Summer 2016 eNews

Summer

e - n e w s l e t t e r August 2016 | Vol. 46

Volume 46 - August 2016 Issue Written by: Chris Lynch

Designed by: Dana Whitney

Edited by: Chris Fortunato

Graphics by: Dana Whitney

As the leader in luxury Maine Real Estate, Legacy Properties So

exposure. Our 80 plus licensed real e

Featured Listing $3,495,000 92 Cornfield point, yarmouth MLS 1270975

With more than 3,500 miles of Atlantic oceanfront, 6,000 lakes and po International Realty is uniqu

Cover Photo: Featured Listing Harbor Watch | $3,390,000 23 Aldis Lane, York harbor MLS 1276362

Maine

otheby’s International Realty offers an unmatched blend of local expertise, world-class home marketing power and property estate agents specialize in Maine Coastal Real Estate, and are proud to represent distinctive properties at all prices in Maine.

onds, and the Western Mountains (including world class skiing at Sugarloaf and Sunday River), Legacy Properties Sotheby’s uely positioned to help you find your dream home in Maine. Simply put, we have the premier portfolio of Maine Real Estate.

Maine Real Estate Update THE HEADWINDS: It was not all that long ago that we were managing a relative flood of prospective international buyers looking to purchase their dream vacation home or lock in an investment property with a weak US dollar when compared to their local currency. Looking back to 2013/2014, with the Euro as high at $1.40 (now $1.10), the Canadian Dollar topped at $1.04 (now $0.76) and the British Pound Sterling at $1.70 (now $1.30), there was a healthy underpinning to generally improving Maine market conditions. It is evident from a recent survey of our more than 80 agents in the field that there are many fewer international buyers looking at Maine real estate this year. In fact, we are seeing a movement among the international clientele who are leaning towards selling their Maine properties to monetize currency gains (25% +/-) and asset gains (10-25%) enjoyed over the past 4 years.

Sadly, we do not see this dynamic changing in the foreseeable future as the economic malaise in Western Europe will likely stymie the Euro, Brexit uncertainty should keep the UK Pound in check, and low oil prices are holding back the Loonie from regaining its stride. Trends aside, we continue to work with a core group of international buyers (Asia, Europe and Canada) looking at the relative value and the very special lifestyle characteristics of owning Maine real estate. With the improvements in the US economy, higher employment, low inflation and low to rising interest rates, we may all look back to a foreign investment opportunity which currently exists for further strength in the US Dollar and Maine real estate prices.

Expansion in the Luxury Property Market*: Using a narrow definition of “Luxury Property” as homes listed and/or sold over $1 million, we have experienced unit volume growth of nearly 15% when compared to the same time frame last year. It is fair to say that global economic uncertainty has slowed what could have been a very strong year for growth in this important market sector, but the gains are still quite healthy in the primary and vacation home properties. There have been 82 homes sold in excess of $1 million so far this year of which more than 80% closed between $1 million and $2 million. Although we have only seen four homes sell at $4 million or higher, there is a strong pipeline of “under contract” properties listed from $2 million to $3 million which should help Maine achieve another record year in the Luxury market. Inventory shortages in the Greater Portland area have pushed prices higher for high quality year-round homes without an ocean component as well as supporting a very strong undercurrent for second homes and investment properties. There continues to be a high correlation year after year in the luxury segment to specific locations such as York, Ogunquit, Kennebunkport, Prouts Neck, Cape Elizabeth, Falmouth, Yarmouth, Camden and Mount Desert Island, but 32 towns have participated so far with the typically robust September/October selling season ahead.

The Maine Real Estate Market: The Maine Association of Realtors reported in its most recent press release that unit volume sold for the second quarter surpassed 2015 by more than 18% while prices were 3% higher statewide. There were some standouts such as Lincoln County (Damariscotta, Bristol and Boothbay Harbor) and Knox County (Camden, Rockport) scoring approximately 20% year over year growth in median home sale prices according to the press release.

While we are enjoying a healthy market for most price points in most local markets, there are clearly some pockets which are outperforming others. The strongest markets are now experiencing unusually low inventory which is limiting the choice for the consumer and constraining sales. It is interesting to note that the Town of York, with nearly 13,000 residents, has approximately the same number of properties for sale (200 +/-) as Maine’s largest city, Portland, with more than 66,000 people. Portland has been the beneficiary of a very strong demand cycle combined with a significant uptick in regional and national popularity adding stress to already low inventory. Camden with nearly 6,000 residents has 80 properties available for sale while Yarmouth, also 6,000 population, only has 54 homes available.

