About Oxford County, ME

Even though we got pasted with a huge dump of snow a few days ago, I can say without reservation that spring is within sight. I have seen robins all winter long and a neighbor told me he saw a bluebird. Can spring be far behind?

With spring comes the inevitable interest in buying a little piece of heaven - also known around here as Maine lakefront property. What everyone is asking me is "Have we hit the bottom yet?" My answer is unequivocal - "I don't know."

What I do know is that lakefront properties around here have not been hit as hard as some properties in other areas of the country. They've come down, but not the 30%-40% you see in some places.

We tend to moderation up here in Maine and I think a moderate approach to lakefront real estate is healthy - and warranted. If you're looking for a property that has slashed its price 50% or more, look elsewhere. But if you're in the market for a good property at a fair price I think you'll find plenty to interest you in the Maine lakefront real estate market. It's an old saw around here - but, oh so true - God only made so much lakefront and He's not making any more.

If you don't have the cash to buy a place and might have to borrow a little, you might keep this piece of information in mind. Borrowers need to be just as mindful of the mortgage rate as they are of the purchase price. Mortgage rates are the lowest they've been in many years. A 10% drop in the price of a property will be offset by a 1% rise in the mortgage rate. So, if you're still waiting for the bottom of the market, you do so at the peril of a potential rise in interest rates.

If you're a buyer, this could be your year. Many mortgage lenders will tell you it might not get any better than this. Now's the time. Come on in. The water's fine - especially when it comes to Maine lakefront property.

Recently Mr Lakefront decided that it was high time that he learned to ballroom dance. If macho football players like Warren Sapp, Jason Taylor and Jerry Rice can risk making fools of themselves on Dancing with the Stars, surely I can give it a go too.

On Tuesday nights I visit The Ballroom in downtown Harrison, Maine. The owner, the charming Nan Brett, has hired the exquisitely beautiful and cultured Polina, a Russian émigré, to teach ballroom dancing to us rural western Mainers in the Lake Region.

Polina appears to be as delicate as a Faberge egg, but boy, oh boy, how looks can be deceiving! She knows ballroom dancing and we students don't. We are there to learn. She is exceedingly professional, but exacting. If one is doing something wrong she corrects it immediately. We happy few feel fortunate to be in the hands of a true professional.

Polina makes it clear that even though I am new to ballroom dancing, as the male, I must lead my female partner. With the lead comes responsibility - to signal to my dance partner my every move. My dance partner is willing to give me the lead with the understanding that I signal my intention so that I do not step my size 15E foot on her tiny size 7.

There is a compact between my partner and me. I lead and she follows, with the understanding that I signal my every intention.In working with a real estate buyer agent, a lakefront buyer should have a similar understanding.

Lakefront buyers should look to the buyer agent as a lakefront authority who will "lead" them to the right lakefront property. And the understanding is this, "If I ‘lead' you to a lakefront home that meets your requirements, you, the buyer, are prepared to offer a fair price for that lakefront home."

Nine out of ten lakefront buyers will say "YES!" to this understanding. However, some buyers do not agree with this tacit understanding. They prefer to look for homes priced much higher than their budget allows, then make unreasonably low offers hoping that the seller, under duress, will accept their low offer.

Buyer agents at Mr Lakefront will work hard for every lakefront buyer, negotiating the lowest possible price. However, it's unreasonable for any buyer not to buy a lakefront property that meets their requirements when the property is fairly priced.

Ready buyers should take the lead from our lakefront experts, as they know the market well and are best able to help buyers find the lakefront home of their dreams.

So, dear lakefront buyers, remember - the buying process should be fun! As much fun as ballroom dancing. But partners dance best only when intentions are known, understandings reached, and trust is earned.

Thompson Lake has some of the highest water quality around, has a deep, cold water fishery, one marina (for sale, see below), and a great location - just thirty minutes from the Gray turnpike exit.

Thompson Lake is big and brawny, but also has an "old-timey" feel about it. Boat traffic is not as high as it is on Long Lake or Sebago Lake and there are fewer amenities available around the lake, but we find that once lakefront buyers discover Thompson Lake, they don't want to be anywhere else.

Here are the 11 current listings, all hotlinked to more information:

Casco - 8 Parson's Point Road - log sided camp with separate bunkhouse, sandy beach, sunsets $359,900.

Oxford - no address given - 82 feet on the water, 1/2 acre lot, expansion possibilities, $399,000.

Poland - 767 Megquier Hill Rd. - farmhouse and 2+ acres on the road, private lot on the water, $419,000.

Oxford - Bell Lane - 200 feet of sandy frontage, east shore, four bedroom camp, $479,900.

Oxford - 124 Pine Point Road - year round living, well-maintained, newer home, nice setting, $485,000.

Casco - 210 Thompson Lake Shores Rd. - 3 bdrms, 3 baths, stone fireplace, sandy beach, $525,000.

Otisfield - 11 Parkway - 100 feet on the water, quality throughout, 3 bdrms, 2 car garage, a real gem, $549,900.

