We have just updated our 2008 full year sales results for southern Maine, and as expected sales in nearly every town and community are below 2007 levels. Prices, contrary to what you might have been led to believe, have not fallen as sharply. Complete sales results and market statistics are available online at our website at: Maine Real Estate Sales – 2008.
Complete reports for 2008, 2007, 2006 and 2005 are also available for download.
Maine Real Estate Sales ReportsBut, all thing being equal, price continues to be a significant issue and fundamental to the success of every property transaction during the last six months and no doubt the foreseeable future.
According to the Maine Real Estate Information System total homes sold in Maine for 2008 were 9,502 compared to 12,014 in 2007, resulting in a decline of 20.9%. The median sales price for those homes decreased by 7.2% percent for all of 2008. Of course, the results by each city and town vary considerably, as our report reflects.
With fewer homes selling in Maine, those involved in the real estate industry - agents, mortgage lenders, home inspectors and appraisers - are all feeling the affects.
Through December of 2008, the number of people licensed to sell real estate in Maine declined 13.5% in the past year, and the number of people obtaining entry-level licenses fell 70%. The number of mortgage lenders is also dwindling. As of year end there were 60% fewer licensed lending office, and the number of licensed loan brokers is down 25 %. These statistics are kept by the state’s Office of Licensing and Registration.
As with many industries, especially those where the threshold to join is relatively low – but the formulation to achieve real success can be elusive, difficult economic times have a way of weeding out the weak. And today is that time.
Although many buyers have been sitting on sidelines because of the economic uncertainty, there is still optimism that the new administration will create the environment that will lead to a market turnaround later this year.
When that time comes, those who have survived, and flourished, in this difficult market will be in a position to reap the rewards and provide clients with an even higher, more sophisticated level of service. The Maine Real Estate business sector deserves strong agents who have a grasp of new technologies and improved methods of doing business.
On Monday the Portland City Council held a workshop to discuss the future development of the Maine State Pier. The result was an informal decision to re-open negotiations with Portsmouth-based Ocean Properties.
Three options were presented by the city manager's office for moving forward with the redevelopment of the pier and in the end they chose to move ahead with Ocean Properties, who last year lost the bid for the development project to local competitor The Olympia Cos. The city council scheduled a formal vote on the matter next month. At this time there is still no final decision on whether the city will sue the state over the disputed land beneath the pier.
About a month ago the City Council voted to discontinue negotiations with Olympia who were unwilling to move forward with due diligence work on their $100 million project until a dispute over ownership of the land beneath the pier was settled between the state and city. Ocean Properties says the dispute will not hinder its development plans for the pier, which include a luxury hotel, office building, underground parking garage, public park, a fish and produce co-op and a cruise ship terminal.
The other options the council considered included holding a second round of competitive bidding from developers and having the city draw up its own plans for the pier and then find a developer to build it. However, given changes in the council, the current economic climate and the willingness of Ocean Properties to move forward, tit appears that there is finally a path forward to get things done – and the council seems to be ready to take advantage. A vote is scheduled for January, so we'll see!
Competition among national real estate sites is very competitive, to say the least. Keeping track of the top 10 visited each month is an obsession, since it has such a direct bearing on advertising revenue. According to Hitwise, a national tracking service, the sites with the highest market shares in the month of November 2008 were:
1. Realtor.com
2. Yahoo Real Estate
3. Zillow.com
4. ZipRealty.com
5. Rent.com
6. RE/MAX.com
7. HomeGain.com
8. Service Magic.com
9. US Dept of Housing and Urban Development
10. RealtyTrac.com
The interesting thing about these results, however, is that most people who eventually are ready to buy a home do local searches. For example, someone searching in southern Maine will start with a key word search like "Portland Maine Real Estate". That is why we have devoted ourselves to search engine optimization (SEO) on a local and regional level. Any search of important key words will result in you finding our website MaineHomeConnection near the top of the organic search results.
When it comes to national real estate websites, one thing to keep in mind is that it is all about advertising. That is essentially their only revenue stream. Local real estate websites do not focus on advertising, but rather on providing information that people need and want when making home buying and selling decisions.
For example, we have devoted countless hours creating rich content that helps potential buyers understand the Maine real estate market. Although this may sound self-serving, special features such as Relocation Services, Community Profiles and Maine Waterfront Real Estate are customer centric first and foremost.
Real Estate consultants serving southern Maine, including Portland, Falmouth, Cape Elizabeth & Scarborough. Full featured web site features local area info, market updates and relocation assistance.
Maine is a beautiful state - one that is often misunderstood. First and foremost, it does not snow 12 months a year! Is is cold in the winter - yes, but spring, summer and fall are often fantastic. If you love the ocean, we have over 3,000 miles of coastline. There are mountains and lakes and best of all they are never crowded.
