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Season's Greetings,

The period between Thanksgiving and New Year's  Day is traditionally a very quiet period for Maine Real Estate sales as many homeowners and prospective buyers are busily working away at their holiday "To-do" lists. Although this year is no exception, we continue to see considerable activity in the oceanfront home and middle -market segments ($300,000 - $750,000). Both of these market segments have under performed relative to the frenetic pace of entry level properties. The extension of the "First Time" homebuyer credit through the spring has reduced the sense of urgency evident in September and October for entry level homes and condos. For example, eighty percent (80%) of Maine single family homes sold in November were below $250,000 while ninety percent (90%) of unit sales were below $350,000. We expect this activity to moderate in a the near term followed by another incentive driven mini-frenzy as stimulus program nears expiration in April.

 

The luxury oceanfront segment of the market continues to improve with more prospective buyers capitalizing on lower prices for some of the most spectacular locations on the eastern seaboard. There are several "one of a kind" properties which have sold recently at seemingly very attractive prices. The luxury property market tends to be primarily driven by value and lifestyle considerations unique to the coast of Maine. Once again, as the luxury property leader in Maine, Legacy Properties Sotheby's International Realty has been involved in market leading sales for 2009  (look for the summary in the January Newsletter) in 18 different towns this year.

 

Although the middle-market segment has lagged in the rebound, unit volume is up materially from November last year (see Chart below). We believe the creation of the "Repeat" homebuyer tax credit should provide more stimulus toward this very important market segment. As a reminder, this $6,500 ($3,250 single) tax credit should be available to you if you(r):

 

Have lived in your current home for 5 consecutive years of the last 8 years;

Income is less than $225,000 (joint), $125,000 (single);

Purchase a home as your primary residence for less than $800,000;

New property purchase is in Escrow prior to April 30, 2010 and closes by July 1, 2010.

 

As with any tax related plan, please consult your tax advisor to ensure you will qualify for the $6,500 credit. This "Repeat" homebuyer credit is still one of the best kept secrets of the economic stimulus program despite its availability to so many eligible prospective home buyers.

 

On national and international level, the market activity and economic indicators seem to be fairly consistent with the Maine experience in terms of direction. However, it is safe to say that the magnitudes are very different. Maine Real Estate, despite suffering both price and volume declines, has not suffered from the massive over-development and hyper-inflated pricing bubble that plagues parts of the nation. Our highs were not as high as many east coast markets, but the relatively soft landing experienced in the first half of 2009 gives us confidence for continued improvement in pricing and sales volume.


The national Pending Home Sale index has increased for the ninth consecutive month setting a new record since its inception in 2001.  The US dollar is a bit stronger, Oil prices are a bit lower, the DOW has held solid above 10,000 in recent weeks and mortgage interest rates are extraordinarily attractive. The macro environment for stable to improving real estate market conditions is quite encouraging for 2010. All the evidence suggests that the very worst of the residential real estate woes may be behind us. There are always worries on the horizon that give us reason for pause, but let's enjoy the benefits of renewed buyer confidence while it lasts.

 

Best for a Happy and Healthy Holiday!

chrislynchsignature

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STORNOWAY DRIVE

Cumberland Foreside

 

Stornoway Drive takes vacationing on the coast of Maine to another level.  This Spectacular 8,500 square foot estate has 650 feet of dramatic water frontage, an impressive deep water dock with large float, multiple decks and a large patio with sweeping views of Casco Bay. The property exudes a warm and sophisticated ambience with all the amenities you may need for a wonderful relaxing, or busy vacation.

 

 Bedrooms: 7 Bathrooms: 9.5

Sleeps:12

Waterfront

 

Rates: $14,000 per week

 
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SUMMER STREET
 
Kennebunk
 
This classic Maine home is located in picturesque Kennebunk, Maine. Offering over 7,000 square feet of luxurious living space, your stay is certain to be enjoyable and relaxing. This estate has a sprawling back lawn and in-ground pool perfect for fun outside activities and entertainment. 

