Archive for the 'Maine Waterfront Real Estate News' Category
Maine Lakefront Real Estate - Finding it Your Way - Phase III
May 18th, 2008 categories: Maine Waterfront Real Estate News
For folks not familiar with Maine, searching online for lakefront property can be somewhat frustrating. After obtaining search results buyers have pondered “where the heck are these properties and what is their relative position to each other? ”
Until now, displaying your search results using Lakefront Locator meant listing your results in a variety of ways. You can list results by price, high to low or low to high. You can list results from oldest listings to newest or newest to oldest. All good options, but still not totally satisfying.
Last fall, in response to our annual survey of suggested enhancements, we received a number of requests to plot, or map, search results so that one can see where each listing is in relation to each other.
Mr. Lakefront is proud to announce our new display option. All the list options remain as before, but we are releasing a Map It function. Let’s say that the results of your search number 12 homes between $300k and $400k. If you choose to map your results, each listing will appear as a pin on a map. Clicking on a particular pin will give you basic info such as address, price and size. Also, lake info and position on the lake can be selected. For detailed listing info click listing details for additional information. Go to Lakefront Locator and give it a try!!
PLEASE NOTE: For the next few months it might be advisable to list your results prior to mapping them. Older listings in the MLS still have no street addresses assigned to them so they can’t be mapped. As older listings fall from the MLS they will be replaced with new listings that have addresses that can be mapped. For example in the example above where 12 homes are found between $300k and $400k only 9 pins might appear on the map meaning that 3 older listings have no street address assigned to them.
p.s. I was recently asked by a competitor why the team at Mr Lakefront continues to strive to make it easier for lakefront buyers to find property on-line. “Aren’t you guys working yourself out of a job?” he inquired. My answer is, “absolutely not.”
Making it difficult for lakefront buyers to find property doesn’t increase our value. We believe that buyers need to know what’s out there in order to make an educated buying decision. Our value to the lakefront buyer goes far beyond simply finding possible properties that meet a client’s criteria.
When it comes time to look at property we believe buyers will take advantage of our expertise and contact us. Our participation in the buying process, although very valuable indeed, actually costs the buyer nothing since commission dollars are paid by the seller.
Strange, but true!
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Milfoil Summit and Nematodes (?) Bring Hope to Maine Waterfront Property Owners
March 19th, 2008 categories: Maine Waterfront Real Estate News
There’s a battle being waged by Maine waterfront property owners along the shorelines of two dozen or more lakes and ponds in southern Maine. The foe is a persistent, virulent aquatic plant known by most as milfoil.
Milfoil is a plant that grows under water, in shallower areas where it can get sufficient sunlight to grow and prosper. It clogs shoreline areas with its leafy growth, making those areas unusable for swimming and boating. It also robs the lake’s ecosystem of necessary oxygen which affects all the other living things in the water. Milfoil is bad news.
The 9th annual Milfoil Summit was just concluded in Lewiston and news from that summit offers hope for all of us seeking relief from this nasty enemy.
Volunteers pulling plants by hand and using blanket barriers have stemmed the tide of milfoil growth in many areas, but eradication still seems unattainable. Reports from the summit recognized the value of the coordinated volunteer efforts, but were painfully aware of their limitations.
Two new thrusts seem to be coming into play, however, that may make a sizeable difference in this battle. One is in the area of biological controls and the other is an increase in funding for further research.
The possible introduction of certain types of nematodes into milfoil-infested waters is one method of eradication being looked into. For the uninitiated, a nematode is a microscopic worm that has an appetite for all kinds of things. The idea is to find the proper nematode whose one desire in life is to eat as much milfoil as it possibly can. Throw a bunch of these into an infested area and - presto - no more milfoil. While my rendition is not very scientific, I think you get my drift. If the right nematode can be found it could have a huge impact on eradication efforts.
As far as funding is concerned, there seems to be some significant monies available to fund research that may lead to a solution to the milfoil epedemic. Maybe the research can find the proper nematode. Who knows?
The point is, this scourge of local waters that can devalue waterfront real estate, spoil recreational activities, steal oxygen from all the good things in lakes, and create conditions for continuing lake degradation, could be put in recession and then eradication if some of this biological research can come to the fore.
Our local newspaper, The Bridgton News, had a full report of this Milfoil Summit and you can read that article right here in our Lake News.
