Middlesex County, Massachusetts is the most populous county in New England and is located west and northwest of Boston. It contains some of the wealthier towns in Massachusetts and was recently ranked 10th in the country in terms of the number of millionaires. It includes urban, suburban and rural areas reaching from urban Cambridge, home to Harvard University and the Massachusetts Institute of Technology, to the New Hampshire border.  Within Route 95/128, towns with high-end real estate include Belmont with its attractive historic Belmont Hill section, Lexington of Revolutionary fame, Newton, particularly the Chestnut Hill area and home to Boston College, and Winchester with wonderful vistas across the Mystic Lakes.  Between Route 95/128 and Route 495, along the Route 2 and Route 20 corridors, Carlisle, Concord, Lincoln, Sudbury, Wayland and Weston are small historic towns that have maintained a sense of their rural past. Sherborn is an anomaly linked more to the neighboring equestrian towns of Dover and Medfield in Norfolk County.  Outside Route 495, Groton is notable for its early nineteenth century architecture, substantial farmland and two highly-regarded boarding schools: Groton School and Lawrence Academy.

Active Listings and Sales, $2,000,000+, Q1-Q3, 2000-2011

In Middlesex County, Massachusetts, in the first three quarters of 2011 the inventory of high-end listings shrank from record levels in the previous quarter (154 vs. 193 listings at the end of June) and compared to the same time last year (182 listings at the end of September 2010).   The first quarter of 2011 had experienced a dramatic decrease in high-end listings down to nearly record lows of 130 so the second quarter was particularly active in terms of new listings coming on the market and the reduction in the number of listings in the third quarter is even more striking.

High-end sales through September are slightly higher than last year (63 vs. 57 in 2010), but significantly behind the average of 74 sales over the past 12 years.  Peak high-end sales for the first three quarters occurred in 2007 with 105 sales.  The first quarter of 2011 started off more strongly than 2010 and several record sales created an optimistic buzz in the brokerage community. The second quarter did not keep up this accelerated pace and, while the third quarter of 2011 was stronger than last year, at the end of September the number of sales is off approximately 40% from the peak. On the positive side, while off from the peak, the high-end market in Middlesex County appears to have stablilzed at a reasonable level compared to historic levels of inventory and sales.

Highest And Average Sale, $2,000,000+, Q1-Q3, 2000-2011

Sale prices for the first two quarters peaked in 2005 to 2007 at the $6,000,000 to $7,000,000 level with an anomalous $10,000,000 sale in 2008. In 2011, the top sale to date was a record $15,600,000 in Weston. There was another nearly record sale in Weston at $8,350,000.  Average sale prices have been generally more stable in the range of $2,700,000 to $2,900,000 over the past 10 years. In the first three quarters of 2011 the average sale price was $2,870,048.

Days On Market, Sales, $2,000,000+, Q1-Q3, 2000-2011

Days on market for high-end sales in the first three quarters have varied considerably over the past 12 years. Average days on market through September of 2011 were 183 vs. 180 in 2010, 240 in 2009 and 173 in 2008. The average days on market for the first three quarters over the period 2000-2011 was 178. Despite the continued uncertainty in the market, special properties expertly presented and well priced are selling, but it can take time, although not much longer than in years past. Buyers continue to demand value and are leery of projects. Land sales have been mixed with developers being particularly risk averse.

Sales By Town, $2,000,000+, Q1-Q3, 2000-2011

Ten of the 54 cities and towns in Middlesex County, Massachusetts had high-end sales in the first three quarters of 2011. Newton was the leader with 18 sales followed by Weston (12), Cambridge (10), Belmont (6), Lexington (6), Winchester (4), Concord (2), Lincoln (2), Sherborn (2), and Sudbury (1). For sales in the first three quarters over the period 2000-2011, the leaders are Weston (219), Newton (201), Cambridge (138), Concord (99), Lexington (56), and Lincoln (37). On a population-adjusted basis, Weston remains the sales leader followed by Concord and Lincoln.

Stonegate Farm in Wayland, MA is currently for sale

Wayland Pastorale in Wayland, MA
was a record sale

Riverwalk in Lincoln, MA was a record sale

Click for more information about Middlesex County Real Estate for sale.

This post was brought to you by Stewart Young (syoung@landvest.com).  Whether it’s an elegant Greek Revival in Lincoln, a 130 acre farm in Medfield, or a waterfront summer estate on Stage Harbor in Chatham, Stewart advises buyers and sellers of some of the most distinctive properties in Massachusetts with a focus on Cape Cod, and the Metro West area of Boston.  View Stewart’s current Real Estate listings.

The LandVest High-End Market Watch is a periodic review of select high-end markets in Maine, Massachusetts, New Hampshire, Rhode Island, Vermont and the Adirondacks. Market data are collected from Multiple Listing Services and do not include private listings. LandVest makes no representation as to the accuracy of the data and therefore is not responsible for any actions taken as a result of use of or reliance on this information.

For additional information about LandVest’s real estate consulting, appraisal and brokerage services, please contact Ruth Kennedy Sudduth.

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.

We at LandVest
have seen increased activity this year,
with a number of encouraging sales. The statistics—and other characteristics of the
market—suggest that values and sales activity
are in a holding pattern at the bottom. Statistics from the Multiple Listing Service (MLS) show that
in the coastal towns from Boothbay to Blue Hill there have been twenty sales of properties priced
over a million so far this year, with one sale pending. Of these, seven are LandVest listings.
Statewide, there have been 119 sales and 12 sales are pending. This is consistent with the number of
sales in 2010 (27 in the midcoast region, 140 statewide.)

Indian Head, Northeast Harbor, Story Litchfield's LandVest listing, was the highest recorded residential sale in the state of Maine

Statewide at the very top of the market, above $3 million, there have
been nine sales statewide, and four sales are pending. Of these thirteen sales, eight were LandVest
listings, and four of the five sales above $4 million were LandVest listings. There were twelve
sales above $3 million in 2010.

