Portland, ME Real Estate News

By David Roberts, (207) 741-2006
(The Maine Real Estate Network)
Here in Portland, Maine we all know why we love living here. Portland is a great metropolitan area with great access to the arts, entertainment, outdoor living and even in the recent economic downturn the Portland area has remained generally stable as far as economic opportunities. The Greater Portland metropolitan area is the center for jobs and commuting from other areas is relatively easy compared to other larger cities. Recently I was showing houses and condos to visitors from Washington D.C. and they could not believe how easy it was to get around even at "rush hour". From Portland's Old Port area you can be to great beaches in 15 minutes, to ski areas in an hour, to lakes and waterways in under an hour and as far as retaurants and entertainment. Pretty much anything you want withi...
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By Andrew Mooers | 207.532.6573, Northern Maine Real Estate-Aroostook County Broker
(MOOERS REALTY)
How much ice is needed to support the weight of one person? The answer according to the American Pulpwood Association is  2 inches for one person on foot.  You may wonder why someone would want to be on a Maine lake, brook, pond or river?  But consider ice fisherman, snowsledders and years ago teams of horses pulling logs across lakes that were easier than making trails thru the woods in some instances. Or in a blinding snowstorm when you discover, oh oh...you are not in a field..you are on a snowsled on a large lake at night in a group and that looks like open water, kind of black up ahead. Rut Ro Shaggy.      According to the handy reference, outdoor enthusiasts should know that there needs to be 3 inches of ice for a group of people walking single file. For the average passenger car,...
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By John Herrigel, Portland, ME - Real Estate
(The Herrigel-Kennedy Group - Portside Real Estate)
The month of February posted some more encouraging numbers for homes sales in Portland ME.  31 transactions occured at an average price of 240K with the average residential home sitting on the market for about 120 days.  This is significantly up from January (55%) when only 20 transactions took place and down only 16% from a year prior. Pricing is down 8% from a year prior and the days on market was similar to a year prior.  Relative to January, the Days on Market was up significantly though. Inventories continue to drop clocking in at 355 vs 389 a month prior.   Thanks for reading about Portland Maine Real Estate. I am a Maine buyers agent with Green Tree Realty in Portland and can be reached at 207-650-5383 or email john@greentreemaine.com.
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By John Herrigel, Portland, ME - Real Estate
(The Herrigel-Kennedy Group - Portside Real Estate)
The real estate market in Portland Maine for multi units has definitely seen better times.  Here is a snapshot of the current inventory, asking prices and days on market compared to historical figures for these 3 metrics. As of mid February there are 64 units on the market at an average asking price of 328K that have been on the market for 232 days on average. Year     # Sold     Avg. Price     DOM 2008      78         272K             97 2007      102       301K             82 2006      114       342K             69 2005      156       352K             55 Thanks for reading, John Maine Buyers Agent for Green Tree Realty.
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By Laura & Michael Sosnowski, Maine's Premier Online Real Estate Resource
(Maine Home Connection)
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 Real Estate Sales – 2008. Complete reports for 2008, 2007, 2006 and 2005 are also available for download. Maine Real Estate Sales ReportsBut, 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. According to the Maine Real Estate Information System total homes sold in Maine for 2008 were 9,502 compared to 12,014 in 2007, res...
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By Hannah McChesney
(Allen & Selig Realty)
Thought everyone would enjoy a photo montage of Portland, Maine that I did through my photography website. Overview of Portland, Maine
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By Jeff Mateja, Southern Maine Real Estate
(Keller Williams Realty - Universal Properties)
There will be many more to come, but here is part two of a snipit from my Blog website at http://www.ILovePortlandMaine.com .  I hope you enjoy and please if you live in Portland, Maine, have lived in Portland, ME, have had the pleasure of visiting Portland, Maine, or would love to visit someday, please take a look and provide your own reason for Why You Love Portland Maine! Thank you!! More of I LOVE PORTLAND MAINE.COM .... Reason #97 - The Buy Local Campaign A fantastic idea launched in Portland, Maine, in the summer of 2006, to support the locally owned and independent businesses here in Portland. The effort to this day brings area businesses together to promote themselves and help raise awareness of local residents to "Buy Local" here in Portland to support and strengthen the local ...
