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You are currently viewing: Posts made in August, 2007

Southern Maine market conditions in July

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Despite the extreme volatility seen in the financial markets the 4 Maine counties followed held strong.  Appreciation was flat in York and Cumberland whilst Sagadahoc and Lincoln saw minor fluctuation. A 22% increase in units sold in Cumberland county was the high point for  southern Maine real estate markets in July.  A slight uptick in Days on Market for 3 out of the 4 counties and a small, statistically insignificant inventory increase were seen as well. Look for more significant reductions in homes sold going forward as the lenders look to find a happy medium in their practices. View the full newsletter here.


Lower Mid Coast Maine Waterfront pricing

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What does it cost to buy a waterfront home on one of the 3 lower mid coast Maine peninsulas?  In Harpswell, the first peninsula off of Brunswick, there are 60 properties on the market, an average asking price of 650K, an average tax bill of $2,700 and an average time on the market of about 150 days.  Continuing up the coast to Bath and out onto the peninsula of Phippsburg, there are currently 17 properties on the market with an average asking price of 618K, $2,300 tax bill and a days on market average of 175.  As one crosses over the bridge into Woolwich from Bath and heads out into Arrowsic and Georgetown, the average current asking price is 677K for 20 properties on the market with an average tax bill of $2,500 and an average days on market of 133 days.


Mortgage market update

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Not necessarily a Maine real estate update but certainly something that pertains to any would be buyer or seller of property in Maine.  

A Credit Market update from Garrett Ryan an excellent mortgage broker and friend here in Maine explaining some of the recent changes in the lending market. 

“Two big changes that evolved last week were to Jumbo & Alt-A loans.  The secondary market has lost it’s appetite for Jumbo loans causing lenders to hold their 417K+ notes instead of bundling them up for the secondary market.  To make holding the loans more profitable, lenders implemented rate hikes to all jumbo loans putting the average Jumbo around 7.5% (yikes!)  Alt-A loans are a program with a conforming lender, but require less documentation.  Such as no income verification, but we will verify employment and assets.  About 60-70% of the lenders cancelled their ALT-A programs.  My guess is additional lenders will follow suit in the coming weeks.” 

Click here to email Garrett Ryan at Maine Mortage or give him a call at 883-5063. 

 


Portland Maine Residential market update

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As of August 8th, 2007 there is a total inventory of 490 residential properties that can be broken down into 259 single family homes with an average asking price of 380K and 231 condos with an average asking price of 318K, since my last analysis a few months ago, it seems inventory levels have risen by about 10%, not ideal but not extremely outrageous either.  As I continue to read about new developments in the area moving forward, a new and exciting  24 unit condo complex on the corner of High and Danforth as well as a new proposed plan for the Jordan Meat facility, I am optimistic Portland real estate will continue to move forward and remain a good solid investment.  Recently having hired an assistant to do market research for me, if you are looking for a great overview on all there is to do in Portland Maine from the Arts, to Restaurants, to Education, to the Old Port, I urge you to take a look at the Portland Maine overview. 


Utility Easements through the Shoreland Zone

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 After having dealt with a couple deals involving easement issues, when looking to purchase waterfront real estate or waterview real estate be sure to read the deeds carefully, consult with professionals, never assume and be sure to check with these 3 authorities when looking to obtain permits for easements over resource protection and Shoreland Zoning regions
1) The town hall, specifically the Codes Enforcement Officer (CEO) who can determine if he/she has the authority to issue a permit or if one might need the approval of the local planning board to proceed, a process that can take multiple months.
2) The  Department of Environmental Protection will most likely want to take a look at the site as well to determine if a Permit by Rule (quick 2 week version) can be issued or a full permit that can take as long as 2-3 months to obtain will be necessary.
3) The Army Corps of Engineers is the last organization to consult with if any disruption to a marine habitat will occur.Â