Archive for Real Estate News

Maine Home Sales Increase 7.87 Percent In January

AUGUSTA (February 22, 2017)— Sales of single-family existing homes in Maine remain stable and healthy. The Maine Association of Realtors reported a 7.87 percent increase in sales during the month of January 2017 (compared to January 2016). Realtors across the state sold 959 homes, with a median sales price (MSP) of $190,000. The MSP indicates that half of the homes were sold for more and half sold for less.

National sales of single-family homes rose 3.7 percent in the past year. According to the National Association of Realtors, the national MSP for those homes reached $230,400 in January—an increase of 7.3 percent. Regionally, sales in the Northeast were up 6.7 percent and the regional MSP increased 2.5 percent to $253,800.

“In many markets across Maine, buyers need more housing inventory,” says 2017 Maine Association of Realtors President Greg Gosselin, Owner Broker of Gosselin Realty Group in York. “Statewide, the inventory of ‘for-sale homes’ is 24 percent lower than this time a year ago.

“Mortgage interest rates remain historically low, households have confidence in their job security, and buyers are searching now in anticipation of moving this spring. The time is right to place your home on the market.”

Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of January only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the rolling quarter of November through January.

To view Maine Homes For Sale, click here.

MaineHousingReport-January2017_Page_2

Lack of Homes for Sale Slowing Down the Housing Market

Lack of Homes for Sale Slowing Down the Housing Market | Keeping Current Matters

The housing crisis is finally in the rear-view mirror as the real estate market moves down the road to a complete recovery. Home values are up. Home sales are up. Distressed sales (foreclosures and short sales) have fallen dramatically. It seems that 2017 will be the year that the housing market races forward again.

However, there is one thing that may cause the industry to tap the brakes: a lack of housing inventory. While buyer demand looks like it will remain strong throughout the winter, supply is not keeping up.

Here are the thoughts of a few industry experts on the subject:

National Association of Realtors

“Total housing inventory at the end of December dropped 10.8%…which is the lowest level since NAR began tracking the supply of all housing types in 1999. Inventory has fallen year-over-year for 19 straight months and is at a 3.6-month supply at the current sales pace.”

Jonathan Smoke, Chief Economist for Realtor.com

“More than two-thirds of the markets are seeing less inventory now compared to a year ago.”

Lawrence Yun, Chief Economist at NAR:

“The dismal number of listings in the affordable price range is squeezing prospective first-time buyers the most. As a result, young households are missing out on the wealth gains most homeowners have accrued from the 41% cumulative rise in existing home prices since 2011.”

Sam Khater, Deputy Chief Economist at CoreLogic

“The lack of affordable supply is really driving up home prices.”

Peter Muoio, Chief Economist at Auction.com

“Tight housing inventory remains a constraining factor limiting stronger sales growth…

We expect further price growth to entice more homeowners to list their homes, particularly as existing homeowners have greater equity.”

Bottom Line 

If you are thinking of selling, now may be the time. Demand for your house will be strong at a time when there is very little competition. That could lead to a quick sale for a really good price.

 

Keeping Current Matters

Legacy Properties Sotheby’s International Realty Ranks #1 in Maine For Home Sales Over $400,000

Maine Real Estate (January 24, 2017) – Legacy Properties Sotheby’s International Realty, with offices in Portland, Kennebunk, Brunswick, Damariscotta, and Camden, announced today that it continues to hold the #1 Ranking for 2016 for all sales in Maine greater than $400,000.  The company reported today that it closed 380 transaction sides totaling $315.7 million for properties priced over $400,000 last year. Although there were more than a dozen cities and towns that were exceptionally strong, the record results are a compilation of sales in more than 60 cities and towns across 12 Maine Counties. Sales in this very competitive market accounted for more than 75% of the total sales for Legacy Properties Sotheby’s International Realty in 2016.

“We are very pleased by this strong market position” said Chris Lynch, President. “Our market share has been improving for many years in the mid-range price points with both buyers and sellers.  Our focus on providing the same high level of agent onsite service, beautiful photography, and super high end marketing for all of our listings has been well received.  Our selling clients have been very pleased and impressed with the quality of our property presentation and the fact that we go the extra mile for them.”

Legacy Properties Sotheby’s International Realty also reported that it was able to convert 52 of its own proprietary listings to match it with its exclusive buyers for this broad based market segment.  “The fact that we often have many of the best listings in a particular town helps us find the best buyers for our listings as well as similarly priced properties in the area” adds Lynch. “We have an incredible portfolio of listings with nearly 1 in every 10 homes over $500,000 listed with us at any given time. It also gives our agents unique market insights on the depth of any locations, price points and home styles which is critical in pricing new listings and advising our buyers on their purchases.”

