June
E - N E W S L E T T E R June 2021 | Vol. 55
MAINE
As the leader in luxury Maine Real Estate, Legacy Properties Sotheby’s International Realty offers an unmatched blend o
exposure. Our 80-plus licensed real estate agents specialize in Maine Coastal Real Estate, and are proud to represent distinc
With more than 3,500 miles of Atlantic oceanfront, 6,000 lakes and ponds, and the Western Mountains (including world cl International Realty is uniquely positioned to help you find your dream home in Maine. Simply put, we have the premier p
of local expertise, world-class home marketing power, and property ctive properties at all prices in Maine.
lass skiing at Sugarloaf and Sunday River), Legacy Properties Sotheby’s portfolio of Maine Real Estate.
Volume 55 - June 2021 Issue Editorial by: Chris Lynch
Designed by: Dana Whitney
Edited by: Chris Fortunato
Graphics by: Dana Whitney
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FEATURED LISTING (ALSO ON COVER) $3,650,000 8 LORDS POINT ROAD, KENNEBUNK
VISIT OUR MDI ASSOCIATES: 6 NEIGHBORHOOD ROAD NORTHEAST HARBOR
A legacy of real estate. A mastery of real estate marketing.
Nothing Compares.
Legacy Properties Sotheby’s International Realty is pleased to announce the opening of our 6th office on the coast of Maine.
for all homes sold over $2,000,000 in Maine for all homes sold over $1,000,000 in Maine for all homes sold over $500,000 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.
*Based on information from the Maine Real Estate Information System, Inc. (d/b/a Maine Listings) for the period 1/1/2020 through 12/31/2020
MAINE REAL ESTATE - FAQ’S My first job upon graduating from Bates College nearly 40 years ago was with a Massachusettsbased economic think tank, and my primary role was to create and manage econometric models and conduct statistical analysis for the PhD economists who ran the company. I went on to use my economic and mathematical roots during my 17 years working on Wall Street as a bond specialist. If properly computed and considered, I was quite certain, and remain so, that numbers do not lie. That said, numbers don’t always tell the whole story either. This is mainly because we are always looking backwards trying to find where we are today. And if that goes well, we extrapolate the results to see where we will be in the future. Sounds easy, right?! 2020 and the first half of 2021 have presented a very complex set of numbers when examined through the lens of a microscope. However, when viewed in the context of the market as a whole, the results are quite strong, but less remarkable than one might think. Below are a few of the key questions currently being asked by our clients and prospects. Are Maine residents buying homes in Maine? Yes, 70% of Maine homes sold in 2020 were purchased by Maine residents. The number of Maine residents buying in Maine decreased by 5%, which equates to approximately 1,000 fewer Maine resident homebuyers than in 2019. Where are the out-of-state buyers coming from? Massachusetts has been the top feeder market for Maine homebuyers for as long as I can remember.
Last year, Massachusetts buyers accounted for more than 9% of all single family homes purchased in Maine. This represents a modest increase over the 7% of homes they purchased in 2019. The rest of the top five feeder markets include New Hampshire (4%), New York (2%), Florida (1.8%), and California (1.4%). How much has the Maine real estate market improved? Maine set an all-time record in 2020 for unit sales volume of single family homes with 19,921 transaction sides, compared to 18,140 (+10%) in 2019, and 17,864 (+12%) in 2018. Although these are solid numbers, they are not as astounding as one might think. How have median prices performed? Maine’s median sales price for 2020 was $256,000, which was 14% higher than 2019 and 20% higher than 2018. Again, these are strong results, but stories abound with homes selling for 30% over asking price which was already 20% over historical valuation methodologies. Those instances are the exception to the rule and not necessarily reflective of the market as a whole. What is happening with new listing inventory? Cumberland and York Counties, which represent nearly 40% of all of the homes sold in Maine, reported a modest 2% increase in number of units sold in 2020 versus 2019. Buyers expanded their home searches into other parts of Maine where inventory was more abundant. Seven counties enjoyed sales gains in excess of 20%. Inventory continues to be a challenge for many buyers in the most desirable destinations and new listing volume was down nearly 5% in the first quarter of 2021, which is disappointing, but not insurmountable.