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By Jeff Mateja, Southern Maine Real Estate
(Keller Williams Realty - Universal Properties)
There will be many more to come, but here is a snipit from my Blog website at http://www.ILovePortlandMaine.com .  I hope you enjoy and please if you live in Portland, Maine, have lived in Portland, ME, have had the pleasure of visiting Portland, Maine, or would love to visit someday, please take a look and provide your own reason for Why You Love Portland Maine! Thank you!!   Please visit http://www.ILovePortlandMaine.com to see the list and video in its entirety. Thanks! There are so many reasons we love Portland, Maine, and all that surrounds this wonderful city. Whether you have lived here your entire life, relocated within Maine or from another state, or just visited us briefly, there many things about Portland that you will remember forever. Please email me at JeffMateja@hotmail.c...
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By John Herrigel, Portland, ME - Real Estate
(The Herrigel-Kennedy Group - Portside Real Estate)
The Portland Maine real estate markets saw 29 transactions take place with an average sold price of 248K after sitting on the market for 87 days in December 2008. This contrasts with 46 homes sold at an average price of 279K after sitting on the market for 97 days n December 2007. This represents a transaction volume decrease of 37% and a pricing decrease of 10%. Inventories continue to drop as well. Currently there are 391 properties for sale in Portland down from 425 last month. For more information on this southern Maine real estate housing community please visit www.mymaineproperty.com or contact me directly at 207-650-5383 or via email at john@greentreemaine.com
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By Laura & Michael Sosnowski, Maine's Premier Online Real Estate Resource
(Maine Home Connection)
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 ...
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By John Herrigel, Portland, ME - Real Estate
(The Herrigel-Kennedy Group - Portside Real Estate)
In November 2008, the Portland Maine real estate markets witnessed 51 residential transactions take place at an average price of 259K with a days on market average of 75 days. Compared with November 2007 where 47 transactions occurred at an average price of 265K. this represents a  9% year over year transaction increase and a pricing drecrease of 6%.   For greater information on homes for sale in Portland Maine please visit www.portlandmainehome.com
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By John Herrigel, Portland, ME - Real Estate
(The Herrigel-Kennedy Group - Portside Real Estate)
The real estate in Portland Maine's Deering neighborhood is some of the finest in the area.  A suburb of Portland yet still within the Portland city limits, the sense of community is strong, the neighborhoods are quiet and thus the quality of life is strong.  Currently there are 70 properties on the market, about 2/3rds homes and a 1/3 condos.  The average asking price is 300K for a single family and 197K for a condo. For the year to date the average sold combined price of homes and condos combined has been 244K contrasted with 256K for 2007. For more information on the Deering Neighborhood of Portland Maine, visit www.portlandmainehome.com
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By John Herrigel, Portland, ME - Real Estate
(The Herrigel-Kennedy Group - Portside Real Estate)
A simple stroll along the Eastern Promenade in Portland will have you hooked.  Incredible vistas of the surrounding islands and Casco Bay..."the Hill" as it is referred to by the local population is the place to be if you are looking for culture, high energy and high excitement. Within the Portland ME real estate market, the East End falls on the upper spectrum with 61 properties currently listed, 54 of them condos's of which most fall into the luxury variety with an  average asking price is 394K  contrastng sharply with the year to date average sales price os 297K. For a rough overview on the East End Portland Maine real estate markets visit www.portlandmainehome.com. Thanks for reading.
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By John Herrigel, Portland, ME - Real Estate
(The Herrigel-Kennedy Group - Portside Real Estate)
One of the greatest natural resources Portland Maine has to offer is the Back Cove.  Walking/Running on the wonderful 3.5 mile trail that snakes around this tidal body of water just north of downtown is a great way to spend an hour.  Scenic vistas of the city, smells of the ocean, people watching galore.  As a result the Portland Maine Back Cove real estate market offers wonderful homes in spectacular, quiet neighborhoods.  Portland ME homes with a view will run you 400K plus but a 3 bedroom cape within 1/2 a mile of the Back cove that needs a little TLC can certainly be found in the 200K range.     To find out more on this neighborhood or other area neighborhoods, please contact me at 207-650-5383, email: john@greentreemaine.com or visiting my Greater Portland Maine real estate home pa...
