Maine Lakefront Real Estate – Making the Best of a Tough Market

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Maine Lakefront Real Estate – Making the Best of a Tough Market


If your a potential buyer of lakefront property or an owner who may be comtemplating a possible sale, it’s tough to know quite what to do in this market.
If you bought in the last five years or so and are needing to sell, for whatever reason, you may well be looking at a loss – and that scenario may hold for another year or two, nobody really knows.
If you’re a potential buyer, then you are wondering where the bottom is so you can get in at the optimum time. Again, nobody knows when that will be – or maybe even if that time has already passed.
Economic markets are all being seen in the rear view mirror – with varying lag times. As an example, we just found out that we have been in a recession for about a year. Some will tell you that by the time we can finally quantify and recognize a situation, the situation has passed and we have moved on to another condition in the market. The real estate market is no different.
As a potential buyer or seller of Maine lakefront property the best you can do is educate yourself and stay in touch with the market. We do the same here at Mr. Lakefront as we are regularly contacted by potential buyers and sellers alike wanting to know our opinion of the local lakefront real estate market.
There are some general areas we need to keep apprised of. One is the relation of the overall, nationwide financial crisis to what’s going on in the real estate market. Then you have to divide up what is pertinent to the overall market compared to the local real estate market and then, even more specifically, to the second home/lakefront market. Then you have to look at all things in the context of “what is perception/emotion and what is reality“.
Doing all of this is a tall order. When we look to Washington and see the greatest economic minds grappling with the economic situation, many come away feeling there’s a lot of bumbling and ineptitude going on. If these guys can’t seem to figure out what to do, how confident can we feel when it comes to choosing the best course of action for ourselves?
There is some solace in educating ourselves, as I have said. Knowing what other people are thinking and doing will at least provide us food for thought, which may then help us know which actions to take.
Accordingly, I offer up another recent article from the NYTimes that talks about this second home market in more detail. It may not provide answers, but it will at least be thought-provoking and help you gain some insight on what’s going on. To go to the article click here.
If you’d like to stay abreast of the Maine lakefront real estate market, go no further than our very own Lakefront Locator. You can see all the current listings in one place and navigate through them in a variety of ways.

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