Fall Comes to The Damariscotta Region

Labor Day has always been a difficult holiday for me to accept. Not because I have anything against labor (Go Labor!) or national holidays but because it means the end of summer and moving closer to ….dare I say it? Winter. My wife makes fun of me because whenever she mentions how close we are to Labor Day I stick my fingers in my ear and start singing a “Panama” by Van Halen (it worked on getting General Noriega to give up).

Summer is never long enough, there is always the regret of not taking another trip down the Damariscotta River to Lobsterman’s Wharf in Boothbay or Coveside in South Bristol for a drink on the deck and a few chuckles with friends. The wish of another fishing trip trolling from John’s Bay around Pemaquid Point and then into Muscungous Bay for the elusive (maybe non-existent this year) striped bass. No more fresh corn, no lobster bakes by the shore, no sitting on the beach at Dodge Point in a wet bathing suit (o.k. i can miss that) and limited opportunities to sit on the patio at the Newcastle Public House and watch the cars from out of state try to figure out if they are supposed to stop, yield or accelerate.

But it isn’t all bleak. September is in many ways a better month than July and August. There are more parking spots, fewer chances that someone is sitting at my booth, kids are back in school , the Oyster Festival is coming, the Common Ground Fair starts on September 19th (get out those Birkenstocks) and you can pretty much have Damariscotta and Pemaquid Lakes and the River to yourself.

The fall is often the best time to look and buy property too. Many sellers are more willing to consider offers that they would have rejected outright in June because now they don’t want to wait another year to sell. We have noticed quite a bit of activity recently and I think some of the good deals that are out there will get snapped up in the next couple of months. Remember an asking price is just that, an asking price.

Tom Field   

P.S. A quick shout out and thank you to Nick from the Med Kitchen who made my birthday so memorable with just 12 Germans. Danke mein Freund. 

Saturday Solds

   Another post in a semi regular continuing series  presenting recently "sold" properties here in the mid coast region of Maine.  While it is true that the housing market is not what it once was, there are properties still selling and some Buyers are actually getting some pretty good deals.  Years from now, old timers will shake their heads at the prices of homes and say "...you know what I could have had that for back in '08?"

   This 4 bedroom Colonial is in a very nice subdivision with common area access to a deep water dock and float on the Damariscotta River.  Located on the Boothbay side of the river it also has beautiful views of the water and is in great condition.  Listed at $549,000 it sold for $490,000.

   This Ranch style home is also on the Damariscotta River but on the opposite shore giving it westerly sunset views.  Just 5 minutes from Damariscotta but very privately sited on almost 3 acres.  This home was originally listed at $895,000 and sold for $750,000.

   This brand new cottage came complete with it's own 3 acre island and sits in Damariscotta Lake!  With several beaches and docks and all of the privacy one could possibly want.  There is deeded parking and a boat launch on the mainland.  A generator supplies power.  Listed at $685,000 and sold for $620,000.

   This architect designed passive solar home sits at the end of Long Cove Point near the Pemaquid Point lighthouse and has spectacular views as well as a pleasing layout and many fine features.  Listed for $1,275,000. it sold at asking price within days of hitting the market.

   For more information about activity in the Damariscotta and Pemaquid area real estate market, please call one of our experienced and knowledgeable real estate brokers.

Pemaquid Area's Best Swimming Holes

   In the June 2008 issue of Downeast Magazine there is an article entitled “Maine’s Best Swimming Holes”, which touts the highlights and gives directions to a sampling of swimming areas around the state. I’m certain there are hundred’s more as well, and here in the Damariscotta area we have our own local favorites, which didn’t make the Downeast list. All of these are small swimming areas, room for only so many, but well worth visiting.

   The first is on Rte 130 on the way from Damariscotta to Pemaquid, as you pass through the village of Bristol Mills. Just beyond the fire station on the left, is a small dam on the Pemaquid River which creates a deep, cool “swimmin’ hole”. It’s a small dam and there is a fence keeping swimmers on the right side. Kids jump from the concrete block at the dam and sit in the sun alongside the grassy banks.

   If you continue on to New Harbor and turn right at Dee’s Variety (Huddle Rd.) you will find an area off the “Beach Loop Rd.,” where there is a small sandy beach on John’s Bay amongst plenty of small summer cottages. If you can find a space to park along the side of the road, (cars on one side only please, and don’t block any driveways) you will enjoy a quiet, small stretch of sand called locally, (and appropriately), ‘little beach’. Sometimes also known as ‘the mom’s beach’, since it’s a great little area with mild waves for little ones. Best at lower tides, not much beach left at high tide. (May seem like a private beach – but it’s a little known public area – so enjoy!)

   Back in downtown Damariscotta cross the bridge into Newcastle and then turn right onto Rte 215. Follow the Rte 215 signs which will bring you into the village of Damariscotta Mills (after crossing the railroad tracks and taking a left). A little further up the hill and you will find a small bridge over the water as it leaves Damariscotta Lake and makes its way down into Great Salt Bay and then the Damariscotta River. Here on a sunny summer day you will find plenty of youngsters jumping off the bridge, and swimming on either side of an old barn, (turned residence), which hangs out over the water. This “mills swimming hole” has a grassy area with a few picnic tables, and large flat rocks to jump off into deep water, or sit and dangle your legs in.

