Real Estate Spotlight - Vol. 60

Real Estate SPOTLIGHT

SHORE ROAD

$3,500,000

MAINE

As the leader in luxury Maine real estate, Legacy Properties Sotheby’s International Realty offers an marketing power and property exposure. Our licensed real estate agents specialize in luxury waterfront properties to lakefront lodges, maximizing year-round views and recreation opportunities for you to

We have six offices along the coast of Maine, with locations in Kennebunk, Portland, Brunswick, Damariscotta, Desert Island. Get in touch today to find your dream Maine home with guidance and support from our

an unmatched blend of local expertise, world-class waterfront homes, ranging from stunning coastal and beach to enjoy the best of what Maine has to offer.

Volume 60 - March 2023 Issue

Damariscotta, Camden, and Northeast Harbor on Mount our expert agents.

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FEATURED LISTING

102 MUSSON ROAD

RAYMOND $2,495,000

DISCOVER THE VALUE OF YOUR HOME

Our state-of-the-art online residential property valuation service lets you find the estimated current value of your home simply by filling in your address on the banner of our LegacySIR.com homepage.

This value is used in all aspects of the valuation process for lenders, GSEs, mortgage brokers, mortgage servicers, investment bankers, and mortgage investors as well as anyone who requires fast, reliable, and cost-effective residential property valuations.

For a more detailed Market Analysis, please contact your Legacy Properties Sotheby’s International Realty sales associate.

The Three-Legged Stool

The most consuming question from home buyers in today’s market focuses on inventory, or more specifically, the number of active residential homes for sale in Maine. As I write this, there are 1,914 active single-family homes and condos currently available for sale. Is 1,914 homes for sale in Maine a large number? The answer: Absolutely not!

To put this into perspective, the chart below shows that there were over 14,000 homes for sale in 2016. Even then, we had a backdrop of very strong buyer demand. And while it is impossible to statistically measure how many active home buyers are currently looking to purchase in Maine, it is fair to say that it is a significant multiple of the number of available homes.

properties available for sale at the end of the month, based on the contract date.

It is also important to recognize that while a home may be active and ready to sell, nearly 80% of them have been available to the public for more than 30 days, while 56% of these have spent 90 or more days on the market. Backing into what may be considered “fresh” inventory (less than 30 days on the market), there are 406 fresh homes for sale at the moment, spanning all price points and all counties, cities, towns, and townships in the whole state.

It is widely assumed that these homes still for sale must largely be in the higher price ranges or in towns and counties that are more difficult to access by car. Although that may have been the case in the past, it is certainly not the case in early 2023, with 73% of available homes for sale listed below $500,000 and active listings being largely proportionate to the size of each of their respective regional markets. Given the extraordinary demand for the relatively few homes, one is probably asking why there is any inventory at all.

With all properties coming up for sale, we counsel that there is a “Three-Legged Stool” approach to success when presenting any home.

The first leg is the location of the property. We have all heard “Location, Location, Location” when it comes to value, and that continues to be a strong driving factor. The better the location, the larger the audience of buyers, and the better the potential for a higher price.

The second leg is the home itself with respect to all of the infrastructure’s characteristics, layout, amenities, and condition. Lastly, and arguably the most important leg of the stool, is proper pricing reflecting market conditions, the location, and the home itself.

Simply put, a good home in a good location at a good price should sell very quickly in this market. If a home is not selling, there are typically one or more legs of the stool that need to be addressed. The location is obviously the most difficult to address because it is fixed. The solution to location is time, meaning that some locations simply take longer to attract the appropriate buyer while others do not. The home and its characteristics can be modified to meet the needs and expectations of the buyers, such as with a new roof, heating system, or appliances, to reflect the desired financial outcome. However, the list price is the variable for all homes that is most important in attracting the best buyer to begin negotiations. When it comes to a successful home sale, the list price is frequently the stumbling block. It is my opinion that all homes can and should be sold at a fair market price, and while “fair” is a relative term, that is how it has always been done. A good home should sell at a good price and a great home at a great price.

The good news is that as the spring market heats up, there will be more new listings for sale. Although we do not anticipate a large spike in available inventory, we are cautiously optimistic that there will be more properties for buyers to consider. Of course, the best ones, with three solid legs, will sell quickly. Maine has yet to experience the inventory and pricing weakness that has come to other parts of the country, and we think it is unlikely for as far as the eye can see given the aforementioned supply and demand dynamics.

What our buyer friends and clients really need to focus on at the moment is the importance of having an agent that is in the information flow with the types of homes that they seek. There continue to be abundant pre-market opportunities available to our clients throughout the state. There was a time when a buyer could come to Maine and have a

fighting chance of finding the right home that met all of their needs, but that is not as likely in this very tight inventory environment. My analysis shows that there are only 406 fresh active listings in our great state for buyers at all price points seeking single-family homes or condos.

