Damariscotta River Association Fundraiser

Hey Mon, if you have nothing to do this weekend you should come to "Reggae on the Bay" at 2:00 pm, July 20th at the Damariscotta River Association's Great Salt Bay Farm Heritage Center, 110 Belvedere Road, Damariscotta, Maine. The event is a fundraiser for the Damariscotta River Association and is sponsored by Mexicali Blues, Reny’s, Lev Davis/RBC Dain Rauscher, Damariscotta River Grill, Colby & Gale, Camden National Bank, Acadia Trust, and Rising Tide Community Market. For more information call the Damariscotta River Association at 207-563-1393. It is a great family friendly event with Caribbean food, oysters and spirits. The headline act is Inner Visions, the unofficial reggae band of Lincoln County and special guest stars The Beat Horizon. Bring a blanket to sit on, a hat, some sunscreen and hang out with us.

Tom Field

Boothbay Harbor Fire on Damariscotta River

I was in South Bristol on Rutherford Island this morning previewing a house for a client when I took this picture of the Washburn and Doughty Shipyard burning. The shipyard is actually in East Boothbay right next to Lobsterman's Wharf. It was the most dramatic fire I have ever seen. Because of the materials stored at the shipyard there were multiple explosions of gas tanks of highly flammable materials like oxygen and propane. I heard several explosions while I was taking pictures.

If you click on the picture above you will see a tall red pilothouse. The picture below I took Wednesday of that same boat from the deck of Lobsterman's Wharf.  The shipyard is just to the right just out of the shot. If you want  to see more pictures of the fire contact me and I will send you a link.

Tom Field

Coastal Maine Real Estate Report

    The 4th of July has come and gone and it is time to take a look at the coastal Maine real estate market at the halfway point of the year. 

   At present there are over 800 single family homes for sale in Lincoln County.  149 have sold since January 1 of this year.  That does not mean we have a 5+ year supply of inventory. It means this has been a very bad year to put your home on the market.  In a normal year we(our collective MLS participating brokers) will sell 400 to 500 homes.

   Given all the bad news we are bombarded with every day it's pretty amazing that the market is doing as well as it is.  Ordinarily as the stock market falls people will shift their money into real estate, a tangible asset that they can also use to either live in or generate income in the form of rent.  Unfortunately just as several factors helped to contribute to the stock markets decline (weak dollar, rising commodity prices, Mideast geopolitical uncertainty) a self inflicted credit crisis dragged the real estate market down, too.

   There is light at the end of this tunnel. Steep short term interest rate reductions implemented in the first quarter of the year should begin to help the economy.  Oil prices seem to have stabilized and may even begin to move down a little. The governments stimulus package is filtering into the hands of 120 million consumers and has to have some effect (right?).

   But most importantly, the real estate market itself is adjusting.  With prices running 20%, 25% and even in some cases 30% below what they were in 2005, Buyers are now starting to come back into the market place.   All markets are cyclical and anyone with a rudimentary knowledge of economics knows that the bottom of the market is the point of maximum financial opportunity. That old Buy Low, Sell High thing.

   The Federal Reserve usually likes to remain out of the limelight as an election approaches so I expect interest rates to remain unchanged for the rest of this year.  There has been discussion in Congress about a second stimulus package. (There will be a tax hike next year to pay for that but in an election year they send us money). A combination of lowered demand and consumer adjustment to the new reality of high energy costs will help lessen the drag from that segment of the economy.  These facts should combine to make the second half of this year and the beginning of 2009 an ideal time to buy into the mid coast Maine real estate market.

   For an overview of every home in Lincoln County on the market right now, be sure to check out our website.  Or for specific information register with one of our brokers for regular email updates of the homes for sale in the category you'd like buy in.

Jim Cosgrove

4th of July in Round Pond, Maine

   There are 4th of July parades and then there is the Round Pond 4th of July parade!  While many long time observers said that this years parade was tame in comparison to years past, the political satire and biting commentary was still there.  Here's a few pictures, snapped by Real Estate Broker and photojournalist, Tracy Babcock.

Marine Labors of Love

I saw this at the dock when I came into work this morning. The owner served for 20 years in the Coast Guard and has been working on restoring this Motorized Life Boat for years. Does this qualify as bringing your work home with you?

Amazing project.

Tom Field

Another Piece of Maine

   Here's another video from the You Tube contest sponsored by the Maine Association of Realtors. This one is shot just up the road a bit from the Pemaquid area.

The View From My Office

I have been in a lot of offices over the years and had a lot of different views out the window. This one is a first for me though.

Now I know that Damariscotta Bank and Trust (DB&T) usually gives out lollipops to kids and biscuits to dogs but what do they give to the horse?

Tom Field

A Piece of Maine

   The Maine Association of Realtors has been sponsoring a contest titled "Your Piece of Maine" where folks make videos explaining why or what they love about living in Maine.  Here's one of my favorites.  I'll post some more as the mood strikes!

Selling Homes with Video

   As the real estate market here in mid coast Maine has deteriorated, clients have often asked us to "be more creative" in selling their homes. Here's a pretty creative video...

If You Buy Now It May Be Too Late

    After almost 2 years of a steady drum beat of bad news from the mainstream press, today's Portland Press Herald brings us an editorial titled Note to home buyers: It's your market now.

   This quote from the final paragraph sums it up; "This is likely a good time to buy a home..."  If as staid and conservative a paper as the Portland Press Herald is calling the bottom of the market can there be any doubt that it has already occurred?

   But, there is also this word of advice for Sellers; "If one has to sell now, then one has to accept where the market sits at the moment."

   Sellers, price it right!  Buyers; buy now or regret it later!

Jim Cosgrove