Archive for January, 2009
Maine Lakefront Homes – Protecting Yourself From Carbon Monoxide
January 29th, 2009 categories: Observations and Commentary
I’m taking a break today from writing about Maine lakefront real estate to pass along a “Heads Up!” from our State Department of Public Safety about carbon monoxide (CO) poisoning and protecting yourself from it.
It’s wintertime and homes are being heated by oil, gas, and wood, with CO as a byproduct. Homes are also being kept closed up, thereby keeping air exchange and ventilation to a minimum.
See all those little exclamation points in the photo above? Those are all the places that experts say you should have a carbon monoxide detector to protect you and your family.
As you probably know, carbon monoxide is an odorless, colorless gas that is given off in the combustion of fuel when heating your home (in this case) whether you have an oil furnace, gas furnace, or wood stove. The best protection is achieved by making sure your heating system is working properly and is vented properly. You should have a professional check your heating system every year. Installing carbon monoxide detectors can further insure that you won’t be victimized by this lethal gas.
Here are a few tips about installing your CO detector:
CO alarms should be installed in a central location outside each separate sleeping area and on every level of the home. For the best protection, interconnect all CO alarms throughout the home. When one sounds, they all sound.
Follow the manufacturer’s instructions for placement and mounting height.
Choose a CO alarm that has the label of a recognized testing laboratory. Not all CO alarms are created equal. Buyer beware!
Test CO alarms at least once a month; replace them according to the manufacturer’s instructions.
CO alarms are not substitutes for smoke alarms.
The International Association of Fire Chiefs recommend a carbon monoxide detector on every floor of your home, including the basement. A detector should be located within 10 feet of each bedroom door and there should be one near or over any attached garage. Each detector should be replaced every five to six years.
Okay – don’t say you haven’t been warned. If you don’t have CO detectors you should seriously consider buying some and installing them. Remember the old Yankee adage – an ounce of prevention is worth a pound of cure. Don’t shortchange your family’s safety. Check into this today.
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Maine Lakefront Property – In Bridgton They’re Freezin’ for a Reason
January 27th, 2009 categories: Sebago Lakes Region
This past weekend, Bridgton proved once again that this area has more to offer than lazy summer days in the shade, fall foliage, and loon calls.Up to 5,000 people – and dozens of dogs – showed up to watch and participate in this year’s version of the Musher’s Bowl Winter Carnival – offering a variety of both indoor and outdoor activities stretched over a 10 day period, ending last Sunday.While the focus of many was on the dog sledding (and why not) others could participate in, or just watch, such varied activities as ice golf, broomball, and skijoring – that’s where a dog pulls a human on skis.Many signed up for a dogsled ride and others got a free ride on a snowmobile. There was a ping pong tournament, a photography contest, a dodgeball elimination tournament, and a biathalon (that’s that crazy combination of Nordic skiing and shooting rifles at targets.)Plus, there’s the ever-popular jumping through the hole in the ice at Highland Lake affectionately called “Freezin’ for a Reason”, that benefits a local animal shelter.All in all it was called a great success by Greater Bridgton Chamber of Commerce executive director Mike McClellan. In fact, he’s already casting about for more activities to add to next year’s program.Oh, I forgot to tell you the best part – admission to everything was one dollar!Click here to read a local newspaper article on the Musher’s Bowl.
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Bridgton Attracts Maine Lakefront Real Estate Buyers
January 25th, 2009 categories: Sebago Lakes Region
The town of Bridgton is one of the most popular destinations for buyers of lakefront property in the Sebago Lake Region. And why not? Bridgton has some of the most desireable lakes and ponds in the area, has a downtown that boasts a new movie theater, a new, expanded Reny’s for retail shopping, a new Hannaford and updated Food City for groceries, a first rate seller of fashion and home furnishings at Craftworks, several attractive B&Bs and resorts, two booksellers, a wonderful new hospital, restaurants, a cafe…and the list goes on.
Located less than an hour from Portland and the turnpike and less than a half hour from shopping mecca North Conway, NH, Bridgton is ideally situated on well-travelled Rte. 302. If you’ve never been to Bridgton or spent any time there, be sure to check it out the next time you’re up this way.
