Real Estate Spotlight - June 2024

June 2024 | Vol. 66

SERVING MAINE AND NEW HAMPSHIRE’S COASTAL, LAKE, AND MOUNTAIN COMMUNITIES

A legacy of real estate.

A mastery of real estate marketing.

As the leader in luxury Maine real estate, Legacy Properties Sotheby’s International Realty offers an unmatched blend of local expertise, world-class marketing power and property exposure. Our licensed real estate agents specialize in luxury waterfront homes, ranging from stunning coastal and beach properties to lakefront lodges, maximizing year-round views and recreation opportunities for you to enjoy the best of what Maine has to offer.

We have six offices along the coast of Maine, with locations in Kennebunk, Portland, Brunswick, Damariscotta, Camden, and Northeast Harbor on Mount Desert Island. Get in touch today to find your dream Maine home with guidance and support from our expert agents.

Dear Friends,

It is hard to believe that 2024 is nearly half over, and we are less than a week from the longest day of the year. For those of you who have never been to Maine for the summer solstice, there are approximately 15 and a half hours of sunlight. That is 7 hours more than we experience during the winter solstice. It is a truly special time of year as we kick into full “Vacationland” mode with our beautiful beaches, boating, golf, hiking, biking, and more.

There are areas of the country that are starting to feel the chilling impact of 7% mortgage rates combined with record-high home prices, leading to more unsold homes for sale, softening prices, longer days on the market, and tempered buyer enthusiasm. I am pleased to report that Maine is clearly not one of those places. In fact, the general tone of the Maine market is very healthy.

We only have reported data through April from the Maine Association of Realtors monthly press releases. Since February, we have been enjoying a more normalized home sale environment, with both units sold and median sale prices moving higher. The April data was very strong, with homes sold increasing by 17.5% and median prices up 3.5%. Our early read for the May report, which will be available in the next 10 days, is that we can expect a continuation of the healthy market backdrop with more sales and modestly higher prices. Keep an eye on our blog (legacysir.com/blog) to see the actual results when they are released.

I have always relied on the empirical measure of current market activity using the “Three-Legged Stool” test. The three legs—a good home, a good price, and a good location—are applied to newly listed homes and are reflected in the immediate activity with respect to showings, feedback, number of offers,

and the strength of said offers. The nice thing about this measure is that it is determined on a real-time daily basis, whereas most statistics in real estate are only available after closing, which takes 30–60 days. It is fair to say that there has been a notable change from the frenzied days of the pandemic when a property could have any of the necessary “legs” and still sell above asking price with little if any contingencies.

As I mentioned, the reason I am citing a healthy market is that there is more balance between buyers and sellers. Buyers are more discerning, more patient, and more disciplined as they have the opportunity to see more homes for sale that are on the market a bit longer. It is fair to say that buyers are currently looking for all of the value pieces to be evident before making an offer. It is also highly likely that when a buyer does make an offer, it will have one or more contingencies, such as financing, inspections, and possibly even the sale of the buyer’s home.

The other occurrence that helps us better understand current conditions is also empirical. I call it the “head-scratcher.” If a great property in a great location is presented to the market at a fair price, it should meet with success in relatively short order. If it does not, that is a head-scratcher. As a team at Legacy Properties

Sotheby’s International Realty, we meet weekly to discuss all of our new “coming soon” listings and identify any particular strengths and weaknesses. It keeps us sharp and ahead of the curve relative to our competitors.

In summary, the market continues to be strong and healthy for homes in Maine.

We are enjoying our fifth month of increased unit sales and modestly higher median prices. There are still more buyers who want to be in Maine than there are homes for sale, which is the backbone of our strength. All of that said, it has become increasingly important that we are on our game with pricing to ensure success when combined with a good home in a good location. There has been a coincidental uptick in the number of “head-scratchers” where well-priced and well-positioned homes have not had commensurate market activity. While they are still few and far between, it is a sign that cannot be ignored that there is likely to be less strength in the absence of a rate cut by the Federal Reserve Bank.

Should mortgage rates decline by 50–100 basis points, I predict that we will see a large surge in buying activity followed by a paced increase in supply, leading to even higher prices and tighter inventory again. Anyone who is on the sidelines waiting for the right moment may get caught again in a newly inspired flood of buying activity.

