a world away from the generic American strip. Camden is a base for exploring Penobscot Bay, a huge protected bay dotted with islands, perfect for leisurely exploration by sail, motor, or paddle. The landscape is varied, with each change of aspect yielding another beautiful view. Because Maine coast real estate is all about the water and the views, exploring real estate for sale by boat, including private islands for sale, is the way to go.

Terry’s deceptively simple work boat is big and safe, though elegant and comfortable, and it makes for the best possible views of the great properties which would otherwise be hidden from view at the end of long driveways. Island living is one of coastal Maine’s great pleasures, and LandVest has listed and sold many remarkable properties. Island properties are the Camden office’s specialty, and Terry is arguably the region’s most experienced, knowledgeable and qualified broker for island real estate. The recent sale of Caldwell Island near Port Clyde—another record-setting island sale—is a fine example. Current listing Davis Island, also in Muscongus Bay, offers an exceptional opportunity of the highest quality for a buyer seeking a turn-key private island. The Grace Estate is an island property of equally exceptional quality offering a very different experience. A historic early 20thc. “cottage” on Islesboro, the property encompasses 8.8± acres at the end of a private peninsula with spectacular views of the Camden Hills and down Penobscot Bay to open ocean. In addition to the 8-bedroom year-round residence, the estate also includes a guest house, boat house, deepwater dock, professional putting green, and saltwater swimming pool.

With waterfront properties ranging from understated oceanfront cottages to impeccably appointed private estates, Maine island properties offer a summer experience like no other.

Click below to view more Camden, Maine Real Estate for Sale

Central Coast Maine real estate for sale

Blue Hill real estate for sale

Pemaquid Peninsula properties for sale

Maine Island properties for sale

To view properties throughout maine: Distinctive Maine Real Estate

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Feb

Midcoast Maine Real Estate News: 2011 Real Estate Report
By LandVest

2011 New Year Real Estate Market Report

This entry is brought to you by Terry Sortwell and Shannon Thompson, who assist and advise real estate buyers and sellers of fine homes and estates and farms throughout mid-coast Maine.

We are welcoming 2011 with renewed optimism for the upper end of the coastal Maine real estate market.

The last three years have been some of the most difficult in memory for this market. Perhaps the most salient point—one that’s driven home time and again—is that residential real estate is not a liquid investment in times like these, when buyer demand is at an all-time low. All the “fair value” numbers and appraiser comps don’t mean much if there is not sufficient demand to absorb inventory. Fortunately, here in midcoast Maine, we have not seen overbuilding or extreme price appreciation, the aftereffects of which have buried real estate markets in other parts of the country. These markets will take years to stabilize, whereas coastal Maine should recover much more quickly.

At the beginning of 2010, we predicted a year of gradual transition as the impasse between buyer and seller perceptions of value started to break. Indeed, as the year went on we started to see the slow and steady shift into a stronger market that we anticipated, and we believe that the market is finally beginning to lift off the bottom. Data from the Multiple Listing Service shows that the number of sales of properties priced over $1,000,000 in the midcoast region (coastal towns and islands from Boothbay to the Blue Hill Peninsula) showed moderate gains in 2010, as did sales statewide. See the chart below for an illustration of sales during the last decade.

This is the first modest gain we’ve seen since the market fell in 2008. (Looking back at the number of sales in this region of properties priced $1,000,000 and up, 2008 sales were down 36% from market highs in 2007, and they dropped another 20% in 2009.) It’s still too early to fully understand where values will settle, because we’ve seen considerable disparity among sales based on individual circumstances. One sure characteristic of this market is that it’s volatile. Asking prices and selling prices are inconsistent with historic norms and with their expected or logical values. It appears that values are beginning to settle out to where they were before the spike in the market in 2006 and 2007.

The biggest problem facing this market today is a continued lack of demand. Seller valuation expectations are rising in conjunction with stock market optimism, but real estate values are lagging behind. Buyers who are making offers are making low offers, because they’re still not convinced that the market has reached bottom and that spring won’t bring more price reductions.

However, there’s most definitely a bright side. Buyers are starting to gain confidence, and they are stepping back into the market in small but noticeable numbers. We anticipate continued slow and steady improvement as we move through 2011.

Click to view more Camden, Maine (and surrounding area) real estate for sale.

Click for more information on real estate properties in the Camden, Maine area.

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Jan

Keith Ross of LandVest Leads N.E. Forest Conservation Initiative
By LandVest

LandVest Senior Advisor Keith Ross is a leader in the effort towards collaborative land conservation. In a recent article that appears in the fall edition of Northern Woodlands magazine, Conserve More Land Today through Parcel Aggregation, he promotes this concept of collaborative “aggregation” of woodlands; combining or “bundling” preserved land from separate owners into one larger project. This process conserves large landscapes and attracts interest from motivated landowners and investors alike.

The strategy may seem like a difficult feat, but recent examples in New England prove this is feasible and beneficial. In Western Massachusetts, seven land trusts are working together to obtain funding to buy conservation easements for more than 10,000 acres of timberland owned by 71 landowners, and have raised over seven million dollars to-date. Several other areas throughout New England have been replicating this land aggregation concept and have been successful lowering costs related to conservation easement monitoring, and appraisals.