Bedrooms:7

Bathrooms:5.5

Sleeps: 8

Rates: $6000 per week

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Single Family Home Sales
Middle-Market Sector
($300,000 - $750,000)
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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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F I N D I N G   T H E   W O W   F A C T O R

Making the Connection that Makes the Sale

Call it the X factor - that certain something that makes a distinctive home stand out in a neighborhood full of distinctive homes. It can be as discernible as a luxury amenity or as subtle as a muted design element, yet it has the power to elevate a real estate transaction from a business opportunity to an emotional attachment.

In today's market, the component that says "choose me" can make all the difference, says David Boehmig of Atlanta Fine Homes Sotheby's International Realty in Georgia. "In past years, there were just a handful of homes matching a buyer's specifications. Today there can be dozens. Anything sellers can do to differentiate themselves helps their home create a lasting memory in the mind of the potential buyer."

In some cases, that differentiator can be a frill a homebuyer wouldn't think to put on his or her wish list. "A gas lantern outside the front door, for instance, is a little touch that makes the home feel inviting," Boehmig says.

Selling "A Dream"

Stephanie Brown, a self-described "serial remodeler" who lectures and teaches on design and preservation, had been house hunting in Portland, Ore., for months in search of a vintage bungalow-style home. A five-bedroom residence came on the market that fit the bill, but Brown says her "heart sank" when she and her husband, Julio, went for a look. "As I stepped out of the car, I counted 20 steps from the sidewalk to the front door and wondered how I'd ever manage to carry my one-year-old and an armload of groceries up all of those stairs," she recalls. Practicality ruled the moment. "I told my husband we should just forget about the house and go home. With all those steps, the house simply wasn't a good fit for us." But when Brown turned to open her car door she spotted stained box-beam ceilings through the living room window. "I gasped and said to my husband, 'We're going to buy this house.'" The very next day, they did.

"We took the plunge based solely on the amazing woodwork. Nothing needed to be undone. The woodwork was intact and not painted over. That's rare for Portland bungalows," she says. For the Browns' part, they figured they could always renovate the kitchen and bathrooms, but "you can't get that original woodwork, hardware, glass and built-ins. New just doesn't have the patina of time," she says. Despite the Browns' new home needing major work, it just took those box-beam ceilings for them to imagine living in that home.

From the perspective of an individual readying a home for the market, it's not always easy to recognize what features to showcase, especially if the owner has lived at the address for a long period of time. Interior designer Robin Siegerman, of Sieguzi Interior Designs in Toronto, Canada, is often asked by sellers to give an impartial opinion. "It's hard to look at your own house and see it with objective eyes," she says. Siegerman will typically go through a home in detail and determine what needs to be redone or undone and what features need to be accentuated. "The act of trying to sell a house is about selling a dream, the dream of the person walking in and seeing how their life can be if they lived in that house."

Standing Out

For certain buyers, it's about high impact. Siegerman recalls a client who told her, "I want people to be impressed when they walk in the door." An indoor waterfall or a tropical fish tank embedded in a wall can be the kind of signature statement that tells visitors the homeowner "has arrived at a certain place," she says. But Siegerman advises homeowners to make changes only to improve their own quality of life.

The rarity of a certain feature can be a distinguishing factor in today's market. In new home construction, for instance, open concepts are popular - and common. However, it's unusual to find open floor plans in older gems. And remodeled floorplans done well are rarer still. That's why Anne Spry of Waterfield Sotheby's International Realty in Winchester, Mass., says, "The wow factor here is a good transition" - using columns, half walls, step downs to family rooms or full walls with artful openings - "from the kitchen to where life happens." Her territory, a suburb of Boston, is a quintessential New England neighborhood of colonials, Victorians and mansards. The homes that sell are a "tasteful integration of old world and new world."

Then there are the regional variances. In warm weather climates, Versailles-caliber gardens and gorgeous pools with cabanas are the gotcha amenities. Venture north and something as utilitarian as a mudroom can seal the deal - but, of course, not just any mudroom. "I've really seen mudrooms the full size of a room with beautiful new cabinetry designed to look old and fit in with the home," Spry says. "That's one of the things people love to have."

