LEGACY PROPERTIES SOTHEBY’S INTERNATIONAL REALTY LAUNCHES NEWLY REDESIGNED WEBSITE

Portland, ME (September 1, 2015) – Legacy Properties Sotheby’s International Realty, Maine’s leading luxury and lifestyle property company, today announced the launch of their newly redesigned website, LegacySIR.com, which was designed to showcase the company’s Maine real estate listings, and Sotheby’s International Realty listings around the world, in an immersive and visual way that is unique to the industry.

“The new LegacySIR.com was created to tell the story of a home in a more editorial way, not the commoditized approach that can often be found on more traditional websites,” said Chris Lynch, President of Legacy Properties Sotheby’s International Realty. “We believe the art of marketing a home is based on showcasing its spirit, so every aspect of the new site works toward this goal.”

The design changes include an increased focus on full-screen, high-definition photography throughout the site, from the homepage to property detail pages, to allow for a more immersive consumer experience. The property detail pages feature slideshows that tell a home’s story via photography, video, community and school information, and market data that provide insight into the local area.

The robust search technology integrated into the site allows the consumer to search for properties in myriad functional and efficient ways. Consumers can search for a home based on lifestyle, amenities, property type,and style, while also being able to create quick and easy custom map search parameters.

“What makes Legacy Properties Sotheby’s International Realty Maine’s premier luxury property company is our focus on lifestyle,” said Lynch. “Our lifestyle search is more visual, and our focus on video and photography allows us to showcase the various lifestyles a home offers that cannot be properly articulated in words only.  Our fully responsive site works on any mobile device and allows us to do what we do best: uniquely showcase extraordinary homes anytime, anywhere and in any language.”

Legacy Properties Sotheby’s International Realty with offices in Kennebunk, Portland, Brunswick, Damariscotta, and Camden is Maine’s leading luxury and lifestyle property company with more than 70 agents and 5 offices serving Maine coastal communities from York County to Hancock County.

Offices Located at:

2 City Center, Portland, ME 04101 207-780-8900 (Greater Portland Real Estate)

141 Maine Street, Brunswick, ME 04011  207-729-2820 (Mid-Coast Maine Real Estate)

150 Port Road, Lower Village, Kennebunk, ME 04043 207-967-0934 (York, Ogunquit, the Kennebunks)

170 Main Street, Damariscotta, ME 04543, 207-563-2775 (Bristol, Christmas Cove, Boothbay Harbor)

46 Bay View Street, Camden, ME 04843 207-230-1003 (Camden, Rockport, Mount Desert, Mid-Coast)

Significant Sales From Sotheby’s International Realty Volume 5

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Maine Home Sales Up 20% In July

AUGUSTA (August 20, 2015)—Home sales continue to rise at impressive rates across the state of Maine. Maine Listings today announced Realtors sold 1,749 single-family existing homes during the month of July 2014, a 20.21 percent jump from July 2014. The statewide median sales price for homes sold during the month of July 2015 was $188,900—an increase of 4.08 percent compared to July 2014. The MSP indicates that half of the homes were sold for more and half sold for less.

Nationally, sales of single-family existing homes are up 11 percent from last July. According to the National Association of Realtors, the national MSP rose 5.8 percent to $235,500. The regional Northeast experienced a rise in sales of 9.4 percent and a 1.3 increase in the regional MSP to $277,200.

Marie Flaherty, 2015 President of the Maine Association of Realtors, said, “Although the market is stable, buyers are more informed than ever. In order to sell a home in a reasonable time frame, it is important to price it appropriately. Your local Realtor is your best source for the relevant data and pricing advice.”

Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of July only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the “rolling quarter” the months of May 1, 2014 to July 31, 2014 and May 1, 2015 to July 31, 2015.

July_2015_Maine_Housing_Report_Page_2

Ultra Wealthy Buying Homes As ‘Opportunity Gateways’ For Investment Diversification And Citizenship Or Foreign Residency

Portland, ME (August 12, 2015) — Legacy Properties Sotheby’s International Realty in announced today, a growing number of ultra high net worth (UHNW) individuals view homes as ‘opportunity gateways’, driving buying decisions that are based on potential opportunities from owning these luxury residential properties, according to the latest study by Wealth-X and the Sotheby’s International Realty® brand.

The UHNW Luxury Real Estate Report: Homes As Opportunity Gateways two trends that are fueling the rise in the number of ultra wealthy individuals who are buying luxury homes:

  • International home-buying by UHNW individuals (defined as those with at least US$30 million in assets) from emerging nations seeking a safe investment diversification.
  • Home-buying as part of a program to gain citizenship or residency status in foreign nations.