A recent white paper by Edward
Chancellor from the global investment management firm GMO examined the stages of the real estate
cycle. Typically the peak is characterized by high valuations, high levels of private sector credit
growth, new forms of lending, high levels of construction, speculative purchasing, and rising
interest rates. A credit crunch and defaults on existing property loans generally signal the turn,
and then the market begins the long, slow slide into “the trough,” where the market tends to linger
due to the lack of liquidity in real estate. We are clearly in this trough, which is characterized
by low valuations, lower leverage, low housing turnover, pent-up demographic demand, and continuing
pessimism toward real estate. Since markets tend to move more slowly on a decline or when moving
laterally, they usually spend several years in the trough.

The Real Estate Cycle in Five Stages, source: GMO

The real estate market is moving through its paces, and there are
reasons for optimism, especially on the coast of Maine. On average, it has taken real estate markets
five years to hit the trough after a bubble, and it’s been five years since housing prices peaked.
And Chancellor believes there are other indications that the worst is over: valuations are
reasonable. Mortgages are available, and at lower rates than we’ve seen in decades. Supply remains
elevated relative to demand, but sales have fallen to an extent that if demand recovers to normal
levels, excess supply would disappear—and in some markets, be replaced by a shortage.

Caldwell Island, a record sale for Muscongus Bay, by Terry Sortwell, regional manager and principal with LandVest in Camden, Maine

Here in Maine, as in elsewhere in the country, buyers are holding back.
The vacation home market has many defining characteristics, and these days perhaps none is more
definitive than the fact that no one has to buy a second- or third- home. So the majority of buyers
are still waiting, and while they wait, demand builds, which bodes well for the future. Chancellor
believes, and we agree wholeheartedly, that the long-term fundamentals of the real estate market are
sound. When the economy recovers and unemployment declines, home prices and construction will both
pick up, and a real estate boom will follow. The new buyer, who is younger (ages 30-50) and more
mobile, is increasingly attracted to Maine,
its quality of life, and the relatively reasonable real estate values to be found here. We’re seeing
more and more buyers from this growing demographic, many with young children, deciding that it’s
time to fulfill their dream of a vacation home here.

Though we’re
in the trough, we’re not without hope, nor without sales activity. We can say with some confidence
that the stalemate between buyers and sellers that we’ve been talking about for the last couple of
years has broken. There have been enough sales of waterfront and other exceptional properties
to allow buyers, sellers, appraisers, and brokers to draw educated conclusions about valuation. With these sales we’re starting to have enough hard data to
begin to gauge real value in the current market. When sales offer more concrete rationale for
pricing, they also generate more confidence among buyers to move forward.

Lilyhaven, Isleboro, sold by Terry Sortwell and William Davisson

While we are beginning to have a better grasp on valuation and pricing,
it’s very difficult to predict what’s going to sell or in what period of time. At the top of the
market, most properties are experiencing slight decreases in value, though the very best among them
are holding value well. The sale (by our Northeast Harbor broker Story Litchfield) of a property on
Somes Sound for $12.25 million was the highest residential sale
ever in the state of Maine. In our own area, our February sale of Caldwell Island in St. George for $4.7 million is another
example of an exceptional property holding its value well, as is the sale of a property on Deep Cove inn Port Clyde for $1.9 million, and the sale of land parcels on
North Haven for $1.7 million. A property on Bremen Long Island that sold in early October for
$635,000 was one of several that attracted multiple offers.

Another peculiarity of this market has been dramatic bursts of activity in
very small markets. Islesboro, for instance, only had one sale over a million in 2006 and 2007. Then
in the three years between 2008 and 2011, sales activity jumped, with eight sales in this range.
There have been two sales this year. Similarly, the market on North Haven was dead quiet for years,
with only three sales above a million in the five years leading up to 2011. This summer and fall
there were six sales.

It remains to be seen whether these flurries
are isolated bubbles of activity or something of greater significance—pointing, perhaps, to renewed
confidence in Maine real estate. We certainly hope it’s the latter and
have many reasons to believe so.

“It has a private causeway leading up to the house.  There really are no neighbors at all….”  Click here to read the full article.  Please note the following correction;  the article erroneously attributed the sale of the $10M property on the South Shore to another brokerage firm when in fact that sale was a LandVest sale.

Contact Terry Boyle at  LandVest in Boston, MA for more information about real estate for sale in Cohasset or on the South Shore, or if you are considering listing your home for sale.  Tboyle@landvest.com

This waterfront estate is situated on a forty foot high granite outcropping with expansive views of Little Harbor in Cohasset.

Red Oaks is a magnificent private estate on 7.9 acres.

Indian Head, Northeast Harbor, ME Listed At: $15,500,000 was the highest recorded residential sale in the state of Maine. Broker: Story Litchfield

Despite global economic and stock market concerns, the high-end coastal Maine real estate market is seeing a positive increase in activity.  Terry Sortwell of LandVest in Camden, Maine reports on the coastal Maine real estate market.  “In the last six weeks we have had an unexpected surge in the number of productive showings in midcoast Maine. Despite market conditions, the buyers that we have spoken to lately do not appear to be concerned with making a real estate investment.  On the contrary, they feel they are getting a good deal and feel a sense of urgency: if they don’t buy, someone else will.”  That sense of urgency is not without merit.  “Several of our recent sales have had more than one person on the waiting list,” says Ruth Kennedy Sudduth, director of the Residential Brokerage Division. “an occurance that we have not seen happen in quite some time.”  In addition, the recent activity has a wide spread in terms of price points.  Story Litchfield of LandVest’s Northeast Harbor office recently brokered the sale of Indian Point which was the highest residential sale in the state of Maine.

