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PROLOGUE - - Thank you for your support in 2010! Our mutual collaboration led to successful real estate transactions for many of our clients.You were also instrumental in growing our market share and increasing our presence. Legacy Properties Sotheby's International Realty is proud to report that we are the #1 Luxury Property Company in Maine for the second consecutive year. We extended our lead quite significantly over our traditional competitors in the Luxury Property segment. Our newsletter is unusually long this month. There were so many exciting things to share. You do not want to miss some of the recent significant sales included. I would encourage you to review the newsletter in its entirety. If appropriate feel free to share it on facebook, retweet a property, or forward it on to a friend. We so appreciate your confidence and wish you the best for 2011.
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Dear Friends,
What happens to Maine real estate when news of global turmoil abounds? With the tragedy in Japan filling the hearts and minds of so many, one would think that world progress would pause. The social and economic implications are likely to be felt for many years to come. We cannot forget that the unrest in the Middle East and Northern Africa has now spread to Bahrain as the conflict intensifies in Libya. While I know that many Mainers share in the grief felt abroad, Maine seems to keep rolling along. And the Maine real estate market is rolling along as well. Maybe it is the slower lifestyle and more manageable pace, a seemingly deep keel, and Yankee mentality that helps Maine weather most storms, literally and figuratively.
Maine has never been known as a volatile real estate market. It does not appear to enjoy the "super heated" highs of the larger population centers, nor will it collapse during an economic slowdown. Quite simply, Maine real estate, as a whole, has been steadily recovering from the depths of a very significant decline in value (20 -25%) and sales volume experienced in the first quarter of 2009. According to Maine Multiple Listing data, the median single family home sale price is only $500 higher in February of 2011 than it was in February of 2009. However, more encouraging signs exist in the Sold volume (+11%) and "Under Contract" (+18%) data during that same period. It is important to look back over a longer horizon to neutralize the impact of the "First Time Home Buyer" tax credit on the data. A one year review will show that Sold volume (-3%) and "Under Contract" (-13%) appear weak compared to the artificially inflated US government incentive plans. We will begin to see the reversal of this negative trend in May or June of this year.
To move beyond the impact of tax incentives, we can look at the Middle/Upper Middle Markets in Maine. If we consider properties sold between $500,000 and $1 million, we see a very strong recovery picture. Home Sales volume (+118%) has more than doubled from February of 2009 while showing a 71% increase versus February 2010. The middle market in Maine, which was under the most pressure at the cyclical lows of the real estate cycle, is now leading with large improvements from historically weak comparable sales.
The luxury property market ($1 million +) continues to show improvement as well in both unit Sales volume and "Under Contract" properties. We have experienced a relatively robust period for high value sales in recent months. Maine is typically a seasonal market with spring and fall buying seasons, a summer vacation season and a significant off season running from mid-November to mid-January. This year, we experienced a very strong winter market with existing buyers committing to purchase along with new buyers coming into the market. It seems buyers were watching interest rates more closely than otherwise believed. When mortgage rates increased significantly (albeit from very low levels) in early December, we participated in strong buying and selling activity right through the holidays. There is a chart below which highlights a few of our significant sales during the past 3 months.
All told, we are optimistic for the spring seasonal market. Buyer inquiry has been strong, showing volume robust, and closing activity steady to improving. There are three critical components related to selling a home in this market: a strong agent, a great home and the correct market price. There is no question that proper pricing is leading to successful property sales, but we are also seeing the benefits of our global sales and marketing effort in bringing new buyers to Maine. We expect to see listing inventory begin to steadily grow for the next several months as the spring market coincides with improved consumer confidence, more available capital, and expectations for a better geo-political environment. We look forward to helping you with your real estate goals in 2011.
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It is with great sadness that we report the passing of our dear friend and colleague, Don Johnson. Don joined Legacy Properties Sotheby's International Realty two years ago. He brought with him a warm friendly demeanor, a strong work ethic and a passion for the real estate business. His extensive experience as an Innkeeper and Inn/B&B sales specialist propelled him to a market leadership role in Maine. His many friends in the industry regularly looked to him for his advice and guidance.