Yarmouth has unusually low inventory as it too has become very popular with new arrivals moving to Maine.

Some have warned that a slowdown into the fall election is likely, however we expect this year to be another record year for high value property sales. Maine simply continues to offer unparalleled value and a healthy outdoor lifestyle with easy access to all of our greatest resources. Suffice it to say that we will trend towards a return to normalcy as 2017 approaches with healthy inventories of homes for sale at all prices being met by a well informed buyer base looking to own a piece of Maine Best,

Source: Maine Real Estate Information Systems, Inc. (d/b/a Maine Listings). Note: Maine Listings, a subsidiary of the Maine Association of REALTORS, is a statewide Multiple Listing Service with over 4,200 licensees inputting active and sold property listing data. Statistics reflect properties reported as sold in the system within the time periods indicated.

3D Virtual Tours We are pleased to introduce a revolutionary technology in real estate marketing in the form of a 3D Virtual Tour which allows prospective buyers to tour a home for sale in unparalleled detail. Legacy Properties Sotheby’s International Realty was a pioneer in Maine with Professional High Definition Photography for our listings more than 10-years ago. We aggressively use aerial photography when appropriate. We offer video options to best fit our beautiful portfolio featuring more than 400 of the finest Maine properties for sale.

There are many benefits to 3D Virtual Tours for both property buyers and sellers: • • • • •

The most comprehensive digital tool available to showcase your home for sale Provides prospective buyers a chance to be better informed both before and after a showing Best way to share a home with friends, family and advisors not able to be present for showings Reduces the number of showings scheduled for non-serious/uninterested buyer Provides floor plan information allowing builders, architects and designers to be more efficient

Take a look at our 3D Virtual Tours for our selected listings. We are sure you will agree that it is leaps ahead of other previously available technology. We are proud to offer this proprietary product to our clients! Check back often to view tours of our new listings as they hit the market.

Featured Listing $1,595,000 41 Ledge Island Lane, Georgetown MLS 1257733

Rockport

Ogunquit

860' of frontage with open views of Rockport Village’s, Inner and Outer Harbor, Indian Head Light and highlighted by a backdrop of Mt. Battie and Megunticook Mountain. Three guest suites each with a private deck, mahogany library, media room, exercise room, wine cellar, dock, in-ground pool, stunning gardens, work shop, and more. Additional 8-room guest house.

MILLSTONE MANOR - More than 4 acres in a bold oceanfront location. Crashing Atlantic surf frontage, large and private pebble beach, oceanside in-ground, heated swimming pool, extraordinary views, beautiful period wood paneling and privacy, privacy, privacy. Also includes a 2-3 bedroom detached guest cottage, two-car garage, garden shed and pool house!

More than 60+ gorgeous antique millstones sprinkled throughout the gardens and patios.

MLS 1265508 | $7,500,000

MLS 1261116 | $6,000,000

Peter van der Kieft 207.592.9366

Ginny Whitney 207.451.3093

Bar Harbor

Enjoy breathtaking views and sea breezes from “Bear Creek”, a classic Bar Harbor Shinglestyle cottage designed with generous living and entertaining spaces. Situated on 15.6 acres overlooking 570 ft of granite shores of the Atlantic Ocean, BEAR CREEK has water views of Egg Rock Light, Thrumcap Island, Schoodic Peninsula and the open ocean beyond. 5BR, 5BA, 4FP, waterside porch/deck.

MLS 1222966 | $4,875,000 Carroll Fernald 207.266.1540­or Janet Moore 207.276.0520

Yarmouth

Exquisite Maine Estate commanding the point of a 16 acre peninsula with 1740 feet of ocean frontage, breathtaking views and it’s own private island off the coast. Grace, refinement & luxury in brand new construction. Private and serene.

MLS 1220931 | $4,750,000 Linda MacDonald 207.749.1215

Rockport

Cove House - This meticulously restored waterfront home with breathtaking views, private sandy beach & dock has classic elegance.

Craftsmanship & impeccable materials have been maintained throughout this amazing home which is in pristine condition. Magical.

