Fall eNewsletter - November 2021

Fall

E - N E W S L E T T E R November 2021 | Vol. 56

ON THE COVER 271 OCEAN AVENUE KENNEBUNKPORT $9,250,000

MAINE

As the leader in luxury Maine real estate, Legacy Properties offers an unmatched blend of local expertise, world-clas

agents specialize in luxury waterfront homes, ranging from stunning coastal and beach properties to lakefront lodges you to enjoy the best of what Maine has to offer.

We have six offices along the coast of Maine, with locations in Kennebunk, Portland, Brunswick, Damariscotta, Camd today to find your dream Maine home with guidance and support from our expert agents.

ss marketing power and property exposure. Our licensed real estate s, maximizing year-round views and recreation opportunities for

den, and Northeast Harbor on Mount Desert Island. Get in touch

Volume 56 - November 2021 Issue Editorial by: Chris Lynch

Designed by: Dana Whitney

Edited by: Chris Fortunato Andy Lynch

Graphics by: Dana Whitney

.

FEATURED LISTING 135 HARTVIEW CIRCLE ORLAND $10,000,000

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DISCOVER THE VALUE OF YOUR HOME Our state-of-the-art online residential property valuation service lets you find the estimated current value of your home simply by filling in your address on the banner of our LegacySIR.com homepage.

This value is used in all aspects of the valuation process for lenders, GSEs, mortgage brokers, mortgage servicers, investment bankers, and mortgage investors as well as anyone who requires fast, reliable, and cost-effective residential property valuations.

For a more detailed Market Analysis, please contact your Legacy Properties Sotheby’s International Realty sales associate.

Nothing Compares.

Are Home Prices Set to Fall?

I am sure you have been paying close attention to the real estate market, as it seems everyone is paying more attention to real estate than ever before. Regardless of your areas of interest, most prices are at all-time highs, and Maine real estate is no exception. Maine’s experience has been exaggerated by the fact that we are such a small state by population, and existing housing stock is relatively limited.

The second half of 2020 and the first half of 2021 were characterized by record market performances due to a wave of buyers, many of whom were discovering Maine for the first time and looking to buy a special piece of our coveted lifestyle. There are many factors behind this surge, but Maine’s consistent ranking as one of the safest states in the country with respect to the COVID-19 pandemic is most often cited as a primary reason. Other factors include our gorgeous three-season weather, uncrowded environs, and the abundant Atlantic coastline complete with beaches and rugged rocky cliffs.

However, many of you may not be aware that unit sales have recently been underperforming when compared to the same time last year. Recent press releases from the Maine Association of Realtors report that unit sales

for July, August, and September indicate that the number of homes sold declined by 5%, 5%, and 10% respectively versus 2020. Early indications are that October will show a continuation of this downward trend and possibly even exacerbate it as we approach year-end.

Maine real estate markets have always been cyclical, seasonal, and economically sensitive to interest rates and stock market gyrations.

Historically, a student of the market would look at unit volume as the leading indicator of what comes next. There are effectively four phases of a real estate sales cycle: Phase 1: Units Rising/Prices Stable Phase 2: Units Rising/Prices Rising Phase 3: Units Declining/Prices Stable Phase 4: Units Declining/Prices Declining Since 2011, Maine has been, with few exceptions, enjoying a Phase 2 bull market. Unit volume is typically a leading indicator when it comes to future price movements. It stands to reason that given the downward trend in units, we have entered Phase 3, and Phase 4 can’t be too far behind.

Many of us remember the Phase 4 scenario that dominated the market action from 2008-2010, and that is not an experience worth reliving.

While I know there will come a time when the next market cycle will take hold, we are not there yet. It’s important to understand that there are many differences between the overheated real estate market today and that of 15 years ago. Most importantly, the last market decline was sparked by overleveraged buyers who lost access to capital while today’s market is dominated by underleveraged cash buyers.

The underperformance in unit sales is not driven by buyers’ reluctance to enter the market at ever-increasing prices. This time, it is driven by limited supply. We have had enough inventory to set sales records, but not nearly enough to satisfy the depth of current demand. I have to believe that we are at or near peak prices that the Maine market will absorb as Maine has experienced one of the strongest price performances in the nation.

There are many reasons why it will take a significant amount of time to satisfy all of the buyers looking to be in Maine. If and when we run out of the underleveraged cash buyers, there is a very large backlog of wellqualified buyers who want or need to finance a purchase, sell a home to buy a home, or have a proper inspection completed prior to buying. We have also started hearing from our Canadian friends as the border has reopened. Eastern Canada, particularly those who hail from the Province of Quebec, has always been a welcomed steady feeder market for our

properties for sale.