John Saint-Amour from LandVest’s Portland office reports similar increased activity in southern coastal Maine and into the western lakes region. With buyers looking for value, sellers are working with realistic offers and properties are selling. For the entire state of Maine since 1/1/2011,  John reports that there have been 15 sales at $2,000,000 and over. LandVest did 7 of these 15 sales. Of the 11 “pending” transactions in the $2,000,000 and over, LandVest is responsible for four of these properties.

William Davisson, also of the LandVest Portland office, reports dramatic increased activity from buyers having interest in properties in Southern Maine. Oceanfront positions, proximity to amenities, accessibility to transportation, and relative turn-key quality define search parameters for these buyers. The recent financial market turmoil has not deterred prospect property visits with most buyers. It is generally acknowledged that value in Maine Coast real estate is present. York and Cumberland Counties currently have three properties pending, and one sold, listed above $3MM. LandVest represented the Sellers for the $4.2MM sale, and is managing two of the pending transactions.

John Scribner, also from the LandVest Portland office, reports there seems to be a sense that the bottom has been realized and that the market is beginning to turn.  This phenomenon requires a unique property with realistic pricing (there has to be the appearance of a good deal for all parties) but it is an emotion we are sensing in the market place we have not seen in a long time.  The coast of Maine has been a dream of many for many years, but sellers over confidence (over pricing) and market conditions (recessionary times) have limited opportunities for intelligent buyers.  The barriers to entry seem to have lifted a bit.

Below is an illustrative collection of LandVest – Maine  listings that have gone under agreement or sold  in the last few weeks.

Pine Knot, Kennebunk, ME, $3,850,000 -Broker: John Scribner

Seabury Farm, York Harbor, ME $3,495,000 Broker John Saint-Amour

Long Reach, Harpswell, ME $1,745,000 Broker: John Saint-Amour

Eastern Bay Farm, North Haven, Maine, $1,875,000 Broker: Terry Sortwell

Harbor House, St. George, ME $975,000 Broker: Terry Sortwell/John Saint-Amour representing the buyer

Deep Cove, St. George, ME, $2,175,000 Broker: Terry Sortwell

Isleview, Seal Harbor, Mount Desert, ME, $950,000 Broker: Story Litchfield

Pratt's Island Cottage Southport, ME, $1,250,000 Broker: John Scribner

Lilyhaven, Islesboro, ME, $3,495,000 Broker: William Davisson

For more information about buying or selling distinctive real estate in Coastal Maine or information about any of the properties that have sold or are under agreement in Bar Harbor, Northeast Harbor and the Down East area, Camden/Rockport and the mid-coast Maine region, York County, Greater Portland and Boothbay Harbor regions, contact one of our Maine Real Estate Brokers.

Camden, Maine Area Real Estate Broker

Portland, Maine  Area Real Estate Broker

Northeast Harbor, Area Real Estate Broker

Middlesex County, Massachusetts is the most populous county in New England and is located west and northwest of Boston. It contains some of the wealthier towns in Massachusetts and was recently ranked tenth in the country in terms of the number of millionaires. It includes urban, suburban and rural areas reaching from urban Cambridge, home of Harvard University and the Massachusetts Institute of Technology, to the New Hampshire border. Along Route 95/128, towns with high-end real estate include Belmont with its attractive historic Belmont Hill section, Lexington of Revolutionary fame, Newton, particularly the Chestnut Hill area and home to Boston College, and Winchester with wonderful vistas across the Mystic Lakes. Between Route 95/128 and Route 495, along the Route 2 and Route 20 corridors, Carlisle, Concord, Lincoln, Sudbury, Wayland and Weston are small historic towns that have maintained a sense of their rural past. Sherborn is an anomaly linked more to the neighboring equestrian towns of Dover and Medfield in Norfolk County. Outside Route 495, Groton is notable for its early nineteenth century architecture, substantial farmland and two highly-regarded boarding schools: Groton School and Lawrence Academy.

Active Listings and Sales, $2,000,000+, First Half 2000-2011

In Middlesex County, Massachusetts, in the first half of 2011 the inventory of high-end listings grew to record levels (193 vs.183 listings in 2010). The first quarter of 2011 had experienced a dramatic decrease in high-end listings down to nearly record lows of 130 so the second quarter was particularly active in terms of new listings coming on the market.

First half high-end sales are slightly higher than last year (42 vs. 40 in 2010) and about at average levels for the past 12 years. Peak high-end sales for the first two quarters occurred in 2007 with 61 sales and in 2005 with 60 sales. The first quarter of 2011 started off more strongly than 2010 and several record sales created an optimistic buzz in the brokerage community. While the second quarter did not keep up this accelerated pace and the number of sales is off approximately 30% from the peak, the high-end market in Middlesex County appears to have stabilized at a very healthy level.

Highest And Average Sale, $2,000,000+, First Half, 2000-2011

Sale prices for the first two quarters peaked in 2005 to 2007 at the $6,000,000 to $7,000,000 level with an anomalous $10,000,000 sale in 2008. In 2011, the top sale to date was a record $15,600,000 in Weston. There was another nearly record sale in Weston at $8,350,000. Average first half sale prices have been generally more stable in the range of $2,700,000 to $2,900,000 over the past 10 years. In the first half of 2011 the average sale price was $3,067,976, skewed by these two exceptional sales.

Days On Market, Sales, $2,000,000+, First Half, 2000-2011

Days on market for first half high-end sales have varied considerably over the past 12 years. Average days on market for the first half of 2011 were 197 vs. 216 in 2010, 258 in 2009 and 186 in 2008. The average days on market for the first half over the period 2000-2011 was 194. Despite the continued uncertainty in the market, special properties expertly presented and well priced are selling, but it can take time. Buyers continue to demand value and are leery of projects. Land had been mixed with developers being particularly risk averse.

