Sorry, Maine - New York is Ruining Rea Estate. (Portland: low crime, how much)

[ABQConvict]

The drive outward is due nearly 100% due to the city's super inflated rents/real estate prices combined with covid hysteria.

Things will normalize. It will be a little bit of a hit for Maine as New Yorkers resell, unless they can't resell fast enough (I'd bet on it), in which case they will liquidate for under normal market prices.

The one's who stay will (for the most part) be the ones who respect Maine and can be absorbed as respectable newcomers because they love the place and can adapt.

[Demolitionman2]

Glad we got out when we did. Of course we lived in a little inland, redneck town but still when you have New Yorkers crying "Get me any Maine house you can find". Hopefully when things die down they'll sell and move to an urban area before pushing the taxes up beyond where regular Mainers can afford. Some may retain their homes and use them as rentals/summer homes. Hard to tell at this point.......

[YorktownGal]

Originally Posted by Demolitionman2

Hopefully when things die down they'll sell and move to an urban area before pushing the taxes up beyond where regular Mainers can afford. Some may retain their homes and use them as rentals/summer homes. Hard to tell at this point.......

These are the people who elected Mayor Bill de Blasio twice! Yeah, the mayor who quotes Karl Marx and a slogan coined by "Che" Guevara. He calls for defunding the police and tells cops to "stand down."

What did Macy's ever do? It pays for the Thanksgiving Day Parade and 4th of July fireworks. Yet, Macy's was looted by rioters without any city protection.

I hope they don't retain their houses for rental/summer homes. I would prefer to live in a neighborhood which has a community feel to it.

[Demolitionman2]

I hope they don't retain their houses for rental/summer homes. I would prefer to live in a neighborhood which has a community feel to it.

I hear what you are saying YorktownGal. Wife and I grew up in, went to school in and graduated from a little Northern New England town. We lived there for a spell after we got married. But now the state that we lived in is SO expensive to live in that we could not afford to buy a house and pay the taxes. First the well-heeled city people move in. Then when there are enough in the community they get their fellow city people to elect them to boards. Then they start changing laws and raising taxes and appoint more of their fellow city transplants to positions. Before you know it you're priced out of your home. As my realtor up there told me one of their ilk said at a town board meeting when they learned an elderly lady was forced to sell her life-long home and move because she could not afford the property tax increase "Well, somebody's going to pay those taxes." That said, not all city transplants are bad. If you are moving to the country however, accept it for what it is.........

[Cuffler]

My wife and I can be counted as two of those who abandoned their home state (CT in this case) for rural living here in the great state of Maine having closed on our home just 2 months ago. We fell in love with Maine years ago and spent inordinant amounts of time up here doing everything Maine has to offer. I began searching for a home over 5 years ago before any of this hit. The prices were incredibly reasonable especially for homes with land. Almost immediately I noticed a slow rise to a full boil in home prices primarily below Brunswick, mostly in the heavily touristy areas. Then those prices began to rise North of Brunswick and homes that would normally sell for around $175k were pushing $200k ! That scared me so we acted as quickly as we could and were successful in securing our new forever home here in Searsmont, a 13 year old single level home with a gigantic garage complete with radiant heat throughout on almost 3 acres for $227k. This house would have normally sold for under $200k.

Now my realtor warned me with all seriousness to NOT get into a bidding war. She said that it was her contention as well as many other realtors that this market would not collapse but most certainly slow down and cool down. So, you could easily find yourself underwater. How this house we bought escaped the attentions of other buyers is amazing and incredible. It is what most people are looking for. The older 1925 type homes are still for sale but not moving. So, we escaped with a jewel that we will cherish forever.

We are acclimating to our neighborhood and I've even been tapped for work on election day! I'm thrilled.

[YorktownGal]

Another article

Out-of-state buyers from New York City, Boston and DC are flooding the Maine property market causing home values to surge 17% and supply to hit a 'historic low'

https://www.dailymail.co.uk/news/art...ty-market.html

I've been pretty upset that my New York house hasn't sold. However, now I am thinking that it's better to wait until next spring or summer when the market might slow down.

@Cuffler

We are acclimating to our neighborhood and I've even been tapped for work on election day! I'm thrilled.

Sounds wonderful!

[7th generation]

I imagine prices of exisiting inventories at the coast are rising but further inland the properties are selling at more reasonable prices Real estate transfers have gained traction since the pandemic appeared.

[svband76]

Real estate in places I love most in Maine is climbing a bit but still affordable and not crazy overpriced like the mid coast hysteria. It will die down certainly.

[Submariner]

Originally Posted by YorktownGal

https://nypost.com/2020/10/15/new-yo...l-estate-boom/

New York coronavirus exodus fuels ‘gangbusters’ Maine real estate boom

Wow!

The home prices they are talking about in that article are high.

Originally Posted by phoebesmom

This is not good news for folks with non-New York resources.

Oh well.

I dont think you need to worry.

Just because some wealthy fella can afford to buy a $1Millon mansion in a coastal tourist hotspot, does not mean there wont continue to be $40k 2bdrm homes for sale in interior Maine.

Originally Posted by Exwyocowboy

First winter will do it back in Wyoming too with the Kali invasion.

This Californian has been living in Maine for fifteen years [so far].

... Or maybe in Maine's favour is the state income tax

Thankfully LePage exempted my pension from being taxed in Maine.

Maine is a great state for retirees, which is why we have the highest percentage of retirees. Maine enjoys the oldest average age of residents as compared to all the states.

[Northern Maine Land Man]

"Just because some wealthy fella can afford to buy a $1Millon mansion in a coastal tourist hotspot, does not mean there wont continue to be $40k 2bdrm homes for sale in interior Maine."

Very true. I sold a 2 bedroom with full basement for $25,000. There used to be seven pulp and paper mills on the Penobscot River. There is one left. The other mills are not just temporarily closed; they are GONE, as in not there.

Since the 2010 census, over 20,000 people have left Maine's Second District. Those people have moved to Maine's First District. Nature abhors a vacuum. Retirees with good pensions are moving to Northern Maine. Those of us from Maine of retirement age still work. If we didn't work, the place could not function. There is great opportunity in rural Maine, but most of us are self employed. There is a whole lot of freedom when you work for yourself. We know how to do stuff.

According to the law, each of Maine's 152 legislative districts must have 1/152 of Maine's population. Since Maine's overall population is relatively stable, districts in Northern Maine will grow in size geographically. Districts in lower Maine will shrink in size. There are four Maine House districts in Portland where the representatives are within walking distance of each other. The biggest district in Maine is District 141 (from the mountains to the sea.) It goes from Macwahoc in Aroostook County to Whiting on the ocean in Washington County.