The report provides insight into the UHNW residential real estate opportunities in Sydney and Vancouver for buyers seeking safe investment diversification; and Malta, the Bahamas and Sao Paulo, which may appeal to ultra wealthy buyers who are seeking citizenship or residency through property investment.

The UHNW Residential Real Estate index, tracked by Wealth-X, rose to 115.2 in Q2 2015, an 8.3% rise year-on-year, and the sixth consecutive quarter in which the index has risen. The continued rise in the index reflects the confidence of UHNW individuals to invest in luxury residential real estate.

The index takes into account the full range of luxury residential properties that are owned by the world’s wealthiest individuals. Wealth-X data shows there are 211,275 UHNW individuals globally, who collectively hold nearly US$3 trillion in real estate assets, equal to 10% of their net worth.

Below are other key findings from the report:

  • 12% of second homes purchased by UHNW individuals in emerging countries (those who reside in BRICS nations) are located outside their country of residence.
  • Recent market fluctuations in emerging nations are leading a new generation of UHNW investors to consider investing in luxury residential real estate in Western markets.
  • Chinese UHNW individuals make up the third largest share of foreign UHNW homeowners in the United States, behind only Canada and the United Kingdom.
  • Twenty nations in Europe and the Americas now offer citizenship or residency programs to individuals willing to invest in domestic residential real estate.
  • Many residential real estate markets with such programs – including Sao Paulo, Malta, and the Bahamas – offer good long-term investment opportunities.

Wealth-X President David Friedman commented: “Wealth-X is pleased to partner with the Sotheby’s International Realty brand for this third luxury real estate report for 2015. This new joint study explores the trends and home-buying motivations of a distinct group of ultra wealthy individuals in the emerging markets. As their wealth grows, so will their investment fueled by various motivations, be it to diversify their portfolio or to gain citizenship or residency in a foreign country.”

According to Philip White, president and chief executive officer, Sotheby’s International Realty Affiliates LLC, this joint report was designed to provide an understanding of the trends driving buying decisions of ultra-high net worth individuals around the world. “The research reveals trends that go beyond traditional motivations and help guide real estate investments that contribute to long-term wealth,” he said.  “It underscores the important role real estate plays in a larger strategy to build a valuable asset portfolio.”

Download the report here.

 

Significant Sales Presented By Sotheby’s International Realty

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Maine Home Sales Up Over 18% In June

SOUTH PORTLAND (July 22, 2015)—Sales of single-family existing homes in Maine jumped by hefty double-digits in June. According to Maine Listings, 1,788 homes changed hands last month, resulting in an 18.18 percent rise in sales. The statewide median sales price (MSP) for homes sold during the month of June increased 1.46 percent to $187,700. The MSP indicates that half of the homes were sold for more and half sold for less.

The National Association of Realtors today reported a nationwide single-family existing home sales increase of 9.8 percent. The national MSP also rose 6.6 percent in June to $237,700. Regionally, the Northeast experienced a 12.5 percent uptick in sales, while the regional MSP increased 3.9 percent to $281,200.

Marie Flaherty, 2015 President of the Maine Association of Realtors, said, “sellers now have more confidence to make a move they have been considering for a long time. Many are highly-motivated to relocate, and they have strategically priced their homes to leave less room for negotiation, which they hope will result in a faster sale.”

Flaherty, a Realtor with The Flaherty Group, said “Buyers should be prepared to make their best offer, since the seller or their agent are not required to notify them of the existence of other offers. If a home is in a highly desirable location, well presented and priced at the market, there are often multiple buyers competing for the property. With the limited supply of homes in some areas, it’s important to enlist the services of a highly-skilled Realtor to help ensure a successful transaction.”

Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of June only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the “rolling quarter” the months of April 1, 2014 to June 30, 2014 and April 1, 2015 to June 30, 2015.

June 15 Maine Housing Report2_Page_2

First Frederick W. “Rick” Griffin Scholarship to Eric Yemma

 

Eric Yemma

Kennebunk and Kennebunkport, Maine (July 2015)— Legacy Properties Sotheby’s International Realty awarded the first Frederick W. “Rick” Griffin Memorial Scholarship to Eric Yemma. Eric graduated from Kennebunk High School in June. The memorial scholarship fund totaling $25,000 will provide a $2,500 scholarship to a college-bound Kennebunk High School graduating senior each year for the next 10 years.

“Rick Griffin was a great friend, a warm and generous colleague, and a true leader in the Kennebunk community,” said Christopher Lynch, President of Legacy Properties Sotheby’s International Realty. This is the first year the scholarship has been awarded. “The Rick Griffin Scholarship Fund is committed to identifying students who champion all that is special about the Kennebunks, and this year we have a terrific individual.”