Find below a link to all the lakefront homes currently listed for sale in Bridgton. There are some very nice lakes and ponds here including Long Lake, Highland Lake, Moose Pond, Woods Pond, Ingalls Pond, and Foster Pond, just to mention the larger ones.
Here are the current Bridgton lakefront listings. Just click on the box to get more information:
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Maine Lakefront Real Estate – Thompson Lake Property
January 20th, 2009 categories: Sebago Lakes Region
Thompson Lake has some of the highest water quality around, has a deep, cold water fishery, one marina (for sale, see below), and a great location – just thirty minutes from the Gray turnpike exit.
Thompson Lake is big and brawny, but also has an “old-timey” feel about it. Boat traffic is not as high as it is on Long Lake or Sebago Lake and there are fewer amenities available around the lake, but we find that once lakefront buyers discover Thompson Lake, they don’t want to be anywhere else.
Here are the current listings:
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Maine Waterfront Property – New Ways to Help Your Search
January 19th, 2009 categories: Sebago Lakes Region
Over the last couple of years we have been refining the search capabilities on our website to make it easier for potential buyers of Maine lakefront property to find what they’re looking for – even if they’re not sure exactly what it is they’re looking for.
With our Lakefront Locator you can search all of the currently listed lakefront and lake access properties in Maine. You can search by region, by price, by lake, and by town. We have further tweeked our capabilities by allowing you to list properties from the lowest to highest in price, or from the highest to lowest.
Last year we added a “Map It” function where, if the address is available and searchable, you can click on the “Map It” button and a Google map will come up, locating the property listing on it. Our users find this is a pretty cool feature.
Now we’ve added a couple of more features to start the new year off right.
Once you’ve done a search, you can now have the selected properties not only listed from lowest to highest by price, but also sorted by town. For example, if your search turns up ten properties in three different towns, it will list the properties by town, then by price.
We’ve also added a feature called “How Far”. When you plug in the criteria for your search, you will now find a place to put in your zip code. When your selected property listings appear you can click on the “How Far” button and it will tell you the distance in miles and the drive time of how far the selected property is from the zip code you entered. We think you’ll find this very helpful and good information to have.
So, take advantage of all the tools found on our Lakefront Locator. There’s no obligation on your part and it will save you lots of time – whether you’re just beginning your search for a Maine lakefront home, or you’re in the last stages and are ready to come have a look. Just click on the hotlink and you’re on your way!
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Maine Lakefront Real Estate – Mortgage Rates at Historic Lows
January 16th, 2009 categories: Observations and Commentary
This mortgage news came into my email box yesterday:
CHICAGO (MarketWatch) — The benchmark 30-year mortgage fell below 5% for the first time ever in Freddie Mac’s weekly rate survey as economic weakness continued to push interest rates lower, the mortgage agency said Thursday.
The article went on to say that this is the lowest rate ever recorded since they started tracking this number in 1971. The rate is 5% less than it was a week ago.
I know we keep beating this drum about low interest rates, but if you feel that we will find our way out of this economic mess and that the world is not entering into an economic death spiral, and that there is only a finite amount of Maine lakefront property available and that buying a little piece of heaven in Maine is something you’ve always dreamed about – and you know that Maine lakefront real estate values have generally avoided the wild swings we see in other areas of the country and that, over the years, has proven to be a very good investment, indeed – well, maybe it’s time, time to take a broader view, time to look out over your personal horizons, to literally look at the landscape, and see what possibilities might exist, and to think in terms of where you want to be in two, three, or five years down the road.
Even if you’re not a financial wizard, you can see that there are forces at work in the world of economics that are making it very attractive to borrow money. Yes, you have to qualify, yes, you’ll probably have to have a down payment, and yes, you may even have to pay a point, but mortgage money is available to qualified buyers and at rates never seen in our lifetimes.
The article went on to say, Mortgage rates could remain low at least until the summer, said Greg McBride, senior financial analyst for Bankrate.com.
“The outlook is very positive that these low mortgage rates will likely persist at least through the first half of the year. That is the timetable laid out from the Federal Reserve for pumping up to $500 billion in mortgage-backed bonds,” McBride said. Click here for the full article.
If this guy is right, we will have this great opportunity to lock in a low interest for at least the first half of the year. My advice? Start looking now. No need to rush into anything, but time is of the essence because preparation is the precursor to answering that door when opportunity comes knocking.