Legacy Properties Sotheby’s International Realty currently has listed nearly one of every 15 homes over $400,000 and one in every 10 homes $500,000 statewide. “This is a segment of the market that we hope to continue to grow. It is a perfect fit for our approach to marketing homes.  When a prospective client sees or hears what we have done for our current clients and what we can do for them in terms of marketing venues and successful sales, they typically become a new client.”

“There is a myth that we only deal with super high value homes, but that is not the case” Lynch concludes. “We know there are special, distinctive, beautiful properties at all price points in Maine.  We love to get them the exposure that they need to shine against competing properties.”

Legacy Properties Sotheby’s International Realty can be reached at 207-780-8900 and by email at info@legacysir.comLegacy 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 as well as the New Hampshire Seacoast.

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, Kittery, the Kennebunks, Biddeford and Seacoast New Hampshire)

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)

Legacy Properties Sotheby’s International Realty Ranks #1 in Maine For Luxury Property Sales in 2016

Maine Real Estate (January 23, 2017) – Legacy Properties Sotheby’s International Realty, with offices in Portland, Kennebunk, Brunswick, Damariscotta, and Camden, announced today that it again retained the #1 Ranking for 2016 Luxury Property sales in Maine. The company reported that it topped its own record for single family home sales priced over $1 million. According to Maine Listings statistics, Legacy Properties Sotheby’s International Realty closed 90 transaction sides totaling $139.5 million in property value. The statistics also show that the company held a very substantial lead over the #2 participant in this highly competitive market segment. With nearly triple the number of transaction sides and in excess of 40% more dollar volume than the next closest competitor, the company continues its leadership role in both listing and selling high value homes in Maine.

Maine Listings statistics show that 218 homes sold for $1 million or more in 2016.  Legacy Properties Sotheby’s International Realty reported that it participated as buyer agent, listing agent, and/or both on 72 homes of the 218 sold representing a 33% market share with respect to homes sold in the Luxury segment of the Maine Real Estate market.

“This is an extraordinary result. It is so rewarding to see all of our hard work in developing an incredible global marketing plan and unique property presentation which has really propelled us to a new level” said Chris Lynch, President. “While we have held the top ranking in the Luxury Property market for several years, this is our best result ever!”

Legacy Properties Sotheby’s International Realty is also proud to report that it connected local, regional, national, and international buyers to its own listing portfolio with nearly 25% of its Luxury market listings selling to one of its own sourced buyers. “Our market reach and the quality of our listings have been critical in bringing the best buyers to our listings statewide” adds Lynch.  “Our affiliation with Sotheby’s International Realty offers us access to a network of buyers that continues to feed our growth, but it doesn’t stop there. We launched several major advertising initiatives this past year which were reflective of our growth in terms of both the quantity and the quality of the homes themselves.”

Legacy Properties Sotheby’s International Realty attributes its success to offering its clients a very strong package of marketing services including critical professional photography, 3D Virtual Tours, glossy print advertising, global property distribution through its exclusive network of agents, and luxury branding through its affiliation with Sotheby’s International Realty.

“I can’t underestimate the impact of our new state of the art property buyer tools which provide our clients with a rich visual experience and a real sense of familiarity with our listings,” Lynch concludes. “It is pretty clear that we are seeing more well qualified buyers coming into the market and we are so fortunate that so many have selected us to represent them in their purchase decisions.”

Legacy Properties Sotheby’s International Realty can be reached at 207-780-8900 and by email at info@legacysir.comLegacy 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 as well as the New Hampshire Seacoast.

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, Kittery, the Kennebunks, Biddeford and Seacoast New Hampshire)

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)

Sotheby’s International Realty Expands Presence in California

MADISON, N.J. (January 19, 2017) – Sotheby’s International Realty Affiliates LLC today announced that Nick Sadek Luxury Estates in Roseville, California is the newest member of its network and will now operate as Nick Sadek Sotheby’s International Realty.

Established in 2000, the boutique firm is owned and operated by Nick Sadek and will serve the luxury residential real estate markets of Sacramento, Roseville, Rocklin, Loomis, Auburn, Granite Bay, El Dorado Hills and Folsom.

“The capital of California, Sacramento is a historic city of landmarks that also caters to an active outdoor and social lifestyle,” said Philip White, president and chief executive officer of Sotheby’s International Realty Affiliates LLC. “Nick Sadek and his team have a strong presence in the greater Sacramento area and we are proud to welcome him and his team to the Sotheby’s International Realty® network.”

“Our goal is to exceed our clients’ expectations and in turn create long lasting, positive relationships,” said Sadek. “The Sotheby’s International Realty brand represents quality and luxury, making it a natural fit with our business and philosophy. The combination of our local knowledge and the Sotheby’s International Realty network’s global reach will provide our clients with the best of all worlds.”

Sadek’s brokerage firm is deeply committed to causes and volunteer activities that benefit their local communities and the region at large.