We live in southern Maine - Portland to be specific. The greater Portland area includes about 250,000 people and includes the cities and towns of Falmouth, Cape Elizabeth, Scarborough, South Portland, Yarmouth and Cumberland. We are about 1.5 hours north of Boston and a 5 hour drive from NYC. Portland been recognized nationally by many organizations. The city and local area is considered by many to be an excellent place to live, raise a family and conduct business. They city combines many elements of big city life and a rural, beautiful setting along Casco Bay and the Atlantic Ocean. The Old Port, an exciting section of the downtown Peninsula that has seen considerable renovation of the years, is known for intimate shops with everything from apparel and fine china to children's toys and antiques and rare books. A few blocks down Congress Street is the Arts District, home to the Portland Ballet Company, the Maine College of Art and the Portland Museum of Art.
When Maine is all about the ocean and the outdoors. The coast, measured directly from one end to the other, is only 228 miles. So, many people are surprised to learn that Maine's shoreline (3,478 miles) is longer than California's (3,427 miles) and is only exceeded in length by 2 continental states, Florida (8,426 miles) and Louisiana (7,721 miles of mostly bayou country). Finding property along this vast expanse can be challenging, especially if you are interested in property in the state's most northern area. Most buyers, however, can concentrate their search in the Southern Maine, primarily in Cumberland and York Counties. Maine has 5,785 lakes, with many of them larger than 1 acre. They cover an area of 1,762 square miles! Nearly half of these are classified as "Great Ponds", meaning larger than 10 acres, a term that dates back to Maine's colonial days. When considering Maine Waterfront Real Estate, we encourage you to visit our website where you can view detailed waterfront maps, area profiles and access to waterfront property searches.
Specializing in the Portland metro area, we focus on residential real estate, primarily for those relocating to the area. Our website MaineHomeConnection, has been designed to assist people who are unfamiliar with the area get the information they need to make informed real estate decisions. We encourage you to visit and access its many features, especially our Relocation Services section. Additionally, to stay current with Maine' latest real estate trends and news, you might also want to visit our blog - MaineRealEstateNews.com - the area's leading online news resources.
Our affiliation with RE/MAX has been a long and successful one. Our team has been ranked among the top 4 in sales for the entire state of Maine (view Market Share reports) the last two years running and we have consistently achieved the RE/MAX Platinum award for sales success. We are also members of the RE/MAX Hall of Fame.
Special Online Features to Assist You:
Learn All About Local Maine Community Profiles
View a Short Video about Southern Maine and Greater Portland
Our approach to real estate is based on professionalism and commitment to our clients. We believe in straightforward explanations and creative marketing strategy. You can expect from us a combination of the latest in technology and uncompromising personal service. We specialize in a thorough understanding of the market - its trends, statistics and nuances that ultimately provides our clients with a competitive advantage. People put their trust in us and we take that responsibility very seriously.
When you are an informed buyer or seller, you'll make the best decisions for the most important purchase or sale in your lifetime. As team leaders, Laura & Michael set the standard for customer commitment and marketing innovation. Experienced in all aspects of real estate, negotiation and the local market, you can be confident that your best interests will be protected. Together they have developed home selling programs that are unique and are designed to provide clients with a Competitive Advantage.
Dear Laura & Michael,
Thank you so much for helping me sell my little house so I could buy the house of my dreams! You made the process easy by explaining everything I needed to do, helped me understand what was important, and found just the right buyers who love the house as much as I did! You worked around my crazy schedule and never pressured me to make uncomfortable choices! I have told all my friends what a wonderful job you did, and I would call you in a minute if I ever decide to sell this house.
What fun we had looking for the "house of my dreams"! You understood my specific needs, my time line, and helped me decide what was truly important in choosing my new home. You connected me to financiers financers, helped me navigate the paperwork, and most of all, encourage me to keep looking even when I was discouraged. I love my new home - it's perfect for me! Your resources helped me find exactly what I wanted at a price below my expectations! Thank you so much for your energy, support, and enthusiasm.
Janet Montgomery
Dear Laura,
When you became our realtor, I thought this would be a very impersonal, businesslike relationship. Over the past several months, we have come to regard you as a friend. You have been wonderful to us. And you've gone so far beyond what you needed to do. We are going to miss you.
When I first saw the RE/Max commercial on television where the realtor pushes the house over and adjusts the brick walk to line up, I thought, "That's Laura. She should be working for RE/MAX". then you went to work for RE?Max and it seems to be well suited to you. I think of your coming to paint my front door and spray for ants and all of the other things you have done. We really appreciate you.
This sale has not been one of those easy or quick solution transactions. Through it all you have been so kind and sweet to us and dealt with all sorts of problems and issues and found solutions o any number of problems. Through all of that you not only maintained an attitude of professionalism, but you made us feel like this was all routine for you (we know it wasn't) and you gave us a sense of being valued by you based on who we are as a family and not as just a house to sell or a commission to make.
We will be sorry to close if only for the reason that we will miss you. We wish you the best and want everyone to know that you are the greatest. You need o get the "Realtor of the Year" award for this house alone and for how nice you have been to us. We look forward to telling everyone we know to call you to list thier houses or to buy a house. Than you so much for the wonderful blessing you are.
Sincerely,
Irene Paulmann
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2009 ActiveRain Corp. All Rights Reserved