Don’t be fooled by the string of weak year-over-year comparable sales data that suggests the market peak may be in the rearview mirror and Phase 4 is on the way. We are not quite there yet. It is equally important for prospective sellers to recognize that these market conditions cannot go on forever. Although we may stabilize at these strong prices, it is hard to imagine how they can go much higher in the intermediate future. I am looking forward to the day when we can get back to something more closely resembling equilibrium satisfying both buyers and sellers and Maine goes back to being Maine again!

See you soon,

President/Owner Legacy Properties Sotheby’s International Realty

Source: Maine Real Estate Information Systems, Inc. (d/b/a Maine Listings).

We are pleased to

WELCOME RENEE BURCH

LAURA FARR

LAURA PELLERANO

NICOLE RICHARDSON

207.228.5054

207.348.1200

207.266.2941

207.479.7551

rburch@legacysir.com

lfarr@legacysir.com

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REAL ESTATE EXPERTS IN EVERY MARKET The Sotheby’s International Realty network is comprised of more than 24,000 sales associates located in approximately 1,000 offices in 75 countries and territories worldwide. Our listings are marketed on the sothebysrealty.com global website and on local affiliate websites across the world in the markets from which our buyers are coming. This global exposure not only affords our listing clients the widest possible distribution to the highest number of qualified buyers, but it allows all of our clients access to the most experienced and accomplished real estate experts in whichever town, city, or country they may have needs.

FEATURED LISTING (ALSO ON COVER) $3,500,000 149 & 154 WHITES POINT ROAD, TANDISH

LIVE ME & NH

With access to more than 3,500 miles of Atlantic oceanfront, 6,000 lakes and ponds, and mountains with world-class skiing, Legacy Properties Sotheby’s International Realty is uniquely positioned to help you find your dream home in Maine. Simply put, we have the premier portfolio of Maine real estate and waterfront properties for sale.

1 Company - 6 Offices - 80+ Agents - Endless Possibilities

LEGACY COLLECTION Our exclusive, multi-page property books are distributed with Maine Home + Design, Down East, and in select areas, The Wall Street Journal and The Boston Globe. As many as 84 pages are distributed with up to 85,000 subscriptions.

Our most recent digital issue received over 250,000 unique impressions.

To receive a copy, either in print or electronically, please email collection@legacysir.com.

FIRST HALF OF 2021

If you have followed our social media, blog, and/or newsletter, you will know that we have experienced what seems to be an unprecedented pace of new buyers seeking a primary residence or seasonal property in our great state.

The surge in buyer demand continues to outstrip the supply of new listings coming on the market. Although the new listing inventory is currently both at a seasonal and cyclical low point, we continue to source new listings each day.

If you are considering selling your home, we have a deep backlog of buyers for most properties and locations in Maine.

Our Significant Sales for the first half of 2021 is just a sampling of the many great properties our team successfully closed during these complex and challenging times.

VIRTUAL OPEN HOUSES Welcome to the always-open house. Our immersive Matterport 3D Virtual Tours transport you into the finest selection of Maine Luxury Properties and let you explore like never before. Use Dollhouse view to see a whole property at once, switch to floorplan view for a traditional top-down perspective, or walk through like you’re there in person. Our Matterport 3D Virtual Tours are unlike any other real estate virtual tours. They are the most realistic, cutting edge, and comprehensive way to experience a property online. Click on any of the thumbnail images below to experience the Maine Lifestyle from the comfort of your own home.