Can these market conditions go on forever? Forever is a long time, but the market for Maine real estate will continue to be characterized by very strong buyer demand and relatively tight listing inventory for the remainder of 2021 and likely well into next year. Our reading of the tea leaves points to a near-term peak in late August through September which coincides with our traditional late summer buying season. Are there other factors that could accelerate a return to a more balanced supply/demand dynamic? Inflationary pressure leading to higher interest rates could be on the horizon. Of course, mortgage rates play a prominent role in affordability and demand. For the first time in months, we have observed newly listed homes with relatively quick price reductions as sellers attempt to reach beyond the scope of current market levels. Overpriced listings will begin to create more inventory for a longer period of time which will only clear the market when the listing price comes down or, fingers crossed, the market continues to rise to new highs. Stay the Course….. In summary, 2020 was a very good year for real estate in Maine, but maybe not as great as portrayed. It appears that the first half of 2021 will be another strong result when the statistics are fully available. The greatest change in the market has been the float in terms of days on market with the median days on market dropping below 10 days. New listings that come to market will continue to sell very quickly if they are properly priced and reflect the value in today’s terms. It’s important to keep in mind that many prospective sellers are still on the sidelines, but eventually will venture to sell. It will pay to stay tuned and be patient as you find the right property for you.
As we press into the middle of 2021, there is much more to the data that we will be reporting, so please stay subscribed to our e-newsletter, all the social media sites @legacysir, and the Maine Real Estate Blog. We have been incredibly fortunate to have enjoyed a gorgeous spring in Maine and we really look forward to seeing you this summer. Come by and say hello, we missed you!
President/Owner Legacy Properties Sotheby’s International Realty
Source: Maine Real Estate Information Systems, Inc. (d/b/a Maine Listings).
REAL ESTATE EXPERTS IN EVERY MARKET The Sotheby’s International Realty network is comprised of more than 24,000 sales associates located in approximately 1,000 offices in 75 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.
FEATURED LISTING (ALSO ON COVER) $3,500,000 149 & 154 WHITES POINT ROAD, TANDISH
CRISTINA STIRRATT 773.910.0359
cstirratt@legacysir.com DAMARISCOTTA OFFICE
LIVE ME & NH
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.
1 Company - 6 Offices - 80+ Agents - Endless Possibilities
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 distributed with up to 85,000 subscriptions. Our most recent digital issue received over 250,000 unique impressions.
To receive a copy, either in print or electronically, please email collection@legacysir.com.
2020 Annual Review
If you have followed our social media, blog, and/or newsletter, you will know that we have experienced what seems to be an unprecedented pace of new buyers seeking a primary residence or seasonal property in our great state. The surge in buyer demand continues to outstrip the supply of new listings coming on the market. Although the new listing inventory is currently both at a seasonal and cyclical low point, we continue to source new listings each day. If you are considering selling your home, we have a deep backlog of buyers for most properties and locations in Maine. Our Significant Sales for 2020 is just a sampling of the many great properties our team successfully closed during these complex and challenging times.
VIRTUAL OPEN HOUSES 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.