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Come to Maine for the “Sweetest” Waterfront Real Estate
March 14th, 2008 categories: Maine Waterfront Real Estate News
Well, it’s that time of year again.
Maine Maple Sunday, on March 23rd, is becoming our favorite sign of Spring. You can visit any number of sugaring sites all over the state, see how they boil the sap down, and sample some of the best that Mother Nature and Maine have to offer.
Here at Mr. Lakefront we think coming to sample the maple sugar is the sweetest reason to come to Maine. We also suggest that while you’re here, you sample some of the ”sweetest” waterfront property in the universe.
Pick almost any region in Maine and find this nice pairing - sugaring sites and lakefront real estate. Use this Maine Maple Sunday link to search the state for sugaring sites that will be open either Saturday the 22nd or Sunday the 23rd. Then go to our Lakefront Locator and search for some “sweet” waterfront property.
Contact us and we’ll give you all the details on any properties you find that look “sweet” to you.
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Looking North for Maine Waterfront Real Estate - Moosehead
March 6th, 2008 categories: Maine Waterfront Real Estate News
The Moosehead Region of Maine is dominated by the enormity of Moosehead Lake - the largest lake east of the Mississippi contained in one state. Moosehead Lake stretches 40 miles from south to north, is 20 miles wide, and has a surface area of over 75,000 acres. Surrounded by a vast, forested wilderness, this area is largely populated by moose, not people - and that demographic is probably its primary attraction.
A century ago Moosehead Lake was a summer playground for wealthy families from Boston and New York who would spend the summer here escaping the heat and pollution of the city. The grand hotels where they stayed and the trains that brought them here have gone the way of log drives and buggy whips, but the reason why they came remains.
This area has always been a siren call to those who crave the beauty and serenity of water and wilderness in a pristine, natural setting. Today nature lovers and eco-tourists frequent the area, mixing in with fishermen, snowmobilers, and mountain bikers, all of whom are turning this area into a four season destination. Most who come here will pass through the town of Greenville, a place to relax, catch your breath, and take on supplies before heading out to such destinations as Rockwood and Mt. Kineo, Kokadjo, Seboomook, Brassua Lake, Lobster Lake, and closer by, Upper and Lower Wilson Pond.
Greenville has plenty of fine accommodations from rustic cabins to well-appointed B&Bs and Inns as well as many interesting places to shop or eat. You can also take the boatride of a lifetime on the steamship Katahdin, a vessel that has plied her trade for over a century on the waters of Moosehead Lake. Greenville - it’s the quintessential jumping off point, the last bit of civilization before experiencing the majesty and remoteness of the farther reaches of Moosehead and the Great North Woods of Maine. From Boston it’s 260 miles and a five hour drive to Greenville.
Lakefront Locator will get you to available listings in the Moosehead Lakes Area.
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Maine Waterfront Sellers - Still on that River in Egypt ?
February 14th, 2008 categories: Maine Waterfront Real Estate News, Observations and Commentary
No one likes it when somebody calls one’s baby ugly. Almost as bad is the reaction I get when I tell lakefront sellers that their beloved property will, most likely, not fetch the price they have in their mind.
You see, one of my responsibilties here at Mr. Lakefront is to explain to lakefront sellers that overpriced homes in poor condition no longer sell. This is not 2004 or 2005.
In marketing terms, the market has shifted from a seller’s to a buyer’s market.
Background - From 1998 to 2005 the supply of Maine lakefront property was low and the demand was high. In those days even overpriced properties would get offers. Some properties that were overpriced when they went on the market were correctly priced three months later because the market value had risen. A lakefront property properly priced back then would last only 3 to 6 months on the market. The market was so strong that properties would often sell with noticeable defects and neglect.
NOT TODAY!!! Sellers in 2006 were unaware that in the Fall of 2005 the market stopped appreciating. Over the course of 2006, demand subsided and supply grew. Many lakefront homes failed to sell in 2006. Some properties did sell because some sellers sensed that a change had taken place. Demand had softened and supply was growing. However, other sellers stayed on that river in Egypt exclaiming, “I’m not going to give it away”.
During 2007 it dawned on many sellers that to sell their property they needed to compete effectively with other listings in the market. They realized that the market is the final arbiter of market value. They had to adjust the price in order to compete in the new market. They also realized that they had to address cosmetic issues and defects.