As always, we are here to help both buyers and sellers with their purchase and sale decisions. With summer just around the corner, don’t be a stranger.

We look forward to seeing you soon.

President/Owner

Legacy Properties Sotheby’s International Realty

With access to more than 3,500 miles of Atlantic oceanfront, 6,000 lakes and ponds, and mountains with world-class skiing, Legacy Properties Sotheby’s International Realty is uniquely positioned to help you find your dream home in Maine. Simply put, we have the premier portfolio of Maine real estate and waterfront properties for sale.

Company - 6 Offices - 100+ Agents - Endless Possibilities

THANK YOU FOR YOUR TRUST AND SUPPORT.

for all homes sold over $2,000,000 in Maine for all homes sold over $4,000,000 in Maine for all homes sold over $3,000,000 in Maine

for all homes sold over $1,000,000 in Maine

for all homes sold over $600,000 in Maine

for all waterfront sales in Maine

Legacy Properties Sotheby’s International Realty attributes its success to offering its clients a very strong package of marketing services including: professional photography, Matterport 3D Virtual Tours, glossy print advertising, global property distribution through its exclusive network of agents, and luxury branding through its affiliation with Sotheby’s International Realty.

Legacy’s Legacy

Legacy Properties Sotheby’s International Realty’s continued success has allowed for the creation of a robust charitable giving program. In addition to charitable donations on the company level, “Legacy’s Legacy” was created as an agent-led initiative and is very special for the agents and the communities they serve.

Participating agents donate a portion of each of their closings to the fund, and each office selects a few local charities to donate to each year. The company has taken this collaborative approach to try and share as far and wide as possible.

Since the company’s inception, donations have been made to organizations in counties throughout the state of Maine on behalf of Legacy Properties Sotheby’s International Realty.

In addition to agent giving, the company also sponsors events such as Tri for a Cure, Sugarloaf Charity Summit, and Cape Elizabeth Kitchen Tour, as well as scholarship awards.

To view a list of recipients, please scan the QR code to the left.

LEGACY COLLECTION

Our exclusive, multi-page property books are distributed with Maine Home + Design, Down East, and in select areas, The Wall Street Journal and The Boston Globe. As many as 84 pages are

REAL ESTATE EXPERTS IN EVERY MARKET GLOBAL REACH

The Sotheby’s International Realty network is comprised of more than 26,500 sales associates located in approximately 1,115 offices in 84 countries and territories worldwide. Our listings are marketed on the sothebysrealty.com global website and on local affiliate websites across the world in the markets from which our buyers are coming. This global exposure not only affords our listing clients the widest possible distribution to the highest number of qualified buyers, but it allows all of our clients access to the most experienced and accomplished real estate experts in whichever town, city, or country they may have needs.

THINKING ABOUT A MOVE?

Let us help you find the right agent through our global network at Sotheby’s International Realty. For more information call 207.780.8900 or email [email protected]

RealTrends has announced America’s Best Real Estate Professionals rankings, which recognize the finest real estate agents and teams from across the country. Legacy Properties Sotheby’s International Realty is honored to have eight agents and one team named in the 2024 America’s Best Real Estate Professionals rankings. Nearly 24,000 U.S. real estate agents are featured and represent the top 1.49 percent of more than 1.6 million licensed Realtors® nationwide.

“We are so pleased and proud of the success of our team of agents statewide. We are particularly excited that so many of our agents ranked at the highest levels of success in Maine with eight agents ranked in the top twenty and six agents who held the top six individual agent rankings along with the top ranked small team in Maine,” states Chris Lynch, President of Legacy Properties Sotheby’s International Realty. “Our ongoing commitment to our clients’ success and unwavering dedication to real estate professionalism as well as the very hard work by our agents have been the key components earning us this extraordinary result and national recognition.”

Our Agents Among America’s Best

In the “Individuals by Volume” category, Legacy Properties Sotheby’s International Realty held the top six positions, securing six of the top six spots and eight of the top twenty positions overall. This remarkable achievement underscores the dedication, expertise, and outstanding performance of our agents. You can explore the full list of top individual agents in Maine here. And the full list of top small teams in Maine here.

