Volume 1.8 - The Maine Newsletter - John Herrigel
Mission
“To Educate and Elaborate on this Great State”
Table of Contents
1. Housing Statistics
2. Commentary: Hype, Hysteria or Hoopla?
3. Case Study: Multi Units in 3 Different Markets
4. “From Away”
5. Featured…..
"You have freedom of choice, but not freedom from choice." Click here to Unsubscribe
Housing Statistics:
Sold Properties by County - Aug 2006 (Aug 2005):
# Sold Avg. Price Avg. Days on Market
Cumberland 390 (480) 305K (307K) 80 (64)
York 249 (416) 278K (267K) 94 (77)
Lincoln 58 (56) 288K (333K) 157(136)
Sagadahoc 47 (44) 223K (233K) 92 (76)
Total Housing Inventories and Net Change by County:
9/25/06 8/25/06 Net Change
Cumberland: 3265 3264 1
York 3052 3085 -33
Lincoln 791 781 10
Sagadahoc: 372 379 2
Commentary
Hype, Hysteria or Hoopla?
Hold your horses, dare to grit your teeth. On Monday national data showed the first year over year price drop since 1995. For the 4 counties followed above the calculated combined year over year price change remains statistically 0. Advice – “buy what you like, like what you buy and hold on to your reigns.” Minus the mass media hysteria; 30 year mortgage rates are as low as they have been in many months, energy costs continue to drop and inventories have leveled off with an actual decrease seen in the heavily populated York County.
Case Study: Multi Units in 3 different markets
Where should one place their bets? A strict numbers approach on 2-4 unit multi’s in 3 separate markets: Portland, Lewiston and Bath.
Inventory Avg. Price/Unit Avg. 2 Bed Rent 5 Yr Appreciation
Portland 87 150K $893 102%
Lewiston 77 78K $597 104%
Bath 23 87K $737 106%
Disclaimer: This is an overview of the markets based solely on data derived from the Maine IDX MREIS system. For more information on investing in multi’s please feel free to contact me or click here to read an overview article I wrote on how to begin analyzing a multi unit.
Notes: No calculations were made for utilities paid by tenant/landlord; Avg Price/Unit based on current list price; Avg 2 Bedroom rent based on 2 bedroom units listed rents; 5 Year Appreciation based on sold prices between 2000 vs 2005. Total Sold in 2000 and 2005 for all 3 areas were 222 units and 282 respective.
“From Away”
Finding a good location to vacation
As summer folk head South and foliage hunters arrive in droves how can one be sure they are choosing the best location to vacation. The zigzagging coastline, the Great Northern woods, the classic Maine village or the wonderful lake retreats. A few guides to get you started:
Beds and Breakfasts
Hotels and Motels and more
Summer Weekly Rentals
Town by Town Websites
Featured….
Quotable Quotes:
"In a lobster fishing community such as Isle Au Haut, the calendar year can best be described as a two-season system: the lobster season and the off-season"
-- The Lobster Chronicles
Linda Greenlaw
“If we are to have a true passion, it must be our work. For great things are done when ships sail to distant shores and men and mountains meet.:
William Blake
Maine Company: Hodgdon Yachts, East Boothbay.
From the traditional plank on frame construction of the nineteenth century, through state of the art cold molded construction at the start of the twenty-first century Hodgdon Yachts has always delivered finely crafted, technologically advanced yachts that sail for generations. Founded in 1816 and having launched over 400 yachts check out their site to appreciate Maine boat building at its finest. Visit www.hodgdonyachts.com
Site to Visit: www.chewonki.org
From the website: “Fostering an appreciation for the natural world, and for working in community with others.” Founded in 1962, the Chewonki Foundation recently unveiled the first ever publicly accessible direct high-pressure hydrogen energy system helping to create and explore the next generation of alternate energy resources.
Place to See: Baxter State Park
Baxter State Park encompasses over 200,000 acres of mountains, lakes streams and forest, all given in trust by one man, Percival Baxter, to the People of the State of Maine, a former governor of this great state. Hike the infamous Mt. Kahtadin, the highest Maine peak and final terminus of the Appalachian trail. Sit atop the state, take in the vistas and if at the right season, watch the steady flow of trail hikers finishing their 2000 mile trek. A worthwhile trip for all ages and a superb place to see a MOOSE!! Visit: www.baxterstateparkauthority.com
Restaurant: Gritty’s Brewery and Pub
From the website: “Since 1988, Gritty McDuff's has been creating fine, handcrafted ales and traditional pub fare. From our humble beginnings as a small brew pub in Portland's Old Port we've grown to become the brew pub of choice for Mainers and folks "from away". Try their seasonal Halloween Ale and pub fries to kick off a great night out on the town. www.grittys.com
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: Mid to Late October
www.MyMaineProperty.com
**All housing data has been derived from the Maine IDX MREIS System |