The Standard Bakery, Portland Maine

With a fresh loaf of Standard Bakery Organic Maine Grain sitting on my kitchen counter I was curious to get the ingredients list (I'm a curious home baker).  Alas, a quick Google search revealed what I suspected, no website for my favorite New England bakery.  Actually it was a relief.  They bake the best breads, rolls, breakfast treats, and other wonders.  They don't need more traffic at the store and they don't need the hassle of maintaining a website.  You, however, need to get to The Standard Bakery if you are coming to town.  The Standard Bakery is at 75 Commercial Street in behind the Hilton Garden Inn.  Call them at 207-773-2112 to find out when they are open.  You'll be glad you "found" them.

Time to Install Solar Hot Water

In the late 1970's when the Solar Hot Water Panels went on the White House we were getting back to a technology abandoned only a few decades earlier. Only a few short years later we would abandon this renewable energy technology again. I'll avoid a discussion of the politics here but suffice to say that fossil and nuclear energy companies didn't (and don't) like competing with the most infinitely renewable energy source (which falls freely on our heads and roofs!). Will we as a culture work aggressively now to put solar hot water technology on all of our homes and workplaces? The economics are so beneficial and easy to comprehend. The carbon output reduction is so simple to calculate. The planetary need is so obvious. The need for jobs in manufacturing and installation is so necessary at this time. Why wouldn't we do this? To learn more I recommend starting with the information at this link:

http://www.motherearthnews.com/Alternative-Energy/2003-10-01/Save-With-Solar-Hot-Water.aspx

Let me know if you decide to do it!

Top Ten Reasons it's a Great Time to Buy...

Here is a pretty good rendition of the ubiquitous "Top Ten Reasons" to buy real estate right now.  This one is from Paul Pastore out in Arizona.  Most of what he talks about applies in Maine (except some of the Phoenix stats, of course).  Here it is in its entirety - thanks Paul!

1. Selection, selection, selection. There are about 57,000 resale homes on the market in Maricopa county(Phoenix). Regardless of the price range a buyer desires, there are plenty of houses from which to choose. Just a few years ago the resale inventory dropped below 5,000 units. A buyer was forced to make compromises if they were going to locate the home of their dreams. There is a great selection of attached homes, condos, and townhouses. You can find large lots, small lots, and a lot that will accommodate your boat or RV. There are lots of options in this market.
2. No Bidding Wars. In 2005 we had one client that made an offer on ten homes. They lost the first nine to the 'feeding frenzy' that existed. Other buyers bid the properties up substantially from the original listing price. There were escalation clauses where buyers authorized their agents to outbid other offers by thousands of dollars. There is no competitive bidding in this buyer's market.
3. You can make an offer. A few years ago when you made an offer, the only question was how high above the list price could the buyer reach in hopes of being the best offer on the table. Today the sell price list vs. price ration is about 96%. A seller will not be insulted if you 'make them an offer they can't refuse'.
4. Patience is tolerated. In the hot seller's market that existed everything was rushed. Find a house before other buyers did. Hurry up and make the offer.  Today a buyer can take their time. Look at several homes and think about your decision for a few hours.
5. Due diligence is welcomed. In this market a buyer is encouraged to obtain a home inspection, termite inspection, and appraisal. In 2005 many buyers waived these contingencies in order gain an advantage with multiple offers.
6. There are plenty of specs. In the not too distant past buyer had to 'play games' if they wanted a new home. There were lotteries and waiting lists in order to obtain new construction. Some buyers slept in their cars in order to get to the head of the lines. R.L. Brown estimates that builders have thousands of specs ready for immediate occupancy.
7. Repair requests are welcomed. After a buyer completes a home inspection, they are allowed to submit a repair request to the seller. In the past a seller might insist the home was sold 'as is'. Many times, there were back-up buyers waiting for a primary buyer to upset the seller whose home was increasing in value almost daily.
8. Few, if any investors. It is estimated that one third of all sales in 2005 were to investors. These non-owner occupied buyer caused the market to inflate and affordability to decline. Mortgage fraud became commonplace. It's a great time to buy without having to compete with hundreds of prospective landlords.
9. Location, location, location. Today's buyers can find homes closer to work. In the past buyers flocked to Maricopa and Queen Creek in order to find affordable homes. In this market, reasonably priced homes are within biking or walking distance to schools, rapid transit lines, and relatives.
10. Real Financing is available. The 'wink, wink' zero down, no doc, adjustable, sub-prime loans are gone. Fixed rates are back. FHA financing, first time homeowner bond programs, special loans for teachers, and police officers are back in business. It's a great time to buy real estate!

Featured: South Portland Maine Waterfront Condos

We are pleased to offer not one, but two fabulous condominiums in South Portland's Anchorage Place neighborhood.  These homes do not become available very often and, honestly, there are not as many waterfront condos on Portland Harbor as you might think - so these represent two great opportunities.  Both units have waterfront access via the adjacent marina.

The first is 9 Anchorage Place, offered at $385,000 with 2 bedrooms, 2 bathrooms and views of the Portland skyline from almost every room.

Then we have 10 Anchorage place - very spacious at more than 2,500 square feet and offered at $725,000.

These are truly must-see properties.  Give us a call to learn more.

Cost of Living Comparison Calculator

I found this very interesting calculator at the CNNMoney.com web site.  Simply enter the location of your current residence along with your income.  Then enter your destination location and click "compare."

For fun, I looked at what would happen if someone earning $75,000 in Boston wanted to move up here to Portland.  The results?

