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The Maine Newsletter May Issue Released

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Inventory, Pricing, Demand
Statistics for April show the continued trends of rising inventories yet increasing prices, a quandary for traditional Supply/Demand economics.  Prices were up in 3 out of the 4 counties followed with a 6.7% increase in Cumberland.  The number of properties sold increased in Lincoln and York, remained flat in Sagadahoc but saw a strong decline in Cumberland partially attributed to the Portland younger buyer’s inability to secure loans due to increasingly stringent lending practices for higher risk financing.  A general sense of “blah” seems to have clouded the markets in April, yet investor and consumer sentiment seem to point toward improving market conditions for late spring. 

Read the entire Maine Newsletter here.


April Housing Stats released by Association of Realtors

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Maine real estate sale were down 12.2%  in April from a year ago according to the Maine Associatation f Realtors.   Median sales prices increased by 5.9% to $201,00 from $190,000.   For the nation as a whole according to the National Association or Realtors, the median existing single-family home price dipped 0.9% to $220,500 in April. For the Northeast region, sales were down 8.8% on average and the median existing single-family home price was $283,600, down 0.6%.  See the complete press release here. 


The Portland Maine Whole Foods Real Estate Boost

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Trying to think what interests people and having just done a bike tour searching out multi units in and around the East End of Portland, the love of food coupled with the desire for lucrative investments in Maine real estate  I thought perhaps a brief commentary on how I feel the local region surround the behemouth will fare over the coming years was a good subject for conversation. Driving down 295 one can’t help but notice the beacon of development Whole Foods represents.  Coupled with the newer Planet fitness next door, the Back Cove a stones throw away and the push of the city to redevelop the bayside area, the real estate, although a little rough around the edges has great potential I believe.   The brick warehouses on Kennebec streed I envision as loft condos, the single family and duplexes on streets such as Alder, Oxford, Chestnut, Hanover and Elm to name a few, shall be bought, renovated and brought back to their original splendor and  the removal and infill of the local junk yards and city of Portland public works buildings will bring larger mixed used retail, commercial and residential proprety. The area is ripe for improvement,  keep an eye on it. 


In town Portland Maine Multi-unit Housing Statistics

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As the residential real estate markets continue to undergo tumultous times, what has been happening in investment properties in Maine. In Portland the current inventory of multi units has grown to around 90-95 properties after hovering around 80 to 85 for the past many months.    Here are some recent statistics on the current inventory levels and pricing of smaller mulit unit properties on the  East and West end.

 

Current Inventory levels as of 5/15/07

                                           East End  
               Total    Avg List Price      Per/Unit       DOM
 2 Unit        4            276                 138               110
 3 Unit        7            397                 132                38
 4 Unit        4            421                 105                41
 5 Plus        3                                  100 
     
                                             West End  
            Total       Avg List Price       Per/Unit          DOM
 2 Unit      8             349                    175                 110
 3 Unit      5             334                    111                  38
 4 Unit      4             414                    104                   41
 5 Plus      7                                        83 


Maine legislative opposition to “Big Box” operations

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On Monday the Maine real estate development recieved a blow when the State and Local Government Committee voted 9-2 to support legislation knowns as The Informed Growth Act requiring developerer to spend as much as $40,000 on a study if building plans call for a store larger than 75,000 square feet. Developers also would have to pay for a public hearing and municipal staff time spent on the study.
The two sides:  Supporters argue that sprawl created by large stores hurts downtowns, the quality of life in Maine and small businesses.
Opponents argue it is another signal to business that Maine is not a friendly state believing that cities and towns should create their own ordinances if they want to control growth, and that 75,000 square feet is not a large retailer by today’s standards.
You be the judge…
Read more recent Maine Real Estate News Here

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