FEATURED LISTINGS
135 Mountain Arrow Drive, Camden | $8,500,000 Brian Wickenden 207.975.9650
651 & 607 Shore Road, North Haven | $6,950,000 Brian Wickenden 207.975.9650
8 Wheelwright Way, Mount Desert | $6,700,000 Abigail Curless 207.801.1199
House Island, Portland | $6,500,000 Beth Taylor 207.807.0170 Chris Lynch 207.650.0283
FEATURED LISTINGS PRICE REDUCED
18 Nehoc Lane, Kennebunkport | $5,850,000 Ashley O’Neil 203.219.1421 Bill Gaynor 207.468.3002
43 Sea Street, Rockport | $4,995,000 Brian Wickenden 207.975.9650
PRICE REDUCED
299 Drexel Lane, Islesboro | $4,250,000 Brian Wickenden 207.975.9650
686 Whites Bridge Road, Standish | $3,900,000 Tammy Ruda 207.831.3164
FEATURED LISTINGS
100 Beauchamp Point Road, Rockport | $3,850,000 Brian Wickenden 207.975.9650
41 Mayberry Landing, Naples | $3,750,000 Alexa Oestreicher 207.329.9307
PRICE REDUCED
8 Lords Point Road, Kennebunk | $3,650,000 Linda MacDonald 207.749.1215
23 Garthgannon Road, Owls Head | $3,500,000 Charlene Hamiwka 207.671.0085 Kristin Heal 207.542.8890
FEATURED LISTINGS PRICE REDUCED
149 & 154 Whites Point Road, Standish | $3,300,000 Heather Shields 207.596.4050 Elise Kiely 207.838.1050
186 Lopaus Point Road, Tremont | $2,995,000 Lewis Wheelwright 207.232.3951 George Wheelwright 207.249.9626
54 Grandview Avenue, Boothbay Harbor | $2,900,000 Dennis Gleason 207.446.6394 Linda Painter 207.592.3214
2 Maine Street, Kennebunkport | $2,900,000 Randal Simon 207.590.9656 Rosane Hirschy 207.467.5792
FEATURED LISTINGS
238 Hallowell Road, Pownal | $2,695,000 Marika Clark 207.671.6927
134 Big Tree Lane, Islesboro | $2,500,000 Michael Kevin Lynch 207.558.3131
18 Angell Point Road, Cape Elizabeth | $2,450,000 Anne Bosworth 207.233.3175
213 Two Lights Road,Cape Elizabeth, | $2,300,000 Kristina Keaney 207.756.0475
FEATURED LISTINGS C OMM E RC I AL
987 Popham Road, Phippsburg | $2,299,000 John McCarthy 207.522.3638
50 Chestnut Street, Camden | $2,250,000 Aaron Crossman 207.322.6638
16 High Pasture Lane, York | $2,195,000 Mary Jean Labbe 207.337.3661
122 Hills Beach Road, Biddeford | $2,100,000 Chris Stone 207.590.3425
FEATURED LISTINGS CO M M E RC I AL
680 Commercial Street, Rockport | $2,050,000 Brian Wickenden 207.975.9650
10 Chestnut Street, Kennebunkport | $1,999,999 Randal Simon 207.590.9656 Rosane Hirschy 207.467.5792
84 Sherman’s Point Road, Camden | $1,790,500 Peter van der Kieft 207.592.9366
10 Ninfi Lane, Mount Desert | $1,750,000 Carroll Fernald 207.266.1540
FEATURED LISTINGS PRICE REDUCED
19 Mary Lane, Cumberland | $1,595,000 Marika Clark 207.671.6927
100 Spencers Ridge Road, Freeport | $1,563,700 Lois Lengyel 207.233.2820
PRICE REDUCED
166 Fore Street, 44, Portland | $1,525,000 Sandra Wendland 207.233.7788 Elise Kiely 207.838.1050
223 Lawry Road, Searsmont | $1,400,000 Michael Kevin Lynch 207.558.3131
FEATURED LISTINGS COMMERCIAL
86 Pascal Avenue, Rockport | $1,395,000 Heidi Steele 207.542.4316
1049 Main Street, Mount Desert | $1,380,000 Carroll Fernald 207.266.1540 INN / B&B
111 Hillside Avenue, Falmouth | $1,325,000 Sandra Wendland 207.233.7788
123 & 115 Pleasant Street, Auburn | $1,300,000 Charlene Hamiwka 207.671.0085 Kristin Heal 207.542.8890
FEATURED LISTINGS
1317 Trim Lane, Islesboro | $1,300,000 Michael Kevin Lynch 207.558.3131
47/49 Eastward On The Ocean, Rockport | $1,295,000 Heidi Steele 207.542.4316
44 Sunset Ridge Road, Lovell | $1,250,000 Alexa Oestreicher 207.329.9307
10 Terison Drive, Falmouth | $1,250,000 Linda MacDonald 207.749.1215
FEATURED LISTINGS
222 Kimball Camp Road, Mount Desert | $1,250,000 Abigail Curless 207.801.1199 COMM E RC I AL
