Maine Real Estate News

The Captain’s Quarters Condominiums

2008-06-04T12:49:00.001-07:00

Announcing Portland’s exciting, new condominium project on the historic Eastern Prom. The Captain’s Quarters features 7 comfortable units at 102 Eastern Promenade in a restored Victorian building, all with fabulous water views, updated finishes, period details and many with fireplaces.

The common area includes 2 spacious decks, a sitting room, spectacular outdoor garden and patio and a restored, 2 story Carriage House with an exercise room on the second floor and secures storage on the first floor, including bicycle and kayak storage.

The park at the Eastern Prom is just footsteps away, 32 acres with walking and bike trails, playground, tennis and basketball courts, a boat launch and Portland’s Narrow Gauge Railroad. The Old Port is less than a mile away, as is downtown, the Island Ferry Terminal and the Jetport is just short drive.

Pricing for The Captain’s Quarters:

Unit 1 – 663 square feet - $349,900 – Sold
Unit 2 – 738 square feet - $295,900
Unit 3 – 618 square feet - $279,900
Unit 4 – 727 square feet - $295,900
Unit 5 – 609 square feet - $285,900
Unit 6 – 595 square feet - $259,900
Unit 7 – 1258 square feet (Garden Level – 2 Bedrooms) - $329,900

For a private showing, call Rick Beal at Coldwell Banker Residential Brokerage, 53 Baxter Blvd., Portland, ME 04101, 207-773-1990 or e mail Richard.Beal@NEMoves.com

Maine Single Family Home Sales drop 28% from January 2007

2008-02-27T16:48:00.000-08:00

Sales of single family homes skidded to 495 in January compared with a total of 688 in the same month in 2007. These figures were released by the Maine Real Estate Information System, Inc. earlier this week.

More bad news for sellers - the statewide median sales prices for those homes dropped 2.22 percent to $185,000 vs. $189,200 in January 2007. The median sales price indicates that half of the homes were sold for more and half sold for less.

In Cumberland County for the quarter ending on 1/31/08, sales of single family homes dropped to 476 compared with 640 from 11/1/06 through 1/31/07, a drop of 25.63%

Maine's decline outpaced the region and the nation as the Northeastern United States experienced a 25.7 percent decrease in sales. Nationwide, real estate sales dropped 22.4 percent from January 2007. The National Association of Realtors reports that the median existing single-family home price dropped 5.1 percent to $198,700.

While the news seems to roll down like an avalanche of our endless snowstorms, there are still houses selling and in a reasonable amount of time. Which ones? Those that are priced correctly, are staged well and aggressively marketed locally, regionally and nationally. Before choosing a REALTOR to market your home, ask what he or she is doing differently from the peak years of 2001 and 2005, because times have changed and the same old methods just aren't working in 2008.

December - A Tough Month for Real Estate in Maine

2008-01-24T22:07:00.000-08:00

Prices for single family, existing homes decreased 4.62% in December 2007 compared to December 2006. In figures reported yesterday by MREIS (Maine Real Estate Information System, Inc.), REALTORS reported 745 sales in Maine in December 2007, compared to 971 sales during December 2006, a drop of 23.27 percent. The median sales price for such a home was 186,000 in December, down from 195,000 in December 2006. The median sales price is defined as the figure where 50% of the homes sold for more and 50% sold for less. It is important to note that all figures are for existing single family homes and do not include new construction.

Nationally the National Association of REALTORS reported that sales of single family existing homes dropped 21.6% in December 2007 as compared to December 2006. The national median existing single family home price dropped 6.5% in December.

Regionally in the Northeast, sales were down 22.4 percent, and the regional median sales price decreased to 258,600, a drop of 8.9%.

Now, more than ever, if you are looking to buy or sell real estate in Southern Maine in 2008 you need a trusted company with the resources to market your property professionally, not only in the local market, but also nationally and internationally. Join the over 1,000,000 visitors each month at http://www.newenglandmoves.com/ and see what the buzz is all about. Ask me why the Portland office at Coldwell Banker Residential Brokerage increased the number of transactions by 19% in 2007 in the midst of all the doom and gloom in the industry.

Some Good News from Maine?

2008-01-04T11:55:00.000-08:00

Prices for single family, existing homes increased 1.62% in November 2007 compared to November 2006. In figures reported December 31st by MREIS (Maine Real Estate Information System, Inc.), REALTORS reported 891 sales in Maine in November, compared to 997 sales during November 2006, a drop of 10.63 percent. The median sales price for such a home was 188,000 in November, up from 185,000 in November 2006. The median sales price is defined as the figure where 50% of the homes sold for more and 50% sold for less.

While this might seem as bad news to some, Maine is holding up remarkably well when compared to the rest of the country and the region. It is important to note that all figures are for existing single family homes and do not include new construction. Nationally the National Association of REALTORS reported that sales of single family existing homes dropped 19.9% in November 2007 as compared to November 2006. The national median existing single family home price dropped 3.7% in October to 208,700. Regionally in the Northeast, sales were down 19.4 percent, and the regional median sales price decreased to 258,300, a loss of 3.2%.

Each day the media is reporting about the crash in the real estate market and buyers are on the fence afraid to jump in, fearing their home will lose value as soon as they close on it. The numbers in Maine point to a different scenario. While units sold are down year over year (at about half the national average), prices are relatively flat. With interest rates at close to historic lows, it might never be a better time to buy that home now, particularly if you plan to stay for some time.