Nick Sadek Sotheby’s International Realty is located at 9217 Sierra College Blvd, #120 in Roseville. With this addition, the Sotheby’s International Realty network now has 115 branded offices throughout the state of California.

The Sotheby’s International Realty network currently has more than 20,000 affiliated independent sales associates located in approximately 850 offices in 65 countries and territories worldwide. Nick Sadek Sotheby’s International Realty listings will be marketed on the sothebysrealty.com global website. In addition to the referral opportunities and widened exposure generated from this source, the firm’s brokers and clients will benefit from an association with the Sotheby’s auction house and worldwide Sotheby’s International Realty marketing programs. Each office is independently owned and operated.

2016 Record Year – Maine Residential Real Estate Sales

Maine Real Estate (January 16, 2017) – Legacy Properties Sotheby’s International Realty, Maine’s leading luxury property company, with offices in Portland, Kennebunk, Brunswick, Damariscotta, and Camden, announced today that it achieved record sales in 2016. The company reported annual sales growth of more than 20% when compared to its previous record year in 2015. Legacy Properties Sotheby’s International Realty also announced that for the first time it surpassed the $400 million mark for Maine real estate sales as reported by Maine Listings at $408.8 million.

“It has been a terrific year for our agents and clients. We accomplished this incredible result without increasing the number of agents in the field,” said Chris Lynch, President. “Our organic growth in our target markets has been exceptional as we have been able to increase our overall market share while retaining our focus on representing distinctive properties throughout Maine.”

Legacy Properties Sotheby’s International Realty is also proud to report that it ranks as the #4 real estate company in Maine for all residential sales statewide. “We are very fortunate to have so many top performing agents who have built their business around high-touch, exceptional personal service, and terrific sales results,” adds Lynch. “There are only a couple of companies that sell more real estate than our team, but they have hundreds more agents in the field than we have. “

Legacy Properties Sotheby’s International Realty attributes its success to offering its clients a very strong package of marketing services including critical professional photography, 3D Virtual Tours, glossy print advertising, global property distribution through its exclusive network of agents, and luxury branding through its affiliation with Sotheby’s International Realty. “There is no substitution for the quality and quantity of support, marketing services and network referrals of our unique network” states Chris Fortunato, Chief Operating Officer.

“Of course we are pleased with the 2016 results, but we are very excited about the future as well.  Maine has hit the global radar screen for quality of life. This is a game changer which has been an exciting but challenging environment as we now have more buyers seeking their dream homes. While I know we are up to the task, it will clearly be a very busy year for Maine real estate” Lynch concludes.

Legacy Properties Sotheby’s International Realty can be reached at 207-780-8900 and by e-mail at info@legacysir.com.

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 as well as the New Hampshire Seacoast.

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, Kittery, the Kennebunks, Biddeford and Seacoast New Hampshire)
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)

Sotheby’s International Realty Enters Fiji

MADISON, N.J. and NEW ZEALAND (December 14, 2016) – Sotheby’s International Realty Affiliates LLC today announced that it has signed an agreement with New Zealand Sotheby’s International Realty to expand the firm’s operations into Fiji, which will increase the global footprint of the Sotheby’s International Realty® brand.

“Fiji is known for its unique beauty and global appeal, which are attractive to the international buyer,” said Philip White, president and chief executive officer of Sotheby’s International Realty Affiliates LLC. “The Sotheby’s International Realty brand is dedicated to providing luxury real estate services in the most sought after destinations in the world. We are proud to expand our brand presence into Fiji.”

New Zealand Sotheby’s International Realty joined the Sotheby’s International Realty network in 2006 under the leadership of Co-Owners and Managing Directors Julian Brown and Mark Harris. Since then, the firm has expanded and now has 12 office locations throughout New Zealand with plans to open an office in Fiji in the first quarter of 2017.

“The time was right to make a strategic move to expand our operations into Fiji due to an increasing interest in the islands from international buyers and its proximity to New Zealand in the South Pacific,” said Harris. “Fiji is an ideal holiday destination, boasting a secluded an exquisite lifestyle with over 300 islands, while also easily accessible with non-stop flights from major financial hubs around the world.”

The Sotheby’s International Realty network currently has more than 20,000 affiliated independent sales associates located in approximately 850 offices in 65 countries and territories worldwide. New Zealand Sotheby’s International Realty listings will be marketed on the sothebysrealty.com global website. In addition to the referral opportunities and widened exposure generated from this source, the firm’s brokers and clients will benefit from an association with the Sotheby’s auction house and worldwide Sotheby’s International Realty marketing programs. Each office is independently owned and operated.

