Facebook for Herrigel Group   Twitter for Herrigel Group    RSS for MainePropertyblog.com Maine Home Sales Data View Maine Real Estate Listings Relocating to Maine
You are currently viewing: Posts made in March, 2007

Maine real estate SF home prices rise in February

0 comments

Maine real estate single family home prices on average were up close to 5% in February2007 over 2006 according to MAR statistics compiled from the MREIS. 

The statewide median existing home sales price reached $193,950 compared to $185,000 a year prior.  A total of 698 homes changed hands during the month, down a slight 1.13 percent.

Whilst national home sale prices fell by more than 3% on average.  The increase in prices can perhaps be attributed to the seasonal spring buying population as well as the ever increasing migration North by retirees and parties looking to escape the hustle and bustle of other parts of the state. 

Whilst national home sale prices fell by more than 3% on average.  The increase in prices can perhaps be attributed to the seasonal spring buying population as well as the ever increasing migration North by retirees and parties looking to escape the hustle and bustle of other parts of the state. 

 View specific Maine county housing statistics here


Subprime Mortgage Mahem

0 comments

It seems as of late a bit of a hysteria has been created within the mortgage bankers world, specifically the subprime market, where numerous lenders have been forced to close their doors permanently or at the very least cease and desist all subprime lending (risky, higher interest rate, 100% financing loans to parties with no income documentation and/or poor credit scores basically).  Sub prime loans accounting for roughly 10% of the entire mortgage security market and the question one asks is will the reverberations seen in this market carry over into the conventional mortgage markets.  In Maine, the Association of Realtors reported that the Maine real estate foreclosure rate for the 4th Qtr 2006 was 4.9%, 21st in the nation and 2nd highest in New England with only Rhode Island ranking higher at 5%.  A few recent articles from the New York Times detailing the issue in more depth:

  • Article #1
  • Article #2
  • Article #3

    • Coastal Waterfront property values

    0 comments

                                                Current                                        2006 
                            Inventory      Ask. Price     DOM        # sold    Avg Price.    DOM
    Southern Maine         81          987K            153           71           784K         136
    Northern Suburbs     38          1.04 M          158           37           1.1M          112
    Lower Mid Coast       69           712K            196          52            730K         148

    Other than a significant price differential in Southern Maine, attributed partly to a large portion of current multi million dollar asking prices, current market conditions are similar to 2006 results.  Inventory levels are just slightly higher than total properties sold in 2006 and thus one can expect to see a continued increase in Days on Market by extrapolating out the absorption rate to slightly under 1 year.

    Search criteria used: All waterfront property for the given areas:
    Southern Maine – Kennebunk, Kennebunkport, Wells, Biddeford, Saco, Scarborough
    Northern Suburbs – Falmouth, Cumberland, Yarmouth, Freeport
    Lower Mid Coast – Harpswell, Phippsburg, Georgetown
    DOM – Days on Market


    Waterfront Shoreland Zoning Rule Changes

    0 comments

    Before you go buying waterfront property it may be wise to investigate the surrounding areas to ensure no Piping Plovers or similar protected shorebirds can be found nesting, feeding, staging and/or roosting within 250 feet of your property as recent legislature (June 06) drastically amended the Significant Wildlife Habitat Rules of 1998 to impose greater restrictions on buffer zones surrounding these areas.  However a widespread outcry against the new rules has resulted in new proposed retroactive legislature that would reduce the newly expanded zones.  

    Read more here.
    View maps of proposed areas here


    Portland’s Bayside Redevelopment

    0 comments

    There was  great article brought to my attention the other day in the New York Times talking about this transitioning neighborhood, what has happened, what is happening, its history and what it all means.  It can be read here..

    Portland’s Bayside region is the back side of the East End that overlooks the Back Bay. A mixed use neighborhood with industrial warehouses alongside single family homes/a soup kitchen next to luxury condo’s.  What used to be a hustling and bustling working class neighborhood with a population approaching 5000 that saw a decline to its current population fo 1200 due largely to urban renewal that traded housing for parking lots.

    As of late and sparked by the City of Portland’s Bayside Redevlopment to make this area the ”Urban Gateway” launched in 1999, new investment is being infused into the area.  Whole Foods opened last month, the 6 year old Unity Village aparment complex has largely been a success and construction continues to move forward on a new 60 unit apartment complex as well as a luxury condo development on Chestnut street.  By no means complete, the gradual transition is infusing life and excitement into a community with great history and character.


    « Previous Entries