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25.10.07 0613
The 7 - Random - Maine Real Estate?
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Guru Zim
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#1 Posted on 20.7.04 0148.48
Reposted on: 20.7.11 0155.48
OK, I have a serious question. I'm not picking on Maine, I'm just curious.

Why is real estate so damn cheap there?

Having never been there, I must assume it is awful. I assume this because I could buy 10 houses for the price of my condo.

I mean, you have cable and the internet, right? Amazon.com delivers there... why is it so cheap?
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Boston Idol
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#2 Posted on 20.7.04 0230.00
Reposted on: 20.7.11 0230.27
Housing prices are related to the job market.
If people can afford to pay more, prices go
up as they compete for available housing.

In Cupertino if a house lists at a price below
market value it will immediately attract so
many competing bids that it will end up selling
at or above (basically resetting) market value.

The economy in Maine is not great. New Hampshire
is closer to job markets like Boston and has a
more advantageous tax structure, though boom
cycles in Boston have boosted real estate
prices in southern Maine.

There are additional costs related to heating
a house six months (or more) out of a year and
depending on the area the services (city water,
city sewage, plowing) may be problematic, but
Maine is not a bad place to live.

Frank
edoug
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#3 Posted on 20.7.04 0237.40
Reposted on: 20.7.11 0239.30
Maybe I'm not the best person to ask but I'll give you a couple of my theories. New laws on the fishing industry have hurt Maine fishermen. The price of gas has hurt tourism and the state voted against casinos. Even though the state is having toug economic times don't be too sure that cheap land is the steal you think it is. Still if you got a great deal, Congratulations.
Whitebacon
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#4 Posted on 20.7.04 0251.47
Reposted on: 20.7.11 0252.55
You gotta look at where Guru is coming from (and me for that matter) I have no clue about prices down San Diego way, but even land/homes up here in Fresno. I think that the house I live in was appraised somewhere between 200 and 225 thousand dollars. It is about 1650 sq ft, with a one car garage, sitting your typical tract housing plot. Decent front yard, pool in the back. And its 30+ years old. Corner lots in my neighborhood are approaching 350-400 thou. The amount of land you can get in Maine at that price is astounding to a flatlander.


Guru: Grow out a beard, and you'll fit right in. I'd stick to the areas close to Portland, Bangor or Augusta if you want some of the creature comforts you're probably used to. Some of the towns in southern Maine seem not too bad in this respect either.
dwaters
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#5 Posted on 20.7.04 0730.08
Reposted on: 20.7.11 0733.33
I've never heard anyone talk about cheap land or property for as long as I've lived here. It must be relative, as average family income may be lower than everywhere else, taxes are higher, the cost of heating in winter, etc. What part of the state are you looking at? There is quite a difference between the southern part and the northern part

We still don't have any Krispy Kreme donut shops, but it seems there is a Dunkin' Donuts every 50 feet.

All of our eighth graders get their own laptop computers. Soon we will graduate class after class of tech savvy students, who will promptly leave the state for college and never come back.
(Hey, I came back)
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#6 Posted on 20.7.04 0819.10
Reposted on: 20.7.11 0819.13
In the paper just yesterday, they said that Maine had the third highest average age of residents (after West Virginia and Florida). As noted above, most young people leave the state because the job market is not very promising here.

That being said, land in the Southern Maine area has grown at an astonishing pace in recent years. In 1998, I sold a small cape in Cape Elizabeth on a tiny, tiny lot for $99,000. It was listed in the paper last month for $250,000. That's a lot of appreciation in 6 years.

Now, if you are looking at some of the unorganized territories nowhere near civilization, your prices will be substantially lower. As others have stated above, it's all in where you are talking about. Portland area - expensive. Bangor area - less expensive. Everywhere else - relatively cheap.

We live in China, which sits about 10 miles from Augusta (the state capital). We bought 5 acres of land in this pretty rural section of Maine in 1999 for $11,000. Now the approximately same land will run $40,000.

If you have particular questions about Maine, let me know and I am sure I, or someone I know, can help you out.
Tenken347
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#7 Posted on 20.7.04 0834.38
Reposted on: 20.7.11 0835.28
Also, don't forget to factor in the population. The more people there are in a given area, the more demand there's going to be for places to put them. I obviously couldn't give you exact population statistics, but I can only assume that the major cities on the west coast have a substantially larger population than most of the cities in Maine.
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#8 Posted on 20.7.04 0837.48
Reposted on: 20.7.11 0839.56
Guru, there are plenty area of the country with cheap real estate and housing. Factors listed previously apply. Here is sw Kansas, decreasing population and low wages are th driving factors. A house out here that goes for 30 - 40 thou, goes for 160 - 180 in Wichita or KC. However, new building costs are very high.
JayJayDean
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#9 Posted on 20.7.04 0840.14
Reposted on: 20.7.11 0842.09
My parents live up the road from pieman in Montville, and they bought an old 1890 farmhouse about ten years ago for an insanely cheap price (even for a fixer-upper). While taking a drive through lovely Maine, it goes something like this:

(Imagine yourself looking out the window)

Nice house
Rusted out trailer
Really nice house
Crappy shack with station wagon in front yard with no engine and hood up
Field
Nice house
Trailer
Beat up old house with appliances in front yard
the pieman family manse
Nice house
Half caved-in house with horses in front
REALLY nice house

Repeat

(At least that's route 220)

If you're a West Coaster (or a transplanted one like me) you'd say ALL of these houses have a SICK amount of land (my parents have SIX ACRES, *I* have about a 50' x 80' lot the takes EXACTLY SIX MINUTES to mow, and my house cost over three times their house AND land).