The Result - Fewer lakefront sellers are in denial. Lakefront Sellers read newspapers, watch the evening news on TV, and even read blogs, like this one. For them, the good news is that lakefront property values, compared to values in Florida, Las Vegas and other high flying areas have only seen a slight correction. Sellers are more likey today to work with a reasonable offer and less likely to reject them out of hand.
The Buyers Market - What a great time to be a buyer!! Prices are more reasonable. Selection is terrific. And the Condition of available homes is also better. But lakefront buyers must realize that most lakefront sellers, athough motivated, are seldom desperate. Remember that most lakefront homes are second homes that were paid off years ago. A lakefront buyer can do well as long as they don’t overplay their hand.
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Maine Waterfront Real Estate – Still a Good Buy?
February 1st, 2008 categories: Maine Waterfront Real Estate News, Observations and Commentary
From 1998 to 2005 Maine waterfront real estate, including lakefront property, appreciated at a rate of 10 to 15% per year. Since Autumn 2005 property values have stopped climbing. In fact, in some cases, they may have fallen a bit. However, the bottom has not fallen out of the waterfront real estate market in Maine. Lakefront buyers who are waiting for a big drop in values might regret their decision to wait. Here’s why.
The real estate here in Maine is different than elsewhere. Let’s compare the market here to the one in Florida.
Maine Waterfront compared to Florida
New Home construction in Florida was unprecedented from 2000 to 2005. Builders were building as if the demand would never slow. Oversupply had as much to do with the bubble bursting there as the slowing demand. During the same period, lakefront home values rose here in Maine because of strong demand for a limited fixed supply of lakefront property. When it comes to lakefront property, God only made so much of it. During periods of high demand we can’t make more of it. So when demand is high, values rise. When demand softens, values tend to even out or “plateau”. Therefore the fixed limited supply of lakefront property gives stability to waterfront real estate values.
Peaks and Plateaus - The History of Maine Lakefront Values
By the way, I picked up the term “plateau” from a seller client of mine. He purchased a modest camp on Big Sebago lake in 1962 for $12,000. Over the next 41 years his family enjoyed golden sunsets, sandy beach swimming and great boating and fishing. He maintained the camp but never got around to making any major improvements. I listed his place in 2003 for $549,900 and sold it for $529,900. I would say that he made a pretty good investment. He described to me how the value of his property had trended up over the 41 years but never in a straight line. He said that the value would rise quickly for 3 to 5 years then plateau for 3 to 5 years then peak for 3 to 5 years again. This pattern of peaks and plateaus repeated itself throughout the term of his 41 years of ownership.
The Bottom Line
The sky is not falling and neither is lakefront property values. We’ve been plateauing for over 2 years. Should one wait till prices begin to rise before one buys? Should one deprive one’s family the superb pleasures found in lakefront property ownership trying to time the market? Over the course of our lives we have only so many summers. On this cold and snowy winter’s night your very special summer place beckons you with open arms.
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Bucking National Trend, Maine Home Prices Continue to Rise in 2007
January 31st, 2008 categories: Maine Waterfront Real Estate News
The median sales price for a single-family home in Maine increased slightly in 2007, according to the Maine Real Estate Information System, Inc. Maine Realtors reported a sales decrease of just over 10 percent from 2006, with a total of 12,014 homes changing hands, just slightly below the 10-year average of 12,900 annual home sales.The statewide median sales price in Maine reached $194,000 in 2007, up 0.77 percent. The median sales price indicates that half of the homes were sold for more and half sold for less. During the month of December only, statewise median sales prices decreased 4.62 percent and sales were down 23.27 percent.
Nationally, single-family home sales declined 21.6 percent and sales prices dipped 6.5 percent in the month of December. The National Association of Realtors (NAR) also reported that for all of 2007, sales fell 13 percent and the single-family median sales price decreased 1.8 percent to $217,800.
In the Northeastern United States, sales were 22.4 percent lower than last December. The regional median sales price decreased 8.9 percent to $258,600.
Roger Belanger of Allied Realty in Skowhegan reported that his market area has been quite active lately. “Prices seem stable for us. We have plenty of buyers. They tend to look at more homes before they make a decision. Buyers are now, more than ever, looking at what the home is going to cost to heat.”
