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.
A refurbished farmhouse sitting on 100 acres with a clear view of the western Maine mountains is for sale for $1.4 million.
The current owners of the 4-bedroom, 3-bathroom home in Phillips have lived there for more than three decades. They maintain the fields so they don’t grow over. The chief reason they’re selling the place is because they’re at retirement age and don’t want to deal with the upkeep.
Its large acreage has set it apart as a rare opportunity for homebuyers, but that’s also the reason the property has sat on the market for more than 200 days since September.
“It’s a lot for some people to think about,” listing agent Eric Kinney said. “At that price point, you might want to take care of those fields.”
The large acreage presents plenty of opportunities for creative buyers. One is a potential subdivision, Kinney, a real estate agent with Sandy River Realty in Farmington who has also worked in the area as a builder for the last 45 years, said. He said “decent” homes are in real short supply in Phillips, where this is the only home for sale.
One prospective buyer has been interested in maintaining the fields and restoring the property back to what its purpose was decades ago: a working farm. But most are just looking for a full-time residence. Some are interested in splitting the parcel up to sell off land, Kinney said.
The listing is one of 32 properties for sale in Maine as of Thursday that sit on 100 acres or more. Such a large parcel of land is a much rarer find today than it was just a few years ago, Kinney said.
“There’s fewer and fewer of those,” he said. “There’s not many places left with this acreage, views, privacy.”
Many larger properties like this listing were sold to people from out of state during the COVID-era real estate boom, the agent said. At the pandemic’s outset, people wanted to get away and buy their own private space. Maine had plenty of properties that fit the bill.
Today, that frenzy has chilled. But the luxury market is still strong and properties like Kinney’s going for more than $1 million are still seeing a high level of interest. A mix of both local and out-of-state buyers have been interested in purchasing the Phillips property since it was listed for sale in September, but none have followed through with an offer yet.
The farmhouse itself is an attraction, boasting more than 2,500 square feet of living space with views and tasteful updates made by the current owners. It was built in 1850, so has rustic charm and antique quirks including two wood stoves, but the owners have installed a new furnace, alarms, electrical systems and insulation. It also has a firepit, root cellar, barn, shed and a three-car attached garage.
The property is rural, but is less than 10 minutes from in-town Phillips, a small town that still retains some amenities including a grocery store. It’s about a half-hour to both Farmington and the four-season vacation destination of Rangeley. The road that splits the property is town-maintained, an added bonus in the winter months.
“It’s just a unique property, with the views and everything that goes with it,” Kinney said. “It’s just serene up there.”