There are still plenty of expensive places to live. Camden comes to mind. Isn't Belfast going up because of MBNA?
pieman
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#10 Posted on 20.7.04 1003.18
Reposted on: 20.7.11 1003.18
Anything on the coast is just exorbitantly high. You know, they're not making any more coastline. Camden is really expensive and Belfast is getting there.


And your description of our part of Maine is pretty close, except that there are not nearly that many "nice" houses. Way more trailers with cars on blocks in the front yard than you have described. Though you do have my neighborhood pegged pretty closely on both sides. The horses are fun to feed carrots to.
Boston Idol
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#11 Posted on 20.7.04 2131.56
Reposted on: 20.7.11 2132.08
Stick close to Portland so you can
get Italian sandwiches at Amatos.
My Maine relatives get pissed off
because when I visit I avoid their
cooking and eat Italians all day.

Frank

(It's those sour pickles, dammit!)
Big G
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#12 Posted on 20.7.04 2219.00
Reposted on: 20.7.11 2220.15
Gotta be a reason why Steven King based so many of his horror stories there.


Guru Zim
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#13 Posted on 20.7.04 2236.34
Reposted on: 20.7.11 2236.39
I was short on details... let me elaborate.


1) Go to Realtor.com
2) Choose the map search item
3) Pick Maine
4) Choose Portland
5) Select all of the sub areas (this may be where I am going wrong - I don't know Maine at all - perhaps I am selecting the ghetto?)

Ok, with me so far? Now, explain the following to me.

http://www.realtor.com/FindHome/HomeListing.asp?snum=1&mlsttl=Maine&frm=bycomm&pgnum=1&mls=maine&js=on&poe=realtor&st=me&areaid=1077151&areaid=1010857&areaid=1010878&areaid=1010887&areaid=1077196&areaid=1077211&areaid=1077217&areaid=1094186&areaid=1010991&areaid=1077223&areaid=1011013&areaid=1077235&areaid=1077282&areaid=1011130&areaid=1011150&areaid=1077306&areaid=1011199&areaid=1011209&areaid=1011229&areaid=1011232&areaid=1011259&areaid=1011273&areaid=1077342&areaid=1077348&areaid=1077353&areaid=1089141&typ=1&mnprice=0&mxprice=99999999&mnbed=0&mnbath=0&mnsqft=0&ss_mitm=n%2Fa&sid=032402442282C&snumxlid=1038740199&lnksrc=00001

$11,500.

http://www.realtor.com/FindHome/HomeListing.asp?snum=2&mlsttl=Maine&frm=bycomm&pgnum=1&mls=maine&js=on&poe=realtor&st=me&areaid=1077151&areaid=1010857&areaid=1010878&areaid=1010887&areaid=1077196&areaid=1077211&areaid=1077217&areaid=1094186&areaid=1010991&areaid=1077223&areaid=1011013&areaid=1077235&areaid=1077282&areaid=1011130&areaid=1011150&areaid=1077306&areaid=1011199&areaid=1011209&areaid=1011229&areaid=1011232&areaid=1011259&areaid=1011273&areaid=1077342&areaid=1077348&areaid=1077353&areaid=1089141&typ=1&mnprice=0&mxprice=99999999&mnbed=0&mnbath=0&mnsqft=0&ss_mitm=n%2Fa&sid=032402442282C&snumxlid=1031049998&lnksrc=00001

$14,500.

http://www.realtor.com/FindHome/HomeListing.asp?snum=3&mlsttl=Maine&frm=bycomm&pgnum=1&mls=maine&js=on&poe=realtor&st=me&areaid=1077151&areaid=1010857&areaid=1010878&areaid=1010887&areaid=1077196&areaid=1077211&areaid=1077217&areaid=1094186&areaid=1010991&areaid=1077223&areaid=1011013&areaid=1077235&areaid=1077282&areaid=1011130&areaid=1011150&areaid=1077306&areaid=1011199&areaid=1011209&areaid=1011229&areaid=1011232&areaid=1011259&areaid=1011273&areaid=1077342&areaid=1077348&areaid=1077353&areaid=1089141&typ=1&mnprice=0&mxprice=99999999&mnbed=0&mnbath=0&mnsqft=0&ss_mitm=n%2Fa&sid=032402442282C&snumxlid=1038740836&lnksrc=00001

2.9 acres, camp.

skipping ahead some...

