Damariscotta Traffic Lights

   The downtown Damariscotta construction project is finally done!  We have a newly paved Main street with proper drainage and granite curbs. We have nice wide sidewalks with 'bump outs" at the crosswalks that may be a little tricky for snowplowing but make life easier for folks using wheelchairs and we also have a downtown traffic light!

   Now, it's not like this is our first traffic light in town. We got the first one about 10 years ago down at the intersection of Biscay Road and Business Route 1(Business Route 1 being the Route 1 bypass through town that Wiscasset wishes it had built back in the '60's).  And there's a blinking light out on Route 1 itself where Belvedere Road crosses it.  But this is right downtown.  They just turned it on one morning without giving anyone any warning.  I almost drove through the red light while I was looking at it and saying to myself " will you look at that, there's a traffic light now". Seems as if they should have had a ceremony or something, maybe hung some balloons out, you know, sort of made a big deal out of it.  But no, they just turned it on and expected everybody to start stopping and going like it had always been there.

   They should have learned from the Biscay Road light experience.  Heck, I still see old timers barrel right through that one like it isn't there.  I guess they'll get used to it eventually but it has only been 10 years.  So we'll expect a learning curve while folks get used to this one.  It's a pretty fancy setup that's for sure.  It has a picture of a hand that lights up and tells you when not to cross the road and there's even one light that sort of points towards a driveway, I guess to let then know when it's safe to come out onto the street.  Wonder how they decided to time that one?

   We also have freshly painted crosswalks and folks are really enjoying stopping so that people can use them.  Some people stop their cars even if someone just walks near the crosswalk.  The other day I was walking down the road with absolutely no intention of crossing to the other side when I heard a car horn beeping.  I looked up and there was a lady waving for me to cross the road.  I realized then that I was getting close to a crosswalk. Well I didn't want to hurt her feelings or anything so I crossed over.  She seemed quite happy and was beaming as she drove on with a wave.  I waited until she was out of sight and then went back to the crosswalk, whereupon I got to make someone else happy by letting them stop and wave me across so I could go back to my office. Honestly if you want to make people wicked happy just come to Damariscotta and cross the street a bunch of times.

   All in all though I'd say downtown is pretty nice. It was a bit of an inconvenience while they were working on it but it's not like it's something they do every year.  With any luck this will take care of our needs for a good long time.

Jim Cosgrove

 

Latest Housing News

    Two new reports from government agencies this week concerning the housing market.  The Fed has a new policy of "transparency" and has made the first of what will be quarterly forecasts regarding the economy.  The central bank predicts no recession in the foreseeable future but does think that GDP will grow by a paltry 1.6 percent in 2008.

   Meanwhile the Census Bureau has issued a report that "housing starts" continue to slow and the number of new homes being built now is little more than half the level of two years ago.  Housing starts is an oft quoted statistic on the evening news but quite frankly I think it is a little misleading as it is the "used home" market that really reflects the value of what for most of us is our biggest asset.   But it is an indicator of the overall market, it is easy to track and news organizations are intrinsically lazy so that's what you're going to get.

   In making their forecast the Fed mentioned that unemployment is holding steady which is what gives them the confidence to predict that the economy will not slide into a recession.  Rather we are in a cyclical housing downturn (yes there were isolated "bubble" markets) that is being exacerbated by the problems in the mortgage market and then made to appear even worse by climbing oil prices and a hysterical news media driven by the explosion of 24 hour outlets and the need to report something. 

   There is some danger that tightening of credit could cause an even further drop in home prices but it appears that the Fed is doing what it can to keep that from happening.  From the viewpoint of a real estate broker on the street it appears that we will continue to muddle along while the market corrects itself.  There are many opportunities in a market like this and it continues to amaze me that Buyers who were only too willing to spend when prices were at their peak are pulling back now.  The herd mentality appears to prevail over the theory of buy low.

Jim Cosgrove

OPEN HOUSE in Damariscotta

    OK, you've been sitting around the house eating turkey and pie and watching football for 2 days now.  Time to get out, don't you think?  The air is crisp and clear and the sky is blue.  Why not head to Damariscotta and enjoy a walk around town?  Visit some of the shops and galleries and while you're at it stop 62 Elm Street, directly behind the theater and the library and visit with Debby and I while we hold an OPEN HOUSE at the Coveside Condominiums.

   This classic older building has been totally refurbished and remodeled with six, 1 bedroom "pied-a-terre" condominium units.  Granite counter tops, wood and tile floors, some with private balconies and some with fireplaces.  There will be great  amenities such as a dock and float on the Damariscotta River and on site laundry facilities.

   This project is affiliated with The Sheepscot Harbor Village and Resort in Edgecomb and it is possible for an owner at Coveside to place their unit into the rental program run by the resort and earn rental income if say they wish to only use their unit during the summer or for certain weeks during the year.  Complete housekeeping and management services are available.  The units can even be purchased completely furnished or unfurnished as you wish.

    So please stop by and see this great property right in the heart of all that Damariscotta has to offer.  We'll be there from 10 this morning until 2 this afternoon and any other time by appointment.