FEATURED LISTINGS

135 Hartview Circle, Orland | $10,000,000 Elizabeth Banwell 207.747.9308

271 Ocean Avenue, Kennebunkport | $9,250,000 Bill Gaynor 207.468.3002 Ashley O’Neil 203.219.1421

135 Mountain Arrow Drive, Camden | $8,500,000 Brian Wickenden 207.975.9650

651 North Shore Road, North Haven | $6,950,000 Brian Wickenden 207.975.9650

FEATURED LISTINGS

18 Nehoc Lane, Kennebunkport | $6,200,000 Ashley O’Neil 203.219.1421 Bill Gaynor 207.468.3002

878 Shore Road, Cape Elizabeth | $5,500,000 Lois Lengyel 207.233.2820

686 Whites Bridge Road, Standish | $3,900,000 Tammy Ruda 207.831.3164

254 Drexel Lane, Islesboro | $3,695,000 Jackie Wheelwright 207.449.9442

FEATURED LISTINGS

273 Indian Point Road, Islesboro | $2,990,000 Heather Shields 207.596.4050

58 Langsford Road, Kennebunkport | $2,550,000 Betsy Coughlan 207.229.3661 LAND

134 Big Tree Lane, Islesboro | $2,500,000 Michael Kevin Lynch 207.558.3131

19 Loon Cove Lane, Brooklin | $2,500,000 Laura Pellerano 207.266.2941

FEATURED LISTINGS COMMERCIAL

987 Popham Road, Phippsburg | $2,299,000 John McCarthy 207.522.3638

122 Hills Beach Road, Biddeford | $2,100,000 Chris Stone 207.590.3425

10 Chestnut Street, Kennebunkport | $1,999,999 Randal Simon 207.590.9656 Rosane Hirschy 207.467.5792

87 Waldo Avenue, Rockland | $1,950,000 Michael Lynch 207.558.3131

FEATURED LISTINGS

11 Ossippe Road, Cape Neddick (York) | $1,900,000 Ginny Whitney 207.451.3093

2159 Atlantic Highway, Lincolnville | $1,900,000 Valerie Foster 207.522.7820 Leslie Tranchell 207.691.2955

LAND

00 Loon Cove Lane, Brooklin | $1,900,000 Laura Pellerano 207.266.2941

108 Summer Street, Kennebunk | $1,850,000 Alexa Oestreicher 207.329.9307

FEATURED LISTINGS

0 Old County Road, Yarmouth | $1,750,000 Linda MacDonald 207.749.1215

72 Foreside Road, Falmouth | $1,735,000 Anne Bosworth 207.233.3175

30 Soaring Eagle Point, Northport | $1,695,000 Heidi Steele 207.542.4316

720 East Madrid Road, Madrid Township | $1,550,000 Glenn Jonsson 207.776.0036

FEATURED LISTINGS AIRSTRIP

149 Airport Road, Phillips | $1,500,000 Kristin Heal 207.542.8890

223 Lawry Road, Searsmont | $1,400,000 Michael Lynch 207.558.3131

123 & 115 Pleasant Street, Auburn | $1,300,000 Kristin Heal 207.542.8890

1317 Trim Lane, Islesboro| $1,300,000 Michael Lynch 207.558.3131

FEATURED LISTINGS

47/49 Eastward On The Ocean, Rockport | $1,295,000 Heidi Steele 207.542.4316

298 West Road, Belgrade | $1,200,000 Tammy Ruda 207.831.3164

40 Lois Lane, Deer Isle | $1,185,000 Laura Farr 207.348.1200

86A Mudgett Road, Newburgh | $1,150,000 Abigail Curless 207.801.1199

FEATURED LISTINGS LAND

75 Main Street, Richmond | $1,100,000 Kristie Jorgensen 207.200.5082

Meadow Pond Road, Islesboro | $975,000 Michael Lynch 207.558.3131

LAND

0 Bufflehead Cove Lane, Kennebunk | $899,000 Elaine Prendergast 207.604.0449

7 Coven Hill Lane, South Bristol | $898,000 Connie Moss 207.671.0117

FEATURED LISTINGS

49-55 Water Street, Eastport | $889,000 Elizabeth Banwell 207.747.9308

87 Webhannet Drive, Wells | $835,000 Ginny Whitney 207.451.3093 Jan Kovarik 207.641.7064

41 Hendricks Hill Road, Southport | $825,000 Dennis Gleason 207.446.6394

465 Eggemoggin Road, Deer Isle | $799,000 Laura Farr 207.348.1200

FEATURED LISTINGS LAND

00 E Main Street, Searsport | $795,000 Kristin Heal 207.542.8890

LAND

Lot #10 Rotunda Hill Road, Georgetown | $775,000 Anne Bosworth 207.233.3175

LAND

Lot #13 Rotunda Hill Road, Georgetown | $775,000 Anne Bosworth 207.233.3175

32 Pond Lane, Appleton | $750,000 Kate Jackson 207.693.3684

FEATURED LISTINGS LAND

00 Kingfisher Road, Bristol | $750,000 Tom Field 207.215.6455

1418 Castine Road, Penobscot | $749,900 Laura Pellerano 207.266.2941

25 Stagecoach Lane, Surry | $700,000 Laura Pellerano 207.266.2941

80 Barnestown Road, Camden | $695,000 Heidi Steele 207.542.4316

FEATURED LISTINGS LAND

LAND

336 A Oceanville Road, Stonington | $650,000 Laura Farr 207.348.1200

335 Cape Rosier Road, Brooksville | $635,000 Laura Pellerano 207.266.2941

2 Christopher Road, Kennebunk | $629,000 Betsy Coughlan 207.229.3661

31 Gretas Lane, Bar Harbor | $625,000 Nicole Richardson 207.479.7551

FEATURED LISTINGS LAND

0 Cascades, Madrid Township | $599,000 Glenn Jonsson 207.703.0036

44 Wendy Way, Portland | $595,000 Shannon Richaards 207.605.2055 LAND

7 Seabreeze Avenue, Stonington | $583,900 Laura Farr 207.348.1200

89 Seawood Park Road, Bristol | $575,000 Michele Perejda 207.400. 6227

StroudwaterPreserve.com

Portland’s newest neighborhood…