http://www.realtor.com/FindHome/HomeListing.asp?snum=8&mlsttl=Maine&frm=bycomm&pgnum=1&mls=maine&js=on&poe=realtor&st=me&areaid=1077151&areaid=1010857&areaid=1010878&areaid=1010887&areaid=1077196&areaid=1077211&areaid=1077217&areaid=1094186&areaid=1010991&areaid=1077223&areaid=1011013&areaid=1077235&areaid=1077282&areaid=1011130&areaid=1011150&areaid=1077306&areaid=1011199&areaid=1011209&areaid=1011229&areaid=1011232&areaid=1011259&areaid=1011273&areaid=1077342&areaid=1077348&areaid=1077353&areaid=1089141&typ=1&mnprice=0&mxprice=99999999&mnbed=0&mnbath=0&mnsqft=0&ss_mitm=n%2Fa&sid=032402442282C&snumxlid=1038304319&lnksrc=00001

$28,469. 3.1 acres.

http://www.realtor.com/FindHome/HomeListing.asp?snum=16&mlsttl=Maine&frm=bycomm&pgnum=2&mls=maine&js=on&poe=realtor&st=me&areaid=1077151&areaid=1010857&areaid=1010878&areaid=1010887&areaid=1077196&areaid=1077211&areaid=1077217&areaid=1094186&areaid=1010991&areaid=1077223&areaid=1011013&areaid=1077235&areaid=1077282&areaid=1011130&areaid=1011150&areaid=1077306&areaid=1011199&areaid=1011209&areaid=1011229&areaid=1011232&areaid=1011259&areaid=1011273&areaid=1077342&areaid=1077348&areaid=1077353&areaid=1089141&typ=1&mnprice=0&mxprice=99999999&mnbed=0&mnbath=0&mnsqft=0&ss_mitm=n%2Fa&sid=032402442282C&snumxlid=1036598284&lnksrc=00001

4 bedrooms. $35k.

These are all cheaper than the car that the helpdesk manager just bought.

What am I missing? Are these haunted / murder sites / ghetto?
Boston Idol
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#14 Posted on 21.7.04 0022.51
Reposted on: 21.7.11 0023.39
> $11,500

Mars Hill, ME?

Pull up a map of Mars Hill ME on Yahoo!

Zoom out.

Hey, a highway. That's helpful, but you
still can't really tell where Mars Hill is.

Zoom out.

HOLY SHIT!

It's on the border with Newfoundland,
several hours drive away from Portland.

Who am I going to rent those three units
too, border guards who can't afford a
$500 mortgage?

And in the winter you can adjust that
driving time to Portland based on how
long it takes before the local road
gets plowed. Not hours, days.

Yikes!

Go live near Zach Arnold instead. At
least the roads don't ever need plowing.

*additional*

See those houses built around 1900?
Ever seen "Green Acres?" I notice they
don't divulge the number of bathrooms.
I'm not suggesting that they don't have
one, or two, or what we in California
would consider 1 1/2 with a toilet on
the first floor and a tub or shower,
but not likely both, on the second.

Maine is a nice place to visit, but
the areas you selected are very rustic
and the amenities would suit Ed Gein.

Frank

(edited by Boston Idol on 20.7.04 2232)
pieman
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#15 Posted on 21.7.04 0704.14
Reposted on: 21.7.11 0705.31
1495 listings? I think you got all of Aroostook County there, Guru. None of those listings are anywhere near Portland. In fact, they not anywhere near any civilization. As Frank has pointed out, most of these listings are closer to the freaking North Pole than they are to Portland. I'd try something like this for the Portland area:

Click Here (realtor.com)

$499,000
dwaters
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#16 Posted on 21.7.04 0745.58
Reposted on: 21.7.11 0747.49
Presque Isle a sub-area of Portland??
There are towns in Southern Connecticut that are closer.
Search engines are deceptive.

$14,000 still sounds good for Presque Isle. They've got an airport, mall, two colleges, a cinema, an MBNA call center, etc. Must be a dump on the inside.
If you stay at the motor inn in the winter, you're likely to see more snowmobiles than cars in the parking lot.
They have one TV station, which is a CBS station, but they can show NBC and ABC shows because they're the only one in the area.
It does seem funny to buy a house and land for cheaper than a new car, though.
OndaGrande
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#17 Posted on 21.7.04 2050.41
Reposted on: 21.7.11 2051.54
When I was stationed in Portsmouth NH I spent alot of time in Maine. Being from Ca I mostly hated it but that SE area of the state isn't so bad. It's as soon as you go north of Portland or 20 minutes west of the Ocean that you're out in the Salem's Lot boonies. And the cold, well it's just not for me.
People I know who are still in the area are saying it's become Boston north and you might as well be in anywhere USA. I personally couldn't wait to get out of there and back home, and can find no compelling reason to go back. If I'm gonna be poor, I'd rather be poor here than there.
On a tangent, that's why I live on the central coast and not San Diego. There's so much going on down there that I would go insane knowing about it and not being able to afford it all. Up here, it's kind of "out of site, out of mind." But at the same time, I try to plan my trips down there around something I really want to do and it's close enough to be reasonably convenient.




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