MLS 1253951 | $3,400,000 Leslie Tranchell 207.691.2955

Cumberland Foreside

Magnificent waterfront estate with beautifully landscaped grounds, circular driveway, stone terraces and unparalleled southerly views of Casco Bay. Meticulous appointments include 10’ ceilings, extravagant moldings/wainscotting, coffered ceilings. 1st floor master suite has his/hers baths and 2 spacious walk-in closets/ dressing area. Banks of windows adorn the oceanside of the house. 220’ pier with float.

MLS 1275528 | $3,230,000 Lois Lengyel 207.233.2820 or Glenn Jonsson 207.776.0036

Kennebunk

Rockport

Privacy, tranquility & beauty describe this gracious 5,654 sf home alongside the Kennebunk River. Meander down to your private dock and enjoy 332’ of river frontage. This exquisite home is a blend of stunning architecture with an incomparable setting. Fully renovated with hard wood, stone & tile floors, 1st floor master suite, chef ’s kitchen, 2 fireplaces, landscaped patios, a 3-car garage & more.

Nonesuch Farm - A sophisticated hilltop estate. Open floor plan and exquisite architectural details. Views of the ocean & mountains. Main house, guest house, barns, spring fed private ponds with dock, beach, and swim out float. Beautiful gardens and landscaping, wild blueberry fields, and privacy, all on 41+ acres of elevated land with room to land a helicopter.

MLS 1241411 | $2,980,000

MLS 1237115 | $2,950,000

Betsy Coughlan 207.229.3661

Brian Wickenden 207.975.9650 or Leslie Tranchell 207.691.2955

Cape Elizabeth

Yarmouth

Dramatic unobstructed ocean views of Maine coastline, lighthouses and islands from this completely rebuilt home. Commanding Southern and Eastern exposure fills the home with light and color through the walls of windows. Custom woodwork, steelwork and glass throughout compliment the Midcentury modern design. Direct ocean access for fishing and kayak/paddle boarding from the back yard!

Fabulous location on Cousins Island surrounded by water! Abundant character, beautiful stone work, built-ins, custom woodwork, reclaimed wood floors, exceptional indoor and outdoor entertaining spaces and more. This 4BR, 4.5BA home also features a library, guest suite, billiard room, screened porch, wet bar and more!

Constructed with the finest materials and New England craftmanship. Just 25 minutes to Portland and is accessible via bridge.

MLS 1272655 | $2,100,000

MLS 1258832 | $2,050,000

Anne Bosworth 207.233.3175

Sandra Wendland 207.233.7788

Kittery

Deer Isle

Exceptionally private property with wide open water views across the Piscataqua River to Newcastle NH and deep ocean access.

This custom residence skillfully blends the romantic spirit of Great Gatsby with a home conceptualized with green technology. Enjoy the solar heated swimming pool, abundant gardens, waterside guest house, enchanting enclosed screen porch, versatile floor plan with 5BRs, 3-car garage & abundant parking.

Reach Haven is a waterfront dream - an expansive home both inside and out with spacious comfort complementing details for every need. Situated on 7 acres with 350' of deepwater shorefront overlooking Eggemoggin Reach, with 5BRs, 4.5BAs, 5 wood burning fireplaces, a wine cellar, laundry upstairs & down, a 3-car garage and an aviary. Full house generator, sauna, central vac, dark room, hardwood floors & great room with a full bar.

MLS 1265625 | $1,995,000

MLS 1232459 | $1,800,000

Mary Jean Labbe 207.337.3661

Carroll Fernald 207.266.1540­

Friendship

Bradford Point is a captivating 6BR home on over 36 pastoral acres with sweeping lawns & meadows to the water’s edge. The house is a unique blend of a traditional 1828 brick Cape and two extended wings that create an environment of open space and intimacy. The property has two small islands that convey, a more beautiful waterfront would be hard to find.

Suitable for helicopter.

MLS 1254649 | $1,750,000 Kate Jackson 207.230.1003

Georgetown

This Georgetown Estate is located high above the Kennebec River. Long and panoramic views.

Westerly sunsets. Deep water slip included.

Separate guest house and barn. An exceptionally high quality and spacious residence for the discriminating buyer.

MLS 1215817 | $1,695,000 Dennis Duggan 207.523.3747 or Joane Tait 207.751.4124

Boothbay

Brunswick

Strong design meets bold ocean! Dramatic seaside home with sweeping views toward Pemaquid Point and Monhegan. Interior delights with wonderful architectural detail, huge center fireplace, and generous spaces for family. Gracious master bedroom suite has bird’s-eye views.