Sotheby’s International Realty 2023

Brand Performance Stats

SOUTHERN MAINE

Explore Featured Listings in York and Cumberland Counties

2 Town Landing Road, Falmouth |

MIDCOAST MAINE

Explore Featured Listings from Brunswick through Belfast

300 Davis Point Road, Cushing

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DOWNEAST MAINE

Explore Featured Listings Beyond Belfast

INLAND TREASURES

Explore Featured Listings in the Lakes and Mountains Regions

DISCOVER THE VALUE OF YOUR HOME

Our state-of-the-art online residential property valuation service lets you find the estimated current value of your home simply by filling in your address on the banner of our LegacySIR.com homepage.

This value is used in all aspects of the valuation process for lenders, GSEs, mortgage brokers, mortgage servicers, investment bankers, and mortgage investors as well as anyone who requires fast, reliable, and cost-effective residential property valuations.

For a more detailed Market Analysis, please contact your Legacy Properties Sotheby’s International Realty sales associate.

RENTALS

Maximize Your Home’s Income

There is incredible demand from guests seeking to vacation in Maine and we are looking for outstanding new properties to add to our portfolio of the finest luxury rental homes in all of Maine. We provide a full-service rental experience, including professional photography, cutting edge Matterport 3D Virtual Tours, unmatched global luxury branding, marketing and distribution, and dedicated support.

Contact us today for an analysis of your home and to discuss how we can help maximize your rental income.

Visit us at luxurymainerentals.com to view our exceptional luxury rental homes or contact us at [email protected] for more information.

FEATURED RENTAL

Majestic estate located in the distinguished Cape Arundel neighborhood in Kennebunkport, Maine. Crafted in 2007, this custom-built haven is nestled directly across from the iconic Bush Compound, surrounded by 60 acres of private, wooded land, offering an unrivaled blend of seclusion and luxury.The property greets you with a secure gated entrance and a picturesque cobblestone driveway winding through scenic views of a freshwater preserve, leading to the breathtaking oceanfront. The estate includes a cozy two-bedroom guesthouse, complete with all amenities for comfort and privacy, and a well-equipped Tennis Cabana overlooking the court and basketball area.This residence boasts a Niles audio system throughout, electronic controlled shades, an elevator, and a comprehensive fitness center with premium Cybex equipment. Entertainment is boundless here: a colossal game room, mini-theater, and various gaming tables await for endless fun.state-of-the-art outdoor turf putting and chipping green installed in 2017, complete with supplied clubs and balls for your leisure.

Offered at $35,500 per Week

taxes, fees, and deposit

FEATURED RENTAL

Discover the pinnacle of waterfront luxury at this newly constructed shingle-style estate, designed to offer an unparalleled living experience. Nestled on the serene shores of Casco Bay, this magnificent property presents breathtaking panoramic views of the surrounding islands, providing an idyllic backdrop for your ultimate retreat.

Spanning over 6,000 square feet, this timeless architectural masterpiece boasts more than just stunning vistas. The estate is meticulously designed to cater to the most discerning guests, featuring five opulent ensuite bedrooms, including two master suites located on both the first and second floors, ensuring privacy and comfort for all. Additionally, the property includes an ideally arranged in-law suite, making it perfect for extended families or groups.

Offered at $27,500 per Week Plus taxes, fees, and deposit 33 Sarah Goud Road, Yarmouth | 5-BEDROOM |

FEATURED RENTAL

Experience a serene modernist retreat, where the clean lines of innovative architecture blend seamlessly with a farmhouse charm, perfectly echoing the coastal surroundings with its minimalist décor. Each room is adorned with oversized windows and doors, ensuring abundant natural light. Enjoy the convenience of high-speed Wi-Fi and central air-conditioning throughout the residence.

The lower-level bunk room with adjoining bathroom offers extra space, while an adjacent game and TV room provides entertainment. Outdoors, the property unfolds into a vast oceanfront haven with seating areas, a swing, hammocks, an above ground pool, and access to a pebble beach, complemented by a dock and water sports equipment such as kayaks and paddle boards.