There is one factor, however, no seller can plan, anticipate or recreate, and that's a home that triggers a sense of nostalgia in the house-hunter. It may remind the buyer of the place he or she grew up or grandma's house - "any home the person absolutely loved," Spry says. And when that connection happens, it's serendipity.

 
 
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Worldwide 2009 Wine Sales at Sotheby's on Course To Exceed $40 million

With only one sale to go this year, Sotheby's Wine Department is set to exceed sales of more than $40 million of wine for 2009. It will be the wine department's fourth highest total ever, driven by strong demand from Asia. This year, 60% of the wines sold by value went to Asian buyers. Live online bidding was also introduced in June, making worldwide participation that much easier.

Sales in New York concluded two weeks ago with the Bodegas Vega Sicilia auction that totaled $2.2 million and included the highest price for a single wine lot this year, the $102,850 paid, for the David Alvarez Vega Sicilia vertical by a South American collector bidding live online. The Vega Sicilia sale comes at the end of an extraordinary year for wine sales at Sotheby's which has seen the introduction of live online bidding, the start of regular sales in Hong Kong and first three parts of The Classic Cellar from a Great American Collector, one of the greatest wine collection that Sotheby's has ever sold.

Commenting on Sotheby's wine sales in 2009 Jamie Ritchie, Head of Sotheby's Wine North America, said: "This year will be remembered as the one in which Asian collectors overtook the US in the purchase of fine wine at auction. The demand for top vintages from the very best Châteaux has been so consistently strong this year that all our sales have achieved totals above their top estimates. The highlights have clearly been the two major private cellars from the US that have been so well received by collectors in Hong Kong and China. In 2010 we will continue to focus on offering wines from established North American private collections in the very best condition and with unquestionable provenance and selling them in our New York and Hong Kong salerooms."

Asian Demand Drives up Sale Totals

As can be seen in the following chart Asian collectors have become the main buyers at Sotheby's wine sales worldwide.

In Hong Kong all three wine sales soared well over their high estimates and were effectively 100% sold; an exceptionally rare auction achievement. Buyers in these sales were predominantly Asian, with roughly 40% coming from Hong Kong and a similar proportion from China, around 10% were from Taiwan with other countries in both Asia and elsewhere making up the remaining 10%. Interestingly less that 1% of the wine sold was bought by US collectors.

The five New York sales in this year achieved totals over the high estimate. In addition to buying wine in Hong Kong Asian collectors have been active in these New York sales as well. In 2009, 32% of wine sold at Sotheby's New York was bought by Asian collectors, up from 4% just four years ago.

All of the London auctions have surpassed the pre-sale expectations with 37% of buyers from Asia and 60% from Europe.

Live Online Bidding

This year also saw the introduction of regular live online bidding meaning that collectors can participate over the internet with a live audio and video feed. The response has been enormously positive. Indeed, the highest price for a single wine lot this year, the $102,850 paid for the David Alvarez Vega Sicilia vertical, was purchased by a live online bidder.

Talking about live online bidding Jamie Ritchie said: "Live online bidding is an innovation that has been very well received and many collectors have taken advantage of participating in our auctions from their homes, offices or hotel rooms. Our ability to take the salesroom to the client in this way has opened up bidding to many more people and added an extra element to our auctions. To sell our top lot of the year to someone bidding live online shows the potential of this exciting new way for collectors to take part in our sales."

To Learn more about Sotheby's wine sales or to register to bid online please visit www.sothebys.com/wine

 
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Where did this year go? It seems the older I get, the faster the clock runs. As I reflect on this, I realize that there is no time like the present to get things done. Before we know it, the crocus will be popping up and the spring market will be upon us.

 

If you are contemplating selling your home in the spring then this is a wonderful time to catch up on that "Honey-do" list that has been on the fridge since last spring. The old saying "you don't get a second chance to make a good first impression" is so very true when it comes to showing homes. People will notice the chipped paint, the tattered carpet and clutter the in the basement. If we are lucky they will mention it and we can respond. If they don't say anything they just eliminate the home and move on. Staging and first impressions are extremely important in this market and we want to make sure we put our best foot forward from day one.

