About Oxford County, ME

There's an election next Tuesday and among the ballot items we get to vote on here in Maine is the following question:

"Do you want to allow a certain Maine company to have the only casino in Maine, to be located in Oxford County, if part of the revenue is used to fund specific state programs?"

The plan is to locate a $184 million hotel, casino, spa, and conference center somewhere on Rte. 26 in Oxford. The promoters of this idea have estimated that once this place is built it will provide 907 jobs to the local economy at an average salary of $35,000 annually. It is my understanding that it will provide tax revenues to both the state and the local community.

As you might imagine, this ballot question strikes a nerve. Most folks are in favor of good jobs and economic growth, but question whether the casino industry is a good fit for the Maine "brand", if you will. Everyone sees that sign when you drive north over the bridge in Kittery - "Maine: the way life should be".

Maine is a poor state, not in small part because it is sparsely populated and sits geographically at the end of the line. Basically, there's one way in and one way out. Interestingly, these very reasons for its impoverishment are also, for many, its biggest attraction. Peace and quiet, few neighbors, and vistas of woodlands, lakes, and mountains.

What impact would a casino have in this area of Maine? If you vacation on one of our wonderful lakes or are thinking about owning a lakefront property in Maine, does the idea of a casino nearby attract or repel you?

My guess is that for those who come to this area to enjoy our lakes and ponds, to ski our mountains and hike our trails, to fish and hunt and snowmobile, having a casino nearby is not going to be high on the list of attractions.

For those who live here, however, those who have to make a living and support a family, they may be a little more positively disposed toward a casino, strictly for economic reasons. They simply can't afford to see it any other way.

Would a casino in Oxford hurt the Maine "brand"? And, if so, at what cost? Would the economic benefits outweigh the liabilities? Would a casino bring the kind of economic development that Maine so desparately needs?

It will be interesting to see how the vote turns out on Tuesday. To read in more depth on this issue go to this article: http://www.keepmecurrent.com/Community/story.cfm?storyID=59339

Just when you think it can't get much tougher for lakefront property sellers, or better for lakefront property buyers, it does just that. For the last few years lakefront sellers have had to put up with weak demand and too much competition because of the large amount of inventory on the market. Now sellers face a new challenge.

You might know that the purchase of most lakefront property in the last few years has been with financing. Interest rates were so low even some buyers with the cash would elect to finance.

During the boom times from 1998 through 2005 mortgage brokers were everywhere. The interest rates offered by mortgage brokers usually beat the rates offered by the local banks. Mortgage companies, like banks, offered conventional financing. But they also offered an array of creative financing plans that were attractive to lakefront homebuyers.

Like banks, as part of the approval process a financing institution would agree to lend money subject to the property "appraising out". That means that one of the final steps in approving the loan would be to send out an appraiser to the property for an inspection. Loans could not have been sold into the secondary market to outfits like Fannie Mae without an appraisal.

I must tell you that during the boom period I never had a property not appraise out. If the sale price was $475,000, it would appraise for $475,000, or better. The financing institutions were eager to get the loans and the market was rising, so everything got financed.

Things are different now. In the last thirty days, two of my transactions did not appraise out. One appraisal came in $25,000 less than the under contract sales price. The other came in at $15,000 under. In both cases the sellers had to agree to lower the sales price in order to make the deal happen. A bitter pill to swallow, I would say. Here's why.

Most sellers are selling their lakefront property for far less than they could have a few years ago. When a property goes under contract, it's contingent on tests, or investigations as we call them in Maine. So, a seller in some cases has had to sell at a big discount, reduce the price again due to adjustments made after inspections, and now reduce the price yet again because the property doesn't appraise out!

This situation, so painful for sellers, is so incredibly advantageous for buyers. No longer does a buyer have to be concerned about paying too much since the appraisers are going to make sure you don't !

Here's a a tip for our lakefront cash buyers. You don't need to finance in order to make your transaction contingent on an appraisal. Just make sure when you write your offer that it's contingent on an appraisal. The exclusive buyer agents here at Mr. Lakefront will be happy to assist you.

By the way, if you'd like to take a look at the current market, do so from the comfort of your home by using our Lakefront Locator. It's as easy as point and click!

The first snow fell atop Mount Washington on October 3rd. The leaves are reaching peak color. The Fryeburg Fair is over. The frost is on the pumpkin. The election is four weeks from today.