In short order, Don created a four person team with a focus on Inn/B&B properties in Maine. His energy and expertise helped Legacy Properties Sotheby's International Realty to quickly develop a leadership position with many beautiful Maine Inn properties listed for sale.
Don has left us far too soon and we will dearly miss him.
Rick Griffin, Ed Mitchell and Lois Lengyel
The Maine Inn Brokerage Team
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We are very excited to announce the launch of our new Property Search capabilities through our website LegacySIR.com . Property Search functionality is critical to any real estate website. The search page on our website is the most visited page after our homepage. Our goal is to improve the ease of use, availability, flexibility, and search result relevance.
In pursuit of our goals, we have added an "Instant Search" feature which provides immediate access to any property currently for sale in the entire Maine MLS. This powerful tool is designed for a user who knows a specific home of interest and wants immediate results. It allows our clients to enter all or part of any address (Street #, Street Name, and/or Town Name) to deliver a drop down list of all homes for sale with the specified details. The "Instant Search" is ideal for use on your computer, Ipad, Iphone or Blackberry. It is particularly useful should you be on the go. When you are driving by a home, you can go to LegacySIR.com (please bookmark) and look for the "Instant Search" banner. Simply enter the street number and street name. Select the property from the dropdown menu to immediately get all of the detailed home information. We have included an MLS # feature as well to help you quickly cross reference detailed home information when all you have is the MLS #. The MLS# search will be handy when seeking more information from a print advertisement or unaffiliated website. Just to be certain you can find it easily, we have located it in the top left hand corner of each and every page on our website, including our home page.
In addition, we have created a more traditional "Quick Search" function to generate multiple results from a basic property inquiry. The search fields of our "Quick Search" will be familiar to our clients who may enter town name, zip code, price range and other basic information. We have also added a useful twist. Our "Quick Search" function allows a user to screen results by property amenities including waterfront, water view, dock, beach, and condo as well as other special Maine amenities. This is a feature that is not typically found in a "Quick Search" environment, but it is particularly relevant to our many clients searching for that special Maine home for sale.
I would encourage all of you to visit our website (LegacySIR.com) and give our "Instant Search" and "Quick Search" enhancements a test drive. We are confident that you will find the quick, easy access to detailed property information a significant improvement to your current search capabilities. We are hopeful that you will bookmark our site and make Legacy Properties Sotheby's International Realty the choice for all your Maine Real Estate needs.
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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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Long Ledge Estate located on the private island of Islesboro, Maine. This Colonial Revival sits on 2.5 acre private acres and was built in the 1920's. Sitting back only 10 feet from the water's edge this property faces west overlooking Gilkey's Harbor and offers beautiful sunsets over the town of Camden. The outside offers manicured grounds, vibrant colors gardens, statues, a water fountain and a variety of outdoor seating, not to mention the deep water frontage, dock and mooring. The interior offers vaulted ceilings, archway doorways, a variety of mixed era arts, painting, antiques, mesmerizing family heirlooms passed down from generations can be found in every room. Hand painted Chinese wallpaper, photos of ancestors, fireplaces, 7 bedrooms, 6 bathrooms (2 on the first floor and 4 on the second) dining room, large sitting room with fireplace, great room with fireplace, foyer with fireplace, kitchen, prep kitchen, laundry room and two separate sets of stairs to the second floor.
Upon entering you can feel the strong history passed down through generations from the largest piece of furniture to the smallest of paintings on the walls. Any where you look you will find a conversation piece.
The covered patio offers 5 individual sitting areas that comfortably seat 20+ people and offer a spectacular setting where you can clear your mind or just sit back and be prepared to be inspired by the surrounding beauty. The natural landscapes are a piece of artwork all on their own.
August 2011 is the only month available.