Shingle-style gem with 722' of waterfront on the popular Mere Point peninsula only a few miles from in-town and all its amenities including Bowdoin College, fine restaurants and train service to Boston. Well-designed 3 story home with water views from all windows. Includes 2 separate year round cottages plus a 3 car garage w/apartment. An excellent family compound or a great investment.

MLS 1245541 | $1,600,000

MLS 1275541 | $1,595,000

Kathy Leeman 207.504.6866

Joane Tait 207.751.4124

Rangeley

Spectacular and private 5BR/5BA Rangeley lakefront home on 11 acres with 700' of shore front. Gourmet kitchen, stone fireplaces, and southern lake views from almost every room.

The open floor plan is perfect for entertaining and 2 bedroom suites on the 1st floor provide 1 level living. There are walking trails through the beautiful spruce & pine woods and a sunny dock on the water. Great entertaining spaces inside and out - your perfect lakefront retreat MLS 1256260 | $1,595,000 Charlene Hamiwka 207.671.0085

Bristol

A boater’s haven! Deep-water dock and protected anchorage with open ocean around the bend!

Magical setting and endless amenities including 2 master en-suite bedrooms with stunning baths, open living space including gourmet kitchen, living room with stone fireplace, 2 spacious dining areas & wet bar. Magnificent water views.

Separate 45' x 25' heated barn for boat storage. 5.9 acres incl. a foundation in place for guesthouse.

MLS 1267430 | $1,585,000 Miles Geisler 207.380.6007 or Eleanor “Muffy” Miles 207.380.7876

Belgrade

Elegant lakefront home on Great Pond. A gracious open floorplan with gourmet kitchen, dining and breakfast areas. Screened in porch with indoor kitchen, cathedral ceiling, stone fireplace, deck and a 1st floor Master Suite.

Second-floor boasts individual spacious guest suites in the turrets. Home theater, AC, wet bar, billiard room, exercise room, care taker apartment & a wine cellar!

MLS 1264211 | $1,500,000 Alexa Oestreicher 207.329.9307 or Joi Kressbach 207.838.1865

Cape Elizabeth

These are the Gardens of Hidden Court; one of the area’s most coveted estates and Sir Henry Robinson’s re-creation of 16th century English architecture during the 1930’s. A landscape architect’s dream depicting several interpretations of garden movements, hardscapes, and eccentric variations of cultural significance. A perfect site for an out of the ordinary home and one who appreciates it’s true uniqueness.

MLS 1269962 | $1,495,000 Tim Kennedy 207.632.0557

North Haven

Georgetown

Own your own piece of heaven on an island off an island. Nestled on one of the most sought after locations in the Fox Islands Thoroughfare, this seasonal home boasts a deep water dock and 3000’ of entirely private frontage. Enjoy dramatic ocean views!

Exceptional deep waterfront location for this spacious 4 bedroom home on the end of Narrows Way in Georgetown. The property is composed of two lots totalling 5 acres and offering over 1100 feet of protected frontage on the Little Sheepscot River. Ideal for sailing, power boating, kayaking or paddle boarding. Close to Five Islands and a short drive to beaches at Reed State Park.

MLS 1270973 | $1,400,000

MLS 1240471 | $1,350,000

Heather Shields 207.596.4050

John Collins 207.607.2442

Falmouth

Cape Elizabeth

Two attached houses located across from iconic Town Landing Market including updated 1820 Cape with 2BRs, 1BA, plus a 4,254sf architectdesigned timber frame accessory built in 2014 with 5BRs, 4BAs, custom counter tops, great room with exposed timber frame posts & beams, home theater, screened porch, patio, covered porch, indoor lap pool, stair tower with observation nook & rooftop deck with water views.

An extraordinary John Calvin Stevens estate on a private 6.4 acre lot. The 5,850 sq.ft. home boasts 7 bedrooms and 6 baths, 5 wood burning stone fireplaces, nearby stream, box-beam ceiling, original lighting fixtures, an in-ground swimming pool and a tennis court. Close to schools, golf course, shopping area, etc.

