Archive for October, 2008
Maine Waterfront Property – Betting on a Casino?
October 31st, 2008 categories: Observations and Commentary
There’s an election next Tuesday and among the ballot items we get to vote on here in Maine is the following question:
“Do you want to allow a certain Maine company to have the only casino in Maine, to be located in Oxford County, if part of the revenue is used to fund specific state programs?”
The plan is to locate a $184 million hotel, casino, spa, and conference center somewhere on Rte. 26 in Oxford. The promoters of this idea have estimated that once this place is built it will provide 907 jobs to the local economy at an average salary of $35,000 annually. It is my understanding that it will provide tax revenues to both the state and the local community.
As you might imagine, this ballot question strikes a nerve. Most folks are in favor of good jobs and economic growth, but question whether the casino industry is a good fit for the Maine “brand”, if you will. Everyone sees that sign when you drive north over the bridge in Kittery – “Maine: the way life should be”.
Maine is a poor state, not in small part because it is sparsely populated and sits geographically at the end of the line. Basically, there’s one way in and one way out. Interestingly, these very reasons for its impoverishment are also, for many, its biggest attraction. Peace and quiet, few neighbors, and vistas of woodlands, lakes, and mountains.
What impact would a casino have in this area of Maine? If you vacation on one of our wonderful lakes or are thinking about owning a lakefront property in Maine, does the idea of a casino nearby attract or repel you?
My guess is that for those who come to this area to enjoy our lakes and ponds, to ski our mountains and hike our trails, to fish and hunt and snowmobile, having a casino nearby is not going to be high on the list of attractions.
For those who live here, however, those who have to make a living and support a family, they may be a little more positively disposed toward a casino, strictly for economic reasons. They simply can’t afford to see it any other way.
Would a casino in Oxford hurt the Maine “brand”? And, if so, at what cost? Would the economic benefits outweigh the liabilities? Would a casino bring the kind of economic development that Maine so desparately needs?
It will be interesting to see how the vote turns out on Tuesday. To read in more depth on this issue go to this article: http://www.keepmecurrent.com/Community/story.cfm?storyID=59339
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Maine Lakefront Real Estate – Maintaining Your Septic System
October 28th, 2008 categories: Observations and Commentary
One of the primary responsibilities of a lakefront property owner is to be familiar with and properly maintain their septic system. Also, those planning to buy an existing home or build a new home need to familiarize themselves with the basics of a basic septic sewage disposal system.
Today I would like to post a few words about maintaining an existing system. With the help from our friends at Green Environmental Engineering in Wayne, Maine here’s today’s Q. and A. on septic systems:
How do I maintain my septic system?
Operation and maintenance of a septic system consists of avoiding or minimizing the disposal of materials that can shorten the life of the system, and pumping the septic tank before solids build up too high in the tank.
The following can shorten the system life or impair its performance:
• The use of a garbage disposal is never recommended with a septic system. Although they are permitted by the state code and special design features can be added to help minimize their impact, they will most likely shorten the life of the septic system to some extent.
• Water conservation, including low water use plumbing fixtures, should be used. Septic systems are designed to handle the water needs of an average user and may not function properly if excessive volumes of water are used. In addition, the system will begin to handle less water as it ages. It is prudent to avoid unnecessary water use with a septic system.
• It is recommended that laundry loads be spread out over more than a single day if many loads are done to avoid overloading the system. It is also recommended that liquid rather than powdered laundry detergent be used because powders contain solid material that can settle out in the septic system.
• Avoid dumping any oil, grease, or fat into the septic system. Although the septic tank is effective in trapping these wastes if they solidify in the tank and float to the top, they can quickly clog the soil of the leachfield if they pass through. Restaurants have historically had septic system problems due to grease in their waste.
• Do not dump any toxic materials down the drain. This includes chorine bleach or other cleaners, chemicals, or petroleum products. The septic system depends on living microorganisms to treat the wastewater before it enters the groundwater. Materials that are dumped in toxic quantities can result in contaminated wastewater seeping into the groundwater or even failure of the septic system.
• The use of septic tank additives is not recommended.
Aside from using the system sensibly, the septic tank will need to be pumped out periodically to avoid accumulated material from washing out into the leachfield. The actual need for pumping varies depending upon use, but is generally recommended about every three years. If a garbage grinder is used the tank should be pumped out every year. Septic tank pumping companies may be able recommend a pumping interval after pumping the tank, and may send reminders that pumping is due. Although there is a cost to pump the tank, it is small in comparison to the cost of a replacement leachfield which could result if pumping is neglected.
I will be posting more information in the days and weeks to come about septic systems, but if you just can’t wait until the next post and want to know more about septic systems and how they work, just go directly to the Green Environmental Engineering site at http://mainesepticdesign.com/index.htm . They have lots of great information and are happy to share it with you.
If your looking for a great septic system by a lake in Maine (that happens to come attached to a house!) you might try using our Lakefront Locator, where you can search all of the current lakefront properties in the entire state.
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Maine Lakefront Real Estate- “Are you mapping your search results?”