 

There are several professional stagers available in our area and they can be worth their weight in gold. Not all homes need them or warrant them, but for those that do, it will make a dramatic difference in how the home is presented and perceived by potential buyers. I would recommend you talk to your broker as to the sensibility of hiring a stager

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It is hard not to reflect on the past year without acknowledging that it has been a tough one for many of us. But as I discussed in my Thanksgiving letter, we have much to be thankful for and I am confident we are headed for better times.

 

Please have a wonderful holiday, be safe and enjoy the things that are most precious to us all, our family and friends.

 
 

By Bob Stevens

 

Designated Broker/Partner

 

Legacy Properties Sotheby's International Realty

 
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D E S T I N A T I O N    S P O T L I G H T:  B R I S T O L

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Bristol is located on the scenic Pemaquid Peninsula, approximately 60 miles north of Portland, and is made up of five charming villages: Bristol Mills, Round Pond, Chamberlain, New Harbor and Pemaquid. All five villages have a fabulous collection of traditional Maine Oceanfront cottages.

Rich in natural beauty and history, you can spend a day- or several-exploring Bristol's many sites and activities. A sample itinerary might include the spectacular scenery at Pemaquid Point Lighthouse, the archaeological sites at Colonial Pemaquid and Fort William Henry, a refreshing swim in the Atlantic at Pemaquid Beach, and finally, rewarding yourself with the freshest lobster you'll find anywhere, but our favorite which is proclaimed to be the oldest continually operating fisherman's co-operative in the Country is the Pemaquid Fisherman's co-op.

The Bristol region is uncrowded and perfect for walking, biking, kayaking and peaceful enjoyment.  There are many fabulous Inn accommodation in the area from which to choose.We can recommend The Bradley Inn and Hotel Pemaquid.Both accommodations are a short walk to the world famous lighthouse.

 
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A C C O M M O D A T I O N S   I N   M A I N E 
 

Beginning in March of 2009, Don Johnson, Senior Vice President of our Maine Inn Brokerage division has helped to provide a service to our clients who travel to Maine from many varied areas of the globe. Monthly, Don has recommended Inns and small hotels from York to Camden.

 

The recommended properties offer a special form of hospitality, the kind of hospitable atmosphere that we feel will prove an enrichment to our client's visit to Maine.

 

Carefully selected, each lodging facility has it's own particular brand of charm, the kind of intimate appeal which Maine accommodations are known to provide.

 

The following list contains a re-cap of the Inns and small hotels we have chosen to recommend to our valued clients.

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Y O R K
 
The York Harbor Inn
not only provides a beautiful place to stay, it also contains a fine dining restaurant which over looks the water and a cozy pub. All of this is just a short walk to the quaint town of York Village.

 

Visit the website: www.yorkharborinn.com, call 1.800.343.3869 or email: info@yorkharborinn.com

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K E N N E B U N K P O R T

 

The Captain Lord Mansion has been known for over 30 years as one of Maine's premier Bed and Breakfast Inns. Owners/Innkeepers Rick Litchfield and Bev Davis seem to have coined the word "luxury accommodations."

 

Website: www.captainlordmansion.com, call 1800 522 3141 or email: innkeeper@captainlord.com

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K E N N E B U N K P O R T

 

The Nonantum Resort in Kennebunkport has been welcoming guests since 1883. This small resort hotel has the highest quality of service and Victorian charm mingled with contemporary amenities.

 

Website: www.nonantumresort.com or call directly: 1.800.552.5651.

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C A P E   E L I Z A B E T H

 

Inn by the Sea is truly what the name suggests. The Inns 57 rooms and cottages overlook a mile of unspoiled beach. Just minutes from Portland, the Inn also contains the beautiful "Sea Glass" ocean view restaurant and lounge.

 

Website: www.innbythesea.com

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F R E E P O R T

 

The Brewster House B&B is just minutes north of Portland. Small, intimate and hospitable, is the hallmark of Innkeepers Scott and Ruth Thomas cozy Inn. Freeport is also home to one of the worlds best-known retail stores, LL Bean.

