Bridgton, ME

I got a call from my brother who asked me how the market is for lakefront property. I told him that selection was great, interest rates were at 5% heading even lower, prices had fallen 10 to 15% and sellers were motivated.

He said, "Tom, that's great news! Are you getting the word out to to those wanting to buy lakefront property?"

I said, "Well, I think so. But, you know, I'm not sure."

I told him that my message might be getting lost among the great deluge of "bad news" such as government bailouts, bank failures and unemployment figures.

The question is: Are all lakefront buyers being affected equally by today's economy? Many for sure, But all? If you are a lakefront buyer who is not suffering the ill effects of this economy you need to know something. There's never been a better time to buy lakefront property. The deck is stacked in your favor.

There, I've said it. But will people believe me??

When gasoline was over $4.00 a gallon I read dire predictions in the newspaper that gasoline was heading to $5.00 a gallon. It was all so simple. Now that China and other parts of the undeveloped world were now industrialized they were competing for oil and we in the U.S. were toast. Well, they didn't say it exactly like that, but that was the gist.

When oil was $142 a barrel how many would have predicted that it would be selling for a $100 less a barrel only a few months later? Where are all those experts now that predicted $5.00 gasoline by Labor Day??

Americans feel manipulated. Even Mr. Lakefront felt forced into giving up his beloved macho 10mpg Chevy Tahoe for a wimpy 20mpg Chevy Trailblazer.

Bad news sells newspapers and builds ratings on cable news shows. Good news, like the great news for buyers of Maine lakefront property, is being lost in the proverbial shuffle.

If you have ever wanted to buy at the right time, that time is now.

If you are among those who think we're in the middle of a deflationary cycle with regards to lakefront real estate, you're not alone.

It would seem that buyers continue to sit on the sidelines thinking prices will continue to go down. So far, so good, but playing the waiting game is fraught with peril because no one, and I mean no one, can call the bottom of any market - real estate, stock, bond, currency, gold, commodities, or fine art, furniture and antiques.

What we can do, though, is look at trends and draw inferences from history. Look at this report from Leeb's Market Forecast yesterday:

A widespread thaw in the previously frozen credit market is taking place right now. Rates on conventional 30-year fixed mortgages have dropped to 5.7 percent nationally, down from 6.45 percent in October, according to BankRate.com. That's a three-year low which has helped to push housing affordability back towards its record high. This fact hasn't been lost in consumers, as mortgage applications surged by a record amount last week to the highest level since March. Housing remains the key to a successful turnaround and the move in mortgage rates is just what's needed to get things moving.

If the rate for a 30 year mortgage continues to fall, buyers will find it hard to resist getting back into real estate. The same with stocks - as price-to-earnings ratios continue to drop to historic lows, investors start seeing bargains. When confidence in the future returns (as rates come down and prices fall), fear of the market will be overcome by the perception of opportunity and real value in the market.

At Mr. Lakefront we are not market timers, but we do know that preparation is the key to being able to answer that door when opportunity knocks.

Keep in touch with a local lender to know what that 30 year mortgage rate is doing. With the lack of activity in the real estate market over the last 12-18 months you know there has to be a lot of pent-up demand.

As soon as buyers perceive that money is available at an attractive rate and a lakefront property comes to market that is priced attractively, that will be their moment to act.

By the way, you can use our Lakefront Locator to stay on top of all the current lakefront listings for the entire State of Maine. It's easy to use, comprehensive, and updated continuously.

The primary reason lakefront buyers come to the Mr Lakefront website, www.mrlakefront.net , is to look at lakefront real estate. That's as it should be.

The Lakefront Locator is designed to allow waterfront home buyers to narrow down your search to those properties that fit your criteria or meet your needs. There's lots of choices. What Lake Region? What type of property? What price range? What town(s)? What lake(s)? Once you've figured that out, then one can select how the results are displayed. From oldest on the market to newest or newest to oldest. Highest priced to lowest prices or lowest to highest priced.