Eric Yemma was selected based on academic ability, achievements, leadership and commitment to the community. The scholarship was intended for individuals who are recognized by teachers, school administration and peers as one who personifies and embodies all that is “special” about living in the Kennebunks. They are students that exhibit their passion through academic, athletic, and community involvement while demonstrating a commitment to making the Kennebunks a better place to live and work.  Eric will be attending Merrimack College in North Andover Massachusetts.

“We are proud to offer this scholarship in Rick’s honor and look forward to sharing his story with the Kennebunk High School seniors over the next decade,” said Lynch. “I am hopeful that Eric and future recipients will return after college to continue to have the same positive impact on the community that earned them the scholarship.”

“I never had the privilege of meeting Rick Griffin, but I understand that he was an amazing individual who had a positive impact on the Kennebunk community” says Eric. “I will hold myself to high standards and work hard to be an upstanding individual just as Rick Griffin was.”

Legacy Properties Sotheby’s International Realty with offices in Kennebunk, Portland, Brunswick, Damariscotta, and Camden is Maine’s leading luxury and lifestyle property company with more than 70 agents and 5 offices serving Maine coastal communities from York County to Hancock County.

Offices Located at:

2 City Center, Portland, ME 04101 207-780-8900 (Greater Portland Real Estate)

141 Maine Street, Brunswick, ME 04011  207-729-2820 (Mid-Coast Maine Real Estate)

150 Port Road, Lower Village, Kennebunk, ME 04043 207-967-0934 (York, Ogunquit, the Kennebunks)

170 Main Street, Damariscotta, ME 04543, 207-563-2775 (Bristol, Christmas Cove, Boothbay Harbor)

46 Bay View Street, Camden, ME 04843 207-230-1003 (Camden, Rockport, Mount Deser , Mid-Coast)

The Main Reason You Should Not Wait to Buy…

The Main Reason You Should Not Wait to Buy | Keeping Current Matters

The Joint Center for Housing Studies at Harvard University recently released their 2015State of the Nation’s Housing report. The report concentrated on the challenges renters in this country are facing because of the diminishing supply of quality rental units and dramatically escalating rents.

However, there was also information buried within the report that revealed that now is definitely the time to buy your first home or move-up to the home of your family’s dreams. With home prices still below peak values and mortgage rates still near historic lows, the monthly mortgage payment on a median priced home is less than at almost any time in the last 25 years.

Here is a graph which helps visualize the data from the report:

Median Mortgage Payment | Keeping Current Matters

Bottom Line

With home prices increasing and mortgage rates projected to increase, now is the time to buy.

KCM Blog

Summer eNews

Cover

 

Welcome to our summer e-Magazine Newsletter! Our loyal followers have grown to well over 40,000 subscribers in all 50 states and several countries around the world. It is humbling that you have chosen Legacy Properties Sotheby’s International Realty to be your eyes and ears for Maine Real Estate.

Please click the image above or click here to view this issue.

Pending Home Sales Reach Highest Mark In 9 Years!

Pending Home Sales Reach Highest Mark In 9 Years! | Keeping Current Matters

The National Association of Realtors (NAR) recently released their Pending Home Sales Index Report and revealed that it is at its highest level since April 2006.

The Pending Home Sales Index is “a forward-looking indicator based on contract signings”. The higher the Pending Home Sales Index number, the more contracts have been signed by buyers that will soon translate to sales.

Every region of the country has experienced year-over-year gains in pending sales as seen below:

Pending Home Sales by Region | Keeping Current Matters

NAR’s Chief Economist, Lawrence Yun cites job creation as a major reason that the housing market has boomed this spring, going on to say,

“It’s very encouraging to now see a broad based recovery with all four major regions showing solid gains from a year ago and new home sales also coming alive.”

Yun went on to caution that,

“Housing affordability remains a pressing issue with home-price growth increasing around four times the pace of wages. Without meaningful gains in new and existing supply, there’s no question the goalpost will move further away for many renters wanting to become homeowners.”

So What Does This Mean To Buyers?

There is a lot of competition out there right now for your dream home. Prices are going to continue to climb, act now before you are priced out of your future home.

What Does This Mean to Sellers?

If you are on the fence about listing your home for sale right now and debating whether now is the time to move on with your plans of relocating… now is the time!

There are more buyers that are ready, willing and able to buy their first, second, third, vacation, or investment property now than there has been in years! The supply of homes for sale is not keeping up with the demand of these buyers.

Listing your home for sale now will give you the most exposure to buyers and the best sales price.

Bottom Line

Whether you are planning on buying or selling a house this year, waiting to act no longer makes sense.

KCM