advice about buying land in Maine (Bangor, Bath: real estate market, condos, loan)

[josie]

My husband and I have started taking our vacations in Maine for the last 3 years and really like it a lot. We want to invest in some property and possibly build our retirement home there in 10 years or so. Does anyone know if the property values are going up? Any advice on what to watch out for. We have zeroed in on The peninsula's around the Bath area. I notice there are developments that share common waterfront property and charge an association fee. Anyone have any advice on that? Thanks.

[Dragondog]

Property values in southern Maine have gone up greatly in recent years- but as in most areas of the country there is high inventory of homes and condos in areas from the New Hampshire border all the way to 'down east Maine'. I would say property values in the Bath area have peaked- and will see a decline for the next few years.

[Maineac]

Check the property tax mil rate for any community you may consider buying in. The rates can vary wildly. Used to be Carrabassett Valley was $10/$1000 while, for example, Bangor was $23.50/$1000.00, Dedham was $16.00/$1000. We're considering moving back to Maine to retire, but will focus on local services, medical and costs of housing. Nothing wrong with Aroostook county with those factors in mind. I found a 3Br colonial with a barn in Blaine, Maine, for $22,000 ASKING price. There's a reason for that. No economy.

[stevenlear]

I assume you are looking to buy land only at this time? Waterfront - Ocean or Lake - property continues to rise at a faster pace than the rest.. although the climb may have temporarily stalled. However, there are very very few instances of waterfront property prices actually dropping over the long term (5 years or more).

The current nationwide slowing of the real estate market may create the ideal opportunity for you to buy over the next 6 - 12 months. Coming in with a strong (cash or committed loan) offer puts you in the best possible position to negotiate.

Despite higher than average costs for Maine, coastal properties here represent a huge discount over coastal properties just about anywhere else in the nation and, believe it or not, the coast can be as spectacular in the dead of winter too!

Steve