Winter
E - N E W S L E T T E R February 2016 | Vol. 45
Volume 45 - February 2016 Issue Written by: Chris Lynch
Designed by: Dana Whitney
Edited by: Chris Fortunato
Graphics by: Dana Whitney
As the leader in luxury Maine Real Estate, Legacy Properties So
exposure. Our 80 plus licensed real e
FEATURED LISTING $1,975,000 2 POET’S LANE, KENNEBUNKPORT MLS 1236992
With more than 3,500 miles of Atlantic oceanfront, 6,000 lakes and po International Realty is uniqu
COVER PHOTO: FEATURED LISTING $4,875,000 BEAR CREEK, BAR HARBOR MLS 1222966
MAINE
otheby’s International Realty offers an unmatched blend of local expertise, world-class home marketing power and property estate agents specialize in Maine Coastal Real Estate, and are proud to represent distinctive properties at all prices in Maine.
onds, and the Western Mountains (including world class skiing at Sugarloaf and Sunday River), Legacy Properties Sotheby’s uely positioned to help you find your dream home in Maine. Simply put, we have the premier portfolio of Maine Real Estate.
Dear Friends, Could it be more complicated, given the extremes and contradictions at every turn, to assess what is really happening in the Maine real estate market? If nothing else, it seems that we can expect a volatile ride through 2016 for politics, interest rates, commodities, currencies, bonds and the stock market. While volatility and uncertainty are not typically associated with providing a solid base for real estate sales, we have a perfect storm that is filling the sails of the Maine real estate market for the foreseeable future. It is clear that real estate buyers who have remained on the fence with respect to market timing got a long overdue push ignited by the Federal Reserve’s interest rate hike. Buyer FOMO (“fear of missing out�) was one of the key elements in helping the Maine real estate market post strong double digit sales gains in December (+16%) and January 2016 (+14%) versus last year. Unit Sales Volume Percent Change (YOY)
25 20 15 10 5 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2016
With economic numbers faltering, the Fed will be hard pressed to push rates too much higher before the Presidential election in November. The mortgage market, offering rates in the 3.75%+/- range, should remain below 4% through spring and possibly into fall. The stock market swoon in late August with an S&P 500 drop of nearly 13% from the highs of the month, was a strong reminder that stock prices are not one directional. Since then, we have seen more intra-day volatility combined with unsettling declines in stocks in late September, January and into February. Volatility in stocks has also led to more prospective buyers looking to purchase investment properties and second homes in Maine. Historically, we have seen modest dips in financial assets and volatility lead to an uptick in our housing markets. Hard assets are very appealing in this environment and Maine still offers a value play as prices have been slow to rise in comparison to other areas of the country. Stock market performance seems to be correlated to oil prices performance. With oil trading at $30 a barrel and down more than 50% from its 52 week highs, home heating oil is currently being delivered for $1.37 per gallon which is a far cry from the $4.00 plus per gallon a few years ago. Maine has made strides in the availability of natural gas, but it is still heavily reliant on oil for home heating. An astute investor in real estate may be able to lock in some of this low oil for the future to further insure the success of his real estate investment. Who wants to put money in bonds or bond funds at this point in the cycle? Yields are very low and possibly too low to attract new investment dollars and if the Fed is true to its policy stance, bond prices will decline in the face of a higher rate environment in the future. Again, money market funds and hard assets will be the likely resting spot for much of the investable dollars ear marked for fixed income securities. Maine and the lifestyle it offers has traditionally had broad appeal to the international real estate buyer. Our most prolific international clients are from Canada and Great Britain. There were some terrific buying opportunities in 2008 and 2009 for our foreign friends looking for Maine properties. The Source: Maine Real Estate Information Systems, Inc. (d/b/a Maine Listings). Note: Maine Listings, a subsidiary of the Maine Association of REALTORS, is a statewide Multiple Listing Service with over 4,200 licensees inputting active and sold property listing data. Statistics reflect properties reported as sold in the system within the time periods indicated.
