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Dear Friends,
 

Since we launched our monthly e-news letter in October, we have seen it grow. We started with a distribution list approximating 1,500 people. We have since grown to over 7,000 as many of you have forwarded all or part of our newsletter to your friends and family. All I can say is "Thank You." We are so pleased with your response. 
 
As I researched the opening letter in recent months, the financial markets were in a resting spot for some period of time which provided a framework to discuss the real estate market. No such luck this time as we seem to be in the midst of a slippery slide with respect to the stock market, economic production (GDP) and employment. Although the stock market has rallied 6% in the past two days, the Dow has not breached the 7,000 mark. 
 
The October/November 2008 market decline was followed by a period in which confidence was shaken and all but the most agile home buyers were prepared to continue with their real estate purchases. Although we have not yet felt the full impact of recent decline in the stock market, I am pleased to report that buyers continue to emerge and seemingly with greater confidence than the end of last year. There are still not enough buyers across all price points to identify a true turn in the market, but when a quality property is offered at a price reflective of current market conditions, it sells. If you believe, as I do, that markets cannot go up forever, you will likely share my belief that markets cannot go down indefinitely. It is clear that there have been some truly incredible properties changing hands at very attractive prices. Our crystal ball, to the extent there is such a thing, is a bit too foggy to have any clear prognostication in the near term. As for the long term, I have little doubt that this is the best real estate buying opportunity of the last decade. 
 
We have a very interesting market dynamic at the moment.  The supply of quality homes for sale seems to be at a seasonal low, which gives the homes on the market an advantage. We expect a resurgence in new listings as the spring season unfolds. There are a number of terrific properties withdrawn from the market in November/December which will be combined with new listing inventory coming to light between now and the end of May. My sense is there will also be a large shadow inventory of homes that are not currently listed, but may be available for sale. I am hopeful that both buyers and sellers are thoughtful about pricing as they enter this market. There is a fair market price on any given day for each property we have available for sale. 
 
Interest rates continue to be at very attractive levels and banks have been extending the availability of capital to more borrowers across the credit spectrum. With 30-year fixed rate mortgages at or near 5%, the building blocks are in place for a residential real estate recovery.
 
We continue to believe that Maine real estate is a very interesting alternative asset class when compared to the vagaries of the stock market. In addition to the piece of mind associated with home ownership, Maine offers a lifestyle and natural beauty unsurpassed on the Eastern Seaboard. Please let me know if we can be of service in your pursuit of the perfect Maine property. 

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C O N T E N T S
Greetings from Chris Lynch
Property Search
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Featured Sold Listings
Mortgage Interest Deduction - Proposed Changes
Presenting...The Highland Green Resort Community
IN THE NEWS
Featured Rental Properties
Featured Inn...Newcastle Inn
Destination Spotlight: Cape Elizabeth
From Sotheby's Auction House

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F E A T U R E D    S O L D    L I S T I N G S
 
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M O R T G A G E   I N T E R E S T   D E D U C T I O N
Proposed change in the 2010 Federal Budget
 
I have received many calls and e-mails from our clients in recent weeks regarding the proposed change in the Mortgage Interest Deduction (MID).  President Obama's 2010 budget includes a proposal to limit the tax rate at which high-income taxpayers can take itemized deductions to 28 percent.  This provision is expected to raise $318 billion over 10 years.  To be clear, it does not appear that the Mortgage Interest Deduction will be eliminated as some had feared, but rather to cap the deduction benefit at the 28 percent marginal tax rate.  Needless to say, the real estate industry, as represented by the National Association of Realtors (NAR), is not supportive of this measure.  In a letter to the President, the NAR concludes, "The National Association of REALTORS� believe the MID is the single most important tax provision for our nation and our families. Diminishing or eliminating the MID would hurt all families, the housing market and our national economy. And, at a time when our housing and real estate markets are suffering, we believe it would be irresponsible for the real estate industry and federal policymakers to consider, much less support, any proposal seeking to alter the MID."  Click here to read more from the NAR letter.  I would encourage everyone to call, write, e-mail or text your Senators and Congressmen with your position on this important real estate issue.


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LEGACY PROPERTIES SOTHEBY'S INTERNATIONAL REALTY
is proud to present...
T H E   H I G H L A N D   G R E E N
R E S O R T   C O M M U N I T Y 
 
 One of America's Top Active Adult Communities
 
Legacy Properties Sotheby's International Realty (LPSIR), Maine's leading luxury real estate company, will serve as the exclusive real estate agency for Highland Green Adult Resort Community and Golf Club in Topsham. With over 50 real estate agents in four office locations from Kennebunk to Camden, LPSIR is well-positioned to take advantage of the growing demand for active adult and master-planned communities, according to agency owner Chris Lynch.
 

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"We think this partnership is a real win-win," said Lynch. "Highland Green is a proven, top-notch community and fits in with the Sotheby's brand and our international reputation for offering the most distinctive properties."
 