Why is land aggregation beneficial for land owners?

Not all forest conservation projects are significant enough to be completed as stand-alone individual projects. Most are smaller acreages that have significant ecological values to maintain large forest blocks or protect lakes, ponds, streams, wildlife habitat, etc. By grouping these projects together they can attract funders that don’t normally focus on small individual projects and the costs of the transactions can be reduced by grouping together the appraisals, negotiations, baseline documentation, etc.

Why is land aggregation beneficial for the land?

Most forest land conservation projects are not the highly visible road frontage pieces people drive by every day, nor are they the large mega acreage tracts that are conserved up north. Most are much smaller tracts that are important to knit together to ensure we have large blocks of forest necessary to ensure the production of clean air and clean water that support all of us.

For more information on Collaborative Land Conservation Contact Keith Ross

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Jan

Maine Real Estate News: Skye Farm, recognized as “Best Property in America” and “Editors Pick” is For Sale.
By LandVest

This blog post was brought to you by John Scribner who assists buyers and sellers of distinctive Maine waterfront, Maine farm and Maine vacation properties in the Southern to Mid-Coast Maine area.

Located just an hour drive from Portland, Maine, Skye Farm is an absolute treasure for a potential owner. Recently selected as an “Editors Pick” in Architectural Digest, and chosen as one of the “Best Properties in America” by The Week, the farm has been recognized for its remarkable attributes and opportunities.

Built in the late 1800s, this Waterford property represents one of the finest Gentleman's Farms in Maine.

The farm was originally owned by Frank Morse and run as an apple orchard for a number of generations of the Morse Family. The farm was then converted to more of a Gentleman’s Farm in the early-mid 1990s, and a number of different activities have gone on at the farm in the past 20 years. The current owners of Skye Farm have raised Highland Cattle and Ringneck Pheasant; they have maintained the orchard, and have added more opportunities for family activities such as a tennis court, a regulation croquet lawn, a man-made 1.5± acre pond for swimming, and converted a barn into a wonderful entertainment area.

The seven bedroom farmhouse with 180± acres of land was originally built in the mid-1800s and boasts seven bedrooms with five bathrooms, sauna, whirlpool, media room, and full workshop, as well as many components and equipment to complement the orchards and farming aspects of the property. An added asset is the 1,550± feet of frontage on McWain Pond with a cottage at the waters edge and a dock system with moorings.

Sited in Waterford, Maine , in the foothills of the New England White Mountains of Western Maine, Skye Farm is a short drive to some of the best skiing and hiking in the Northeast, including Shawnee Peak, Sunday River, Mt. Abrams, and Sugarloaf. It is also just an hour from North Conway, NH and the outdoor adventure activities of the Presidential Range and the Appalachian Mountain Club.

Whether you choose Skye Farm to be a private residence growing into a generational four-season family property, or maybe a Gentleman’s Farm with raising of livestock, or even a superb equestrian facility, and just maybe a relaxing country bed and breakfast, Skye Farm offers tremendous value for any buyer.

For more information or to arrange for a visit to Skye Farm , please contact John Scribner at 207-874-2057 or jscribner@landvest.com.

LandVest offers other Gentleman’s Farms and equestrian opportunities throughout New England.

Click to view additional extraordinary Maine properties for sale

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Jan

Camden Maine Real Estate News: Portland Magazine chooses Norumbega Castle in Camden as House of the Month
By LandVest

This entry is brought to you by Terry Sortwell and Shannon Thompson, who assist and advise real estate buyers and sellers of fine homes and estates throughout mid-coast Maine.

$2.475 million buys Norumbega Castle -Portland Magazine’s House of the Month.

Located within walking distance of Camden's village center, Norumbega Castle is a Maine coastal landmark.

Anyone who has ever visited Norumbega Castle will understand why Portland Magazine chose it for their December House of the Month. In this article, Colin W. Sargent extols the many reasons why this property earned its winning title. “Built by Joseph Stearns in 1886, Norumbega Castle in Camden, Maine was originally used as a summer vacation house. Designed by architect Arthur Bates Jennings, the castle has become famous in recent years as a popular inn where both movie stars and politicians alike have resided. Among such public figures associated with the inn include House Speaker Newt Gingrich as well as Dustin Hoffman, who was actually denied a room because they were all booked and he did not have a reservation. This holiday season, Norumbega is being sold by LandVest as a single family home, “which it was until the 1980s,” says listing agent Terry Sortwell. Though the castle is still well suited for continued operation as a luxury lodging facility, it also has the capability to be restored to use as a private residence. Surrounded by 3.95 acres of landscaped grounds, the building features 13 en suite guest rooms as well as elegant common areas featuring exquisite architectural detail including ornate wood paneling, exposed beams, parquet floors and elaborately handcrafted fireplaces.” We agree with Colin!