You can use out Lakefront Locator to survey all of the lakefront and lake access properties in the state of Maine and sort them by region, by lake, and by town (a new feature – more on that another day), and by price.
Take a look and see what’s out there. If you see something you like, let us know and we’ll send more information and set up a showing, if you like. You may also want to talk to a lender to see what mortgage rates you qualify for. You can see some local rates for Maine here.
Remember, we’re here to help you every step of the way. We know Maine lakefront property and we want to share that knowledge with you.
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Maine Lakefront Real Estate on Long Lake – An Embarrassment of Riches
January 10th, 2009 categories: Sebago Lakes Region
While this general geographic area where we live and work is called the Sebago Lake Region (and rightly so), anyone familiar with this area knows there are several somewhat smaller lakes that are equally beautiful and desireable. The short list would include Kezar Lake, Long Lake, and Thompson Lake. I grew up in Harrison and live there now and so have a special affinity for Long Lake.
Long Lake is 11 miles long, a mile or so wide, deep and clean – a band of shimmering silver and blue stretching north to south from Harrison to Naples. It’s many attributes have a direct relation to property values and you’ll find that Long Lake shorefrontage is among the most expensive in the area.
I took a look at the current listings and found 20 properties for sale on Long Lake. Only two list under $500,000! This is surely a “high rent district”. The appeal for being on this lake is so strong I wonder how immune lakefront prices here will be to the current downturn in the overall market? Prices have been pretty stalwart so far and I would guess that trend will continue. The message here is “if you want to be on Long Lake, expect to pay for the privilege.” The good news is there’s a lot to choose from. Back in 2004, you could count the number of Long Lake waterfront listings on one hand.
Here they are – all the current lakefront listings on Long Lake:
There you have it. High end properties to dream about on a cold winter’s night. Long Lake offers good size, excellent boating and recreational opportunities, high water quality, docking and marina facilities, inspiring views of the White Mountains, and great fishing – all good reasons why owning lakefront property here has been, and will continue to be, a great investment.
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Maine Waterfront Property – Dropping Rates, Rising Opportunities
January 9th, 2009 categories: Observations and Commentary
Falling mortgage rates provide a reason for hope in a pokey, off-season Maine lakefront property market. As activity levels decline, so will prices, while strong inventories continue to offer lots to look at. Given the low mortgage rates, this combination of factors sets up a good opportunity for prospective buyers of Maine lakefront property.
The latest headline on mortgage rates said they were the lowest in 30 years. I called around to several banks in the area and asked them about their APR on a 30 year fixed rate loan. Kennebunk Savings – 5.16%, Key Bank – 5.65%, TD Banknorth – 5.42%, and Bangor Savings – 5.15%. Emma Bodwell of Highland Mortgage in Naples, works with the secondary market and says she has 30 year, fixed rate loans available under 5%, for qualified borrowers.
If you are looking at buying a conventional, year round home, some banks are still willing to finance up to 95% of value. On a seasonal camp, however, you may find banks asking you to cough up a 20% down payment. For these so-called “non-conforming” properties, it is hard to get mortgage insurance to cover that last 20%, so the bank needs the buyer to come up with a 20% down payment. Nonetheless, borrowing money at a fixed rate of 5% for 30 years is still a great deal.
We’ve seen a small bump-up in buyer activity since the first of the year. Some buyers are just bottom fishing looking for something to throw a low-ball offer at, but others are ready to get back into the market in a reasonable way, wanting to take full advantage of the good inventory, low borrowing costs, and some good values. And value is the key here. If you are looking for a “steal”, look elsewhere. But if you want good value, a fair deal, then we can help you in this market.
If you are a buyer, keep in mind that the Maine lakefront property market is not Florida – where overbuilt condo units are selling for 40% of their asking price. The Maine lakefront property market is more stable than that and resistant to these wide swings in the market. That being said, lakefront property values are correcting down 15-20% from their highs of three years ago – and the properties that are priced “right” are selling.
You can take a look at what’s currently on the market by using our search tool, Lakefront Locator. It’s easy and fun, costs nothing, and is a good way to spend a few minutes – or a few hours – during these cold winter days and nights.