Joan Chrane, broker of RE/MAX Riverside in Topsham, said, “The recent interest rate cuts will help buyers make a decision. With lower prices and interest rates, if this isn’t the right time to buy, when will it be?” Chrane keeps clients informed and encourages them “to be flexible with buyers. It is all about strategy in this market.”
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It’s Winter in Maine! Lakefront Property Inaccessible? How about a View Lot?
December 31st, 2007 categories: Maine Waterfront Real Estate News
January in Maine means cold and snow most anytime. These conditions generally curtail a lot of activity in the Maine lakefront property area, but afford opportunities for looking at other properties in ways not always taken advantage of.
Many of our clients are looking for land on which to build that special home. Often when a lakefront lot is not available or affordable, a client’s second choice is for a view lot. In this area of Maine a view lot usually means an elevated parcel that affords clear views of surrounding lakes and mountains.
I was out riding around recently and drove up into a recent subdivision that I first saw last year. In June, the rough, dirt road was rutted and wet. The lots had been cut over, but still there were many trees around, fully leaved out. You couldn’t always tell what the view was from a particular lot.
Today when I was up in the same subdivision the road was in much better shape. Gravel had been added and grading done and any place that was difficult in the past to drive over because of mud and ruts, was easy because today the road was frozen solid! No getting stuck in the mud today!
But the best part was to see the views. Magnificient! All the leaves are off the trees so I could clearly see what the developer had in mind - beautiful views of the White Mountains and Mount Washington.
Many trees are left to allow a new owner to decide how much to cut and how much to leave. In June my view was partially obstructed by the leaves on the trees. Now you can get an excellent idea of what your view would be without having to cut a tree prematurely.
Interested in a view lot? This is a great time to get out and have a look. Drive around and look for new subdivisions in elevated areas. Access roads are often kept plowed even if no construction has started.
Need some help? We can help you find just the right lot at just the right price and you don’t have to wait until spring to see it.
It may be cold out, but you can see for miles and miles.
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5 Top Attributes of a Maine lakefront property
December 31st, 2007 categories: Maine Waterfront Real Estate News
It’s important for a buyer of Maine lakefront property to understand what gives a lakefront lot its value. Everyone’s heard of location, location, location, but what is it about location that gives a lakefront property its value?
Maine lakefront properties are made up of two parts: the building and the lot. While it’s true that building costs have been ever-increasing , it pales in comparison to the increase in the value of the lot over the same period.
Here are the top 5 attributes that give a lakefront property’s location its value:
#1 Sandy Beach:
More members of your family can enjoy the water with a sandy beach. With a sandy beach, mothers can see their toddlers playing safely at the water’s edge and seniors can enter and exit the water easily. Lacking a sandy beach, sandy bottom frontage is the next best thing. Sandy beaches are rare, and that’s what makes them so valuable and desirable.
# 2 View:
Having a nice wide water view is very important at all ages. If a property is located on the eastern shore, you not only have sunset views, but also views of the western mountains. There’s nothing more satisfying than relaxing on a deck or patio overlooking the water.
#3 Level Lot:
The flatter the lot, the better - it’s easier to get to the water and enjoy the surrounding area. Homes that are on steep grades are difficult to navigate. I’ve seen lakefront homes on steep grades that require one to be half Billy goat to safely get down to the water.
#4 Proximity to the water:
Years ago, homes and camps could be built close to the water. It allows you to watch the kids from the deck or the screened porch and gives you the chance to be closer to wildlife - loons, mergansers and ducks. Closer to the water is better. Since 1990, all new homes must be built at least 100 feet from the water - unless the lot is grandfathered.
#5 Privacy:
If you’re coming to your Maine lakefront property from a metropolitan area, nothing quite beats the quiet serenity and privacy of a lakefront home. Having a thick privacy screen of hemlock and pine between properties is very desirable. Sadly, not all lakefront properties offer the privacy you seek. When looking at properties, be sure to check out the lake frontage area, which can express the amount of privacy. It’s tough to have much privacy with only 50 feet of frontage. The typical lakefront lot is a half-acre in size with 100 feet of water frontage. 100 feet of frontage starts to give one the privacy one seeks. The more frontage, the more privacy.
What attribute or attributes do you think deserve top consideration? Would you add anything to our list?
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Buyers and sellers in the Maine lakefront homes market are living in the shadow of the subprime mortgage fallout.
December 17th, 2007 categories: Maine Waterfront Real Estate News
Inventories on the rise - Where are the buyers?
