Volume 1.1- The Maine Newsletter - John Herrigel
Mission
“To Educate and Elaborate on this Great State”
Table of Contents
1. Housing Analysis
2. “From Away”
3. Case Study: Portland 3-4 Unit Multi-Family Market
4. Commentary
5. Featured…..
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Housing Analysis:
Sold Properties by County (December):
# Sold Avg. Price Avg. DOM Expired Listings
Cumberland 296 285K 89 199
York 232 286K 94 175
Lincoln 6 237K 220 43
Sagadahoc 6 243K 201 21
Total Housing Inventories and Net Change by County:
12/9/05 1/16/06 Net Change
Cumberland: 2496 2322 -174
York 2275 2140 -135
Lincoln 574 520 -54
Sagadahoc: 334 284 -50
“From Away”
“I wished…to see a moose”
As we approached, the bull moose was standing in about 2 feet of water, its head lowered below the surface. We tried to be quiet, but it soon spied us and straightened up, revealing an impressive rocking-chair rack.
Case Study: Portland 3-4 Unit Multi-Family Market
Approximate rents in Portland:
$500-$700 1 Bed
$800-$1000 2 bed
$1000+ 3 bed
In 2005, 73 units were sold at an average per unit price of 122K, the Days on Market (DOM) average was 61 days. Currently there are 34 units on the market, with an average price per unit of 130K and DOM of 67 days. Will high unit costs deter future appreciation or will the multiple commercial and residential developments currently under way provide further fuel for gain?
Commentary:
2006 Real Estate Market Outlook: Prices shall climb overall as retiring Baby Boomers with deep pockets will mask the affordability problems Maine residents continue to experience. Expect to see stronger markets for the lower priced and higher priced offerings. The average mid-priced “ranch” will suffer.
Featured….
Word: Ayuh (eye-ya)
Definition: Yes, Affirmative, Stop bothering me.
Maine Company: IDEXX Laboratories
-IDEXX Laboratories (IDXX) is located in Westbrook and specializes in animal health services. Recent news of expansion and creation of 500 new jobs in Westbrook.
Site to Visit: www.MaineOil.com
Get a comprehensive list of all oil prices throughout the state of Maine.
Place to See: Portland Head Light
A beacon signaling entrance to Portland Harbor. Located in Cape Elizabeth. Check it out here: www.PortlandHeadLight.com
Restaurant: The Cabin
Located in Bath, ME. For over 30 years, The Cabin has offered quality, family style dining in a rustic, nautical atmosphere with an outdoor deck and screened porch dining area. Ph: 207-443-6223
All information contained herein is deemed accurate when facts are stated. All opinions are that of the author. We apologize for any inaccuracies, offenses or misrepresentations
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Thanks for reading.
Next Issue: February 25th
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