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Dear Friends,
 
What a difference month makes! Since publishing our last e-news letter in early March, we have seen the second largest monthly stock market gain in history as the Dow Jones average leapt from below 7,000 to over 8,000 at the highpoint in March. There is little doubt that real estate buyers and sellers are looking to the stock market movements as a reflection of confidence in the financial system. As such, there has been a measurable resurgence in real estate activity in recent weeks. To date, it has yielded improved liquidity and sales in lower priced properties, condos and distressed sales. Given the renewed activity and interest in properties at all price points, we expect the spring market to improve in terms of number of sales for higher value properties.
 
We suspect prices will stabilize or possibly move marginally lower as the weak supply/demand underpinning is in the early stages of recovery. It is hard to imagine a scenario which would cause another precipitous drop in Maine real estate prices such as the one we witnessed in October/November 2008.
 
Interest rates are currently stable at very attractive yields for both purchase and refinancing transactions however, prospectively we are a bit concerned. We have seen the 10-year Treasury yields rise since early December to nearly 3% from a low of nearly 2%. During that same period we have seen a burst of mortgage refinancing that we believe will lead to more liquidity and stronger personal balance sheets. Conforming mortgages are available at or near 5% for top credit borrowers while jumbo's are in the 5.75% to 6% range. The liquidity and availability of mortgage money has improved in recent months and we expect that to further improve. It is a very attractive time to borrow mortgage money!
 
At Legacy Properties Sotheby's International Realty, we continue to innovate and grow our channels of distribution for our beautiful portfolio of listed properties. In the past month we have expanded our content and presence in the "social networking" sphere. This is a hot new area that will grow in importance through sites such as Facebook, Twitter and Youtube. Once considered a platform for teenagers and college students, "social networking" has exploded with more than 200 million active users on Facebook alone. Please consider joining our new groups on one or all of these sites.

 
Our four offices are all experiencing a surge in listing volume. In the past couple of months, we have seen our dollar volume of current listings grow by more than 50% to $182 million. This is an exceptional vote of confidence by our clients and prospects. That is an average increase of about $1 million dollars per day since February for all property types. With respect to residential properties, we currently represent 10% (111 of 1162) of all homes over $500,000 in our expansive market territory (York, Cumberland, Sagadahoc, Lincoln and Knox Counties) and nearly 20% (13 of 76) of homes listed over $2 million. Despite the significant increase, we expect continued high quality new listings to be entering the market as we progress deeper into spring.
 
We have added to the content of our newsletter each month in order to provide you with more market insight, activities, a taste of the Maine lifestyle and an update from Sotheby's Auction House. Each of the featured sections are linked to more information on the topic; simply click on the related photo to explore Maine real estate and lifestyle.

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C O N T E N T S
Greetings from Chris Lynch
Property Search
Current Company Profile
View RESIDE Magazine
Featured Current Listings
Sotheby's Partners with Wall Street Journal
IN THE NEWS
Feautured Inn . . . . . Brewster House B & B
The Importance of a Buyer Broker
Destination Spotlight: Rockport
From the Sotheby's Auction House
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F E A T U R E D   C U R R E N T   L I S T I N G S
 
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are proud to present... 
 
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www.wsj.com/sothebysrealty
 

Sotheby's International Realty and The Wall Street Journal will co-host The Business of Extraordinary Living on the publication's Web site, www.wsj.com, designed to provide insights into the real estate market from the brand's worldwide network.

In a section entitled "The Address," the Business of Extraordinary Living will provide information about the properties represented by the Sotheby's International Realty network. The Web site's "Insights" section will feature data, statistics and other relevant market information. The "Living" section will focus on lifestyle trends including home styles, living, architecture and art. "The Brand" section will give an overview of the Sotheby's International Realty network, its history and relationship with the Sotheby's Auction House.

There are more than 40 million visitors to wsj.com each month and The Wall Street Journal has seen international traffic to their digital network increase by more than 89 percent over the last 12 months.

"This is an exciting tool for real estate consumers in our market and buyers around the world who want to buy Maine real estate," said Chris Lynch, owner and president of Legacy Properties Sotheby's International Realty. "Many of our clients are looking to build their wealth through long-term investments in property and we're proud of offer this as another tool to help them achieve their goals."

 
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L E G A C Y   P R O P E R I T E S   S O T H E B Y ' S   I N T E R N A T I O N A L   R E A L T Y 
I N   T H E   N E W S
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C hris Lynch, owner and president of Legacy Properties Sotheby's International Realty, is profiled in the most recent issue of Collections, published by Sotheby's International Realty.  Read on to learn how Chris made the successful transition from a Wall Street investment banker to a leader in Maine's luxury real estate market.
 
 

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Accommodations in Maine 
  
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In the March E-News, we began a new service for our clients. Don Johnson of our Maine Inn Brokerage division was asked to recommend a Maine Inn that would meet our clients travel needs.
 