Do you get my drift here?

Summer is long gone and fall is much in evidence. While many current lakefront property owners are doing their planning to get their boats out, pull the docks in, and close up the camp, many lakefront owner "wannabees" are finding a jackpot of lakefront properties that have been reduced in price.

These price reductions are running concurrent with the calendar, as usual. But the added pressures of their being an abundance of inventory coupled with the turmoil in the financial markets has led to a larger number of price reductions than usual.

Some buyers seem to want out of this deteriorating stock market. They might prefer to have their investment portfolio more weighted in real estate and less in equities. Some sellers seem ready to negotiate on price. This might be the best time to be making an offer on something.

In the Sebago Lakes Region, which is comprised of 60 lakes and ponds and 26 towns, there are 317 lakefront properties currently for sale. Of those, over 43 % (or 138) have had price reductions. If you have contemplated purchasing a lakefront home, now may be a window of opportunity for you.

The reductions run the gamut of the market - from humble seasonal camps to mansions on the lake. Let us know what your price range is and we'll send you all those listings that have seen reductions in price. If you have a specific lake in mind we can send you those properties for that specific lake only.

You can also use our Lakefront Locator to sort through the hundreds of lakefront properties that remain on the market.

The season is coming to a close. It just might be the best time to have one last, long look.

We have just received notice of the release of the latest newsletter from the Lakes Environmental Association. This four-pager is dedicated to giving us all an end-of-the-season milfoil update. Here is what you'll find:

Counterattack at Salmon Lake: The news that Eurasian milfoil had gained a foothold in Salmon Lake (Belgrade Lakes area) was certainly discouraging, but the real issue now is the response. And on that subject there is some cautious optimism.

Don't be afraid to hope: As the battle begins in Salmon Lake and continues against in other waters, it's important to know there's hope.

What's the story on milfoil weevils? The Eurasian milfoil in Salmon Lake has sparked questions about the weevils sometimes used to fight them.

22 tons of milfoil: That's correct - you read it right. At Thompson Lake, 44,000 pounds were hand-pulled, brought up, bagged, trucked off and turned into compost.

Please use this link to catch up on all the latest news in the Fall Milfoil Update.

The LEA provides a great resource for those interested in the condition of area lakes and ponds. Get plugged in to all the voluteer efforts that are continually going on to help protect the health and safety of our lakes and ponds. Check out their general website at www.mainelakes.org

To find out more information about any lake or pond in Maine you can use our LakeSmart feature.

Late summer and early fall brings with it the many agricultural fairs all over Maine. Here in the southern part of the state it starts in mid-summer with the North Waterford World's Fair, which is followed in September with the Cumberland Fair, the Common Ground Fair, and the Oxford County Fair.

All have their attractions and are great fun to go to, but the biggest and best of all - indeed, "Maine's Blue Ribbon Classic" - is the Fryeburg Fair, which opens tomorrow, September 28th, and closes next Sunday, October 5th.

What's your pleasure? Sheepdog trials and the Firemen's Muster kick things off tomorrow and begin a daily parade of fascinating displays of human and animal proficiencies the likes of which you will find no where else.

Monday is always Woodsmen's Day where the chips will be flying, sawdust spewing, and sweat dripping from the big and burly men (and women) who know how to handle axes, crosscut saws, and chainsaws.

Throughout the week you can find draft horses and oxen pulling sleds of concrete in competition, see beautiful show horses and ponys, and experience the excitement of the pig and calf scrambles, as well as tractor pulls and skillet throws.

Of course, what would a fair be without displays of mighty vegetables. See giant pumpkins and squash in abundance!

The best part, for me however, is just walking through the barns, where all the animals are kept when they're not competing. To be able to go from barn to barn and stall to stall and see these magnificent animals up close - to scratch an steer's head or pat a llama, or to just stand next to an ox and get a true sense of their size and strength - all of this is so out of the ordinary for most of us that to experience it is truly remarkable.

If you have always thought about going, but just don't seem to get to it, think of taking a day off this week and make the trip to the Fair. It's well worth the effort and will provide many wonderful memories to share with friends and families.

For more information about the Fryeburg Fair, click here and go directly to their website.

By the way, for many people a trip to the Fair also provides an opportunity to take a look at some late-season lakefront property. We'd be happy to fit in a showing or two for you while you're up here. Check out the inventory by going to our Lakefront Locator.