Maine Real Estate News

In yet another move to retard growth and raise taxes the city of Portland is looking to impose a new fee on condo sales. As proposed the new fee would be calculated at 1% of the sale price the first time each condominium is purchased. There would be no fee on subsequent sales […]

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Portland Maine is a historic New England port city that has transformed itself over the years in a very dramatic way and positive way.

From working waterfront to a vibrant community of posh restaurants and shops, white-collar businesses and sophisticated arts, Portland has been named the “most livable” city in America by Forbes.com in its most recent 2009 study.

“Portland draws so many people because it has a strong arts, cultural, contemporary music and foodie scene,” says Janis Beitzer, executive director of Portland’s Downtown District. “It’s a place where people set their own pace of life and work.”

The list was compiled by assigning points to cities around the country with populations in excess of 500,000, based on such factors as leisure index and crime data from Sperling’s Best Places, cost of living and five-year income growth per household, and yearly unemployment figures from the Bureau of Labor Statistics.

Some key statistics from the study included:

• Cost of Living at 102.1 ranking 290 of 379 cities
• Income Growth at 6.3%, ranking 86 of 379 cities
• Culture Index of 79, ranking 90 of 379 cities
• Crime per 100,000 of 2,611 for a rank of 55
• Unemployment of 5.9%, ranking 29

Rounding out the top fiver were: Bethesda, MD; Des Moines, IO; Stamford, CT; and Tulsa, OK.

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Wondering about whats is going on in today’s Maine real estate market? Bruce and Eddie discuss some current topics over coffee.

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First time home buyers have new incentives to consider when purchasing real estate in 2009.

The American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009. A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. Highlights of the plan include:

The tax credit is for first-time home buyers only.

The tax credit does not have to be repaid.

The tax credit is equal to 10% of the home’s purchase price up to a maximum of $8,000.

Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full credit.

The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.

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March in Maine is often a transition month - not really Winter, not really Spring - but hopeful. During this month there are a great many things to do in the greater Portland area. For a quick overview of activities and events, we have put together the following list:

March 2009 Event Schedule

March 3-22 “Out of Sterno”: Wide eyed innocence and perfect pedicures collide in this zany new comedy about life, self image and the pursuit of a hunky man to call your own. Portland Stage Company. 774-0465

March 8 Daylight Saving Time: Don’t forget to turn your clocks ahead!

March 11-15 Portland Flower Show: The only flower show in Northern New England. This year’s theme is From the Mountains to the Sea. An oasis of spring with displays, vendors and lectures. Portland Company Complex, Fore ST. 775-4403

March 13-29 “Fallen Angels”: An icon of the theater, Noel Coward is known for his flamboyant witty style. Fallen Angels is a spectacle of two middle aged women slowly getting drunk while awaiting the arrival of their mutual lover. Presented by Freeport Community Players at Freeport Community Library. 865-2220

March 17 Natalie MacMaster: Fiddling superstar from Cape Breton, Nova Scotia, stirs up a rollicking St Patrick’s Day celebration. PCA Great Performances at Merrill Auditorium. 842-0800

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We have just updated our 2008 full year sales results for southern Maine, and as expected sales in nearly every town and community are below 2007 levels. Prices, contrary to what you might have been led to believe, have not fallen as sharply. Complete sales results and market statistics are available online at our website at: Maine Home Sales – 2008.

Complete reports for 2008, 2007, 2006 and 2005 are also available for download.

But, all thing being equal, price continues to be a significant issue and fundamental to the success of every property transaction during the last six months and no doubt the foreseeable future.

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As most of you who read this blog know, we are Portland, Maine enthusiasts. Some time ago we put together a short video highlighting the area. YouTube is now accepting and playing videos in either High Definition or High Quality.

Below is our Portland Video, recently posted on You Tube (and other video sharing websites, such as Vimeo and Viddler).

Hope you enjoy!

An overview of Portland Maine real estate is avialable on our website. There you can view and download area demographics, school information, regional resources and home sales data.

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The NBC TODAY Show periodically reviews real estate values in different towns and cities across the country.

On January 23, 2009 real estate agent Barbara Corcoran and correspondent Al Roker discuss homes currently listed from $250,000 to $450,000.

Included in this review was 65 Summer Place in Portland Maine – a spectacular 3-bedroom home features panoramic views of Casco Bay and the Atlantic Ocean from multiple decks and windows. This video can be viewed at Featured Portland Maine Real Estate.

65 Summer Place

Located in Summer Place, this shingle style Victorian Cottage was constructed in 1995. Enjoy the opportunity to own one of the few homes in Portland with gorgeous views of Casco Bay. This home design was also featured in the April 2001 issue of “Better Homes and Gardens”.

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Maybe we now have a path forward! On Monday night the Portland city council, in a 7-2 vote, decided to open talks with Ocean Properties on a $160 million proposal to build a hotel, office and park complex on and around the aging pier.

The vote came nearly two months after the city ended talks with The Olympia Cos., the Portland company that originally was awarded bargaining rights for the pier after a contentious competition with Ocean Properties that ended in December 2007.

The decision means the long-running effort to trade lease and development rights at the pier for an estimated $18 million worth of repairs have entered a new phase. And like many of the turning points in the 2½-year saga, Monday’s vote came after more than an hour of contentious debate. For the most part, the small group of dissenters were local residents who urged the council to give the public a chance to brainstorm the new direction for the pier. As correctly pointed out by Donna Carr, an Ocean Properties supporter and former city councilor, this project has been vetted extensively by the public. Since its inception there have been numerous meetings and public workshops. The primary reason we are two years in the planning process is politics - not a true debate about what is best for the city.

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With fewer homes selling in Maine, those involved in the real estate industry - agents, mortgage lenders, home inspectors and appraisers - are all feeling the affects.

Through December of 2008, the number of people licensed to sell real estate in Maine declined 13.5% in the past year, and the number of people obtaining entry-level licenses fell 70%.

The number of mortgage lenders is also dwindling. As of year end there were 60% fewer licensed lending office, and the number of licensed loan brokers is down 25 %. These statistics are kept by the state’s Office of Licensing and Registration.

As with many industries, especially those where the threshold to join is relatively low – but the formulation to achieve real success can be elusive, difficult economic times have a way of weeding out the weak. And today is that time.

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