221 Congress Street, Portland | $995,000 Shannon Richards 207.605.2055
66 Sea Surf Road, Boothbay | $1,199,000 Brian Wickenden 207.975.9650 Laura Blake 207.380.4896 LAND
Meadow Pond Road, Islesboro | $975,000 Michael Lynch 207.558.3131
FEATURED LISTINGS
3 Fourth Street,Biddeford | $969,000 Chris Stone 207.590.3425
46 Loon Call Lane, West Gardiner | $899,000 Charlene Hamiwka 207.671.0085 Kristin Heal 207.542.8890
102 Chandlers Wharf, 102, Portland | $839,000 Linda MacDonald 207.749.1215
98 Norton Pond Road, Lincolnville | $799,000 Charlene Hamiwka 207.671.0085 Kristin Heal 207.542.8890
FEATURED LISTINGS
1865 Harpswell Neck Road, Harpswell | $795,000 Pat Lawson 207.798.1828
3 Millbrook Drive, Old Orchard Beach | $790,000 Michele Perejda 207.400.6227
41 Hendricks Hill Road, Southport | $775,000 Dennis Gleason 207.446.6394
8 Pleasant Avenue, 8, Biddeford | $775,000 Chris Stone 207.590.3425
FEATURED LISTINGS
33 Belfield Road, Cape Elizabeth | $750,000 Mary Jo Cross 207.671.4006
365 Turner Center Road, Turner | $750,000 Charlene Hamiwka 207.671.0085 Kristin Heal 207.542.8890
89 Seawood Park Road, Bristol | $699,000 Michele Perejda 207.400.6227
28 Mary Lane, Cumberland | $649,000 Linda MacDonald 207.749.1215
FEATURED LISTINGS
15 Western Way, Tremont | $637,000 Jan Moore 207.266.0441
69 & 71 Kings Point Road, West Bath | $625,000 Ian Duggan 207.522.8090 Dennis Duggan 207.522.3747
1 Varrell Lane, 1 & 2, York | $595,000 Ginny Whitney 207.451.3093
98 Old Pool Road, Biddeford | $579,000 Chris Stone 207.590.3425
FEATURED LISTINGS
35 Pumpkin Cove Road, Bristol | $575,000 Kathy Leeman 207.504.6866 Cristina Stirratt 773.910.0359
1619 Bennoch Road, Old Town | $575,000 Charlene Hamiwka 207.671.0085 Kristin Heal 207.542.8890
4 Foxglove Way, 90, Brunswick | $562,900 Joane Tait 207.751.4124
5 Dogwood Lane, 87, Brunswick | $557,900 Joane Tait 207.751.4124
FEATURED LISTINGS LAND
1610 Westbrook Street, Portland | $549,000 Elise Kiely 207.838.1050 Sandra Wendland 207.233.7788
E Main Street, Searsport | $500.000 Charlene Hamiwka 207.671.0085 Kristin Heal 207.542.8890 LAND
343 Mere Point Road, Brunswick | $529,000 Charlene Hamiwka 207.671.0085 Kristin Heal 207.542.8890
Potter Lane, Mount Vernon | $499,000 Charlene Hamiwka 207.671.0085 Kristin Heal 207.542.8890
FEATURED LISTINGS PRICE REDUCED
38 Phillips Drive, Camden | $495,000 Aaron Crossman 207.322.6638
530 Appleton Road, Union | $495,000 Jackie Wheelwright 207.449.9442
34 Wildes District Road, Kennebunkport | $489,000 Randal Simon 207.590.9656 Rosane Hirschy 207.467.5792
24 Ocean View Drive, Biddeford | $480,000 Chris Stone 207.590.3425
FEATURED LISTINGS C O MMERC IAL
50 Main Street, Blue Hill | $450,000 Abigail Curless 207.801.1199
1 Miller Street, Belfast | $450,000 Kate Jackson 207.691.3684
T O - B E - B U I LT
Lot 7 River Point Road, Wiscasset | $430,000 Ian Duggan 207.522.8090 Dennis Duggan 207.522.3747
26 Walnut Street, A4, Old Orchard Beach | $425,000 Michele Perejda 207.400.6227
FEATURED LISTINGS C OMM E RC I AL
618 West Street, Rockport | $400,000 Peter van der Kieft 207.592.9366 Brian Wickenden 207.975.9650 LAND
Lot 5 Rotunda Hill Road, Georgetown | $400,000 Anne Bosworth 207.233.3175
35 Pascal Avenue, Rockport | $400,000 Valerie Foster 207.522.7820
Property Distribution The exposure and worldwide reach of our listings is a crucial piece of what sets us apart from the rest of the industry. Our global property marketing partners include the most authoritative news, lifestyle, and once a home is showcased on sothebysrealty.com, it is exclusively marketed on more than 100 Sotheby’s International Realty websites around the world. Results are measured with a variety of analytics and reporting tools, which enable sales associates and ‘