   This one is my favorite, as it’s where I often went with my kids after moving to Damariscotta 21 years ago. My kids were young (2 ½ and 5), and we would stake out our spot on the’ sandy side’ of the barn. The water here is low, the bottom sandy, and kids can easily wade in. As the years go by, the little ones become more and more interested in all the jumping and splashing going on over on the other side of the barn. The “big kids’ side”. It becomes a right of passage in childhood around the age of 8, to begin swimming at the other side, where the water is deep. You can jump off the rocks, and once you’ve mustered all your courage, climb up and finally jump off the bridge! It’s about a 15 foot drop to the water – safe enough, but scary the first time for a youngster. With other kids coaxing you to “let go”, you make that first leap. Exhilarating! Then you scramble back up and jump right back in like you’ve been doing it all along! Extra cheers for making a splash big enough to splash back up to the road and possibly get a passing vehicle wet!

   I even made the jump once or twice, about 12 years ago, at the insistence of my suddenly ‘pro’ jumpers then aged 9 and 12. The water is clean and cool. It’s such a thrill to jump in on a hot, muggy day and let that cool water cover you as you lean back, float and breathe in that wonderful lake air! One of my goals, as I get older, (this year was a big 5-0 for me), is to never get too old to jump in for a swim at Damariscotta Mills, (not necessarily from the bridge though!)

Kathy Wyman

World's Largest Real Estate Sale

    Who says it's a bad real estate market?   The French press is reporting that a mysterious Russian billionaire has broken a world record for the most expensive real estate purchase ever. 

   The "Villa Leopolda" a Belle Apoque mansion on the Cote d'Azur has reportedly sold for $750 million.  Negotiations went on for months for this property, formerly owned by King Leopold II of Belgium and sold by the widow of a Lebanese banker.

   I'm not sure that it's a good thing to be the guy that just set a new worlds record for paying the most ever for a house.  I have to wonder if he had a Buyers Broker or if he tried to do this himself (probably why it took so long).  Obviously he didn't have a good CMA (comparative market analysis) since there can't be any comps.  I hope he got the chandeliers thrown in and didn't forget to ask for a septic inspection, the plumbing in those old homes is usually pretty bad. A good Buyers Broker may have saved him from holding this dubious distinction!

   I love the quote from a local real estate agent as reported in The Nice Martin newspaper; "at this price tag,...we are beyond reality".

Jim Cosgrove

Damariscotta Region Goes to the Dogs

    Woofstock 2008 takes place on Saturday August 9 on the grounds of The Lincoln Home in Newcastle, Maine.

   Woofstock is the premier Dog Show of the summer in the State of Maine.  Unlike lesser dog shows which are usually modeled on the highly competitive Westminster Dog Show, Woofstock is pure FUN!  Every dog and their owner is welcome to both attend and to enter any and all of the various events. Providing of course that they are well behaved (the owners that is, there is no such thing as a bad dog).

   The show is a fund raising event put on jointly by the Damariscotta - Newcastle Rotary Club and The Animal House. All proceeds are donated to various animal shelters and rescues and Rotary charities.  Some of the events include Canine Good Citizen Testing, Tarot Card and Paw Readings, Face Painting, Nail Clipping, Microchipping and Toothbrushing (planned for the dogs but owners are welcome, too), a seminar on How to Make the Perfect Dog Cookie and Pet Photography with noted area photographer Ronn Orenstein.

   The grounds and vendor stalls open at 9:30 in the morning but the highlight of the day will be the Family Fun Dog show beginning promptly at 1.  This is a dog show like no other.  It is open to all and some of the decidely non competitive categories include Dog that Looks Most Like it's Owner, Dog with the Waggiest Tail, Best Kisser, Dog that Sits the Longest and the always popular Best Costume.  Be forewarned, some people have been known to hurt themselves laughing.

   So if you love dogs and you like to have a good time, come on down to The Lincoln Home this Saturday for Woofstock 2008!

Dog Show Master of Ceremonies - Jim Cosgrove

The Fed Does Nothing

    The Open Market Committee of the Federal Reserve Bank decided today to leave unchanged the key interest rate they control.  While some of the Fed governors including reportedly chairman Ben Bernanke have argued that the biggest danger to the economy is damage from the weak housing market, those that feel the biggest danger is inflation apparently prevailed.

   According to reports, the European Central Bank and the Bank of England, scheduled to meet later this week, are also expected to keep interest rates steady.

   On the face of it, I think this is good news.  The central bankers are in essence saying they don't think another quarter point drop in interest rates will make much of a difference.  The real estate market is cyclical and we are at the bottom of the cycle. True, we may be in an "extended bottoming process" as one reporter put it but the last time that happened was in 1994 and by the spring of 1995 we had started to see increased movement in the market.

   Already we have started to see some of the better properties in our market be scooped up by savvy buyers and as oil prices begin to recede we are seeing some signs of increased activity in the form of more showings and inquiries at the duty desk followed by serious offers.   Those Sellers who don't absolutely need to sell are not putting property on the market and so the inventory levels are stabilizing.  Just this morning the "hot sheet" report that every broker looks at first thing showed an equal number of sales to new listings for yesterday!

   As efforts to find a diplomatic solution to the problem of Iranian uranium enrichment seem to be proceeding and that problem fades into the background, the planned increase in Saudi Arabian oil output and increased conservation measures have the potential to lower oil prices and increase consumer discretionary spending. As mentioned above, interest rates remain low (under 6.5% for 30 year fixed).  All signs point to an improving economy in the months ahead and with it an improving housing market.  Wise buyers will understand that the best time to buy is at the bottom of the market and the Fed told us today they think we are there!

   If you're interested in living in beautiful mid coast Maine pick up the phone today and call one of our brokers to discuss the many opportunities that exist to make that happen  at attractive prices.

Jim Cosgrove