Price- 40k for the month or 12k per week(minimum two week stay)
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Whether as a guest on holiday or a buyer in search of a unique property, the White House Inn in Belfast will appeal to you as a connoisseur of fine living. Designed by renowned architect Calvin Ryder and built in 1840 by John Patterson White, a former Mayor and favorite son of Belfast, it is a strikingly handsome and beautifully detailed house. Its listing in the National Register of Historic Places was awarded in 1973 based on its contribution as one of the finest examples of the Greek Revival style in Maine.
A notable architectural treasure of historic proportions, this rare offering satisfies all the prerequisites of superior style and uniqueness. Exquisitely restored and maintained, it is equally comfortable as a high-end boutique Bed and Breakfast or as an elegant in-town home. Within sight of the waterfront, this property is designed for the buyer seeking an elegant residence or an exceptional B&B with unlimited business potential as a six-room/six private bath inn also licensed for a 14-seat restaurant.
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SIX GUESTS CHAMBERS/PRIVATE BATHS - LICENSED FOR A 14 SEAT RESTAURANT
AT THE CENTER OF COASTAL MAINE - STUNNING SEPARATE OWNERS QUARTERS
IN-TOWN, GARDENS & WATER VIEWS
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Interiors are handsomely furnished in period style, and the spacious owner's quarters offer privacy and panache all their own. Upon entering the Inn, guests are immediately struck by the pristine preservation of architectural details and the comfortable elegance of the period furnishings. The feeling of luxury and quiet comfort pervades the public rooms. Guests may sit for tea or a chat in the parlor and music room. Or, they can nestle in a chair by the fire with a book in the library.
Breakfast is served in the elegant dining room reminiscent of a fine historic English country house hotel. This gracious setting can double as an epicurean restaurant open to the public. Step outside and the lush lawns and gardens thrive in the cool freshness of Maine summers. Just beyond the grounds is one of the loveliest historic neighborhoods with some of the finest 19th and early 20th century American architecture anywhere.
While you are pondering your next purchase, why not book a room at the White House Inn and enjoy a pampered stay. The historic City of Belfast and the nearby towns of Camden, Rockport and Rockland will welcome you with both the charm of yesteryear and the vitality of today: trendy shops along traditional streets, unique restaurants, cozy coffee shops, bakeries, art studios and galleries, a lively waterfront, local theater, outdoor concerts, festivals, and much more.
Offered at $1,350,000.
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Located on the picturesque southern Maine coast, Ogunquit truly lives up to its name as given by the Micmac Indians, "Beautiful Place by the Sea." Ogunquit is a thriving summer vacation destination and offers a bounty of arts and entertainment choices, sandy beaches and oceanside restaurants.
The quintessential New England coastal village, Ogunquit has always been a haven for artists, photographers, vacationers and lifelong residents. Also located in Ogunquit is the famous John Lane's Ogunquit Playhouse, "America's Foremost Summer Theatre", it is considered one of Southern Maine's most important cultural landmarks and has brought "Broadway to the Beach" since 1933.
Walk along Marginal Way, a breathtaking footpath along the rocky coast, and experience not only the beauty that Maine affords, but also access to eclectic and inviting shops, quaint Bed and Breakfasts, and activities for every member of the family. For more information on Ogunquit including a calendar of events visit: Ogunquit.org.
We would like to thank the Ogunquit Chamber of Commerce and photographers: Robert Dennis, Jordan Freedman and Ted Whi for providing amazing photos of Ogunquit and a few of its many attractions.
