Damariscotta after the Snow

   It's a gorgeous day here on the Pemaquid Peninsula. Don't you wish you lived here?

Winter Arrives in Mid Coast Maine

It's not 15 feet but....winter has (fianlly) arrived as this picture from downtown Damariscotta shows. The mice nesting in the back compartment of the snowmobile are in for a rude surprise.

Happy Real Estate New Year

  New Years eve is a time of reflection on the year past and a time of hope and planning for the year ahead.  While the main stream media will focus on "Best of" lists and endlessly prognosticate on the upcoming election or prospects of various sports teams, here at Maine Coast Properties blog we are all abut one thing and one thing only. Real Estate. And the question on everyones mind, What is the market going to do? (Which actually means "what is my house worth?")

   I thought Obama was going to be a breath of fresh air in the Oval Office with strong leadership and new ideas. I thought the 2011 Red Sox were loaded with talent and fierce competitors and were surely going to play in the World Series if not win it outright.  So I'll leave politics and sports prognosticating to others.  But as the Managing Broker of the real estate company that out sells all other real estate companies combined in mid coast Maine I think I can pretty well summarize our recent market and share some insights into the immediate future.

   We have entered the recovery phase of the so called Great Recession. There is no doubt that real estate had become inflated and in some parts of the country entered a bubble type of market. We could endlessly debate why and how that happened but we'll leave that to future academics. What we see happening right here and now on the ground in Lincoln County, Maine is that the real estate market has stabilized and reset. In late 2008 and even into 2009, homes simply weren't selling. In late 2009 and 2010 some property started to move as bargain hunters and risk takers came out.  This had to happen to tell us where the bottom was. Slowly but surely a bottom was established. 2011 was the year of settling into that market, was the year of clarity and focus with prices.

   While our market is primarily a market that is driven by second home buyers and retirees, we saw a high percentage of sales in 2011 to people who already lived here in the mid coast, people who live and raise or have raised their families here. Many of these people were taking advantage of market conditions to "move up". People who had been on the market elsewhere and had finally sold were also able to come here and buy and in doing so they brought their profits here and bought what they could afford to.  With a good solid year of sales data to back up our calculations and more importantly to provide comparable sales for bank appraisers, we can see our 2012 market. And it looks a lot like 2003.

   Simply put, our market here has reset at 25% to 30% below the peak of the market in late 2006 and the first half of 2007. It's important to note that refers to what actual value of a property was, not what someone imagined it to be. There was a pretty impressive run up in prices between 2004 and 2007 and there were some irrational decisions made that went beyond inflated prices but by and large, whatever your home was worth in '03 is approximately what it is worth now.  That does not guarantee you a sale.  We still have challenges, primarily a lot of inventory and a somewhat dysfunctional lending system but when your home does sell, that's your market level.

   We look for a healthy, returning to normal market in 2012. To stand out in a crowded field, homes will need to be in top condition and well marketed. A hand lettered "4 sale" sign in the front yard probably isn't going to do it. A "Craigs list" ad is going to get you calls from "Chinese millionaires" who will accidently send you too large of a down payment and want you to wire them the difference before the check can clear.  If you want to sell, call a local, experienced, full time, real estate professional (in Lincoln County that means Newcastle Square Realty) and have a frank and realistic discussion of what you want to accomplish and how to go about doing it.

   All recessions end and life goes on.  Happy New Year Everyone!

Jim Cosgrove

Happy Holidays

The Damariscotta-Newcastle Rotary Club organizes a kettle collection for the Salvation Army begining the day after Thanksgiving and running through Christmas. We are always amazed at the generosity and caring shown by our friends and neighbors.  May you all be blessed with the joy that comes from sharing.

 

December Exhibit Opening at Newcastle Square Realty

Newcastle Square Realty Associates will host Sandy Flint and Bill Hallett for their December art show at their Main Street, Damariscotta office. Come one, come all to the opening celebration from 5:00 to 6:30pm on Thursday, December 1^st!

Sandy is well known for his beautiful wildlife images and his technical expertise in photography. Starting with a Kodak brownie camera and a Sears darkroom kit, he has been creating images for sixty years. While scuba diving back in the 1960’s, he developed a deep love and respect for wildlife. There were challenges back then to getting underwater images. This formed the foundation for the excellent technical ability that we see in his photography today. He likes to have control over the complete process from shutter to final presentation and so does all his own printing.

Each summer, Sandy spends several days on Eastern Egg Rock photographing Atlantic Puffins for the National Audubon Society’s Project Puffin. The results are breath taking and not to be missed!

Bill Hallett’s work displays his love for saturated color, an interest that reflects the influence of a childhood spent in Mexico City and environs. His Maine paintings are landscapes, seascapes, and still lifes. You may see a familiar scene in Round Pond, South Bristol,  Damariscotta Mills, or Monhegan. Or you may be transported to Mt. Katahdin, Acadia National Park, or Stonington. Always, the experience will be transformed by the lens of the artist! 