In closing, I ask you to consider another “Three-Legged Stool” to apply to the selection of your buyer’s agent, characterized as a strong agent with a strong company and the experience and tenacity to help you achieve your Maine real estate goals. Should you be looking for one, please do not hesitate to contact me directly for assistance in finding the perfect fit for you.

See you soon,

Legacy Properties Sotheby’s International Realty

Source: Maine Real Estate Information Systems, Inc. (d/b/a Maine Listings).

With access to more than 3,500 miles of Atlantic oceanfront, 6,000 lakes and ponds, and mountains with world-class skiing, Legacy Properties Sotheby’s International Realty is uniquely positioned to help you find your dream home in Maine. Simply put, we have the premier portfolio of Maine real estate and waterfront properties for sale.

Enter to Win a Coveted Maine-Inspired angela adams Rug

We are collaborating with an iconic Maine-based interior design company, angela adams, to give away a coveted rug to one of our lucky Instagram followers. In a true celebration of Maine, the company is named after founder and designer Angela Adams, a creative Mainer raised on the island of North Haven who showcases textures of the Maine landscape in her luxury rugs.

Angela Adams grew up on North Haven, an iconic Mid-Coast island 12 miles off the mainland where ocean waves and the rocky coastline are the landscapes of daily life. “I’ve always been inspired by the natural beauty of Maine,” says Adams. “I’m inspired by the patterns the water makes… and patterns in the snow, ice, sky, fog, moss, and woods.” Her Portland-based luxury design company celebrates Maine through its organic colors and patterns, reinventing our state’s history of textiles and rug-making in a modern form.

Enter to win the Instagram giveaway.

(Winner will be announced on March 6!)

RADIO MAINE PODCAST FEATURE

Striking Professional Gold and Personal Balance in Maine: Meet Chris Lynch

Each week on Radio Maine, host Dr. Lisa Belisle brings you an interview with an artist, art-lover or creative individual that will broaden your view of Maine and the community that we cherish. In podcast episode 103, “Striking Professional Gold,” we meet Chris Lynch, President and Owner of Legacy Properties Sotheby’s International Realty.

Chris Lynch had a successful finance career managing a bond trading group on Wall Street–until it clashed with his desire to be with his growing family. A graduate of Bates College in Lewiston, Chris followed his heart back to Maine in the early 2000’s, seeking a more balanced personal and professional existence. Despite being warned away from real estate, and facing more than one detractor, Chris borrowed from his children’s college savings in order to found and build what would become one of Maine’s most successful residential firms – Legacy Properties Sotheby’s International Realty. Chris has gained many valuable insights about business and life in his beloved adopted state over the past two (plus) decades.

Listen to, or watch, Radio Maine on Apple Podcasts, Spotify, Audible, Google Podcasts, Podbean, You Tube, Vimeo and the Portland Art Gallery website.

Thank you for joining us, and being part of our world.

LEGACY COLLECTION

Our exclusive, multi-page property books are distributed with Maine Home + Design, Down East, and in select areas, The Wall Street Journal and The Boston Globe. As many as 84 pages are

REAL ESTATE EXPERTS IN EVERY MARKET GLOBAL REACH

The Sotheby’s International Realty network is comprised of more than 26,000 sales associates located in approximately 1,000 offices in 81 countries and territories worldwide. Our listings are marketed on the sothebysrealty.com global website and on local affiliate websites across the world in the markets from which our buyers are coming. This global exposure not only affords our listing clients the widest possible distribution to the highest number of qualified buyers, but it allows all of our clients access to the most experienced and accomplished real estate experts in whichever town, city, or country they may have needs.

THINKING ABOUT A MOVE?

Let us help you find the right agent through our global network at Sotheby’s International Realty. For more information call 207.780.8900 or email info@legacysir.com

THANK YOU FOR YOUR TRUST AND SUPPORT.

for all homes sold over $4,000,000 in Maine for all homes sold over $3,000,000 in Maine for all homes sold over $1,000,000 in Maine for all homes sold over $650,000 in Maine for all waterfront sales in Maine

Legacy Properties Sotheby’s International Realty attributes its success to offering its clients a very strong package of marketing services including: professional photography, Matterport 3D Virtual Tours, glossy print advertising, global property distribution through its exclusive network of agents, and luxury branding through its affiliation with Sotheby’s International Realty.

FEATURED RENTAL

Located

wonderful

a short

the attractive neighborhood rocky/sandy beach for a walk or a sit at lower tides. Easily accessible to Crescent State Beach, too. A local and visitor’s favorite. Short drive to Fort Williams, a must visit, Two lights State Park and just a short fifteen minute drive into downtown Portland, too!