Click for more information on Norumbega Castle

Click to read the Portland Magazine article in the LandVest News

Visit Portland Magazine

Click to view additional properties in the Camden Maine area

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Jan

Maine Coast Real Estate offers potential for small-scale farming
By LandVest

This entry is brought to you by Terry Sortwell and Shannon Thompson, who assist and advise real estate buyers of fine homes and estates throughout mid-coast Maine.

The Boston Globe recently carried a great article about our neighbor, Salt Water Farm, an innovative Maine coast center for gourmet cooking classes, farm workshops, and feasts.

In the last few years we’ve seen increased interest in fine farms from buyers of coastal Maine real estate, many of whom are relocating to the Maine coast from other parts of the country. These properties include saltwater farms, inland gentleman’s farms, and Maine coast properties with the potential for small-scale farming. Examples of this trend are the sales of the Welliver Farm and Kelmscott Farm, both in Lincolnville; Captain Davis House, a beautiful and classic saltwater farm in Cushing; the Berry Farm, a inland farm in Montville; and Longmeadow Farm, a saltwater farm on Islesboro.

Coverly farm is a saltwater farm that is currently for sale in Castine, Maine.

Currently for sale in Castine, Maine, Coverly Farm is a saltwater farm located near the town's historic village district.

Buyers seeking distinctive farm properties on the Maine coast have a number of appealing options. Eastern Bay Farm on North Haven offers a historic cape farmhouse overlooking open fields. The property includes approximately 90 acres with 580 feet of frontage and a spectacular beach. Coverly Farm encompasses some 40 acres in Castine, with sweeping meadows bordered by old stone walls and 1,100± feet of beautiful shorefront on the Bagaduce, a tidal estuary in East Penobscot Bay. Watch for more exceptional farm properties in the coming weeks—we’ve got a couple of wonderful new listings coming up.

Eastern Bay Farm is a beautiful saltwater farm that is for sale in North Haven, Maine.

Eastern Bay Farm is a saltwater farm currently for sale on the coast of Maine in North Haven.

Click to view more Camden, Maine (and surrounding area) real estate for sale.

Click for more information on Terry Sortwell or Shannon Thompson who specialize in assisting both buyers and sellers of extraordinary real estate properties in the Camden, Maine area.

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Oct

Midcoast Maine Real Estate Market Report: Our Perspective from Camden, Maine.
By LandVest

This entry is brought to you by Terry Sortwell and Shannon Thompson, who assist and advise real estate buyers of fine homes and estates throughout mid-coast Maine.

Gilkey Harbor in Islesboro, Maine is just one of LandVest - Camden, Maine's Waterfront Properties for Sale

As we head into the fourth quarter, it’s clear that the real estate market of 2010 is shaping up to be better than that of 2009, though only marginally so. Around the country, brokers in the high-end real estate business are reporting modest increases in activity. Brokers at the Christie’s Great Estates conference this month in Toronto reported higher sales figures this year. Most, however, are also reporting price declines of about 30% (up to 40% for big properties) from the highs reached in 2006.

Within LandVest, we’ve seen a number of notable sales this year. Most significantly, high net worth individuals are investing in large (more…)

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Aug

Midcoast Maine Real Estate Market Shows Improvement
By LandVest

MIDCOAST MAINE REAL ESTATE ANALYSIS, JANUARY – JUNE 2010

This entry is brought to you by Terry Sortwell (tsortwell@landvest.com) and Shannon Thompson (sthompson@landvest.com), who assist and advise real estate buyers of fine homes and estates throughout mid-coast Maine.

The midcoast Maine real estate market in the first half of 2010 has improved over 2009. An analysis of MLS data of coastal and island communities from Boothbay real estate to the Blue Hill Peninsula real estate reveals there have been 16 sales of residential properties priced above $1,000,000 in the first half of this year. There were 8 sales in this range in the first half of 2009 (and 10 sales in the second half). In comparison, in 2006 there were 47 sales above $1,000,000. On the heels of the European financial crisis amid renewed concerns and confusion about the global economic recovery, the real estate market remains illiquid and unpredictable. Demand is still down, inventory of current listings is growing, and days on market are increasing. Generally speaking, buyers are purchasing properties when they find something with the exactly the special attributes they’re seeking, and they are extremely sensitive about pricing. Properties with a significant land component and lots of privacy, priced competitively for today’s market, are those that are getting the most attention and ultimately selling. Our four most recent midcoast maine real estate sales, in July, June and May, are all examples of this trend, offering 16, 21, 34, and 160 acres of land, respectively. Our sense of optimism about the long-term picture for coastal Maine real estate remains as strong as ever. While luxury real estate markets in other parts of the country are severely affected by bank-owned properties driving prices down, ours is not. We continue to believe the next couple of years will be a period of transition, with the market slowly stabilizing, as more buyers and sellers reach agreement and sign contracts. With every sale, buyers and sellers alike have a little more data on which to base decisions, and that knowledge helps fuels the confidence needed to keep things moving forward toward a more balanced market.

For more information on buying or selling real estate in the Camden, Maine area contact Terry Sortwell at tsortwell@landvest.com

Camden Maine Real Estate for Sale

Coastal Maine Real Estate for Sale

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