Pound Sterling was selling for $2.00 US in 2007 and much of 2008 while the Canadian Dollar fetched nearly $1.10 US in 2009. We are now seeing the buyers of such properties take advantage of the generally strong market conditions in Maine and very significant currency appreciation to monetize their profits by selling their homes. The strengthening US dollar has helped Canadian and British property owners achieve currency gains of 30% or more for their US based real estate holdings. We suspect that there will continue to be new international sellers entering the market which will help to reduce the inventory shortages in some of the most attractive markets in Maine. Although it is a Presidential election year for which the ultimate outcome is far from certain, we see 2016 as shaping up to be a very strong year for Maine real estate assets. It is apparent that there will be continued low mortgage rates, more available capital, and investable funds looking to buy real estate in lieu of in addition to stocks, bonds and commodities. If we have any current concerns, inventories are very tight in select markets in Maine and the demand ratios are a bit out of whack in favor of the seller. As one moves farther north and east, the balance shifts to neutral and then to a more buyer friendly scenario. To date, other than the Portland real estate market, prices have not had the same double digit increases witnessed in other parts of the country. That is not to say it will not happen, but there is still a window for buyers to secure some very attractive properties and reasonable prices in our great state. Best,
LINDA MACDONALD 207.749.1215
MARY LIBBY 207.712.5594
ELISE KIELY 207.838.1050
linda@beautifulmainehome.com
mlibby@legacysir.com
elise@elisekiely.com
GREATER PORTLAND
GREATER PORTLAND
GREATER PORTLAND
MARY JEAN LABBE 207.337.3661
JAIME BEANE 207.712.7615
CHRIS STONE 207.590.3425
AARON CROSSMAN 207.322.6638 KNOX & WALDO COUNTIES
mjlabbe@legacysir.com
jaime@beautifulmainehome.com
cstone@legacysir.com
YORK COUNTY
GREATER PORTLAND
YORK COUNTY
acrossman@legacysir.com
KN OWLED G E - E XPERIEN CE - EN THUSIASM
RENTALS At Legacy Properties Sotheby’s International Realty, we are always surrounded by exceptional homes among Maine’s many coastal communities. We’re now adding to our portfolio of luxury summer vacation rental properties. We are expanding our efforts to find new homes for our many rental clients currently looking to secure the best properties in Maine for the summer of 2016. Legacy Properties Sotheby’s International Realty has leveraged its extraordinary local presence, combined with regional, national and international marketing platforms to change the way Maine luxury lifestyle properties are presented for rent. We are highly skilled in securing qualified tenants throughout the US and around the world. When it comes to renting your home, we handle all of the pertinent details such as marketing via numerous online channels, drafting leases, collecting and distributing payments, remitting taxes, and scheduling cleanings and weekend changeovers. Whether you may be interested in renting your home for one week in the summer or ten weeks throughout the year, we would be happy to discuss what options might be available to you. Our luxury summer rental properties rent from $4,000 per week to $18,000 per week in the high season. Please visit us at legacysir.com to view our extraordinary luxury rental portfolio. Contact Scott E. Dobos, Director of Rental Operations for more information. sbobos@legacysir. com or 207.370.5479.
FEATURED LISTING $1,299,000 791 PRINCES POINT, YARMOUTH MLS 1247300
Bar Harbor
Yarmouth
Enjoy breathtaking views and sea breezes from “Bear Creek”, a classic Bar Harbor shingle style cottage designed with generous living and entertaining spaces. Situated on 15.6 acres overlooking 570 ft of granite shores of the Atlantic Ocean, BEAR CREEK has water views of Egg Rock Light, Thrumcap Island, Schoodic Peninsula and the open ocean beyond. 5BR, 5BA, 4FP, waterside porch/deck.
Exquisite Maine Estate commanding the point of a 16 acre peninsula with 1740 feet of ocean frontage, breathtaking views and it’s own private island off the coast. Grace, refinement & luxury in brand new construction. Private and serene.
