Portland, ME Real Estate News

By Michelle Flaherty
(Prudential Northeast Properties)
As one of my real estate role models Barbara Corcoran said recently on the Today Show, "You can never know.  But most people agree that we are IN the bottom, and the smart people - the sharks - are out there buying right now." Those people - the sharks - are the ones who know how to find the right segments of the market and take advantage of the opportunities they have to offer.  What does that mean for Portland? As we approach the end of the 2nd quarter of 2008, I thought it would be helpful to take a look at a few of the more popular markets and see how they've been performing.  Since much of my business is in the condo market, I'm looking at the median sale prices for condos in three neighborhoods: Portland's East End, Downtown/Old Port, and West End.  The periods of time I'm compari...
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By Michelle Flaherty
(Prudential Northeast Properties)
I heard a talk recently given by Rich Casto, a trainer with RealEstateCoaches.com and former Prudential Franchisee, and although much of what he said irritated me (that is not a criticism, but a mark of success in his signature "break-you-down-to-build-you-up" approach), one thing really hit home and changed the way I'll be giving listing presentations from now on.Six words: "How do you want to compete?"I won't speak for anyone else, but when I was taught to determine market value, I was told to include comparable pending and current sales in the presentation, but only really talk about the solds.  After all, that is what an appraiser will do.  I also was taught to add on 1% each month for "time of sale" - what I would give to go back to THOSE days!!Today, the market is different, and C...
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By Jeff Mateja, Southern Maine Real Estate
(Keller Williams Realty - Universal Properties)
Am interesting article in the Portland Press Herald today notes the influence and support Greater Portland provides to fuel the Maine economy. The Portland Community Chamber released statistics showing that the Greater Portland area accounts for over 40 percent of Maine's overall gross state product, total personal income, and total jobs. (Source: Portland Press Herald - October 30, 2007)
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By Michelle Flaherty
(Prudential Northeast Properties)
Temperature (yesterday at 4)-88Feels like-90Hours in the sun-6Roof Trusses Lifted-10Nails Pounded- 5,000 +/-Cooling mechanisms- 0 We were SWEATY! For the first time all together as an office, we spent a day working on the Habitat for Humanity house on Penn Ave. in Portland which will be sold to Mahdi Abdullah, his wife and eight kids.  They are the cutest family, and were helping us out all morning.   The Abdullahs have been volunteering for Habitat for five and a half years (almost 3 times the average upfront commitment for a Habitat family), and are finally first in line for a house.   We had a great time, and despite the heat the day really flew by!  Pictures are below (biggest mistake of the day: not taking the group photo BEFORE we started sweating): 
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By John Herrigel, Portland, ME - Real Estate
(The Herrigel-Kennedy Group - Portside Real Estate)
As the summer moves along and markets continue to remain sluggish here in Maine, inventory levels continue to rise.   Current levels in Portland having risen by about 10% over the past 2 months and as of August 1st forw at 494 residential properties on the market broken down into 259 single family and 231 condos with average asking prices of 318K for a condo and 380K for a home.  The cheapest property on the market is a studio condo for 80K and the highest price property tops out at 2.5 million.   How much does it take to buy an average home in Portland Maine? In 2006 the average residental home sold for 263K and with prices conitinuing to come down and based on my own real estate knowledge, a great home in a solid neighborhood can realistically be purchased for 250K. 
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By John Herrigel, Portland, ME - Real Estate
(The Herrigel-Kennedy Group - Portside Real Estate)
Loving numbers and finding my niche in housing statistics for Maine and having not a whole lot to do but for freaking work :) on a Thursday night, I thought I would compile some statistics on the current inventory of Portland Maine markets.  As of today, 471 properties are on the market, a significantly higher number than just a few months prior, alarming to me, yes...  253 SF homes with an average askign price of 387K and 218 Condos with an asking price of 328K.  How long have things been on the market, SF homes seem to be moving much quicker with a average DOM of 85 vs 112 for condos, I think largely attributed to the significant number of luxury condo units that have been built and not sold.   Despite the high avg askign price, the majority of properties, about 40% of both single fam...
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By John Herrigel, Portland, ME - Real Estate
(The Herrigel-Kennedy Group - Portside Real Estate)
As I continue to add and rework content on my website this morning I recently did some research on the current market inventories as well as sold home statistics on  Real estate in Portland Maine. As of this entry there are about 430 residential properties on the market with an average price of 270K for Single family and 240K for a condo.  The multi unit market has ballooned over the past 2 months with about 100 buildings on the market, up from about 80 or so a couple of months prior.   As the inventories continue to rise, the averagel price is also escalating, probalby propped up significanly by the luxury intown condo market sales. 
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By Andrew Mooers | 207.532.6573, Northern Maine Real Estate-Aroostook County Broker
(MOOERS REALTY)
                                                                                      With new light weight bikes, special gearing to eat up hills and tons of trails, why not climb on board a bike and see Maine without a motor? Handy links to learn more on taking in some Maine scenery from on board a bike, visit www.bikemaine.org , www.bikeforums.net , and www.traillink.com .  Watch out for moose...and close your mouth...black flies don't taste so good and have no nutritional value! Make sure you have a comfortable seat though...if you are going to be perched and pedalling for all you're worth for a weekend in Maine, things can get a little painful unless you have some support and padding.  Take lots of water too...and warm clothing and rain gear just in case. Remember, you are in Maine...
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By John Callan
(ized Home Inspections)
Maintenance Advice UPON TAKING OWNERSHIP After taking possession of a new home, there are some maintenance and safety issues that should be addressed immediately. The following checklist should help you undertake these improvements:  Change the locks on all exterior entrances, for improved security.  Check that all windows and doors are secure. Improve window hardware as necessary. Security rods can be added to sliding windows and doors. Consideration could also be given to a security system.  Install smoke detectors on each level of the home. Ensure that there is a smoke detector outside all sleeping areas. Replace batteries on any existing smoke detectors and test them. Make a note to replace batteries again in one year.  Create a plan of action in the event of a fire in your home...
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By Deborah Barouch
(Keller Williams Realty)
We are crunching the numbers next week for the Feb. Portland area statistical update. It compares the Feb. numbers 07 with the Feb. numbers in 06. for number of listings, number of solds and number of pendings in Cumberland County. If you want to recieve our newsletter email us. Best Regards-     Deb Barouch   PSS Isn't it great to have such nice snow! We went snowshoeing yesterday and plan to go today.
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By Paul Diou, Broker & Owner Maine Realty LLC
(Maine Realty LLC)
                                                                        Why buy now?Buying now makes more sense because the real estate market in Maine has had an obvious shift.  Sellers are more willing to reduce their prices, and give seller concessions if it is crucial to unloading their property.  The market has shifted so much in fact, that many buyers are starting to have many more choices than they did even six months ago.  This turn in the market is natural, appropriate and good for both buyers and sellers.  Why buy now?  Because buying now gives the buyer more power and more leverage in what has been commonly noted as a "sellers market" for the last few years.  Southern Maine is a great place to live, and the truth of the matter is that any time is a good time to buy.  Right no...
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