Oxford - 164 Pine Point Road - built in 2005, level lot, 3 bdrm, 3 bath, game room, walk-out basement, $579,900.

Oxford - 124 Pine Point Road - same as listing @$485k above, but includes 2 car garage w/living space $585,000.

Oxford - 78 Pine Point Road - 4 bdrms, 2 baths, master suite, hot tub, 150 feet of frontage, $789,000.

Casco - 340 Heath Road - only public marina on the lake with 3 bdrm living space, great opportunity, $1,100,000.

There you have it. If you like Thompson Lake stay in touch with us as there are sure to be new listings coming up there in the next couple of months.

This mortgage news came into my email box yesterday:

CHICAGO (MarketWatch) - The benchmark 30-year mortgage fell below 5% for the first time ever in Freddie Mac's weekly rate survey as economic weakness continued to push interest rates lower, the mortgage agency said Thursday.

The article went on to say that this is the lowest rate ever recorded since they started tracking this number in 1971. The rate is 5% less than it was a week ago.

I know we keep beating this drum about low interest rates, but if you feel that we will find our way out of this economic mess and that the world is not entering into an economic death spiral, and that there is only a finite amount of Maine lakefront property available and that buying a little piece of heaven in Maine is something you've always dreamed about - and you know that Maine lakefront real estate values have generally avoided the wild swings we see in other areas of the country and that, over the years, has proven to be a very good investment, indeed - well, maybe it's time, time to take a broader view, time to look out over your personal horizons, to literally look at the landscape, and see what possibilities might exist, and to think in terms of where you want to be in two, three, or five years down the road.

Even if you're not a financial wizard, you can see that there are forces at work in the world of economics that are making it very attractive to borrow money. Yes, you have to qualify, yes, you'll probably have to have a down payment, and yes, you may even have to pay a point, but mortgage money is available to qualified buyers and at rates never seen in our lifetimes.

The article went on to say, Mortgage rates could remain low at least until the summer, said Greg McBride, senior financial analyst for Bankrate.com.

"The outlook is very positive that these low mortgage rates will likely persist at least through the first half of the year. That is the timetable laid out from the Federal Reserve for pumping up to $500 billion in mortgage-backed bonds," McBride said. Click here for the full article.

If this guy is right, we will have this great opportunity to lock in a low interest for at least the first half of the year. My advice? Start looking now. No need to rush into anything, but time is of the essence because preparation is the precursor to answering that door when opportunity comes knocking.

You can use out Lakefront Locator to survey all of the lakefront and lake access properties in the state of Maine and sort them by region, by lake, and by town (a new feature - more on that another day), and by price.

Take a look and see what's out there. If you see something you like, let us know and we'll send more information and set up a showing, if you like. You may also want to talk to a lender to see what mortgage rates you qualify for. You can see some local rates for Maine here.

Remember, we're here to help you every step of the way. We know Maine lakefront property and we want to share that knowledge with you.

Falling mortgage rates provide a reason for hope in a pokey, off-season Maine lakefront property market. As activity levels decline, so will prices, while strong inventories continue to offer lots to look at. Given the low mortgage rates, this combination of factors sets up a good opportunity for prospective buyers of Maine lakefront property.

The latest headline on mortgage rates said they were the lowest in 30 years. I called around to several banks in the area and asked them about their APR on a 30 year fixed rate loan. Kennebunk Savings - 5.16%, Key Bank - 5.65%, TD Banknorth - 5.42%, and Bangor Savings - 5.15%. Emma Bodwell of Highland Mortgage in Naples, works with the secondary market and says she has 30 year, fixed rate loans available under 5%, for qualified borrowers.

If you are looking at buying a conventional, year round home, some banks are still willing to finance up to 95% of value. On a seasonal camp, however, you may find banks asking you to cough up a 20% down payment. For these so-called "non-conforming" properties, it is hard to get mortgage insurance to cover that last 20%, so the bank needs the buyer to come up with a 20% down payment. Nonetheless, borrowing money at a fixed rate of 5% for 30 years is still a great deal.

We've seen a small bump-up in buyer activity since the first of the year. Some buyers are just bottom fishing looking for something to throw a low-ball offer at, but others are ready to get back into the market in a reasonable way, wanting to take full advantage of the good inventory, low borrowing costs, and some good values. And value is the key here. If you are looking for a "steal", look elsewhere. But if you want good value, a fair deal, then we can help you in this market.

If you are a buyer, keep in mind that the Maine lakefront property market is not Florida - where overbuilt condo units are selling for 40% of their asking price. The Maine lakefront property market is more stable than that and resistant to these wide swings in the market. That being said, lakefront property values are correcting down 15-20% from their highs of three years ago - and the properties that are priced "right" are selling.

You can take a look at what's currently on the market by using our search tool, Lakefront Locator. It's easy and fun, costs nothing, and is a good way to spend a few minutes - or a few hours - during these cold winter days and nights.