MLS 1222966 | $4,875,000
MLS 1220931 | $4,750,000
Carroll Fernald 207.266.1540or Janet Moore 207.276.0520
Linda MacDonald 207.749.1215
Kennebunk
Privacy, tranquility & beauty describe this gracious 5,654 sf home alongside the Kennebunk River. Meander down to your private dock and enjoy 332’ of river frontage. This exquisite home is a blend of stunning architecture with an incomparable setting. Fully renovated with hard wood, stone & tile floors, 1st floor master suite, chef ’s kitchen, 2 fireplaces, landscaped patios, a 3-car garage & more. MLS 1241411 | $2,980,000 Betsy Coughlan 207.229.3661
Camden
Camden Village - Harbor and mountain views. Perfection best describes this fabulous home. Lovingly restored yet full of charm. Sweeping stairways, sunlight-filled rooms, wrap-around porch, garages, barns and courtyard are just the beginning of what you will find. MLS 1132521 | $2,975,000 George Wheelwright 270.249.9626 Jackie Wheelwright 207.449.9442
Round Pond
A short distance from the coveted seaside village of Round Pond is this classic shingle-style home. Sited on 26.7 acres with 5 bedrooms, 4 baths (2 half-baths), fireplaces, chef ’s kitchen, screened porch, patios, open decks and a sauna. Elegant stairways and elevator provide access to all three stories. 460’ of deep water with dock and stunning southerly views to open ocean. MLS 1246901 | $2,395,000 Linda Painter 207.592.3214
Kittery
Briers at Mead Farm-The Lighthouse. This exquisite home boasts 160’ of frontage on Spruce Creek leading to the Atlantic. Private dock & boat slip situated on over an acre of manicured lawns in an exclusive Kittery neighborhood. Open layout & approximately 8300 sq ft of grand living space. MLS 1210566 | $1,995,000 Skanlon Sittig 207.251.2169 or Jane Chase 207.351.7529
Sedgwick York - Cape Neddick
Views and comfort are in abundance . The main house has 5 BR, 4BAs, a library with a wet bar, a pool with a cabana alongside, a gourmet kitchen and amenities for every need. The 2BR carriage house and 3BR rustic cabin each have their own full kitchen, dining and living spaces as well, and include a finished 3-car garage that can convert to a gracious living and recreational space. A dock on Eggemoggin Reach and 18+ acres. MLS 1239385 | $1,975,000 Carroll Fernald 207.266.1540 or Susan Allen 207.266.4776
Savor panoramic ocean views northward up the rocky Maine coastline from almost every room of this three bedroom home. Fish from the rocks out front or relax on the patio and watch the ocean lap the shore. Enjoy one-floor living or let your imagination run wild and build something new on this large (1.81 acre) oceanfront lot in a pretty and private Cape Neddick setting. MLS 1231895 | $1,900,000 Ginny Whitney 207.451.3093足
Boothbay
Harpswell
Strong design meets bold ocean! Dramatic seaside home with sweeping views toward Pemaquid Point and Monhegan. Interior delights with wonderful architectural detail, huge center fireplace, and generous spaces for family. Gracious master bedroom suite has bird’s-eye views.
Bailey Island Exclusive. Large 4 bedroom, 4 bath, year round, shingle style contemporary cottage, built in 2007/2011. The residence takes full advantage of its bold open ocean frontage. The panoramic views from the property include easterly sunrise vistas as well as sunsets over famed Mackeral Cove. Truly move in condition.
MLS 1245541 | $1,600,000
MLS 1215817 | $1,595,000
Kathy Leeman 207.504.6866
Dennis Duggan 207.523.3747
Yarmouth
York
Spectacular ocean views. Association rights to deepwater dock. This new construction home sits on two acres & embraces light from all directions. The gourmet-appointed kitchen is complete w/ Viking appliances, a spacious island & Carrera marble countertops. The master offers a spacious walk-in closet, a soaking tub & separate glass enclosed tile shower & a balcony with tremendous ocean views. Finished walk-out basement space.
On nearly 3 acres, this classic Shingle-style home built in 1885, is on a hilltop & a short walk to York Harbor Beach. 5,164SF of living space includes a summer kitchen, master suite w/ balcony & guest quarters. Features include FPs, 2 staircases & original architectural details. Updated in 1924 & since 1989, the property features a 2-story barn, playhouse & wraparound porches. Extensive landscaping & stone walls. Subdivision possible. Zoned BUS-1.
MLS 1247300 | $1,299,000
MLS 1247481 | $1,295,000
Heather Shields 207.596.4050
Mary Jean Labbe 207.337.3661
Cape Elizabeth
Norway
Iconic John Calvin Stevens Colonial, the Joseph W. Symonds House, sits high on a knoll across from Fort Williams. This historic home is being sold with an additional home at 999 Shore Road, adjacent to the main house & an unbuildable .88ac lot which offers more privacy. The main house has 1st floor living, dining & sun rooms, spacious kitchen w/ butlers pantry and upstairs BRs with 3BAs & laundry rm. Amelia Earhart slept here in 1932!
Wonderful Gentleman’s farm in the lush hills. Mix of pasture and woodlands - perfect for cattle, horses, chickens or other livestock. Antique farmhouse is updated with modern touches giving this a cozy and comfortable feel. The antique barn is a fabulous place for barn parties and entertaining. A newer barn, outbuildings/chicken coop and organic garden space complete the picture. Private yet just minutes from shopping and the Oxford Casino!