The work of these two artists complements each other beautifully. You are guaranteed to be highly rewarded by stopping by for the reception or visiting anytime during our regular business hours from 9:00-5:00 daily and Saturday mornings between 9:00 and 1:00. Perhaps you’ll even find the perfect Christmas present!!

Happy Thanksgiving

Let's all enjoy this most American of Holidays, knowing that we live in the greatest country on earth, that the storm clouds are clearing and that better days lie ahead.

Happy Thanksgiving everyone!

Saturday Solds - Commercial Edition

   I've always said we'd know when the economy was starting to move in a positive direction when the commercial investors began to pick up properties and when the entrepreneur's began to feel like it was the right time to take a chance.  So even though the popular media is still crying that 'the sky is falling' and even though certain politicians would desperately love for the recession to drag on through the next election, the business cycle continues to move inexorably forward.

   Here's a few local sales that illustrate my point:

This shopping plaza with 5 acres on Route 1 in Wiscasset was listed for $895,000 and sold after a mere 44 days on market for $739,000.  The property is in the process of receiving a face-lift and should prove attractive to new tenants.

This once thriving local restaurant has made the news recently as it has gone "under contract" after almost 2 years on the market. The new owners to be are reputed to be experienced and savy investors who know a good opportunity when they see it.

This once popular local convenience store was purchased in a bank sale for $225,000 by local people who feel the time is right to invest in the local economy.

Ironically perhaps, this former real estate office in Boothbay Harbor has sold, after almost 1 year on the market for $180,000.

   Finally, some of the big out of state real estate franchise operations have been making the rounds of local offices to see if they can buy a presence in our market. One can only figure that their research shows that mid coast Maine is a future growth area.  While Newcastle Square Realty is committed to remaining a local company that reinvests any profits we earn right back here in our local economy, we see this as a very positive sign regarding the viability of our local real estate market.

   Every recession since the start of time has come to an end.  This one will, too. Will you be taking advantage of the opportunities that are presenting themselves?

 

Pumpkinfest 2011

It's a beautiful fall weekend, come on up to Damariscotta and enjoy Pumpkinfest!

 
 

Monhegan Inspired Artists to Show at Newcastle Square Realty

 

Newcastle Square Realty Associates will be hosting their next art show opening on Thursday, October 6 at their offices on Main Street, Damariscotta from 5:00-6:30pm. This show will present a sampling of the work of six professional artists who annually spend two weeks living together in a vintage cottage on Monhegan Island off Maine’s Mid-Coast. Their time together is intensely focused on art - sketching, painting, reading, critiquing, and discussing. Between artistic endeavors, they fuel themselves with laughter, perusing art books, earthy creative cooking, and breathing in the island's sounds and scents.  

 The group includes four year round Maine residents:  Betty Heselton of Gardiner and Pemaquid, Sally Loughridge (www.sallyloughridge.com) of South Bristol, Marlene Loznicka (www.marleneloznicka.com) of New Harbor, and Abbie Williams (www.abbiewilliamsstudio.com) of Damariscotta Mills. Rounding out the group are two frequent sojourners in Maine, Joyce Greenfield and Sigrid R-P Smith from the New Haven, Connecticut area.

 Historically, a certain magic has become associated with Monhegan's natural beauty, rough terrain and hardy residents. Drawn by this mystique, these accomplished painters have created a collection of paintings that portrays the island’s unique spirit and aesthetic pull.

 For 22 years this group of painters has worked “on island” for several weeks each fall.  During the rest of the year, they frequently paint and critique together, whether en plein air or in the studio. Mediums include oil, soft pastel, encaustic and watercolor. Their membership mix has evolved as one may leave and another joins them, but the common thread through the years has been their commitment to each other to be both honest and supportive, towards the goal of constantly honing and improving their art.

 For those that aren’t able to attend the opening, the show will be available for viewing through Thanksgiving during our regular business hours between 9:00-5:00 daily and Saturday mornings from 9:00-1:00.

 

 

 

 

 

 

 

 

Saturday Solds

   Another in an occasional series of posts designed to give our readers a snapshot of activity in our market.

 
This home, with 460' of frontage and a dock on Boothbay Harbor was listed for $895,000 and sold in 52 days for $775,000.

 
This circa 1800 home in the quaint village of Damariscotta Mills was listed for $375,000 and sold for $310,000.

 
On Damariscotta's famed Bristol Road and overlooking the Damariscotta River, this home was lsited at $369,000 and sold for $330,000.

 
This tidy Cape in one of Newcastle's small private neighborhoods was originally listed for $215,000 and sold for $186,000.

Currently, Buyers wishing to live in Lincoln County and particularly the Pemaquid peninsula have a wide variety of attractively priced properties to choose from.  Whether you are searching for a primary residence, a vacation getaway or a weekend home in the country, be sure and visit our website and call one of our real estate professionals to help you find the very best options for you. And even if you're not in the market right now, come on up and visit. Mid Coast Maine in the fall is spectacular!