Stroudwater Preserve is comprised of 44 newly constructed single-level and two-story singlefamily homes offering a variety of floor plans and sizes. Built with premium construction standards and high-end finishes, all our custom homes feature tile, wood, quartz, marble, beautiful cabinetry, forced hot air and air conditioning, Hardi plank siding, Trek decks, and more!

Conveniently located with easy commuting access to I295, I95, and Portland’s Peninsula and, for the outdoor enthusiast easy access to the Portland Trail’s network of miles of hiking, road biking, and/or snowshoeing trails, Stroudwater Preserve makes it easy to enjoy Maine’s active outdoor and cultural lifestyle. Priced from the mid $600,000s to $800,000s.

ELI SE KIELY

207.838.1050 | ekiely@legacysir.com

SAN DRA WE N DLAND

207.233.7788 | swendland@legacysir.com

for all homes sold over $5,000,000 in Maine for all homes sold over $2,000,000 in Maine for all homes sold over $1,000,000 in Maine for all homes sold over $600,000 in Maine for all waterfront sales in Maine

Legacy Properties Sotheby’s International Realty attributes its success to offering its clients a very strong package of marketing services including: professional photography, Matterport 3D Virtual Tours, glossy print advertising, global property distribution through its exclusive network of agents, and luxury branding through its affiliation with Sotheby’s International Realty. *Based on information from the Maine Real Estate Information System, Inc. (d/b/a Maine Listings) for the period 10/22/2020 through 10/22/2021

RENTALS

Maximize Your Home’s Income

There is incredible demand from guests seeking to vacation in Maine and we are looking for outstanding new properties to add to our portfolio of the finest luxury rental homes in all of Maine. We provide a full-service rental experience, including professional photography, cutting edge Matterport 3D Virtual Tours, unmatched global luxury branding, marketing and distribution, and dedicated support.

Contact us today to prepare for this Summer and beyond.

Visit us at luxurymainerentals.com to view our exceptional luxury rental homes or contact Scott E. Dobos, Director of Rental Operations, at rentals@legacysir.com or 207-370-5479 for more information.

FEATURED RENTAL

10 Beauchamp Point Road, Rockport Weather Barn home and guest cottage offer a private seaside experience like no other in the charming town of Rockport, Maine! The property includes a main home with 3 bedrooms and 2 baths, as well as a guest cottage with 4 bedrooms and 1 full-bath. The main home can sleep up to 6 guests, with the guest cottage accommodating up to 7 guests. The main home is facing a large lawn leading to a private tidal beach. The property offers spectacular views of Rockport and Owls Head. You can’t beat the location, down scenic Beauchamp Point Road and nearby Megunticook Golf Club.

This property has no shortage of historical value. Built in 1915, Weather Barn (now the main home) earned its title as a stable for horses that pulled the carriages kept in the carriage barn, which is also still located on the property.The lodge (guest cottage) was built around the same time as a caretaker’s residence. The stable, barn and lodge were all once part of the Weather End estate, the adjacent property on the point. Offered at $7,500 per week.

Click here to view a Matterport 3D Virtual Tour Click here to view a video of the property

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At Legacy Properties Sotheby’s International Realty®, we use social media to connect your home to our vast community of real estate intenders and influencers from across the globe. Social Media, like real estate, is about connecting people and cultivating relationships, which makes it the ideal tool for marketing your home.

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PORTLAND OFFICE 2 City Center Portland, Maine 04101 207.780.9800

KENNEBUNK OFFICE

150 Port Road Kennebunk, Maine 04043 207.967.0934

BRUNSWICK OFFICE 141 Maine Street Brunswick, Maine 04011 207.729.2820

DAMARISCOTTA OFFICE 170 Main Street Damariscotta, Maine 04543 207.563.2775

CAMDEN OFFICE

46 Bay View Street Camden, Maine 04843 207.230.1003

NORTHEAST HARBOR OFFICE 6 Neighborhood Road Northeast Harbor, Maine 207.780.8900

Table of Contents Legacy Properties Sotheby’s International Realty 6 offices covering the Maine Coastline & Seacoast New Hampshire.

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FEATURED LISTING 18 NEHOC LANE KENNEBUNKPORT $6,200,000