October 25th, 2008 categories: Observations and Commentary
The primary reason lakefront buyers come to the Mr Lakefront website, www.mrlakefront.net , is to look at lakefront real estate. That’s as it should be.
The Lakefront Locator is designed to allow waterfront home buyers to narrow down your search to those properties that fit your criteria or meet your needs. There’s lots of choices. What Lake Region? What type of property? What price range? What town(s)? What lake(s)? Once you’ve figured that out, then one can select how the results are displayed. From oldest on the market to newest or newest to oldest. Highest priced to lowest prices or lowest to highest priced.
There is also a Map Results feature. This feature allows one to display the results of one’s search on a map. It took some effort on our part to bring it to you. Zooming in and out takes some getting used to, but worth the effort. If you haven’t used it give it a go!
However, the map results feature is not perfect. It is not perfect because it relies on those pesky critters, my fellow real estate agents, to provide accurate street addresses for all properties. For example, problems crop up if an address is misspelled. It could be as simple as High View Avenue being entered in instead of Hi Vu Avenue.
To make matters worse, some real estate agents have decided not to allow the street addresses of their listings to appear. This results in Google Earth and Google Maps being unable to plot them on a map for us.
Nevertheless, the map results feature in Lakefront Locator, although imperfect, is still deserving of your inspection.
Many of our best ideas and features come from you folks, the users of Lakefront Locator. Let us know how we can improve the website and register to win a $100 Gift Certificate to LL Bean.
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Maine Waterfront Property – Have You Got Radon?
October 22nd, 2008 categories: Observations and Commentary
One of the components of most general home inspections in Maine is to test for the presence of radon, a colorless, odorless gas that is a known carcinogen.
Radon gas seeps out of fissures in granite bedrock and can find its way into the basements and living areas of Maine homes. Because we have a lot of granite bedrock in Maine we often find varying levels of radon gas. If too much gas is found then the installation of a mitigation system is usually recommended that reduces the amount of the gas to an acceptable level.
Here is what the Department of Environmental Protection has to say about radon:
“Radon is an odorless, invisible gas known to be a human lung carcinogen. Millions of homes and buildings contain high levels of radon gas. The EPA’s efforts are directed at locating homes with high levels and encouraging mitigation.
As a means of prevention, the EPA and the Office of the Surgeon General recommend that all homes below the third floor be tested for radon. Because radon is invisible, a simple test is the only way to determine if a home has high radon levels. The EPA recommends mitigating homes with high radon levels and there are straight-forward reduction techniques that will work in most any home.
Most homes will not have a radon problem, but there is a simple test to find out if you do or don’t have high radon levels in your home. – The US Environmental Protection Agency’s position on Radon.”
Mitigating the problem generally involves the installation of a ventilation system in the basement of a house that simply draws the air from the basement and vents it to the outdoors.
Radon can also be present in a private water supply. The danger here is not from drinking the water, but from breathing the air from around a water source where radon is present, for example when taking a shower. Simple filtration systems can be installed to eliminate harmful concentration levels of radon in the water.
Mitigation systems for both air and water run in the $1000 to $1500 level depending on the situation.
To learn more about radon you can simply Google it and find many helpful websites. I found one that was pretty concise and helpful. Click here to take a look.
Mr. Lakefront’s opinion is that radon is often a part of living in a Maine home and is something that requires your attention and the attention of a professional if you’re buying a home in Maine. However, the presence of radon is a situation that is usually easy to mitigate and should pose no health threat to you or your family if properly addressed by a professional.
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Maine Waterfront Property Owners – Planting For Protection
October 16th, 2008 categories: Observations and Commentary
This time of year is a good time for planting vegetation in open areas that run to the water. If you live on the water and have open areas, planting shrubs, trees and groundcover is an effective way to control phosphorus runoff and thereby contribute to the health and well-being of the lake or pond.
Everyone who is a lakefront property owner should have an added sense of responsibility toward their stewardship of the land in order to help sustain high water quality for Maine lakes and ponds. Planting vegetation to create a buffer so that rainwater runoff doesn’t get to the lake is a fundamental control any lakefront landowner can implement to improve the health of a lake or pond.
As far as what to plant is concerned, something is better than nothing. I was recently reading a newsletter put out by the Worromontogus Lake Association and they had some fine suggestions for plantings including buttonbush, black chokeberry and royal fern. They also had several other suggestions for things lakefront property owners could do to be environmentally responsible.
Please visit this website http://www.togusponds.org/ then click on the hotlink to the Fall 2008 newsletter to get all the helpful details.
You can also contact the folks at the Lakes Environmental Association in Bridgton for solid information about what it means to be a good steward of the lake. You can visit their website at http://www.mainelakes.org/
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Maine Lakefront Real Estate – Will It “Appraise Out”?
October 14th, 2008 categories: Observations and Commentary
Just when you think it can’t get much tougher for lakefront property sellers, or better for lakefront property buyers, it does just that. For the last few years lakefront sellers have had to put up with weak demand and too much competition because of the large amount of inventory on the market. Now sellers face a new challenge.
