Volume 1.9 - The Maine Newsletter - John Herrigel
Mission
“To Educate and Elaborate on this Great State”
Table of Contents
1. Housing Statistics
2. Commentary: Fall “Fall Out”
3. Case Study: Mid Coast Summer Home Prices
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 - Sep 2006 (Sep 2005):
# Sold Avg. Price Avg. Days on Market
Cumberland 341 (422) 328K (324K) 95 (74)
York 265 (369) 295K (307K) 98 (81)
Lincoln 43 (71) 237K (296K) 71 (123)
Sagadahoc 36 (43) 213K (237K) 93 (71)
Total Housing Inventories and Net Change by County:
10/24/06 9/25/06 Net Change
Cumberland: 3179 3265 -86
York 3015 3052 -37
Lincoln 744 791 -47
Sagadahoc: 370 372 -2
Commentary
Fall “FALL OUT?”
In September inventories in all 4 counties dropped for the first time since the inception of this newsletter. Average prices year over year dropped significantly in the smaller populated Lincoln and Sagadahoc counties while remaining steady in Cumberland and York. Price reductions will continue in all markets, inventories will drop through the winter as the secondary home market remains sluggish. First time home buyers will remain active and investment properties priced appropriately will continue to sell.
Case Study: Mid Coast Summer Home Prices – Harpswell
A peninsula with a year round population of approximately 5,000 and a large supply of waterfront property, Harpswell can provide a good case study for how waterfront properties are faring. Currently the inventory of waterfront homes in Harpswell is: 72 properties
# Sold Avg. Sold Price Avg. List Price Avg. DOM PRP*
2006 (10 months) 29 480K 507K 119 13
2005 59 457K 475K 99 16
2004 60 484K 510K 137 22
Analysis: Prices are holding steady, but the amount of property selling has dropped off sharply extrapolating for 2006 an estimate of 35 properties to be sold vs. 59 and 60 for the years prior. In addition 44% of the current years properties have seen price reductions vs. an average of 31% for the last 2 years.
*PRP: Number of properties that saw a reduction in their original list price.
*To stabilize numbers properties over 1 million were excluded.
“From Away”
Negotiating the Maine Department of Environmental Protection (DEP)
Where can I build my house, what permits to I need to obtain, what are the fines for lack of compliance. With an ever increasing stringent conservationist policy knowing what you can and can’t do with your land is critical and permissions from this organization is paramount. A few links to help one out:
- Maine DEP overview
- Maine Endangered Species Act
- Shoreland Zoning Laws
- Town Websites Links and good resources
Featured….
Quotable Quotes:
“Is Maine's famed natural character vanishing? The answer is: no, not all of it, thanks to the hard work and generosity of people such as Percival Baxter and Peggy Rockefeller, and of dozens of concerned, ordinary citizens and groups such as the Maine Coast Heritage Trust and The Nature Conservancy, which have helped to establish preserves and parks that will maintain at least some of the natural beauty of Maine forever.”
Bill Silliker Jr
Maine Company: The Nature Conservancy – Maine Chapter
Mission Statement “To preserve the plants, animals and natural communities that represent the diversity of life on earth by protecting the lands and waters they need to survive.” With the recent donation of 1900+ acres of land in Phippsburg, the largest ever in the chapters history and the recent signing of an agreement with Plum Creek to permanently protect 345,000 acres in the North Woods, this organization continues to help preserve and protect our state. Visit them at www.tnc/maine
Site to Visit: www.mainelobsterpromo.com
Created by the Maine Legislature in 1991 the Maine Lobster Promotion Council is comprised of harvesters, dealers and members of the public with a mission to promote, educate and train the public on everything and anything relating to lobster. An excellent resource for the lobster aficionado!
Restaurant: Street and Co. - Portland
Offering some of the freshest seafood around and located in the heart of the Old Port the casual, rustic atmosphere lends itself to an excellent dining experience. With entrees in the $20-25 range and a solid wine list be sure to make reservations well in advance for weekend dining. 33 Wharf Street, 775-0887
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 November
www.MyMaineProperty.com
**All housing data has been derived from the Maine IDX MREIS System |