Enjoy the ocean views in this home that offers four bedrooms on the 2nd floor of the home with three full bathrooms. The first floor has one half bathroom. This home does have air conditioning if needed. The tranquil backyard has a stone patio and outdoor furniture and built-in granite table. The basement level has a ping pong table and a foosball table.

Private chef and concierge services may be available, inquire for more details.

2 Rugosa Way, Cape Elizabeth | $25,000 per month

4-BEDROOM |

3.5-BATHROOM | SLEEPS 9 GUESTS

FEATURED RENTAL

This 6,000 square foot home on 5 levels situated on a hillside directly on and overlooking vast unobstructed west/southwest vistas of Linekin Bay, East Boothbay. It is truly an exceptional property waiting to host discriminating vacationers.

This home sits just 75’ from the ocean in a beautiful, protected cove within Linekin Bay, The property faces west/southwest, affording stunning sunsets. There are Brazilian cherry floors throughout, multiple terraced areas of lawn, gardens and shrubs on front, sides and back of the house, expansive multi-level decks, and multiple quiet spaces suitable for remote working. EV charging.

Private chef and concierge services may be available, inquire for more details.

429 Ocean Point Road, Boothbay | $25,000 per week in summer & $12,000 per month off-season

5-BEDROOM | 4-FULL + 2-HALF BATHROOM| SLEEPS 8 GUESTS

FEATURED RENTAL

You will find five bedrooms with three and one half bathrooms in this home. Two bedrooms have king beds and three bedrooms have queen sized beds. Why block the view? The bedrooms facing the water do not have window coverings - bring your eyemask!

A repurposed container houses the swimming pool and hot tub directly overlooking the ocean. There is a brand new dock system with a floating dock in the water, too. Kayaks may be available for renters, too. Can’t decide from where to look at the water? Try all 3 outdoor decks. Fully equipped gym and media room with Hydrow rowing machine and a Lulu Lemon Studio. The house is also a smart home, easily controllable by voice access.

Private chef services and concierge services may be available.

44 Eagles Lane, Yarmouth | $15,000 per week

5-BEDROOM |

3.5-BATHROOM | SLEEPS 9 GUESTS

FEATURED RENTAL

This extensively renovated and furnished waterfront home in South Freeport is ready to welcome its first guests. It is perched overlooking Casco Bay and provides direct water access for boating, swimming, and fishing. Convenient location by South Freeport Village, the Harraseeket Yacht Club, Harraseeket Lunch and Lobster Company, and more! The floorplan can easily accommodate eight guests with ample room to spread out in the living room or media room, with most rooms overlooking the water.

Off-season and summer rentals are both available. Rent before the holidays in 2022 or first thing in the new year until the summer season starts. Offered at $7,000 per month through May and $10,000 per week in the summer.

Private chef services and concierge services may be available.

29 Castle Road, Freeport | 4-BEDROOM | 2.5-BATHROOM | SLEEPS 8 GUESTS

3 D VIRTUAL TOURS

Welcome to the always-open house. Our immersive Matterport 3D Virtual Tours transport you into the finest selection of Maine Luxury Properties and let you explore like never before. Use Dollhouse view to see a whole property at once, switch to floorplan view for a traditional top-down perspective, or walk through like you’re there in person. Our Matterport 3D Virtual Tours are unlike any other real estate virtual tours. They are the most realistic, cutting edge, and comprehensive way to experience a property online. Click on any of the thumbnail images below to experience the Maine Lifestyle from the comfort of your own home.

SOCIAL MEDIA

Over 89,000 Real Estate Spotlight subscribers.

Over 2,900,000 YouTube property video views.

Over 60,000 followers interested in Maine real estate.

At Legacy Properties Sotheby’s International Realty, we use social media to connect your home to our vast community of real estate intenders and influencers from across the globe. Social Media, like real estate, is about connecting people and cultivating relationships, which makes it the ideal tool for marketing your home.

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PORTLAND OFFICE

2 City Center

Portland, Maine 04101

207.780.9800

KENNEBUNK OFFICE

150 Port Road

Kennebunk, Maine 04043

207.967.0934

BRUNSWICK OFFICE

141 Maine Street

Brunswick, Maine 04011

207.729.2820

DAMARISCOTTA OFFICE

170 Main Street

Damariscotta, Maine 04543

207.563.2775

CAMDEN OFFICE

46 Bay View Street

Camden, Maine 04843

207.230.1003

NORTHEAST HARBOR OFFICE

6 Neighborhood Road

Northeast Harbor, Maine 04662

207.780.8900

Table of Contents

Legacy Properties

Sotheby’s International Realty

Six offices serving Maine and New Hampshire’s coastal, lake, and mountain communities.

info@legacysir.com

legacysir.com