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By John Herrigel, Portland, ME - Real Estate
(The Herrigel-Kennedy Group - Portside Real Estate)
For the month ending October 31st 2008, 39 residential transactions took place in the Portland ME real estate markets..  The average price was 259K which was 3% off of a year priors average sales price of 267K but 13% hiehger than Septembers average sales price of 230K.   In October 2007 56 transactions transpired and thus Portland Maine housing volume remains down 30% year over year and down 7 total transactions from 46  in September.   View more southern Maine real estate statistics here.  please
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By Laura & Michael Sosnowski, Maine's Premier Online Real Estate Resource
(Maine Home Connection)
At our website - MaineHomeConnection - we just updated our 2008 homes sales statistics through the first three quarters of 2008. Sales results are available for York and Cumberland Counties in total, as well as selected individual cities and towns. Details are available at the link Home Sales and individual City pages. Although unit sales for both single-family homes and condos are down in virtually every town, pricing has not experienced the same dramatic decreases, which is encouraging for sellers. For the month of September the median sales price for a single-family existing home was $177,750, down 6.5% from one year ago. Unit sales were down 9.7% compared to the same period of 2007. Nationally, some good news was achieved in home sales as unit sales were up 3.8% in September. The Na...
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By John Herrigel, Portland, ME - Real Estate
(The Herrigel-Kennedy Group - Portside Real Estate)
In the Portland Maine real estate world it seems the multi unit market is even slower than the single family housing market although just yesterday I did call on 2 multi unit properties that are now UC, encouraging.  Despite the significant drop in transaction levels the pricing has held up surprisingly well.  Here is a recent snapshot of 2-4 unit buildings in the Maine multi unit market.                        Inventory       Ask Price             Price/Unit   Current             97                  351K                 141K                            Sold                  Avg Sold Price      Price/Unit  Past 12 Months      79                   342K                 142K 2006                    114                  352K                 141K 2005                    156                  3...
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By John Herrigel, Portland, ME - Real Estate
(The Herrigel-Kennedy Group - Portside Real Estate)
The number of Portland Maine Homes currently on the market including SF and condos is approximately 500.  Similar to southern Maine real estate trends, the demand continues to slacken and prices continue to trend downward in Maine’s largest metropolitan cregion.                                                                Avg            Avg                                # of Properties   List Price   Sold Price   List/SaleCurrent Listed          505              354,000       n/a           n/a Sold 2008               503               262,000     253,000     97%Sold 2007               778               278,000     269,000     97% Sold 2006               882               272,000     263,000     97% Sold 2005               887               280,000     273,000     98%
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By Michelle Flaherty
(Prudential Northeast Properties)
Many of the first-time homebuyers that I work with end up getting help with the up-front costs involved in purchasing their first home.  The luckiest of them have parents or relatives who can help them out with cash up front for a down payment, closing costs, or home improvements.  Most often, the grateful new homeowners will pay that money back over time, and often the parents won't even charge interest for their assistance.  Last week, this kind of opportunity was opened up to even the most independent of buyers when the President signed the housing stimulus bill. The housing bill will, among other things, provide first-time homebuyers (those who haven't owned in three years) with a tax credit of up to $7500.  The credit is available to those who bought within the time frame of April ...
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By Michelle Flaherty
(Prudential Northeast Properties)
This weekend, I had the opportunity to spend a night on Peaks Island, which is just a short boat ride from Downtown Portland.  (The pictures above were taken this weekend: From left to right - the ferry from Portland to Peaks, One of many sailboats cruising on the bay, All the gear for a day on the island, and a lobsterman reeling in traps on Sunday.) When you get to the island, you feel like you've been sent back in time at least 40 years. The mostly-unpaved streets are dotted with cottages and the main mode of transportation is by circa-1950s bicycle.  When driving is a necessity, it is usually in a rusted-out pickup truck with lots of friends in the bed (most often on the way to catch a ferry). Vacationers can pick up a second home for anywhere from $200,000 (or slightly less) to $2 ...
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