You might know that the purchase of most lakefront property in the last few years has been with financing. Interest rates were so low even some buyers with the cash would elect to finance.
During the boom times from 1998 through 2005 mortgage brokers were everywhere. The interest rates offered by mortgage brokers usually beat the rates offered by the local banks. Mortgage companies, like banks, offered conventional financing. But they also offered an array of creative financing plans that were attractive to lakefront homebuyers.
Like banks, as part of the approval process a financing institution would agree to lend money subject to the property “appraising out“. That means that one of the final steps in approving the loan would be to send out an appraiser to the property for an inspection. Loans could not have been sold into the secondary market to outfits like Fannie Mae without an appraisal.
I must tell you that during the boom period I never had a property not appraise out. If the sale price was $475,000, it would appraise for $475,000, or better. The financing institutions were eager to get the loans and the market was rising, so everything got financed.
Things are different now. In the last thirty days, two of my transactions did not appraise out. One appraisal came in $25,000 less than the under contract sales price. The other came in at $15,000 under. In both cases the sellers had to agree to lower the sales price in order to make the deal happen. A bitter pill to swallow, I would say. Here’s why.
Most sellers are selling their lakefront property for far less than they could have a few years ago. When a property goes under contract, it’s contingent on tests, or investigations as we call them in Maine. So, a seller in some cases has had to sell at a big discount, reduce the price again due to adjustments made after inspections, and now reduce the price yet again because the property doesn’t appraise out!
This situation, so painful for sellers, is so incredibly advantageous for buyers. No longer does a buyer have to be concerned about paying too much since the appraisers are going to make sure you don’t !
Here’s a a tip for our lakefront cash buyers. You don’t need to finance in order to make your transaction contingent on an appraisal. Just make sure when you write your offer that it’s contingent on an appraisal. The exclusive buyer agents here at Mr. Lakefront will be happy to assist you.
By the way, if you’d like to take a look at the current market, do so from the comfort of your home by using our Lakefront Locator. It’s as easy as point and click!
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Maine Waterfront Property – Bargain Hunters’ Bonanza
October 7th, 2008 categories: Observations and Commentary
The first snow fell atop Mount Washington on October 3rd (see above). The leaves are reaching peak color. The Fryeburg Fair is over. The frost is on the pumpkin. The election is four weeks from today.
Do you get my drift here?
Summer is long gone and fall is much in evidence. While many current lakefront property owners are doing their planning to get their boats out, pull the docks in, and close up the camp, many lakefront owner “wannabees” are finding a jackpot of lakefront properties that have been reduced in price.
These price reductions are running concurrent with the calendar, as usual. But the added pressures of there being an abundance of inventory coupled with the turmoil in the financial markets has led to a larger number of price reductions than usual.
Some buyers seem to want out of this deteriorating stock market. They might prefer to have their investment portfolio more weighted in real estate and less in equities. Some sellers seem ready to negotiate on price. This might be the best time to be making an offer on something.
In the Sebago Lakes Region, which is comprised of 60 lakes and ponds and 26 towns, there are 317 lakefront properties currently for sale. Of those, over 43 % (or 138) have had price reductions. If you have contemplated purchasing a lakefront home, now may be a window of opportunity for you.
The reductions run the gamut of the market – from humble seasonal camps to mansions on the lake. Let us know what your price range is and we’ll send you all those listings that have seen reductions in price. If you have a specific lake in mind we can send you those properties for that specific lake only.
You can also use our Lakefront Locator to sort through the hundreds of lakefront properties that remain on the market.
The season is coming to a close. It just might be the best time to have one last, long look.
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Maine Lakefront Real Estate – The Milfoil Battle Continues
October 2nd, 2008 categories: Belgrade Lakes Region
We have just received notice of the release of the latest newsletter from the Lakes Environmental Association. This four-pager is dedicated to giving us all an end-of-the-season milfoil update. Here is what you’ll find:
Counterattack at Salmon Lake: The news that Eurasian milfoil had gained a foothold in Salmon Lake (Belgrade Lakes area) was certainly discouraging, but the real issue now is the response. And on that subject there is some cautious optimism.
Don’t be afraid to hope: As the battle begins in Salmon Lake and continues against in other waters, it’s important to know there’s hope.
What’s the story on milfoil weevils? The Eurasian milfoil in Salmon Lake has sparked questions about the weevils sometimes used to fight them.
22 tons of milfoil: That’s correct – you read it right. At Thompson Lake, 44,000 pounds were hand-pulled, brought up, bagged, trucked off and turned into compost.
Please use this link to catch up on all the latest news in the Fall Milfoil Update.
The LEA provides a great resource for those interested in the condition of area lakes and ponds. Get plugged in to all the voluteer efforts that are continually going on to help protect the health and safety of our lakes and ponds. Check out their general website at www.mainelakes.org
To find out more information about any lake or pond in Maine you can use our LakeSmart feature.
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Tom - MrLakefront