Highland Green is an award-winning active adult community conveniently located two miles from I-295 in midcoast Maine. The 650-acre resort community features maintenance-free living, a 230-acre nature preserve with Cathance River and seven miles of hiking trails, a classic Scottish-style golf course and Community Center. The homes at Highland Green are custom-designed and abut open space. Highland Green has twice been named one of America's 100 best master-planned communities by Where to Retire Magazine and was recently named one of America's top retirement destinations by AOL�.
 
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Legacy Properties Featured in Mainebiz Magazine and Sunday TV News Program
 
Legacy Properties Sotheby's International Realty and the state of the Maine real estate market were recently detailed in a feature article by Mainebiz magazine. Click here to read the article
. Also, Legacy Properties Sotheby's International Realty's President Chris Lynch recently participated in real estate discussion featured on Mainebiz TV. Click here to view a clip from the program.
 
 
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Chris Lynch Named Member of President's Advisory Council
 
Legacy Properties Sotheby's International Realty's President Chris Lynch has been named to the 2009 Sotheby's International Realty President's Global Advisory Council. The appointment will provide Chris will the opportunity to share best practices and success stories with his colleagues from across the globe and provide direct input to Sotheby's International Realty leadership team.
 
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LEGACY PROPERTIES SOTHEBY'S INTERNATIONAL REALTY
R E N T A L   S E R V I C E S
 
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Whether you're seeking an 8,000 square foot bold oceanfront property with private beach in Cape Elizabeth, or a downtown waterfront condo, vacationers in search of the most breathtaking and desirable accommodations in Maine should consider contacting the Legacy Properties Sotheby's International Realty rental department.

 With a portfolio of approximately 25 properties and access to dozens more, Legacy Properties Sotheby's International Realty provides a high level of personal service in order to make your vacation in Maine an once-in-a-lifetime experience. For more information about rental properties e-mail Troy Wilkins or call 207.770.2242.
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Accommodations in Maine
 
We continue to look for new ways to provide value to our special clients.  We are pleased to announce that Don Johnson (www.MaineInnBroker.com), an Inn and Bed & Breakfast specialist, has joined our team.  Don has been involved in the sale of over 100 accommodation properties in Maine.  Don was asked to select an Inn which would be a special treat for our clients coming to Maine for a visit.  This is a feature we hope to offer each month for your enjoyment.
 
Don's first recommendation is The Newcastle Inn (www.newcastleinn.com) in Newcastle, ME.  Conveniently located in the Mid-Coast region, the Newcastle Inn is close to our offices while only an hour's drive from the Portland Jetport. The Inn is ideally situated to accommodate house hunters.
 
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Before starting your days travels, Julie will provide you with a delightful gourmet breakfast. As you unwind from the day's activities, you may enjoy a cocktail from the Inn's pub while Julie Bolthuis, who recently purchased the inn, helps you decide where to dine from a selection of the areas numerous restaurants. Upon returning to the Inn, you may relax in front of the fireplace in either the pub or your room. Alternatively, you might choose to unwind in your private whirlpool tub. Regardless, Julie is a superb hostess who will make you feel right at home after a busy day touring Maine's beautiful Mid-Coast.
 
Visit the Inn's Website at: www.newcastleinn.com or call Julie directly at 207.563.5685.  Let her know that Don Johnson sent you!

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 D E S T I N A T I O N   S P O T L I G H T:
C A P E   E L I Z A B E T H 
 
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If you're looking for a neighborhood offering soft sandy beaches and spectacular oceanfront views yet only ten minutes from downtown Portland, make sure to put the town of Cape Elizabeth on your short list. Home to the famous Portland Head Light lighthouse and Fort Williams Park, the small town of Cape Elizabeth packs a big punch with terrific recreational, cultural and entertainment opportunities. Hikers and beachgoers should visit Great Pond, Two Lights State Park and Crescent Beach State Park. The Labor Day Art Show, Portland Symphony Orchestra at Fort Williams State Park and Family Fun Day are a few warm weather events. With a reputation for academic and athletic excellence, Cape Elizabeth is a fun day-trip destination, summer home location or an ideal place to call your year-round residence.
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F R O M   S O T H E B Y ' S
A U C T I O N   H O U S E 
 
 
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This month's "From the Auction House" includes a preview of the upcoming Cecil Beaton Retrospective, presented by Chris Beetles Gallery in London in collaboration with Sotheby's. Beaton was an English fashion and portrait photographer and an Academy Award-winning stage and costume designer for films and the theatre.
 
A photographer for the British Vogue in the 1930's, Beaton worked for the Ministry of Information during the war and was assigned to capture images from the home front. His compelling wartime images helped persuade America to assist Britain in their war effort. Later, Beaton became a highly acclaimed set and costume designer for such productions as My Fair Lady.
 
Also featured this month is the collection of Gianni Versace. The famous fashion designer came to prominence with his ready-to-wear collection for women in 1978. His glamorous creations often used innovative materials and cutting-edge techniques. His personal collection includes paintings, furniture and works of art which can be previewed by clicking here.  
 
Also included in our Auction House is a preview of the Auctions in Doha gallery.
Click here for an audio introduction by William F. Reprecht, President & CEO. 

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