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Old 01-29-2021, 02:54 PM
 
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quick question some what related: Why are home prices so much higher in York County? Like Kennebunkport, Ogunquit, Old Orchard Beach?

These are all tiny towns How do people afford to live there and pay those prices and taxes? And for the record i am not all that knowledgeable about real estate etc.. But thank you.
I enjoy this forum the most. I find the people here nice and quite informative.
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Old 01-30-2021, 10:09 AM
 
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Quote:
Originally Posted by CARas2020 View Post
quick question some what related: Why are home prices so much higher in York County? Like Kennebunkport, Ogunquit, Old Orchard Beach?

These are all tiny towns How do people afford to live there and pay those prices and taxes? And for the record i am not all that knowledgeable about real estate etc.. But thank you.
I enjoy this forum the most. I find the people here nice and quite informative.
I think it is closeness to business centers like Concord, Portsmouth and Boston which rises the prices. Boston is an 1 1/2 hours away form Old Orchard Beach, people can go into Boston for cultural events too. It makes lower Maine more attractive.
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Old 01-31-2021, 08:19 AM
 
Location: Gorham, Maine
1,973 posts, read 5,196,136 times
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Quote:
Originally Posted by CARas2020 View Post
quick question some what related: Why are home prices so much higher in York County? Like Kennebunkport, Ogunquit, Old Orchard Beach?

These are all tiny towns How do people afford to live there and pay those prices and taxes? And for the record i am not all that knowledgeable about real estate etc.. But thank you.
I enjoy this forum the most. I find the people here nice and quite informative.
Those towns have properties with ocean frontage which will raise the average and median sales prices accordingly.
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Old 01-31-2021, 08:49 AM
 
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Interesting that Franklin County jumped up so much....but then again, Saddleback ski resort opened back up this year. Rentals right now in Rangeley are all taken up, probably because of that coming on top of the normal winter rentals.
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Old 02-09-2021, 10:50 AM
 
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When does the spring real estate market open up in Maine?

I've been looking on Zillow and Realtor.com, I can't believe the increase in prices! I feel like I'm a year late.
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Old 02-09-2021, 11:22 AM
 
Location: Gorham, Maine
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We are still in last spring's market, it really hasn't slowed down at all. I'm seeing 20% higher prices year over year for the same type of home in Greater Portland and I suspect that won't change anytime soon. There are so many buyers chasing so few houses. People who want to sell are afraid to put their home on the market until they have another home lined up. People who are selling homes don't need to take a sale of house contingency if they have several offers to choose from.
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Old 02-09-2021, 01:38 PM
 
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Originally Posted by WhoFanMe View Post
We are still in last spring's market, it really hasn't slowed down at all. I'm seeing 20% higher prices year over year for the same type of home in Greater Portland and I suspect that won't change anytime soon. There are so many buyers chasing so few houses. People who want to sell are afraid to put their home on the market until they have another home lined up. People who are selling homes don't need to take a sale of house contingency if they have several offers to choose from.
You right about the limited supply of houses.

I have a one year lease in Virginia so I have time on my side. I've been thinking of buying land and building. However, I worry about not having any knowledge of home building. I would like to sidestep this whole market frenzy.
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Old 02-10-2021, 07:23 AM
 
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My uncle lost out on 5 or 6 homes before landing one. (He bid over asking on several). He also thought it might be better to buy land and build (his wife didn't share his enthusiasm) and the VERY experienced realtor he spoke with said there is a waiting list on contractors of up to a year (this is Midcoast) ...Very best of luck to you. You only need one house as they say and properties are still trickling onto the market.
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Old 02-10-2021, 09:28 AM
 
Location: Gorham, Maine
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Originally Posted by SulfurDog View Post
My uncle lost out on 5 or 6 homes before landing one. (He bid over asking on several). He also thought it might be better to buy land and build (his wife didn't share his enthusiasm) and the VERY experienced realtor he spoke with said there is a waiting list on contractors of up to a year (this is Midcoast) ...Very best of luck to you. You only need one house as they say and properties are still trickling onto the market.
As of last fall, lumber prices had increased 160% since the pandemic started, I haven't heard of any changes to that. I've had new home buyers struggle to get the appliances that they want and contractors are reporting delays in acquiring the supplies that they need. It's never been easy to build a new home, a buyer needs to decide if getting it as exactly as they want is worth the wait and the increased cost vs. a "re-sale" home that might come on the market tomorrow.
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Old 02-10-2021, 01:01 PM
 
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Lumber prices are currently around 115% above pre-pandemic levels. That 160% number is relative to the extraordinary low that occurred in March-April, but that was an aberration brought on by the pandemic, and not something that should be used for comparison. Track something called the lumber commodity price index if you are interested.



But lumber and trim is just a portion of the house price. For one house design that we have, that seemingly dramatic increase is only around 5-6% of the total cost of the house that we have planned. That % change would vary with the house complexity, levels of finish, etc.



Lot/land price increases figure in as an important price factor. Those prices tend to swing more wildly than house prices.



The contractor availability is much more likely the problem unless one is capable of being the builder, and even then, subs will still likely be a bit slow to come your way. Being your own builder takes considerable technical knowledge and experience in project management. BTDT.. and if we pull the trigger now, it is looking like that is the best way right now..... but I had both of those pre-requisites to start with, and can live with a slow build with our present circumstances.



You might find and hire an architect to manage the build for you. Some are so qualified, but IDK that particular market up there, and it probably depends a lot on the actual house if it will work. I wouldn't think that an architect would want to manage a cracker-box house build! Is there a forum for starving architects? LOL
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