Like it or not, whether you are buying real estate or selling lakefront real estate, this subprime mess is affecting us all. Inventories are rising, prices are falling, lenders are tightening, and everyday seems to bring another alarming headline about how the sky is falling. Well, fear not, my friends.
“This environment may not be ideal in the world of lakefront real estate, but was it reasonable to think there would be an unlimited amount of buyers continually coming into the market?”
When properties are appreciating 15% per year, year over year - even when sufficient capital is available to lend to most anyone who wanted to borrow - buyers will eventually balk at the prices and stand on the sidelines.
Bernanke Shows the Way
It seemed the greatest fear in 2003, 2004,and 2005 was being left behind in the great real estate goldrush. Now the shoe is on the other foot. These are times that call for a steady hand, clear thinking, and the calming affect of perspective and, even if you don’t have those attributes, we have a federal government who does. Agree with the policy or not, Ben Bernanke seems to be hellbent on doing all he can to keep this economy out of a recession. And now Treasury Secretary Paulson is strongarming some banks and lenders to hold the line on those adjustable rate mortgages. He’s hoping to hold the rates down long enough so the Fed can catch up with rate cuts so that when the new adjustable rate does kick in the new rate won’t be so hard to deal with.
Not Out of the Woods - Yet
We have a ways to go to get out of this mess and I don’t think anyone will call the crises over until there is convincing growth in new housing starts, a decrease in the inventory of existing homes for sale, and a leveling in the price of homes. But until that day comes - in a year? 18 months? - take heart in knowing that the market will sort itself out with the steadying hand of the Fed, the Treasury, and the financial institutions.
Message to Buyers and Sellers - “Get Real!”
In the meantime, if you’re a buyer of real estate, do not be cavalier about this market by thinking there will always be lots of properties to look at and if “I don’t buy something today there is always tomorrow”. Several times I have seen buyers walk away from a great property because they couldn’t get the seller to lower the price enough and thought that there were greener pastures elsewhere. There is also the fear that maybe the market will continue to go down and, if they had just waited that extra three or four months, they could buy the same property at a lower price. Maybe so - and maybe not!
My advice to buyers is simple - if you find a property you like, negotiate a reasonable price, and buy it. What are you waiting for? A cheaper interest rate? Talk to someone who borrowed money in 1980 and ask them if a 6% fixed rate mortgage is a good deal. Trying to time the bottom of the market is a sucker’s bet. Most buyers I know plan to own their property a minimum of five years - and often for a lifetime. History tells us that, while it’s impossible to know which direction the next 2% move in the real estate market is going to be - up or down - the next 20% move in the market is going to be up. Nobody can predict movements in the market day to day, or even year to year, but, over the long haul, the movement is up, not down.
And what are sellers supposed to do in this climate? Tons of listings competing for attention, buyers playing hardball, and the sickening feeling that you should have sold two years ago, not now. You are right on all counts. Your medicine is to take a dose of reality. The market has come down some, a simple product of our great economic system, supply and demand. Just as buyers want to buy at the very bottom so, too, do the sellers want to sell at the very top.
How realistic is this?
Not very. And while this might not be very comforting to sellers who had a market evaluation done two years ago that came in ten percent higher than today’s price, there are still buyers out there and the mortgage rates are still quite reasonable. So, how do you get someone to buy your property? Well, like I said, take a dose of reality, really look at the local market, then set your price. Look at all the similar properties in your market, the properties that you are competing with to attract buyers. Price your property so that every one of your competitors will drive buyers back to you because you have the most reasonable and attractive price point. Buyers are fewer, but they are out there. Make sure buyers buy your property. Don’t give them the incentive to buy someone else’s.
A fearful market presents opportunities
The next year or so in the real estate market is going to be hard on a lot of people - especially on lenders who lent recklessly and borrowers who borrowed foolishly. For the rest of us, hopefully this will be a time to gain perspective - but don’t be inactive out of fear or greed. The market will sort itself out just as time continues to heal all wounds. If you’re in the market to buy there is a lot to look at and a lot of reasonably priced homes. Find one, fall in love with it, and buy it. If you have a property to sell, do not be afraid.get aggressive There are buyers out there. Sharpen your pencil, do your homework, and about postioning your property in the market to sell, not sit.
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Tom - MrLakefront