Offered at $15,750 per Week

Plus taxes, fees, and deposit 101 Lower Flying Point Road, Freeport | 7-BEDROOM | 5-BATHROOM | SLEEPS 16 GUESTS

FEATURED RENTAL

This stunning luxury lakefront vacation rental offers an unparalleled experience of tranquility, comfort, and natural beauty. Nestled in the heart of Maine’s picturesque Sebago Lake Region, this property is the perfect getaway for families, friends, or couples seeking a peaceful escape.

The property includes the main house and a separate guest house, each with full baths and kitchens, providing privacy and convenience for all guests. Enjoy 367 feet of private Peabody Pond shoreline with top-rated water clarity and a sandy beach. The home’s three-season screen porch, large dock, hot tub, and ample outdoor spaces are designed for soaking in the property’s beautifully landscaped grounds and stunning lake views.

Offered at $12,000 per Week Plus taxes, fees, and deposit 712 Peabody Pond Road, Sebago | 5-BEDROOM | 3-FULL + 2-HALF BATHROOM | SLEEPS 12 GUESTS

FEATURED RENTAL

Nestled beside the enchanting Camp Muscatawa, this standalone sanctuary offers both privacy and the option to expand by renting alongside the neighboring camp, perfect for groups seeking both proximity and solitude.

The main house boasts three beautifully decorated bedrooms, each crafted for comfort and style, alongside a private guest area featuring a versatile trundle bed. Embrace the blend of rustic charm and contemporary elegance, all while basking in the natural beauty of historic Camp Muscatawa’s grounds.

Your private escape extends outdoors with access to a new twenty-foot dock on the tranquil Kennebunk Pond. Start your mornings with the peaceful serenade of loons and fill your days with swimming, sunbathing, or simply relaxing by the water’s edge.

Offered at $4,500 per Week Plus taxes, fees, and deposit

31 Muscatawa Lane, Lyman | 3-BEDROOM | 2-FULL BATHROOM | SLEEPS 8 GUESTS

3 D VIRTUAL TOURS

Welcome to the always-open house. Our immersive Matterport 3D Virtual Tours transport you into the finest selection of Maine Luxury Properties and let you explore like never before. Use Dollhouse view to see a whole property at once, switch to floorplan view for a traditional top-down perspective, or walk through like you’re there in person. Our Matterport 3D Virtual Tours are unlike any other real estate virtual tours. They are the most realistic, cutting edge, and comprehensive way to experience a property online. Click on any of the thumbnail images below to experience the Maine Lifestyle from the comfort of your own home.

Everything You Need to Know about Moving to Maine

We present “Your Legacy,” a publication in partnership with our friends at Open Door Publishing to help our future and present clients learn more about what it means to live in Maine. “Your Legacy” includes information on the top public schools and hospitals in the state, a helpful breakdown of our rental program for those looking to dip their toes in our waters, guides to the neighborhoods and towns we service, information on each of our six coastal offices, and articles of interest for those looking to learn more.

View the digital edition of “Your Legacy” here or pick up a hard copy at one of our offices today.