 

Website: www.brewsterhouse.com or call 1.800.865.0822.

 

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M I D - C O A S T

 

The Newcastle Inn is conveniently located in the Mid-Coast region. The Inn overlooks the Damariscotta River and offers water views from many of the guest rooms, breakfast dining room, small pub and deck. Owner/Innkeeper Julie Bolthuis will happily provide you with directions to the many sites the area affords.

 

Website: www.newcastleinn.com or call directly: 207.563.5685.

 

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C A M D E N

 

The three recommended Camden Inns are each diverse in their style and look, however all three have one very important trait in common - hospitality. The Inns at Blackberry Commons afford all the comforts you have come to expect from Maine's small Inns. Just a short walk from the heart of Camden, the Inn is a cozy respite from your busy day.

 

Websites: www.innsatblackberrycommon.com - call 207.236.6060

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The Maine Stay Bed and Breakfast Inn on the opposite side of town also provides intimate accommodations to the discerning traveler. A warm welcome awaits the weary house hunter. In the middle of town is the Hartstone Inn. All of the attributes we have mentioned apply to this Inn, in conjunction with one exceptional feature - a superior level of intimate dinning.

 

Websites: www.camdenmainestay.com - 207.236.9636 | www.hartstoneinn.com

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C A M D E N

 
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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
decartpaperstiffany artasian art
TIFFANY AUCTION - The Important Tiffany auction in December features a top-caliber range of objects representing the diverse disciplines of Tiffany Studios. Included is a superb group of leaded glass lamps from important private collections, as well as exceptional examples of favrile glass and metalwork. Other highlights include an important and rare "Pebble" window, and a unique collection of photographs showing Louis Comfort Tiffany and his famous home, Laurelton Hall.

ENGLISH LITERATURE, HISTORY, CHILDREN'S BOOKS & ILLUSTRATIONS -
  This sale includes exceptional material by many of the greatest writers in English from the sixteenth to the twentieth century, as well as such historical documents as letters by Nelson and related items. Highlights include a Second Folio of Shakespeare, a highly distinguished Milton collection with first editions of the major poems including Paradise Lost as well as significant later editions, and typescripts from Joyce's Finnegans Wake.  Children's and Illustrated highlights include an exquisite series of watercolours by Beatrix Potter and the only two drawings by E.H. Shepard of Pooh Bear's Heffalumps.

ASIAN ART AUCTION-
 
The leading highlight of the sale is a blue and white porcelain flask from a French private collection, dating of the Yongle reign (1403-1424) during the Ming dynasty. The Qing Dynasty ceramics section includes a famille rose porcelain vase decorated with auspicious emblems on a light blue ground, Qianlong mark and period, from the same reign a fine pair of coral ground reserve-decorated "lotus" bowls, as well as a rare doucai hat stand coming from the collection of Emile Guimet (1836-1919), the founder of the eponymous museum of Asian arts in Paris. The Chinese ceramic export section features a large pair of double phoenix famille rose 'Soldier' vases.

  In addition, a collection of carved lacquers will be offered, including a red guri lacquer dish of the Yuan Dynasty, 14th century. The art of the Buddha features an exceptional gilt bronze Bhaishajyaguru, finely cast in the Yuan or early Ming dynasty during the 14th century, with a Yongle mark. In the south east Asian art section, an imperial presentation ivory inkstone and stand, Annam, dated 1845, and a pair of imperial gold foil pages with inscribed calligraphy of the Le Dynasty in the 17th century. The sale ends with the arts of Japan, featuring a private collection of Ukiyo-e among them a rare aizuri-e edition of the red Fuji, Gaifu Kaisei, by Katsushika Hokusai (1760-1849), and a collection of screens and scroll paintings from a French private collector living in Kyoto.
 
 
Please click the images above to see more details about each auction.
 
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 P O W N A L ,   M A I N E

For more information on this property please contact:

 Sandy Doughty (207.770.2232) or Karen Wright (207.770.2230)
 
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Covering the first 1,000 miles of Maine Coastline... 

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