Housing
This section of the BDN aims to help readers understand Maine’s housing crisis, the volatile real estate market and the public policy behind them. Read more Housing coverage here.
Not all $1 million homes are created equal.
What property that lofty sum nets you varies from town to town in Maine and even more from end to end. It’ll buy you a modest 3-bedroom condo in Portland or a big home on 86 pristine acres in the Aroostook County town of New Sweden.
Here’s what a $1 million home looks like in different areas of Maine.
A northern Maine estate with a view
It’s no secret that a County homebuyer gets more for their buck. As a more remote part of the state, there’s far less demand than in more southern areas. Just over $1 million in New Sweden will get you an expansive 4-bedroom, 3-bathroom Colonial on 86 acres of land.
“It’s more of a rare offering,” said listing agent Catherine Duffy of Progressive Realty. “There’s just something about New Sweden. It’s just beautiful, and the views from this house are unbelievable.”
The 86 acres the home sits on is a mix of cleared and woodland, including an apple orchard as well as snowmobiling and walking trails. Built in 2000, the home has over 3,300 square feet of living space, a luxurious master bedroom with four closets and a bath, a new roof and a 5-bay garage that could store cars, ATVs, snowmobiles or even a boat, Duffy said.
This luxury ski home
With that same budget, you could buy a newly constructed home in the western Maine ski town of Newry. There are plenty on the market, like this 4-bedroom, 3-bathroom property less than a mile from Sunday River Ski Resort, an area that has seen tons of building over the last few years.
It includes features like a hot tub, a private backyard overlooking a brook and central air conditioning, according to its online listing.
A new condo in Maine’s largest city
Becoming a homeowner in Portland is no easy feat. Many existing homeowners already feel squeezed by property tax hikes, and the supply of affordable homes is pretty much nonexistent.
For just over $1 million, you could buy a 3-bedroom, 2-bathroom condo on spec in Portland with an ample 1,660 square feet of living space and plenty of storage for those looking to downsize. Amenities including a private deck, elevators, saltwater pool, gym, dog washes and covered parking, according to its online listing. The property borders 300 acres of protected land.
The 5-story building is a 55-plus community, but listing agent Ed Gardner of Gardner Real Estate Group said roughly a fifth of the building’s 28 units are open to all ages. It has yet to be built, but he’s seen plenty of interest already, showing the strength of Portland’s luxury market.
“We are working on our tenth contract,” Gardner said. “We’re pretty sure we’ll have half of them sold out before we break ground in April.”
A spot in a hot southern Maine neighborhood
Go south, and you could purchase a 3-bedroom, 3 bathroom home in a hot southern Maine neighborhood. This contemporary cape sits on a 0.4-acre wooded lot just a few minutes from Wells’ Moody Beach, and boasts vaulted ceilings, luxurious features including quartz countertops and central air conditioning.
This neighborhood was built in the 1990s, according to listing agent Peter LaRochelle of Better Homes & Gardens Real Estate. LaRochelle represented some of the first sales in the area, and has seen it transform over the years as home prices have spiked and the neighborhood has morphed.
“It used to be a seasonal snow bird, vacation home neighborhood. Now people are selling [their] out of state [homes] and moving here full time,” LaRochelle said. “The market and wealth have definitely gone through the roof as far as values and all that.”