MEET THE AGENTS

AARON CROSSMAN CAMDEN OFFICE

ABIGAIL CURLESS NORTHEAST HARBOR OFFICE

ADAM ZIMBALIST PORTLAND OFFICE

ALEXA

PORTLAND OFFICE

MEET THE AGENTS

ANNEMARIE AHEARN CAMDEN OFFICE

ASHLEY O’NEIL KENNEBUNK OFFICE

BILL

KENNEBUNK OFFICE

BARB RUSSO PORTLAND OFFICE

MEET THE AGENTS

CHRIS LYNCH PORTLAND OFFICE

CONNIE MOSS DAMARISCOTTA OFFICE

DEBI FOX DAMARISCOTTA OFFICE

CHRIS STONE KENNEBUNK OFFICE

CRISSY STIRRATT DAMARISCOTTA OFFICE

DENNIS DUGGAN BRUNSWICK OFFICE

CINDY LANG CAMDEN OFFICE

DANA WHITTAKER PORTLAND OFFICE

DENNIS GLEASON DAMARISCOTTA OFFICE

COLIN HARVEY DAMARISCOTTA OFFICE

DAVID HAGAN DAMARISCOTTA OFFICE

CALARCO CAMDEN OFFICE

MEET THE AGENTS

ELAINE PRENDERGAST KENNEBUNK OFFICE

EMILIE COLE PORTLAND OFFICE

HEATHER SHIELDS PORTLAND OFFICE

ELISE KIELY PORTLAND OFFICE

FRED HEBERT DAMARISCOTTA OFFICE

HEIDI STEELE CAMDEN OFFICE

RAUSCHER PORTLAND OFFICE

GINNY WHITNEY KENNEBUNK OFFICE

IAN DUGGAN BRUNSWICK OFFICE

PORTLAND OFFICE

MEET THE AGENTS

JAIME BEANE PORTLAND OFFICE

JOANE TAIT BRUNSWICK OFFICE

JOHN RANCO PORTLAND OFFICE

JAN KOVARIK KENNEBUNK OFFICE

JOANNE MOORE DAMARISCOTTA OFFICE

JOHN TOMPKINS PORTLAND OFFICE

JAN MOORE NORTHEAST HARBOR OFFICE

JOHN COLLINS BRUNSWICK OFFICE

JON LEAHY BRUNSWICK OFFICE

JESSICA FALCONE PORTLAND OFFICE

JOHN MCCARTHY BRUNSWICK OFFICE

JUDY MCGEORGE NORTHEAST HARBOR OFFICE

MEET THE AGENTS

KALEB SWAN BRUNSWICK OFFICE

KELLY BARRY PORTLAND OFFICE

KALI PRATT PORTLAND OFFICE

KRISTI JACOBY NORTHEAST HARBOR OFFICE

KATE JACKSON CAMDEN OFFICE

KRISTIE JORGENSEN BRUNSWICK OFFICE

OFFICE

MEET THE AGENTS

MEET THE AGENTS

MELISSA MCKERSIE PORTLAND OFFICE

NICOLE RICHARDSON NORTHEAST HARBOR OFFICE

CAMDEN OFFICE

PETER VAN DER KIEFT CAMDEN OFFICE

MICHELE PEREJDA PORTLAND OFFICE

MEET THE AGENTS

ROCKY MILLS DAMARISCOTTA OFFICE

SANDRA WENDLAND PORTLAND OFFICE

STEPHANIE BRANCH DAMARISCOTTA OFFICE

ROSANE HIRSCHY KENNEBUNK OFFICE

SANDY SHAPIRO-HURT PORTLAND OFFICE

SUSAN ALLEN NORTHEAST HARBOR OFFICE

RYAN FITZGERALD PORTLAND OFFICE

SCOTT DOBOS PORTLAND OFFICE

SUSAN DESGROSSEILLIERS PORTLAND OFFICE

RYAN MACGLASHING CAMDEN OFFICE

SHANNON RICHARDS PORTLAND OFFICE

MEET THE AGENTS

SUSIE SHAPIRO-LAIDLAW CAMDEN OFFICE

TOM KRUZSHAK PORTLAND OFFICE

PORTLAND OFFICE

VALERIE FOSTER CAMDEN OFFICE

WILL FULLER PORTLAND OFFICE

It is with great pleasure and pride that we share our most significant sales for 2023.

SOCIAL MEDIA

Over 96,000 Real Estate Spotlight subscribers.

Over 3,000,000 YouTube property video views.

Over 72,000 followers interested in Maine real estate.

At Legacy Properties Sotheby’s International Realty, we use social media to connect your home to our vast community of real estate intenders and influencers from across the globe. Social Media, like real estate, is about connecting people and cultivating relationships, which makes it the ideal tool for marketing your home.

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PORTLAND OFFICE

2 City Center

Portland, Maine 04101

207.780.9800

KENNEBUNK OFFICE

150 Port Road

Kennebunk, Maine 04043

207.967.0934

BRUNSWICK OFFICE

141 Maine Street

Brunswick, Maine 04011

207.729.2820

DAMARISCOTTA OFFICE

170 Main Street

Damariscotta, Maine 04543

207.563.2775

CAMDEN OFFICE

46 Bay View Street

Camden, Maine 04843

207.230.1003

NORTHEAST HARBOR OFFICE

6 Neighborhood Road

Northeast Harbor, Maine 04662

207.780.8900

[email protected]

30 SAND BEACH ROAD STONINGTON, MAINE

$2,250,000