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Maine Lakefront Real Estate – Beware the Pitfalls of Personal Property
January 7th, 2009 categories: Observations and Commentary
Most lakefront homes in Maine are sold to folks “from away”. These types of buyers have their primary home back in the suburbs of major cities like Boston, Hartford, and New York. When purchasing one’s primary home in the suburbs it’s rare that the home one is purchasing will come furnished.
It’s different when it comes to buying a second home here in the lakes regions of Maine. Most seasonal lakefront homes, when conveyed, come furnished or partially furnished. How come?
When folks with second homes on the lake decide to sell the question arises: “What do we do with all this stuff ? We can’t bring it all home with us. We have no room for this stuff back home. I am often asked “Do you think the buyer would like to have the furnishings?” My answer, “You bet!”
Most lakefront buyers are happy to purchase a furnished or partially furnished second home. “We can use this stuff for now”. Most plan to rid themselves, eventually, of an offending floral couch or uncomfortable chair at the first opportunity. However, they decide, most furnishings will work for the present.
Over the course of years a strange thing happens. The uncomfortable chair becomes less so and the horrible floral couch becomes “not so bad’. Ultimately, dawn breaks on Marblehead, with the sunny realization: “Who wants the kids with wet bathing suits and sandy pine tarred feet sitting on good furniture anyway?”
When a seller informs me “We want to sell the place furnished except for personal stuff “ I hear a little voice in my head saying “What do they mean by personal stuff”. “You know, pictures of the kids, clothing, that kind of thing.” I say okay! No worries!
A few days later, after the listing is in the MLS I get a call from the seller. “Tom”, they say, “we told the kids(now in their forties) that we are selling and each one wants to take a ‘little something” from our camp”. “Something small?”, I ask. “Oh yes”. I say, “Okay! No worries!”
Sometimes the list of personal items being taken by the seller is small, however sometimes the list grows quite long . So….. Dear Lakefront Buyer, when you are told that the home is being sold furnished, or partially furnished except for personal items, make sure you know what that means.
Make sure your offer is contingent on knowing what’s staying and what’s remaining long before the closing. It’s upsetting on the day of the closing to find most of the nice stuff gone and what remains is ready for a trip to the dump.
Lean on your buyer agent to get these answers. The day of the closing should be a time of celebration not one of dissapointment and or remorse.
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Maine Lakefront Real Estate – Getting the Word Out
January 2nd, 2009 categories: Observations and Commentary
I got a call from my brother who asked me how the market is for lakefront property. I told him that selection was great, interest rates were at 5% heading even lower, prices had fallen 10 to 15% and sellers were motivated.
He said, “Tom, that’s great news! Are you getting the word out to to those wanting to buy lakefront property?”
I said, “Well, I think so. But, you know, I’m not sure.”
I told him that my message might be getting lost among the great deluge of “bad news” such as government bailouts, bank failures and unemployment figures.
The question is: Are all lakefront buyers being affected equally by today’s economy? Many for sure, But all? If you are a lakefront buyer who is not suffering the ill effects of this economy you need to know something. There’s never been a better time to buy lakefront property. The deck is stacked in your favor.
There, I’ve said it. But will people believe me??
When gasoline was over $4.00 a gallon I read dire predictions in the newspaper that gasoline was heading to $5.00 a gallon. It was all so simple. Now that China and other parts of the undeveloped world were now industrialized they were competing for oil and we in the U.S. were toast. Well, they didn’t say it exactly like that, but that was the gist.
When oil was $142 a barrel how many would have predicted that it would be selling for a $100 less a barrel only a few months later? Where are all those experts now that predicted $5.00 gasoline by Labor Day??
Americans feel manipulated. Even Mr. Lakefront felt forced into giving up his beloved macho 10mpg Chevy Tahoe for a wimpy 20mpg Chevy Trailblazer.
Bad news sells newspapers and builds ratings on cable news shows. Good news, like the great news for buyers of Maine lakefront property, is being lost in the proverbial shuffle.
If you have ever wanted to buy at the right time, that time is now.
But before you buy, you have to look and knowing where to look can save you a lot of time and frustration. By using our Lakefront Locator search tool you can view all of the lakefront and lake access property currently for sale for the entire state of Maine. Click on that hotlink and enter a world of possibilities. It’s easy to navigate around this site and there’s no need to go anywhere else. Once you’ve found something you like, we can send you much more detailed information at no obligation to you.
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Tom - MrLakefront