Sales By Town, $2,000,000+, First Half, 2000-2011

Nine of the 54 cities and towns in Middlesex County, Massachusetts had high-end sales in the first half of 2011. Newton was the leader with 14 sales followed by Weston (8), Cambridge (5), Belmont (4), Lexington (4), Winchester (3), Concord (2), Sherborn (1), and Sudbury (1). For first half sales over the period 2000-2011, the leaders are Weston (134), Newton (116), Cambridge (76), Concord (49), and Lexington (38), and Lincoln (22). On a population-adjusted basis, Weston remains the sales leader followed by Concord and Lincoln.

Stonegate Farm is currently for sale in Wayland, MA

River Road Farm is currently for sale in Carlisle, MA

Click for more information about Middlesex County Real Estate for sale.

This post was brought to you by Stewart Young (syoung@landvest.com).  Whether it’s an elegant Greek Revival in Lincoln, a 130 acre farm in Medfield, or a waterfront summer estate on Stage Harbor in Chatham, Stewart advises buyers and sellers of some of the most distinctive properties in Massachusetts with a focus on Cape Cod, and the Metro West area of Boston.  View Stewart’s current Real Estate listings.

The LandVest High-End Market Watch is a periodic review of select high-end markets in Maine, Massachusetts, New Hampshire, Rhode Island, Vermont and the Adirondacks. Market data are collected from Multiple Listing Services and do not include private listings. LandVest makes no representation as to the accuracy of the data and therefore is not responsible for any actions taken as a result of use of or reliance on this information.

For additional information about LandVest’s real estate consulting, appraisal and brokerage services, please contact Ruth Kennedy Sudduth.

A recent informal survey of LandVest brokers throughout our network reveals an important demographic shift in buyers of high-end real estate.  While as recently as five years ago, the leading group was the empty nester seeking a retirement home, today’s buyer is more likely to head a young family with children.  Interestingly, sellers, with an average age of 72, are now a full generation older than these buyers, who average 45 years old.

This new cohort of buyers is affluent.  The average  size of our most recent transactions was $3 million.  They are geographically mobile.  Of 39 recent LandVest transactions, nine of which were in Greater Boston primary home markets, the buyers came from nine states and three countries, including multiple buyers from Canada and the U.K.

This theme is consistent regardless of whether we look at primary home or second home markets.  In Greater Boston, couples with young children are upgrading to large houses on family friendly sites, generally in excellent or like new condition.  Our Maine offices are seeing buyers in their 30s and 40s who already have connections to Maine.  They are returning to the state, seeking Maine coast property to give their children the opportunity to experience the Maine summer magic that they treasured when they were kids themselves.

The way buyers communicate and do business has changed too.  These new buyers are tech savvy and well-informed; they move at a fast pace, manage multiple competing priorities on the fly, and they expect instant responses to communication.  The web is their key resource, and they are intensive researchers of property and markets.  They carry smartphones (predominantly iPhones and BlackBerries), and many carry iPads as well.  All communicate via email, but a rising share prefers text messaging to email.  Most are on Facebook and LinkedIn.

These buyers are looking for family homes with luxury amenities.  In many markets, they are seeking either exceptional privacy or a village setting in very close proximity (i.e. walking distance) to town centers, children’s activities, and services.  For the most part, they’re most interested in, and willing to pay for, houses that are already “done,” updated to current standards and offering all the desirable amenities.

One of our fiduciary clients, the president of an international wealth management firm, commented that his older clients were still behaving very conservatively after the recession.  Younger clients of wealth, perhaps more confident that they have many years of wealth creation in front of them, have been the leaders in purchasing landmark properties in this recovering high end market environment.

Terry Sortwell is a principal and regional manager at LandVest’s Camden office. The firm deals in high-end properties, generally more than $1 million. He suggested that the current market conditions have shown, once again, that real estate is not a liquid investment.

“If there’s not a lot of demand for the property you own, you can reduce the price way down below what one would think it’s worth and still not sell it,” said Sortwell. “You can’t make a market for it — that’s part of the frustration many sellers are going through.”

The market he deals in got very quiet about three years ago, reviving a bit last year, said Sortwell.

“Basically, buyers have been …”  Read the full article

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

2010 was a year of consolidation across the markets we serve. With pricing well off the highs of 2005, and approaching 2001 levels in many markets, seller expectations became realistic and buyers stepped in to pick up attractive deals with cash. Yankee thrift largely avoided the distressed market prevalent in the Southwest and California, and bottom-fishers have largely been frustrated at trying to pick off superb properties which hold considerable value despite the market.

LandVest led record sales through this challenging market, reflecting our strength and the quality of the properties we represent. Wyck Estate – spectacular waterfront French chateau reproduction in Manchester, MA was offered for $12.25 million. Lochland – eclipsed only by the previous New Hampshire record set by LandVest in 2006, this former home of Babe and William Paley on Squam Lake sold for $6.85 million. Round Pond Road – remarkable Martha’s Vineyard beachfront property was offered for $18 million and sold in early 2011, setting the tone for a stronger spring market.

North Mowing, located in Springfield, Vermont is privately set on 230± acres and is currently for sale. The amenity-rich estate offers nine clapboard buildings in an idylic Vermont setting.

Vermont

Sales Volume
The Vermont high-end market is predominantly a second (or third…) home market, driven by want rather than need. 2010 volume of state-wide residential sales over $1 million topped 60, improving ever so slightly from 2009’s trough of 54 sales, but down over 57% from the peak in 2005. Sales over $2 million showed a similar trend with a bigger rebound in 2010, but off the peak by 62%. The average marketing period lengthened to over 1.5 years.

It was not until end of 2009 and beginning of 2010 that the scale of price decreases became clear. Here are sample sales in the primary high-end markets in Vermont.