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| Objective Criteria It starts on day one. They want to list higher, you recommend lower. They want to split the difference, but you already have. They say you are being inflexible. You say they need to compromise. And so it goes. Maybe the deal comes together; too often not. As an industry, real estate companies spend millions on Internet placement, brochures and advertising. Thousands of hours spent on CMA's, showings, open houses, price revisions and marketing updates. And then it happens. In the ninth month, 23 showings later, an offer is received. Actually, a very good offer but there is not a meeting of minds. It's happening right now. There is a broker negotiating an offer that should translate into a successful sale. When the negotiation is over, there will not be a transfer. Why? It is likely neither buyer nor seller were basing their decisions on objective criteria. Each took a position and argued their position. As they defend their positions, they became more and more entrenched. As tensions increase, we might hear, "I wouldn't sell the property to them even at the full asking price". Or, "They couldn't give me the property". Buyer and seller become so locked into positions, they lose sight of their objectives. Both take positions on what they will or will not do. Seller, "I will not sell for less than what we have in the property". Buyer, "I will not pay more than the bank appraisal". Both sides may make only small concessions to keep the negotiation going. Little is gained when either buyer or seller take extreme positions and do not disclose their true interests. How often does the seller profess, they do not need to sell. Or the buyer state, it is one of several properties that they are considering. These positions tend to interfere with reaching a meeting of minds. Did the seller really list just so they could enjoy having strangers walk through their house? If the buyer is so indifferent, why are they bidding on the property? The more extreme the opening positions, the longer it will take to put the deal together. Time is spent trying to figure out how to position the opening offer and each counteroffer. How large should the first concession be? If they moved $20,000, should you move $20,000 or $15,000? These tactics usually cause delays. The relationships are also put at risk. Since the negotiation is not based on objective criteria, it becomes a contest of wills. If one party gives in under pressure, they will not feel their interests have been fairly represented. They may become resentful. Buyers and sellers, who may have been good friends before the negotiation, now no longer talk to one another. Not a very efficient way to negotiate or maintain a friendship. In the real world, a negotiation is seldom limited to "one" buyer and "one" seller. Both have their constituents. A 13-year-old daughter may not appear on the deed, but her "position" may directly impact the deal. Add in friends, relatives, professional advisors, the massage therapist and astrologer and you have an impressive coalition with little or no pertinent information. If the buyer or seller makes a concession, to whom in the group are they conceding? What if one says, " No "? The greater number of constituents in a "traditional" negotiation the less likely there will be a meeting of minds. One of the, "Have you been injured?" ads by a personal liability lawyer, asks, "Why can't we all just get along?" For many, negotiating is uncomfortable. We want it to be over. We want to preserve the relationship. We see the other side as friends. " Split the difference" is the refrain often heard. But what, what if splitting the difference bears no resemblance to a property's "fair market value"? What if the listing price is 20% higher than fair market value? What if splitting the different means the buyer is paying a 10% of premium? Avoiding a negotiation can be very costly. We were with friends this weekend on Deer Isle, Maine. He is the former president of a Fortune 500 Company. She is an accomplished writer. This week they negotiated the purchase of what will be their "winter" residence in a retirement community 15 miles to the north. They sought my advice. They were purchasing the residence from "friends". They knew their friends would be fair. I suggested investigation to determine the selling prices of similar cottages. They decided to make an offer without knowledge of comparable sales. After all, these were friends. They would not try to take advantage. The friends suggested they split the difference. Offer accepted. In this negotiation, it's likely someone paid too much or received too little. Once in residence, the buyers will become knowledgeable of similar sales. Either they will feel they paid too much or gave too little. The approach of splitting the difference, although efficient, may have not produced a wise result. Sometimes friends are interested in making the best deal for themselves. As you pursue, a more gentle style negotiation, they see you as an adversary. They can't help themselves. It's in their DNA. You also see it when you play golf or tennis with the same friends. All negotiations include substance (the reason for the deal) and process (how you reach agreement). As the above illustrates, taking a hard or soft position does not mean there will be a wise outcome. Insisting on what you need to "net" does not ensure you will have a sale. Successful negotiations are based on objective criteria. Not what you think you should get or pay but what a fully informed buyer or seller would do based on an objective standard. Objective criteria do not mean selecting the criteria that support your position but criteria based on an objective standard such as "market value". Objective criteria move the discussion away from what a buyer or seller is willing to do (their position). A negotiation is really about agreeing on what objective criteria will be used to reach agreement. This is the search for a fair standard, independent of buyer or seller positions. Merit or principled negotiation does not mean differences of perception or strong personal feelings go away. Both sides should understand the feelings and perceptions of the other. If the agreement is based on objective criteria, both buyer and seller can work together to generate options.
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