This month's recommendation is the Brewster House B&B in Freeport, Maine. The Brewster House offers a unique setting for both the traveler familiar with Maine and the traveler new to Maine and looking for a Maine "experience." Situated within a half hour from both our Portland and Brunswick offices, the Brewster House allows our clients (when not house hunting) to take advantage of being within walking distance to LL Bean - a Maine shopping tradition. In addition, with its location just outside of Portland, guests have the ability to relax in a small town atmosphere, while being close to the many restaurants and entertainment sources in Portland.
 
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Scott and Ruth Thomas, the owners of the Brewster House B&B will be on-hand to do everything they can to make your stay enjoyable. As your time permits, they will be happy to direct you to the many sites of coastal Maine, which are within a short radius of the Inn.
 
Visit the Inn's Website at: www.brewsterhouse.com or call Scott and Ruth directly at 800-865-0822. Let them know that Don Johnson sent you!
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The advantage of representation through a "Buyer Broker" agreement cannot be overstated. First, we need to understand the different relationships that are available to you as a potential buyer. These relationships are fully explained in Form #3, which should be presented to you on the first substantive communication you have with an agent. The most important part of this discussion is understanding the basic differences between being a "customer" and being a "client."  As a customer you should not expect the broker or agent to promote your best interest or to keep information you give to them confidential, including your bargaining position. As a client, the agent will put the buyer's interest first and negotiate for the best price and terms and maintain the confidentiality of specific client information, including bargaining strategy.
 
The client arrangement is not a concept to get buyers to tie themselves to a certain broker. It is a set of rules and regulations to protect buyer's interests and promote a better understanding of what you can expect in the customer/client relationships. These rules and regulations were crafted by the Maine Real Estate Commission and are the basis of how we are to conduct ourselves as agents.
Now that we understand the client relationship we can start to understand the power of a "buyer broker". This buyer broker is able to you to be your confidant, your expert and your investigator. He or she will search the market on your behalf and protect your interests to the best of their abilities.
           
Choosing a broker is just as important as understanding the relationship. You should interview the person as you would a potential babysitter for your children. Check them out. Ask for references. There should be a level of trust and you should be comfortable that they have your interest foremost in their mind and are not swayed by broker incentives that lure agents to sell one home versus another. Your agent needs to understand the concept of putting the buyer's needs, wants and desires ahead of any potential self interest. The broker that practices this concept will be much more successful than a broker who does not understand and puts his/her own needs ahead of his client. These people have no place in our business. This is why it is necessary to choose your agent carefully.
           
Once you have chosen an agent and established a broker/client relationship you have formed a powerful union that can take advantage of local knowledge, market trends and negotiating strategies. There is no question that we are currently in a buyers market and this "Buyer Broker" relationship is more important than ever.

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H
ugging the coast and situated between Rockland and Camden is the cozy harbor village of Rockport. A former Mecca for shipbuilding, ice harvesting and lime manufacturing, today Rockport is known as a community of artist and popular tourist attraction. Rockport Harbor offers expansive views of Penobscot Bay and is the home to a number of historic Maine Windjammers.
 
Rockport is also home to the recently restored Samoset Resort Hotel, offering deluxe accommodations, fine dining and championship golf. Another popular attraction is the Rockport Opera House. Overlooking Rockport Harbor, the iconic Opera House has maintained its 19th Century charm and boasts outstanding acoustics, hand-painted stenciling and a curved balcony offering exceptional vantage point of the stage.

One of Rockport's most famous residents was Andre the Seal. Adopted by the Goodridge family, Andre entertained guests in Rockport Harbor and was memorialized in a book A Seal Called Andre. The 1994 film Andre was adapted from the book and statue beside the harbor pays tribute to Andre today.

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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" features three upcoming events including 19th Century European Paintings, Russian Art and 19th Century Furniture, Sculpture, Ceramics, Silver and Works of Art. Sotheby's 19th Century European Paintings sales offers a diverse range of schools, movements and styles from one of the richest and most varied centuries in art history. The upcoming auction on April 22nd will include such works as Martinus Schouman's "Shipping in Choppy Waters."
 
Also highlighted this month is the April 22nd event held in New York entitled Russian Art. Sotheby's international Russian department has achieved extraordinary auction results over the past five years, maintaining over $180 million in global sales total during each of the past two years. The upcoming auction includes such pieces as Ivan Pavlovich Pokhitonov's "The Hunter." Pokhitonov was revered by his contemporaries and artists Aleskei Bogoliubov, Vasily Polenov and Ilya Repin once dubbed him the "wizard," for they all fell under his spell.
 
The final feature this month is 19th Century Furniture, Sculpture, Ceramics, Silver & Works of Art being held on April 20th, also in New York. One of the many fine pieces feature in this collection is a pair of Austrian silver seven-light figural candelabra by Vincenz Czokally.

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