Prospects for 2011 are looking better. Our market is driven by wealth, and with the S&P 500 recovering strongly, and bonuses for financial services firms roaring back, we are seeing an influx of young, smart buyers, looking for wonderful places in Vermont. However, competition is fierce. With over several years of unsold inventory on the market, great properties, well-priced, beautifully presented and well-represented will have the advantage.

Lost Cove in Colchester Vermont, is a remarkable 6,997± shingle-style, Lake Champlain real estate offering

Market Observations:

●    Buyers who were willing to make offers in 2010 were well-informed and opportunistic. They knew the area well from childhood camp, family gatherings and vacations, and they have been in the hunt for awhile. Buyers looking for the first time were more likely to sit on the sidelines.

●    There is a build-up of properties for sale but not on the public market (“Shadow Inventory”), motivated by a fear of having over-exposure in the public eye. The result is a potential for additional inventory to come to market in the coming year, particularly if there are signs of an improved market climate. Given this competitive environment, the clear advantage is to properties that are positioned properly and marketed with a broad market reach.

●    Generational Shift:  Buyers are young and looking for family 2nd homes. The “empty nester” buying pool has stepped back, replaced by the young financial market Turks. The market is being driven by the needs of families for ample bedrooms together and informal living spaces. We are working with sellers to assist them in positioning their properties to showcase their advantages for families with younger children.

Bay Point is one of the only completely private residences on the Eastern Shore of Lake Champlain that is currently for sale.

Woodstock and Norwich Region

The uncertain economic climate primarily affected the second home market in 2010, which weighed more heavily on Woodstock than Norwich where Dartmouth College and Hitchcock Medical Center create a more stable “primary residence” market. Unit sales indications show a slight increase over 2009, following a state-wide trend. Three of the eleven Vermont sales over $2 million were in the Woodstock area.

(*) 2 distressed sales helped pull the sale/assessed value down in 2009

The gap between seller and buyer expectations ballooned in 2009, and began to close in 2010. “Sale Price to Assessed Value” is an interesting, if occasionally misleading metric, depending on how accurately assessments reflect the condition of the properties being sold. Days on market reflects the abundance of choice for buyers. In better market conditions, sales discounts average 10-15% of asking price.

The good news is the quality of buyers we are seeing step forward. Their appetite for large land parcels – the gems of Vermont listings – is solid, though very sensitive to value. In 2010, there were three sales of large land parcels and two residential sales where the driver was for the quality and location of the land. With a base of buyers currently looking for this same land profile, better prices will be supported by this demand (LandVest Vermont properties for sale).

Lake Champlain

The Lake Champlain real estate market improved as the year went on, with increased number of showings relative to a still limited number of sales.

Beautifully renovated properties in great waterfront locations sold best.  Yet scarce really great inventory pushed buyers toward purchasing waterfront properties, razing modest existing structures and building anew. Lake Champlain real estate sales in 2010 included three sales of substantial waterfront properties trading for land prices. Values have become compelling, falling below assessed values even in such prized areas as Charlotte and Shelburne.

There are currently 28 Lake Champlain waterfront properties on the market for $1m or more, providing 4 years of inventory. This underscores the importance of carefully positioning and price properties for sale, a LandVest specialty.

Gentleman Farms

Location drives value, especially in a challenging market. Buyers have focused on farms closer to amenities, supporting values. The remote hill farm retreat has seen steeper sales discounts than for farms that are closer to Woodstock, Barnard, Charlotte, and Shelburn – towns known for their lovely environments and nearby amenities. This next year is likely to see some exceptional farms come on the market, providing great opportunity for buyers.

The 92+ acre Craggle Ridge Farm in West Windsor, Vermont (near GMHA) offers 92+ acres, a 2,943± home, a a two-bedroom guest/caretaker house, a 6-stall stable, a riding arena, a pond and more

LandVest Is Assisting Clients In:

●    Grieving inappropriate tax assessments: Some properties are still assessed too high and LandVest has had excellent results in assisting land owners in establishing a basis for tax grievance, which in some cases can have a significant decrease in the tax burden.

●    Capturing timber value: With owners of large wooded land parcels, there is a value to the standing timberland and it should be understood as part of the property’s value. The value may not be substantial from a financial standpoint, but as often it is important emotionally, with great sugar bushes or mixed hardwood stands adding to the intrinsic sense of place of a property, but making the difference in a buyer’s interest or the strength of an offer. Increased interest in inflation hedging through commodity exposure gives another dimension to timber as a land attribute. LandVest Timber can help with a valuation.

●    Protecting the value of your property: This can be the purchase of adjoining land to make a property more marketable, careful disposition planning of the property for children or for liquidity, or having solid marketing advice when considering a conservation easement  to protect the marketability of your property and to protect your deduction from recent IRS challenges. LandVest Consulting is unmatched in its depth of knowledge for planning this increasingly important asset.

 

The Takeaway

The market is improving. Quality endures – there is pent-up demand for beautiful properties in great locations with privacy and views.  This is the time for careful planning and market-sensitive execution. The high-end market requires a particular focus and LandVest stands alone with this expertise.

For more information, please view contact information for Story Jenks, Jon Weber, Ruth Kennedy Sudduth, and Wade Weathers. Or, contact Story Jenks at sjenks@landvest.com, Jon Weber at jweber@landvest.com, Ruth Kennedy Sudduth at rsudduth@landvest.com, or Wade Weathers at wweathers@landvest.com. 

LandVest serves high net worth clients and their advisors in planning and marketing their fine homes, farms and timberland. Our practice has grown over our forty years well beyond our New England roots to a national and international practice. This unique perspective allows us to intelligently partner with clients who may own multiple properties, from Florida and Coastal New England to farms and timberland in Vermont, New Hampshire and the Adirondacks. We are proud to be an exclusive affiliate of Christie’s International Real Estate, with reach to 40 countries and 148 offices.