We were the first luxury real estate brand to launch on Apple TV. We were the first luxury real estate brand to add 3D and Virtual Reality Tours to our website. And, we are the first luxury real estate brand to launch an Augmented Reality app.
The highly anticipated Sotheby’s International Realty brand AR app was built with Google’s ARCore and will bring a home’s Curate by Sotheby’s International Realty is a fantastic tool for both clients and Sotheby’s International Realty sales associates.
virtual staging from perception to reality, allowing users to visualize a house as their own before purchase, adding a new level of curation to the home-buying experience.
For prospective homebuyers – Viewing a potential house in AR breaks down visualization barriers that often accompany the homebuying process, allowing prospective homebuyers the unique ability to envision the house in their personal taste and style. For home sellers / Sotheby’s International Realty clients – Selling a home with a Sotheby’s International Realty sales associate means tapping into the power of AR to sell the home by helping prospective buyers overcome the visualization barriers of touring an empty home or one decorated in style that differs from their taste.
A mobile augmented reality (AR) app that will bring a home’s virtual staging images from 2-D perception into augmented reality.
For the Sotheby’s International Realty sales associate – The benefits for the sales associate are similar to those of the homebuyer and seller; Curate by Sotheby’s International Realty empowers the sales associate to present a home in an objective and neutral manner.
Here are the key groundbreaking features of the app: Visualization – Any property can be transformed through a curated selection of AR furnishings and décor sets. Listing-specific staging options will be available in the near future. Recollection – The app has screenshot capabilities, allowing viewers to capture and store the images of AR furniture sets placed within the visit. Shop – Virtual home furnishings can be clicked for more information about the product, including a link to exit the app and be directed to a retailer’s website. All furniture is shown to-scale and provides accurate room dimensions, ensuring furniture viewed in the app will be a fit, making purchasing and moving into a new home easier on new home buyers.
RENTALS
Maximize Your Home’s Income
There is incredible demand from guests seeking to vacation in Maine and we are looking for outstanding new properties to add to our portfolio of the finest luxury rental homes in all of Maine. We provide a full-service rental experience, including professional photography, cutting edge Matterport 3D Virtual Tours, unmatched global luxury branding, marketing and distribution, and dedicated support. Contact us today to prepare for this Summer and beyond. Visit us at luxurymainerentals.com to view our exceptional luxury rental homes or contact Scott E. Dobos, Director of Rental Operations, at rentals@legacysir.com or 207-370-5479 for more information.
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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 207.780.8900
Table of Contents Legacy Properties Sotheby’s International Realty 6 offices covering the Maine Coastline & Seacoast New Hampshire.
info@legacysir.com legacysir.com
FEATURED LISTING $3,300,000 149 & 154 WHITES POINT ROAD, STANDISH