Maine Homes Sales Increase 17.74 Percent and Prices Rise 6.59 Percent In November

AUGUSTA (December 21, 2016)— According to the Maine Association of REALTORS, 1,414 homes changed hands during the month of November 2016, up 17.74% over November 2015. The median sales price (MSP) for those homes reached $191,863, up 6.59 percent over November 2015. The MSP indicates that half of the homes were sold for more and half sold for less.

Nationally, sales of single-family existing homes jumped 16.2 percent since last November. The National Association of Realtors today reported a 6.8 percent rise of the national MSP to $236,500. The regional Northeast experienced a 15.7 percent increase in sales while the regional MSP was up 3.3 percent to $263,000.

“The statistics from November show continued stability in most markets across Maine.” according to Ed Gardner, Broker Owner of Ocean Gate Realty and President of the Maine Association of REALTORS.

“With the elections over, mortgage rates have risen slightly but remain at a sustained historical low. The financial markets have shown a spurt of growth over the past month and portfolios with stock market exposure may provide resources for investing in real estate. If you’re planning to sell or buy in 2017, contact your investment advisor and your REALTOR before year-end to discuss timing and strategy to gain your best advantage.”

Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of November only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the rolling quarter of September, October and November of 2015 and 2016.

MaineHousingReport-November2016_Page_2

Sotheby’s International Realty Enters Chile

File:Coyhaique10.jpg

MADISON, N.J. and VITACURA, CHILE (December 12, 2016) – Sotheby’s International Realty Affiliates LLC today announced the brand’s expansion in South America with the opening of Chile Sotheby’s International Realty.

The firm, which is led by Javier Contreras, chief executive officer, will serve the luxury residential real estate market throughout Chile.

“Chile’s luxury real estate market has experienced impressive growth over the past few years providing an opportune time to expand the Sotheby’s International Realty® brand into the country,” said Philip White, president and chief executive officer of Sotheby’s International Realty Affiliates LLC. “We are pleased to welcome Chile Sotheby’s International Realty to our network.” “Our mission is to provide our clients with personalized, quality service in order to deliver an exceptional buying and selling experience,” said Contreras. “We are deeply knowledgeable about the markets we serve and cannot wait to share that insight with a network of potential buyers from around the world. We are proud to be affiliating with the Sotheby’s International Realty brand.”

Chile Sotheby’s International Realty is located at 2467 Alonso de Cordoba St., Vitacura.

The Sotheby’s International Realty network currently has more than 20,000 affiliated independent sales associates located in approximately 850 offices in 65 countries and territories worldwide. Chile Sotheby’s International Realty listings will be marketed on the sothebysrealty.com global website. In addition to the referral opportunities and widened exposure generated from this source, the firm’s brokers and clients will benefit from an association with the Sotheby’s auction house and worldwide Sotheby’s International Realty marketing programs. Each office is independently owned and operated.

Sotheby’s International Realty Expands Presence in Michigan

The Grand Haven fog signal and inner lighthouse in February 2006.

MADISON, N.J. (December 7, 2016) – Sotheby’s International Realty Affiliates LLC today announced that the Real Estate Firm – Van Horn Team in Holland, Michigan, is the newest member of its network and will now operate as Beacon Sotheby’s International Realty.

Founded in 2005, the boutique firm is owned and operated by Chad Van Horn. In addition to Holland, Beacon Sotheby’s International Realty will provide luxury residential real estate services to communities along the Lake Michigan shoreline including Grand Haven, Saugatuck/Douglas, and South Haven.

“The Lake Michigan shoreline is an enticing second home location, with Holland as an anchor for the luxury real estate market, offering the best of the waterfront lifestyle,” said Philip White, president and chief executive officer of Sotheby’s International Realty Affiliates LLC. “We are proud to welcome Chad and his team at Beacon Sotheby’s International Realty to our network.”

“We pride ourselves on nurturing our client relationships and operating with open communication, transparency, honesty and integrity,” said Van Horn. “The affiliation with the Sotheby’s International Realty® brand brings an incomparable value proposition to our clients and our marketplace. The brand heritage, unique marketing approach and the people in the network drew us to the brand and we are thrilled to now offer increased global exposure, a vast referral network and sophisticated marketing programs to our clients.”

Beacon Sotheby’s International Realty is located in historic downtown Holland. The firm is one of four independently owned and operated Sotheby’s International Realty affiliate companies in Michigan; also operating in the state are Harbor Sotheby’s International Realty, Shore Sotheby’s International Realty and Signature Sotheby’s International Realty.

The Sotheby’s International Realty network currently has more than 20,000 affiliated independent sales associates located in approximately 850 offices in 65 countries and territories worldwide. Beacon Sotheby’s International Realty listings will be marketed on the sothebysrealty.com global website. In addition to the referral opportunities and widened exposure generated from this source, the firm’s brokers and clients will benefit from an association with the Sotheby’s auction house and worldwide Sotheby’s International Realty marketing programs. Each office is independently owned and operated.