Middlesex County, Massachusetts is the most populous county in New England and is located west and northwest of Boston. It contains some of the wealthier towns in Massachusetts and was recently ranked tenth in the country in terms of the number of millionaires. It includes urban, suburban and rural areas reaching from urban Cambridge, home of Harvard University and the Massachusetts Institute of Technology, to the New Hampshire border. Along Route 95/128, towns with high-end real estate include Belmont with its attractive historic Belmont Hill section, Lexington of Revolutionary fame, Newton, particularly the Chestnut Hill area and home to Boston College, and Winchester with wonderful vistas across the Mystic Lakes. Between Route 95/128 and Route 495, along the Route 2 and Route 20 corridors, Carlisle, Concord, Lincoln, Sudbury, Wayland and Weston are small historic towns that have maintained a sense of their rural past. Sherborn is an anomaly linked more to the neighboring equestrian towns of Dover and Medfield in Norfolk County. Outside Route 495, Groton is notable for its early nineteenth century architecture, substantial farmland and two highly-regarded boarding schools: Groton School and Lawrence Academy.

ACTIVE LISTINGS AND SALES, $2,000,000+, YEAR END, 2000-2010

In Middlesex County, Massachusetts in the fourth quarter of 2010, the inventory of high-end listings shrank as expected in the winter months to 114 listings from a third quarter level of 182. The record for year-end inventory was 133 listings in 2005. The number of high-end sales peaked in 2006 (121 sales) and 2007 (126 sales). The past three years have seen considerably less activity: ninety-eight sales in 2008, sixty sales in 2009, and eighty-one sales in 2010, an increase of 35% over 2009. However, 2010 sales remained 36% lower than the peak in 2007. The uptick in sales in the first quarter of 2010 was sustained in the first half, lagged in the third quarter, and came back strongly in the fourth quarter. Towns with high-end sales in 2010 were Belmont, Cambridge, Concord, Lexington, Lincoln, Newton, Sudbury, Wayland, Weston and Winchester.

HIGHEST AND AVERAGE SALE, $2,000,000+, YEAR END, 2000-2010

In 2010, the top sale in Middlesex County was $6,500,000 in Chestnut Hill (Newton). In the past eleven years, the highest sale recorded in MLS for Middlesex County was $10,000,000 in Weston in 2008. There was also a private sale in Weston in 2008 for $11,265,000. Average year-end sale prices have been generally stable in the range of $2,600,000 to $2,900,000 over the past eleven years. In 2010 the average sale price was $2,640,536.

DAYS ON MARKET, SALES, $2,000,000+, YEAR END, 2000-2010

Days on market for high-end sales have varied dramatically over the past eleven years. In the first quarter of 2010, properties that did sell sold quickly, while in the rest of 2010 days on market increased, but were better than in 2009. Average days on market for 2010 were 187 vs. 236 in 2009 and 164 in 2008. Despite the continued uncertainty in the market, special properties expertly presented and well-priced are selling. Success in 2011, as in 2010, will depend on reaching out to a broad market with a strong value proposition.

SALES BY TOWN, $2,000,000+, YEAR END, 2000-2010

Ten of the fifty-four cities and towns in Middlesex County, Massachusetts had high-end sales in 2010. Over the period 2000-2010, Weston was the leader with 246 sales, followed by Newton (226), Cambridge (166) and Concord (120). On a population-adjusted basis, Weston was also the leader by a three-fold margin, followed by Concord and Lincoln.

The Monument Street Estate is currently available for sale in Concord.

This Classic Shingle-style on Nashawtuc Hill is currently available for sale in Concord.

Click for more information about Middlesex County Real Estate for sale.

This post was brought to you by Stewart Young (syoung@landvest.com).  Whether it’s an elegant Greek Revival in Lincoln, a 130 acre farm in Medfield, or a waterfront summer estate on Stage Harbor in Chatham, Stewart advises buyers and sellers of some of the most distinctive properties in Massachusetts with a focus on Cape Cod, and the Metro West area of Boston.  View Stewart’s current Real Estate listings.

The LandVest High-End Market Watch is a periodic review of select high-end markets in Maine, Massachusetts, New Hampshire, Rhode Island, Vermont and the Adirondacks. Market data are collected from Multiple Listing Services and do not include private listings. LandVest makes no representation as to the accuracy of the data and therefore is not responsible for any actions taken as a result of use of or reliance on this information. For additional information about LandVest’s real estate consulting, appraisal and brokerage services, please contact Robert R. Borden III.

Cape Cod is internationally famous as a summer resort area and is increasingly popular for retirement living. It features miles of beaches, natural attractions, historic sites, art galleries, and four star restaurants and hotels. Outdoor activities include world class yachting, coastal and deep-sea fishing, numerous public and private golf courses, and a wide variety of other informal summer sports. The Cape is just 75 miles from Logan Airport in Boston, Massachusetts and T.F. Green Airport in Providence, Rhode Island. Executive jet services are available at the Hyannis airport and there are several other smaller airports.

Cape Cod is divided into four regions: Upper Cape, Mid Cape, Lower Cape, and Outer Cape, each including several towns and villages. Upper Cape towns include Bourne, Sandwich, Falmouth, and Mashpee.  Mid Cape towns include Barnstable, Dennis, and Yarmouth.  Lower Cape towns include Harwich, Brewster, Chatham, and Orleans. Outer Cape towns include Eastham, Wellfleet, Truro, and Provincetown.