Jim Cosgrove

November Golf in Maine

    OK, we're approaching Thanksgiving and I've just seen the first faint snowflakes of the season, I guess it's time to pack away my golf clubs for this year.

   You might ask, "playing golf in November, in Maine?"  Or, "are you nuts?"

   Up until yesterday, a group of us from the Ladies League of Wawenock Golf Club have been able to keep playing pretty regularly, once or twice a week even after the traditional end of the season here, Columbus Day.   Wawenock is our own somewhat hidden treasure, a beautiful 9 hole course in the heart of the Pemaquid Peninsula in the Walpole section of South Bristol.

   The membership of Wawenock is drawn from Damariscotta, Newcastle, Bristol and South Bristol, Jefferson, Nobleboro, Bremen and Alna and also includes many other nice folks from all over the country and even the world, who summer here in Maine.   While they do enjoy the course they miss the fun of November golf!

   Here's why we LOVE to play golf in November:

   1. No bugs

   2. It's deer season and we look good in orange.

   3. If you hit a shot at a tree it's more apt to go through because there are no leaves.

   4. Chances are no one is playing behind you so if it doesn't go through you can play a second shot (is that what they mean by "winter rules"?).

   5. The Club House is closed so no need to post those bogus scores.

   6. On the 4th hole, instead of splashing into the water, your ball may just skim across the ice and wind up in front of the green.

   7. We get to wear gloves on BOTH hands.

   8. Hot chocolate tastes much better than bottled water.

   9. No lines at the porta-potty.

   10. WE LOVE GOLF!

   Alas, another season is drawing to a close, we're probably all done for this year.  But the January thaw is coming...

Tracy Babcock

Maine Real Estate to Rebound in '08

    The New England Economic Partnership, a panel of economists from the regions six states has released their most recent forecast for the New England economy and are predicting that the slow growth of the last few quarters will begin to pick up by the second quarter of 2008.

   Speaking specifically of Maine and our housing sector, they further predict that our real estate market will pick up a little sooner than some of the other New England states. The panel of economists expect that when all is said and done by this time next year we will be in a period of modest, slow growth with a median home price that is about 10% lower than our pre-slump peak.

    Anecdotally speaking, right now there are many wonderful properties being offered on the market at prices that reflect a discount of more than 10% from the peak levels of '04-'05 so I think it's fair to say that there are bargains in this market.  There is an incredible amount of inventory on the market right now and while we work through this it will be a challenging environment in which to both sell and buy a home.   If you are ready to take advantage of the opportunities presented by current market conditions, our experienced brokerage staff is ready to show you how to maximize your investment.  Call or email today.

Jim Cosgrove

Damariscotta Condominium, With View!

    A great listing just got better.  The Elm Street Condominiums in Damariscotta recently "lost" the carriage house which had stood between the main building and the water behind the property.  This was a long planned move but is still is amazing how much the view has been opened up and the back of the building and yard is filled with light.

   I always find it impressive watching buildings being moved and apparently so do a lot of other people as the job attracted a small crowd of onlookers and even a videographer from Channel 6 in Portland.  Click here to watch the video of the carriage house going down Route 1 to it's new home in Sheepscot.

    The last remaining unit from this outstanding conversion project is a two level townhouse with two very private balconies overlooking the water, three or four possible bedrooms and beautiful built ins and woodworking details.  It is conveniently located within walking distance to all the Village of Damariscotta has to offer including shops, galleries, restaurants and the theater.  And it enjoys this wonderful view of Cottrill's Cove on the Damariscotta River.

   See more pictures and take a Virtual Tour of this property here.

Jim Cosgrove

What Does it Cost to Live In Maine?

    Have you ever wondered about the cost of living someplace else? Perhaps here in Maine if you've always hoped to someday move here?  Or elsewhere if you're thinking of moving away?  (Hard to believe I know, but occasionally someone does leave.)

   Well the folks at CNN Money have put a neat Cost of Living Comparison Calculator up on their site.  If you put in the city where you presently live and work and then the city where you would like to live and work it will give a comparison of some of the major areas of expense that you can expect.  A word of warning, if you're not planning on moving to one of the major cities in a state you will need to make adjustments.  For example, in Maine only Portland and Bangor are listed.  Real estate prices in the Damariscotta-Pemaquid region will tend to be a little lower than Portland.  Follow the link above to check this out.

   Thanks and a tip of the hat to Dave Whitten at Maine Real Estate Blog who spotted this first.

Jim Cosgrove

Early Bird Sale

   This was the scene on Main Street in Damariscotta this morning just before the annual Early Bird Sale kicked off at 6 AM.   Although the poor weather forecast may have contributed to keeping the crowds down a little from previous years the turnout got better as the sky lightened and business was brisk.

   The Maine Coast Book Shop is always very kind and allows many of the local non profit organizations to set up booths in front of their shop (and under their overhanging roof).  Be sure and check out their new blog where I'm told there will be more pictures of this mornings event.

Jim Cosgrove