Groceries will cost 12.4% less

Housing will cost 17.3% less

Utilities will cost 1.5% more

Transportation will cost 12.7% less

Healthcare will cost 18.4% less

The net comparison means that your $75,000 Boston salary is roughly comparable to a salary of $64,338 in Portland, Maine.  The Manhatten to Portland comparison is even more fun!

If you're planning on moving to Maine, here is the link to compare cost of living.

Cumberland County Sales and Median Prices Up

In reviewing the latest stats from MREIS (Maine Real Estate Information System), it's encouraging to note what has happened in Cumberland County over the past "rolling quarter" (June through August).  Comparing those three months for 2007 vs. the same time period in 2006, Cumberland County has experienced a 4.65% increase in the number of homes sold (947 in 2006 and 991 this year).  The median sales price for this time frame increased 3.6% this year over last (from $250,000 to $259,000).

The only other counties to post significant gains were Penobscot and Piscatiquis, with Lincoln and York making some modest gains.  All the other Maine counties are down on both counts (number of sales and median sales price).

We all need to watch this trend data diligently as the local real estate market continues its current ride.

David Whitten, Watching the Data

I'm Back!

I’m back!!  Actually I’ve been here right along…however my beautiful baby boy Rowan arrived on the scene in late April and he’s been getting a big chunk of my attention. 

So, with summer mostly over and the boy sleeping a little more I’ve now got the time to weigh in on the last few months of real estate related events. A flat home sales market (in Maine anyway!), a down home sales market in much of the rest of the country, and a global credit crisis and liquidity issues have certainly kept my attention. 

What it all means depends on what your objectives are.  As a buyer you’ve got great interest rates with rates where they were a year ago and you’ve got lots of property to choose from.  As a seller you are likely to be a buyer soon and so you even though you may sell for less than you’d like you are bound to find the price on your next home quite palatable.  If you are a seasoned investor with property management expertise you may find several multi-family markets to be quite a good deal and with credit tougher to come by for some people the rental market seems to be firming up here in the Portland area. 

The way I see it the media spin on real estate is endless but many of us just need to satisfy our housing needs and live our lives.  Buy and sell to meet your housing objectives and while you are at it go enjoy the last few weeks of summer.

David Whitten, Real Estate Daddy

Outside Magazine Names Portland Among Best Towns 2007

Portland continues to rack up accolades; this latest one comes from Outside Magazine who named us among the "Best Towns" for 2007.  Did you know that our average "commute minutes" is 19 and our average age is 36?  Check out the entire write-up on Portland, including their perfect 48 hours in our hometown!

Green Homes Save Money, Make Owners Happier

This just in from a new study by McGraw-Hill and the National Association of Homebuilders (italics are mine):

NEW YORK, April 3, 2007 -- New market research by McGraw-Hill Construction finds that approximately 0.3 percent of all homes in the U.S. are "green," incorporating elements in three of five environmental building categories.

Although the number of green homes is small, the market is estimated at about $2 billion, thanks in large part to the fact that owners of green homes are both substantially happier with their homes than other homeowners, and more likely to spread the word about the benefits of building green.

The survey was co-sponsored by McGraw-Hill and the National Association of Home Builders, and it found that people who bought green are 85 percent happier with their new green homes versus their previous non-green ones. And more than a quarter of new green homeowners reported first hearing about green homes through word of mouth.

In addition to the evangelical nature of green homeowners, the survey also found that green products are taking center stage in remodeling projects as well. About half the overall U.S. homeowner population has recently done some renovation work on their home, and approximately 40 percent of those are using green products in their remodeling.

"This is another powerful finding," says McGraw-Hill vice president Harvey M. Bernstein. "As home prices increase and homeowners stay in their homes longer, remodeling becomes a key market opportunity. It's encouraging that there is already so much of the community aware of these green product options and, more importantly, using them."

A McGraw-Hill estimate from 2006 found that a much larger number of homes -- 2 percent -- incorporated at least one green building element, such as energy-efficient appliances, but the market appears to be turning much greener. Bernstein added, "It's also powerful to find that people are really starting to commit to building truly green homes, moving away from just adding energy efficient appliances or one aspect that's green. They're paying attention to the holistic benefit of green."

Demographics unearthed in the research showed that the average new green homeowner is affluent and well educated, in his/her mid-forties and married, and also more likely to be from the Southern or Western states. Women are also more likely to be green homeowners than men.

More than any other factor, saving money by building green was the motivating factor for these homeowners. 63 percent reported financial concerns as the key reason behind buying a green home. About 50 percent reported environmental concerns and family health as motivators.

Among the largest obstacles to growing the green building market are lack of awareness, higher costs, and scarcity of the homes. Over 60 percent of respondents cited education, additional costs involved in green homes and the availability of the homes as obstacles they had to surmount.

David Whitten, The Real Deal in Green Homes

Portland as Most "Delicious Destination of the Year?"

It's down to three cities:  Portland (that's us, the original), Portland (that other one), and Minneapolis (?).  The Food Network is soon to award its 2007 "Delicious Destination" Awards and there's a good chance we could take home the honors.

With an incredible amount of culinary talent combined with a mind-bending array of locally-sourced ingredients, it has only been a matter of time before Portland Maine received this kind of recognition.  Restaurants in and around Portland Maine continue to satisfy and impress us.

Check out today's Portland Press Herald story about the awards - hopefully we'll be in the winners' circle on April 15th.

In the meantime, here are some Portland food links:

• Slow Food Portland
• Maine Foods Network
• Maine Restaurant Association
• Kitchen Gardeners International (based in Maine)
• Articles About Maine from Food & Wine magazine

David Whitten, Eating My Way Through Portland