ACTIVE LISTINGS AND SALES, $2,000,000+, YEAR END, 2000-2010

On Cape Cod, Massachusetts, in 2010 the inventory of high-end listings  grew to historic levels (204 listings vs. 185 at the same point in 2009), although 19% less than seen in the third quarter due to typical seasonal retrenchment. After a slow start, high-end sales in 2010 increased by 34% compared to last year (55 sales vs. 41 in 2009). While 2010 represents a significant improvement in sales volume, it remains 38% less than the peak of 88 sales in 2007. 2009 sales were the lowest since 2002. In June we reported seeing a burst of energy across LandVest’s markets and in the third quarter were cautiously optimistic. At year-end, sales results exceeded our expectations and 2011 is starting off with an upsurge in buyer activity, driven in part by pent-up demand among well-heeled buyers and in part by sellers who have adjusted their pricing to reflect the new realities of the market.

HIGHEST AND MEDIAN SALE, $2,000,000+, YEAR END, 2000-2010

Sale prices peaked in 2006 with a sale in Osterville at $12.5 million that remains the record sale for Cape Cod. In 2010 the top sale was $7.5 million for a LandVest private listing in Cotuit. The next three highest sales were $5.8 million for a property in Centerville that was on the market for 2,180 days starting at $9,800,000, $5.3 million for a property in Truro on the market for 1,124 days, and $5 million for a property in Chatham. The median value for high-end sales in 2010 was $2.6 million, down 7% from the same period in 2009, but the same as in 2008. Sale prices have been generally stable for the past 9 years. Curiously, the highest median sales values were in 2000 ($2,900,000) and 2001 ($3,000,000).

DAYS ON MARKET, SALES, $2,000,000+, YEAR END, 2000-2010

Days on market for high-end properties sold during 2010 grew substantially to 461 days compared to 251 days for 2009. This increase is skewed by the sale of the property in Centerville after 2,180 days, as well as several other properties selling after 3 years on the market. In 2006-2008, the average days on market for sales ranged from 218 to 264 days.

SALES BY TOWN, $2,000,000+, YEAR END, 2000-2010

For the past few years the high-end market on Cape Cod has broadened as the perennial top markets have been perceived as being too expensive and as buyers have bid up the prices of special properties in other towns. In the first half of 2010, the market seemed to be contracting, but broadened in the third and fourth quarters. Ten Cape Cod towns had high-end sales in 2010 including the leader, Barnstable, (with 12 of the 19 sales in the village of Osterville), followed by Chatham (15), Falmouth (5), Harwich (4), Provincetown (4), Orleans (3), Bourne (2), Brewster (1), Truro (1), and Yarmouth (1). In 2006, 13 of the 15 Cape Cod towns had high-end sales.

The Masthead Waterfront Compound is currently available for sale in Provincetown

The Nantucket Sound Waterfront is currently available for sale in Centerville

Click for more information about Cape Cod Real Estate for sale.

This post was brought to you by Stewart Young (syoung@landvest.com).  Whether it’s an elegant Greek Revival in Lincoln, a 130 acre farm in Medfield, or a waterfront summer estate on Stage Harbor in Chatham, Stewart advises buyers and sellers of some of the most distinctive properties in Massachusetts with a focus on Cape Cod, the Metro West area of Boston.  View Stewart’s current Real Estate listings.

  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.

Middlesex County, Massachusetts, is the most populous county in New England and is located west and northwest of Boston. It contains some of the wealthier towns in Massachusetts and was recently ranked 10th in the country in terms of the number of millionaires. It includes urban, suburban, and rural areas reaching from urban Cambridge, home to Harvard University and the Massachusetts Institute of Technology, to the New Hampshire border. Within Route 95/128, towns with high-end real estate include Belmont with its attractive historic Belmont Hill section; Lexington of Revolutionary War fame; Newton particularly the Chestnut Hill area and home to Boston College; and Winchester with wonderful vistas across the Mystic Lakes. Between Route 95/128 and Route 495, along the Route 2 and Route 20 corridors, Carlisle, Concord, Lincoln, Sudbury, Wayland, and Weston are small historic towns that have maintained a sense of their rural past. Sherborn is an anomaly linked more to the neighboring equestrian towns of Dover and Medfield in Norfolk County. Outside Route 495, Groton is notable for its early 19th century architecture, substantial farm land, and two highly-regarded boarding schools: Groton School and Lawrence Academy.

Active Listings and Sales $2,000,000+, Q1-Q3, 2000-2010

In Middlesex County, Massachusetts, in the first three quarters of 2010 the inventory of high-end listings grew to nearly record levels (182 listings vs. a peak of 187 in 2009). Q1-Q3 high-end sales peaked in 2006 (98 sales) and 2007 (105 sales). The past three years have seen considerably less activity in the first three quarters: 88 sales in 2008, 45 sales in 2009, and 57 sales in 2010. The uptick seen in the first quarter was sustained in the first half, but lagged again in the third quarter. Towns with high-end sales in the first three quarters of 2010 are Belmont, Cambridge, Concord, Lexington, Lincoln, Newton, Wayland, Weston, and Winchester.

Highest and Average Sale, $2,000,000+, Q1-Q3, 2000-2010 

Q1-Q3 sale prices peaked in 2004-2007 at the $6,000,000 to $7,000,000 level with an anomalous $10,000,000 sale in 2008 in Weston. In 2010, the top sale in the first three quarters was $6,500,000 in Chestnut Hill (Newton). Average Q1-Q3 sales prices are generally more stable in the range of $2,600,000 to $2,900,000 over the past ten years. In the first three quarters of 2010 the average sale price was $2,703,238.

Days on Market, Sales, $2,000,000+, Q1-Q3, 2000-2010 

Days on market for Q1-Q3 high-end sales have varied dramatically over the past 10 years. In the first quarter of 2010, properties that did sell, sold quickly, while in the second and third quarters days on market have increased, but are better than in 2009. Average days on market for the first three quarters were 180 vs. 240 in 2009 and 173 in 2008. Despite the continued uncertainty in the market, special properties expertly presented and well priced are selling.

