For almost ten-years, I've been checking out homes for sale in Maine using the internet.
And I cannot, for the life of me, understand the ridiculous asking price of many homes in Washington County, especially waterfront or even waterview homes.
Here's a typical example that turned up today--this one in Lubec:
Our Listings
Meanwhile, compare that house, to this one in St. George, that COSTS LESS THAN THE LUBEC HOUSE IN THE ABOVE LINK:
555 Island Avenue Saint George, ME 04860 : RealEstateBook.com
And here's what I dont' get.
The St. George house has a lower asking price, is in much nicer condition, better adapted to modern living, likely more structurally sound from the foundation up, with plumbing and electric in better shape, better insulated, and would seem to me to be overall a better overall investment than the more expensive house in Lubec.
Granted, the Lubec house has a lot of acreage, but I see that as a liability unless you want to farm. But if someone were looking to buy farm, why would they spend 660K for that place?? You gotta sell a lot of tomatoes to pay for that.
So other than "bragging rights"--I can't see much use for owning all that land in a place where there's plenty of land for anyone to use for recreation.
Plus, when you own that much land, I would think it a burden.
If people dump stuff like old cars and refrigerators in your woods, it's your job to clean it up.
If drug dealers decide to grow pot in some remote corner of your woods, and the police find the pot plants, the police will come after you, and you'll have to spend money and resources to try to prove you didn't plant the pot, but tresspassers did.
And as much as I love old houses, the reality is a newer house makes much more sense, is much more practical, and is a better investment and money saving in the long run to buy a newer house, like the one in St. George. Although older houses generally express a more beautiful architectural design, they are never as efficient as newer homes.
Further, consider the two locations: St. George vs. Lubec.
Must be more jobs around in St. George than in Lubec.
Poverty is much higher in Lubec's Washington County than in Knox County. The average household income in St. George is almost two and a half times that of Lubec. The median home cost in St. George is $87K vs. 180K for St. George.
Along with high poverty, Washington County must also have higher drug use, too.
And what about high speed internet and other reliable communications with the outside world, if you're a potential buyer who doesn't need a local job because you telecommute? Where is such communication more widely available and reliable: Knox or Washington county?
I just don't get it.
I've seen this kind of thing a lot when comparing homes for sale.
The only thing I can think of is that there must be enough starry-eyed people in the other 49 states, who have money to burn and who have some kind of romantic vision when they see a house like that one in Lubec, and end up buying without stopping to do research or even to think.
Generally, if someone is looking for a home in a remote area, they usually get a big break in the price. But this rule seems to often defy common sense when it come to properties anywhere on the remoter parts of Maine's coast.
Is there something I'm missing? Can someone explain this to me?
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