There is also a Map Results feature. This feature allows one to display the results of one's search on a map. It took some effort on our part to bring it to you. Zooming in and out takes some getting used to, but worth the effort. If you haven't used it give it a go!

However, the map results feature is not perfect. It is not perfect because it relies on those pesky critters, my fellow real estate agents, to provide accurate street addresses for all properties. For example, problems crop up if an address is misspelled. It could be as simple as High View Avenue being entered in instead of Hi Vu Avenue.

To make matters worse, some real estate agents have decided not to allow the street addresses of their listings to appear. This results in Google Earth and Google Maps being unable to plot them on a map for us.

Nevertheless, the map results feature in Lakefront Locator, although imperfect, is still deserving of your inspection.

Many of our best ideas and features come from you folks, the users of Lakefront Locator. Let us know how we can improve the website and register to win a $100 Gift Certificate to LL Bean.

One of the components of most general home inspections in Maine is to test for the presence of radon, a colorless, odorless gas that is a known carcinogen.

Radon gas seeps out of fissures in granite bedrock and can find its way into the basements and living areas of Maine homes. Because we have a lot of granite bedrock in Maine we often find varying levels of radon gas. If too much gas is found then the installation of a mitigation system is usually recommended that reduces the amount of the gas to an acceptable level.

Here is what the Department of Environmental Protection has to say about radon:

"Radon is an odorless, invisible gas known to be a human lung carcinogen. Millions of homes and buildings contain high levels of radon gas. The EPA's efforts are directed at locating homes with high levels and encouraging mitigation.

As a means of prevention, the EPA and the Office of the Surgeon General recommend that all homes below the third floor be tested for radon. Because radon is invisible, a simple test is the only way to determine if a home has high radon levels. The EPA recommends mitigating homes with high radon levels and there are straight-forward reduction techniques that will work in most any home.

Most homes will not have a radon problem, but there is a simple test to find out if you do or don't have high radon levels in your home. - The US Environmental Protection Agency's position on Radon."

Mitigating the problem generally involves the installation of a ventilation system in the basement of a house that simply draws the air from the basement and vents it to the outdoors.

Radon can also be present in a private water supply. The danger here is not from drinking the water, but from breathing the air from around a water source where radon is present, for example when taking a shower. Simple filtration systems can be installed to eliminate harmful concentration levels of radon in the water.

Mitigation systems for both air and water run in the $1000 to $1500 level depending on the situation.

To learn more about radon you can simply Google it and find many helpful websites. I found one that was pretty concise and helpful. Click here to take a look.

Mr. Lakefront's opinion is that radon is often a part of living in a Maine home and is something that requires your attention and the attention of a professional if you're buying a home in Maine. However, the presence of radon is a situation that is usually easy to mitigate and should pose no health threat to you or your family if properly addressed by a professional.

Mr. Lakefront does not usually make it a practice to promote the sale of other agents listings. I have an obligation to my sellers to promote their properties.

However, we do care about getting our lakefront buyer clients great deals, whoever has the listing. Occasionally, some great bargains become available for whatever the reason. I think it's a good thing to let our readership know of these terrific deals.

I'm referring to lakefront building lots on beautiful Woods Pond in Bridgton. There are three lakefront building lots available . These lots all have over 200 feet on the water and are all over an acre and a half in size.

Lot #5, MLS# 903722 originally priced at $315,000 is now $169,000!

Lot #7 MLS# 869580 originally priced at $275,000 is now $149,000!

Lot#2 MLS # 869558 originally priced at $310,000 is now $199,000!

These prices are beyond end of season pricing. These are fire sale prices on nice lakefront lots on a lovely body of water.

Opportunity is knocking. Is anybody listening? Two years from now I hope not to hear one of our clients say "I shoulda, I coulda, if only I woulda".

If you are interested in knowing more, let us know. We love Maine lakefront properties and want to share them with you.

Check out all the current lakefront listings on our Lakefront Locator.