Sales by Town, $2,000,000+, Q1-Q3, 2000-2010

Nine of the 54 cities and towns in Middlesex County, Massachusetts, had high-end sales in the first three quarters of 2010. Over the period 2000-2010 Weston is the leader with 207 sales followed by Newton (183), Cambridge (128), and Concord (97). On a population-adjusted basis, Weston is also the leader by a 3-fold margin followed by Concord and Lincoln.

This Carlisle Land property is currently under agreement

Monument Street Estate is currently for sale in Concord

This post was brought to you by Stewart Young (syoung@landvest.com).  Whether it’s an elegant Greek Revival in Lincoln, a 130 acre farm in Medfield, or a waterfront summer estate on Stage Harbor in Chatham, Stewart advises buyers and sellers of some of the most distinctive properties in Massachusetts with a focus on Cape Cod, the Metro West area of Boston.  View Stewart’s current Real Estate listings.

Cape Cod is internationally famous as a summer resort area and is increasingly popular for retirement living. It features miles of beaches, natural attractions, historic sites, art galleries, and four star restaurants and hotels. Outdoor activities include world class yachting, coastal and deep-sea fishing, numerous public and private golf courses, and a wide variety of other informal summer sports. The Cape is just 75 miles from Logan Airport in Boston, Massachusetts and T.F. Green Airport in Providence, Rhode Island. Executive jet services are available at the Hyannis airport and there are several other smaller airports.

Cape Cod is divided into four regions: Upper Cape, Mid Cape, Lower Cape, and Outer Cape, each including several towns and villages. Upper Cape towns include Bourne, Sandwich, Falmouth, and Mashpee.  Mid Cape towns include Barnstable, Dennis, and Yarmouth.  Lower Cape towns include Harwich, Brewster, Chatham, and Orleans. Outer Cape towns include Eastham, Wellfleet, Truro, and Provincetown.

Active Listings and Sales, $2,000,000+, Q1-Q3,
2000-2010

On Cape Cod, Massachusetts, in the first three quarters of 2010 the inventory of high-end listings grew to historic levels (252 listings vs. 211 at the same point in 2009). Q1-Q3 high-end sales increased by 27% compared to last year (38 sales vs. 30 at the same point in 2009). The peak for Q1-Q3 sales was 60 sales in 2006. 2009 sales were the lowest since 2002. It is interesting to note that the first quarter 2010 performance was lagging 2009 (5 sales vs. 8 in 2009), but surged ahead in the second and third quarters. In June we reported seeing a burst of energy across LandVest’s markets and the positive trends continue. We are cautiously optimistic that the reminder of the year will see increasing activity in the high-end market.

Highest and Median Sale,
$2,000,000+, Q1-Q3, 2000-2010

Q1-Q3 sale prices peaked in 2006 with a sale in Osterville at $12.5 million that remains the record sale for Cape Cod. In 2010 the top sale to date is $7.5 million for a LandVest listing in Cotuit that sold for $1,500,000 above the asking price. The next three highest sales were $5.8 million for a property in Centerville that was on the market for 2,180 days starting at $9,800,000, $5.8 million for a property in Truro, and $5 million for a property in Chatham. The median value for high end sales in the first three quarters of 2010 was $2.5 million, down 12% from the same period in 2009, but the same as in 2008.

Days on Market, Sales, $2,000,000+, Q1-Q3, 2000-2010

Days on market for high-end properties sold during the first three quarters of 2010 grew substantially to 531 days compared to 253 days for the first three quarters of 2009. This increase is skewed by the sale of the property in Centerville after 2,180 days, although there were several other properties selling after 3 years on the market. In 2006-2008, the average days on market for sales in the first three quarters of the year ranged from 212 to 290 days.

Sales by Town, $2,000,000+, Q1-Q3, 2000-2010

For the past few years the high-end market on Cape Cod has broadened as the perennial top markets have been perceived as being too expensive and as buyers have bid up the prices of special properties in other towns. In the first half of 2010, the market seemed to be contracting, but it has broadened in the third quarter. Cape Cod towns with high-end sales in the first three quarters of 2010 include the leader, Barnstable, (with 8 of the 14 sales in the village of Osterville), followed by Chatham (11), Harwich (3), Orleans (3), Falmouth (2), Provincetown (2), Bourne (1), Truro (1), and Yarmouth (1). In 2006, 13 of the 15 Cape Cod towns had high-end sales.

Wychmere Harborfront Estate is currently available for sale in Harwich Port

Fairview Waterfront Compound is currently for sale in Woods Hole

Click for more information about Cape Cod Real Estate for sale.

This post was brought to you by Stewart Young (syoung@landvest.com).  Whether it’s an elegant Greek Revival in Lincoln, a 130 acre farm in Medfield, or a waterfront summer estate on Stage Harbor in Chatham, Stewart advises buyers and sellers of some of the most distinctive properties in Massachusetts with a focus on Cape Cod, the Metro West area of Boston.  View Stewart’s current Real Estate listings.

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 parcels and distinctive properties—timberland, private islands, large tracts of land and residential properties with significant land components. LandVest’s Maine offices have had 12 sales over $1,000,000 this year, and three LandVest listings over $2,000,000 are under contract this month. Last quarter we reported that properties with substantial acreage are in highest demand, and buyers’ interest has remained high for such properties.
 
Locally, the midcoast Maine market remains slow, though improved over 2009, with 15 sales over $1,000,000 this year in the coastal communities from the Pemaquid Peninsula to the Blue Hill Peninsula and islands of Penobscot and Muscongus Bays. Five of these properties were LandVest listings, as was the highest sale to date this year, a waterfront property on Islesboro that sold for $2,250,000 in June. In 2009 there were 12 sales over $1,000,000 in this same range. We’re encouraged by this increase, as slight as it may be, and it confirms our thinking that we’re in a period of transition, with the market stabilizing and slowly gaining traction over the next couple of years. 
Browse Properties for sale in MidCoast Maine

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