MLS 1266032 | $1,350,000

MLS 1257415 | $1,345,000

Peter Thornton 207.329.2310­­or Carrie Martin 207.415.2504­

Mary Libby 207.712.5594 or Anne Bosworth 207.233.3175

Boothbay

An unsurpassed setting with wide open westerly panoramic views of Linekin Bay and large, gently sloping lawn that leads to 268’ of protected deep water frontage, pocket beach and dock with mooring. Expansion opportunities abound on this 2.8 acre property with charming and spacious main cottage, guest house and waterfront bunkhouse.

MLS 1259225 | $1,250,000 John McCarthy 207.522.3638 Jonathan Leahy 207.798.2428

Woolwich

Luxurious SeaCliffe. Open floor plan & sweeping views of Pleasant Cove, leading to the Kennebec/ Sasanoa Rivers for direct ocean access--elegant, spacious yet fully accessible. From solar-powered heated indoor pool & sun room to cozy office & den to gazebo/decks/patios, nothing has been overlooked. Enjoy your dock or wander extensive gardens, trails, & pocket beach. Lower suite with kitchen, 2 bedrooms, media room, & family room is a haven for guests, in-laws. Energy wise.

MLS 1251645 | $1,199,000 Patti Lawton 207.522.1444

Harpswell

Cumberland

Classic Shingle-style home located prominently on Bailey Island, less than an hour from Portland. Long ocean and island views combined with deep-water dockage on sheltered Water Cove. Main residence of 10 rooms including 4BRs and 3.5BAs with attached garage. Separate 1BR/1.75BAs guest/rental or studio cottage included. Situated on Maine’s rugged coastline with established gardens, stone walls and privacy.

This is the ideal home for the sports oriented buyer who takes entertaining to a new level.

Gorgeous and expansive custom kitchen with double islands, top of the line appliances, and appointments, a full size half basketball court with parquet pattern floor mimicking the Boston Garden and full bar with cement countertop and embedded LED lighting where your favorite beer can be kept on tap. The master suite offers a luxurious master bath spa with steam room.

MLS 1248894 | $1,195,000

MLS 1249722 | $975,000

Dennis Duggan 207.522.3747

Elise Kiely 207.838.1050

Michael Kevin Lynch 207558.3131 mlynch@legacysir.com Camden office

rentals

Our Summer Vacation Rental business has experienced significant growth.

Compared to last year, we have nearly doubled our inventory of luxury rentals, while also more than doubling our highest end weekly rental amount.

We have already received bookings at 3 of our properties for 2017 which will realize gross rental income to our owner clients of nearly $100,000. Â With several homes in the portfolio added late in the season between April and June we expect our occupancy to increase significantly for 2017 with more lead time for new 2016 properties. Â Whether you may be interested in renting your home for one week in the summer or ten weeks throughout the year, we would be happy to discuss what options might be available to you. Our luxury summer rental properties rent from $4,000 per week to $25,000 per week in the high season.

Please visit us at legacysir.com/rentals to view our extraordinary luxury rental portfolio. Contact Scott E. Dobos, Director of Rental Operations for more information. sbobos@legacysir.com or 207.370.5479.

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At Legacy Properties Sotheby’s International RealtyŽ, 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.

Camde Damariscot Brunswick Portland Kennebunk

Brun

Kennebunk

Camden

en tta Table of Contents Damariscotta

Volume 41 - November 2014 Issue Legacy Properties

Sotheby’s International Realty

Written by: Chris Lynch

nswick

Five Offices Covering the first 1,500 miles of Maine Coastline

Edited by: Chris Fortunato

legacysir.com

Portland

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Click here or text SIR to 87778.

Sotheby’s International Realty

GLOBAL IMPACT: BLENDING EXCLUSIVITY, EFFICIENCY, INNOVATION AND EDITORIAL INTEGRATION

Designed to deliver an astounding 1 billion media impressions, solidifying our brand as the voice of luxury real estate. Our plan includes impactful, exclusive and first-to-market partnerships with an increased strategic focus on mobile and editorial content. Our goal is to present the properties represented by our worldwide network to a broad audience of potential buyers who value and seek the unique.

2 City Center, Portland, Maine 04101 150 Port Road, Kennebunk, Maine 04043 141 Maine Street, Brunswick, Maine 04011 170 Main Street, Damariscotta, Maine 04543 46 Bay View Street, Camden, Maine 04843 www.LegacySIR.com info@legacysir.com 207.780.8900

Featured Listing $7,500,000 1 Sea Street, ROckport MLS 1265508