Lots of properties for sale in Eastport ME, Why the high inventory? (Bangor: houses, buyers)

[hebell]

Just wondering why so high a concentration of homes currently listed for sale in Eastport ME? Did something close down? Some sort of demographic reason? Can anyone shed any insight on this? While it can be good for buyers, in terms of cost, I just wonder if something has happened - politically, economically, or due to weather - that is causing such high housing inventory.

Cheryl

[bangorme]

Have you been to Eastport? It's a cute little town, but it's out there.

[hebell]

Thanks, Bangorme.... but it's always been out there :-) Did something change to make it more isolated? Or are folks aging out? Need better medical services somewhere else? Just has a huge number of homes for sale per sq mile

[AustinB]

Trying to make a buck.

It does look like the whole town is for sale. I like to tease the in-laws for living on millionaires row. Almost all the houses within spittin' distance have been for sale the last few years. From as high as 450.000 to the current 199,000.

The houses don't sell because they are all overpriced.

[woxyroxme]

Most of the homes have been on the market for years, every time my wife and I go we walk every street and look over what is available and 95% are the same ones that were for sale on our last trip.

Another factor is the outrageous asking prices some people think they will get, in a town where there are few jobs that do not pay much they are priced out of the market, I guess they think a Massachusetts millionaire will come along and hand them a $250,000 check for a summer home. My aunt sold my grandparents old house on Water St for $40,000 in 2001, it is currently listed for $210,000. (The house did have the foundation replaced in 2007)

Also, many of the houses have fallen into serious disrepair and will need considerable expensive rehabilitation in order to be in liveable condition, in many cases the repair costs exceed what they could realistically resell the house for. It's sad because Eastport was not like this when I was a kid but it is nice to see a few of these places being fixed up though, but this one will probably fall in on itself someday.

[AustinB]

Originally Posted by woxyroxme

Most of the homes have been on the market for years, every time my wife and I go we walk every street and look over what is available and 95% are the same ones that were for sale on our last trip.

Another factor is the outrageous asking prices some people think they will get, in a town where there are few jobs that do not pay much they are priced out of the market, I guess they think a Massachusetts millionaire will come along and hand them a $250,000 check for a summer home. My aunt sold my grandparents old house on Water St for $40,000 in 2001, it is currently listed for $210,000. (The house did have the foundation replaced in 2007)

Also, many of the houses have fallen into serious disrepair and will need considerable expensive rehabilitation in order to be in liveable condition, in many cases the repair costs exceed what they could realistically resell the house for. It's sad because Eastport was not like this when I was a kid but it is nice to see a few of these places being fixed up though, but this one will probably fall in on itself someday.

As tinbender would say.... TLC



Torch, level, and clean up

[woxyroxme]

Originally Posted by AustinB

As tinbender would say.... TLC



Torch, level, and clean up

Yep. I could see him saying that, also noticed the chowder house (cannery to the old timers) happy crab and new friendly restaurant are for sale too.

[hebell]

Thanks for the replies. I'm looking forward to visiting the area in a month or so. I live in the most rural part of Maryland's Eastern Shore, and enjoy all things outdoors. But, it's too darn hot here. Hubby's from upstate New York (another area with job problems), and while we've loved previous visits to Maine, we've not been this far north. I just couldn't reconcile all the for sale signs with what seemed to be a pretty stable area??? The latest news from that area is mainly focused on nursing home closures, which can really disrupt lives for the caregivers.

[woxyroxme]

If you do make it out to Downeast Maine I am sure you will enjoy it, especially if you want to get away from the large crowds of tourists. I have more pics of Eastport posted in the Maine Photo thread and a few in the "Blue Collar Vacationland" thread. There is an "Eastport Photos" thread buried somewhere but you can find it with the search feature.

[WhoFanMe]

I've never been to Eastport, but I love statistics and I have access to some, so I'll share. There were 13 single family homes sold in Eastport over the last 12 months, there are 85 on the market now. It would take 78 months (6.5 years) to go through that inventory. A balanced market is 6 months. Wow.