A real rarity is on the Maine real estate market: an oceanfront compound listed for less than $1.7 million.
It boasts six lots totaling more than 20 acres alongside Wohoa Bay in Addison, the small Down East town just over U.S. Route 1 with a population of around 1,200 residents. That remote location is why the price is so much lower than the millions of dollars that big waterfront homes command in Maine.
“It’s just a great property for privacy and spectacular oceanfront,” Steve Shelton, the property’s listing agent, said.
The 5-bedroom, 6-bathroom estate was constructed in 2011. It includes a main house and an in-law apartment above its garage. That detached living space is a feature more and more homebuyers are looking to as they try to accommodate extra family members or earn rental income.
The main house is being sold mostly furnished. It includes a large, wraparound deck — with a jacuzzi — and also a full-size John Deere tractor with attachments and a mower to maintain the property with.
The property’s current owners love their home but found it hard to be so far Down East, Shelton, a realtor with Better Homes and Gardens, the Masiello Group, said. Despite some interest, the property has sat on the market for six months, the agent said.
Local buyers say it’s too expensive, given that the average home in Addison is valued at just over $200,000, while luxury buyers are looking for proximity to amenities. Addison is about an hour and a half from Bangor’s airport, making many feel that it’s pretty far out, Shelton said. The agent also said many luxury buyers are waiting for interest rates to come down.
He noted that there are recreational opportunities, including hiking and kayaking, on the property. Shopping is available in Machias about 25 minutes away.
It’s the perfect place for an artist type, or anyone who wants to “pick up and park” in a beautiful, more remote area of Maine for a price with no peer in southern sections of Maine’s coasts, Shelton said.
“There’s zero inventory for that kind of property in Maine, you’d think it would be gobbled right up right now,” he said. “If this was down by Bar Harbor, Ellsworth, on MDI, that property would be $5 million.”
