Maine Real Estate News

The deadline for the Federal Tax credit for first time home buyers and repeat home buyers is approaching. If you want to take advantage of this benefit, you have until April 30, 2010.

The IRS recently clarified which documentation taxpayers need to submit to claim the credit. While the Form 5405 is still required, it is not demanding that all parties signatures be on the HUD-1 settlement statement in situations where buyer and sellers signature is not a common practice at closing. In Maine, however, both parties are required to sign the HUD-1.

Specifically, the IRS clarification states: “In areas where signatures are not required on the settlement document, the IRS has clarified that it will accept a settlement statement if it is completed and valid according to local law. … The IRS encourages those buyers to sign the settlement statement prior to attaching it to the tax return.”

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I only recently learned about the Maine Development Foundation (MDF). Have you heard of it? MDF is a private, non-profit corporation with a membership of 250. It was formed in 1978 by the Maine Legislature whose purpose is to promote the economy. Funding is generated from service fees, private contributions, memberships, foundations and state government contracts.

MDF manages seven programs that range from from community development, to leadership training, to workforce development. Economic research is done in both private and public sectors not only in Maine, but throughout the US as well.

Recently released, the 2010 Measures of Growth report, is an economic report card that measures 24 indicators against established benchmarks. Movement towards or exceeding the benchmarks are indications of improvement or progress towards long-term, sustainable economic growth.

The Growth Council awards Gold Stars to indicators that demonstrate exceptional performance and assigns Red Flags to indicators that need attention.

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No new hotel for Bar Harbor! Yesterday the Bar Harbor Planning Board rejected a proposed hotel Tom Walsh and Ocean Properties, that was to be located on West Street.

The unanimous 4-0 vote by the board comes after a year of debate and was supposedly based on the fact that the $12 million project did not meet the land use ordinance.

According to the board, buildings of four stories, such as the proposed hotel, must include an amount of year-round dwellings equal to the size of the fourth floor. Mr. Walsh maintained that, according to the LUO, the number of year-round dwellings is calculated by another measure, and that he had met that measure with his plans.

Despite local support for the project, including West Street business owners who urged the board to approve the hotel, citing conformity with the LUO, benefits to the local economy and tax base, and the aesthetic improvements the project would bring to the area, no agreement could be found.

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We recently published our March Newsletter and it features an interesting update on Shigeru Ban, the Japanese architect who has developed a method of creating temporary paper buildings to aid earthquake victims.

Sold Data Now Online

You will also find newest service, just introduced this week. Have you ever been interested in what a home sold for on your street. Now you can access that data yourself without going to city hall!

On our website you can do a live online search for any sold homes, condos and land for up to 12 months.

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Do you know the largest port in the United States? Well, it’s not Portland, even though we are often visited by some fairly large ships on a regular basis. The largest is the Port of South Louisiana, followed by the Port of Houston and the Port of New York/New Jersey.

At only 13% of its total volume, the Port of Portland ranks number 29th in the country, only one spot behind the west coast Portland, which is kind of surprising.

These photos were recently taken while the SKS Satilla was in port. If you happen to recognize this ship, it is the same one that nearly sank off the coast of Galveston in 2009 almost 1 year ago today.

The vessel struck a submerged oil rig, took on water and began to list precipitously. It was in danger of sinking, but eventually was rescued in time.

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Looks like development of the former Jordan’s meat plant might be taking shape.

In an announcement yesterday Old Portland Hospitality proposed a 122 room Hampton Inn, restaurant and small condo development for the property.

According to documents filed with the city, the project was valued at around $15 million.

The condo portion of this development is clearly much smaller than others that had been considered on this location (and others nearby).

Currently there are 175 condos on the market in Portland, ranging in price from $89,900 to $1,200,000, with a median list price of $189,900 or $207.70 per sqft. During the last 90 days 49 condo units and townhomes have sold at a median price of $203,000.

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Looks like spring is not too far away. A beautiful February day - who would have guessed it!

Winter in Maine often has days with a bright blue skys and this fellow was not alone. Last Saturday the park at Bug Light was filled with not only kite flyers, but many people just out for a walk or jog to enjoy the day.

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ood news for Maine ports. Gove John Baldacci announced today that Maine will be the recipient of $14 million in stimulus funds for improving three ports.

The Portland International Marine Terminal will receive $5 million in federal economic stimulus funds to improve pier access and cargo operations. The Port of Searsport will receive $7 million for new equipment, including a heavy-lift mobile harbor crane. The Port of Eastport will receive $2 million for a warehouse, conveyor equipment and storage pad.

The funds are part of the Federal Transportation Investment Generating Economic Recovery grant program.

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The Portland Chamber is looking for feedback regarding proposed changes of the Planning and Development Department and the permitting process. Major components of the revisions include:

Revisions to Section 14-526(a) of the City Code, Site Plan Standards.

Modifications to the development review process and procedures of Article V of the City Code.

Revisions to the City of Portland Technical and Design Standards and Guidelines.

Implementation of new development review tracking software.

This is a large and complicated undertaking and the Chamber has hired land use attorney Bill Plouffe to keep abreast of all changes and draft commentary as necessary.

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The sale of the former Jordan’s Meats property has just been completed. After nearly two years on the market, the new owners - Mark Woglom and Greg Kirsch – announced that they plan to build on the site “sooner rather than later”.

The new owners formed the company Old Port Hospitality LLC to make the purchase. They also own the Opeechee Construction company located in Belmont, NH. Although the terms of the transaction were not disclosed, it is believed the final price was significantly below the listed amount of $4.75 million.

Opeechee Construction has experience in Maine, including such projects as the AAA regional headquarters in Portland, Hampton Inns in Augusta, Bath and Ellsworth, the Comfort Suites in Biddeford, the Comfort Inn & Suites and Homewood Suites in Scarborough, and the Holiday Inn Express in Freeport.

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