MLS 1217106 | $1,095,000
MLS 1222381 | $995,000
Mary Jo Cross 207.671.4006
Charlene Hamiwka 207.671.0085
Waldoboro
Stylish & unique post-and-beam home built to a high standard of excellence on a sanctuary-like site surrounded by saltwater and privacy that is absolute. Open concept design has an interplay of exotic woods, Indian slate, tumbled Italian marble, red birch cabinetry with leaded glass, a grand stone & brick fireplace, skylights and soaring cathedral ceilings. There is sunlight and coastal splendor at every turn. MLS 1243995 | $895,000 Kathleen Shattuck 207.215.4161
Cumberland
Over 5000sf of sun-infused space in this tastefully updated, beautifully landscaped 4BR property perched high on Cumberland Foreside. Water views, beach rights, gleaming hardwood floors, 3 FP, custom kitchen and baths. Large master w/marble shower, vanity and walkin closets. First floor office, formal DR, FR, & laundry room. Attached 2-car garage, full finished basement. Great property with easy access to highway. MLS 1250294 | $819,000 Mary Libby 207.712.5594
Scarborough
Newcastle
Condominium at the premier oceanfront Atlantic House gated community on Scarborough Beach featuring 2-3BRs, 3BAs, living room with fireplace and panoramic views of the open ocean and Richmond Island. This private association offers boardwalk access to the beautiful beach, 18-acres of manicured grounds, heated pool, tennis courts, clubhouse, fitness center and more. Call for a private showing.
Near town with 320’ of waterfront on the Damariscotta River! Gracious Cape built with quality. 1st floor master BR en-suite bath with adjoining den. Open concept kitchen, dining area & family room with direct access to screened porch. Lovely living room, office/ possible BR, two guest rooms, attic with cedar closet, and laundry room. Enjoy 2 wood-burning FPs & custom built-ins. Att’d 2-car garage.
MLS 1248571 | $760,000
MLS 1238581 | $760,000
Peter Thornton 207.329.2310or Carrie Martin 207.415.2504
Eleanor ‘Muffy’ Myles 207.380.7876or Miles Geisler 207.380.6007
Naples
Surrounded by 36 acres of conservation land with views of Mt Washington, this distinctive custom home is the perfect year round getaway. Design by Joseph Waltman emphasizes livability/ quality. Solid walnut paneling, mahogany custom doors, wainscoting, vaulted ceilings, cherry floors reflect finest craftsmanship. First floor master provides easy access. Daylight basement for artist studio/ woodworkers shop. MLS 1207457 | $699,900 Lois Lengyel 207.233.2820
Harpswell
Enjoy your own waterfront with a private beach, a kayak-friendly shoreline, a haul-off, an Association deep-water dock with mooring area as just the beginning of a vacation paradise. A renovated and updated 1-level cottage, 3 bedroom, 2 bath, sun room and deck are surrounded by 1.5 acres of private, landscaped grounds. Systems and construction are designed for year-round use as a comfortable second or year-round home. MLS 1244423 | $435,000 Pat Lawson 207.798.1828
SOCIAL MEDIA
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At Legacy Properties Sotheby’s International RealtyŽ, 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.
Download the Sotheby’s International Realty app to get instant access to local homes for sale or for rent from any cell phone or tablet. Click here or text SIR to 87778.
Sotheby’s International Realty
GLOBAL IMPACT: BLENDING EXCLUSIVITY, EFFICIENCY, INNOVATION AND EDITORIAL INTEGRATION
Designed to deliver an astounding 1 billion media impressions, solidifying our brand as the voice of luxury real estate. Our plan includes impactful, exclusive and first-to-market partnerships with an increased strategic focus on mobile and editorial content. Our goal is to present the properties represented by our worldwide network to a broad audience of potential buyers who value and seek the unique.
Camde Damariscot Brunswick Portland Kennebunk
Brun
Kennebunk
Camden
en tta Table of Contents Damariscotta
Volume 41 - November 2014 Issue Legacy Properties
Sotheby’s International Realty
Written by: Chris Lynch
nswick
Five Offices Covering the first 1,500 miles of Maine Coastline
Edited by: Chris Fortunato
legacysir.com
Portland
2 City Center, Portland, Maine 04101 150 Port Road, Kennebunk, Maine 04043 141 Maine Street, Brunswick, Maine 04011 170 Main Street, Damariscotta, Maine 04543 46 Bay View Street, Camden, Maine 04843 www.LegacySIR.com info@legacysir.com 207.780.8900
FEATURED LISTING $1,355,000 SUNSET POINT BUILD PACKAGE JOI@LEGACYSIR.COM | ALEXA@LEGACYSIR.COM