Rick Beal\’s Blog

Now in its  45th year,  the Yarmouth Clam Festival, from July 16 to July 18, is Maine™s premier summer family festival.   This year’s festival features the state™s biggest parade, a huge array of delicious food including lots of seafood choices,  as well as the usual art and craft displays.

Unique contests include the Maine State Clam Shucking Contest, a diaper derby, a professional bike race, a firefighters™ muster, foot races for kids and adults, and canoe and kayak racing.  

As with most Maine fairs, look for  evening fireworks, rides, and other fun things to do in Maine during the summer.

Admission is free to the Clam Festival and all performances and contests.   There will be live entertainment thoroughout the festival.

While in Yarmouth, check out the latest in Maine Real Estate, there are 77 Single Family Homes available for purchase including this great new listing at 62 Seabury Drive.

For more information including houses sold in Yarmouth over the last 12 months, please stop by MaineHouseValues.com

Old Port Festival –  This Sunday, June 13      

It’s this Sunday, from 11 – 5.   The festivities kick off with a parade at 11:00am followed by  live music, food, shopping, and surprises.  

Events include pony rides, roller coasters, tilt-a-whirl and  giant slides for the kids, a rock climbing wall and bungee trampoline for all ages, art and crafts from over 90 local artists and craftspeople, and live music for all tastes.

Parking is available at the Spring Street Garage, Custom House Square Garage, Cumberland County Garage, One City Center Garage, Temple Street Garage, Casco Bay Lines Garage, Top of the Old Port Parking Lot, Elm Street Garage, Gateway Parking Garage and the Fore Street Garage which has $10 flat rate for the day.

For more information along with the most up to date information on Old Port condos, click on www.MaineHouseValues.com                                                                                                                                                

Westbrook Together Days – This Friday and Saturday                                    

For the 31st consecutive year, the merchants of Westbrook are putting on their annual celebration.   Friday night’s  featured performer is Motor Booty Affair, followed by a fireworks show.  

Saturday starts with a pancake breakfast at 7:00, a parade down Main Street at 10:00, entertainment featuring Rick Charette and the Bubblegum Band, Drouin Dance Center dancers, Acorn Productions, Jukado and many others throughout the day.   Like Friday, Saturday concludes with a fireworks show.

There are 113 Single Family Homes, 27 Condos and 22 Multi Unit currently for sale in Westbrook.

For more information, log onto www.MaineHouseValues.com

The Tax Credit for First Time Buyers is Gone, Right?

Yes, contracts had to be signed by April 30th for the Federal Tax credit, but Maine still has Gift of Green money available.   The Maine State Housing Authority is offering eligible borrowers who use a MaineHousing mortgage:

1. A grant of $2500  to help with the cash needed for closing, such as any required down payment, closing costs, and prepaids.
2. A coupon worth up to $500 for a 2-part home energy audit.

The Gift of Green really is a gift – it will not be added to the loan amount and does not need to be paid back.   Not all lenders participate, check with me to see if who offers the programs and whether or not you are eligible.

For more information, check out MaineHouseValues

24th Annual Chocolate Lovers™ Fling - This Weekend in Portland.

It™s this Sunday, April 11th from 1 to 4 at the Holiday Inn by the Bay on Spring Street.

All proceeds benefit Sexual Assault Response Services of Southern Maine.

Check it out after attending all of the Coldwell Banker Residential Brokerage Open Houses this Sunday!

The real estate market in Maine continued its slow recovery last month with 494 units sold, compared with 433 sold in February 2009, an increase of 14%.   The median price for homes sold in February was $158,000, in line with numbers reported in February 2009.   This compares with 555 units sold in February 2008 and 698 in February 2007.   The median sold price in February 2007 was $193,950, 18.5% higher than February 2010.   These figures are courtesy of the Maine Real Estate Information System, Inc.

According to The National Association of Realtors, existing home sales nationwide rose 4.3 percent in February 2010 compared to February 2009.   The national median sales price for those homes dipped 2.1 percent to $164,300.   Regionally, sales in the Northeast were up 12 percent and the regional median sales price increased 7.5 percent to $254,700.

In Cumberland County, the median sales price measured in sales from December 2008 “ February 2009 compared with December 2009 “ February 2010 rose slightly to $223,000.

So what do you think?   Do these numbers indicate a recovery in your community?

For the latest in Maine Real Estate, including current and recently sold homes, stop by www.MaineHouseValues.com
 

The National Association of REALTOR’s (NAR)  Pending Home Sales Index, a forward-looking indicator based on contracts signed in January, fell 7.6 percent to 90.4 from an upwardly revised 97.8 in December, but remains 12.3 percent higher than January 2009 when it was 80.5.   The index was originated in 2001 and a score of 100 represents the market at that time.

The  index in the Northeast fell 8.7 percent to 71.3 in January but is 20.5 percent higher than January 2009.   NAR Chief Economist Lawrence Yun blames the weather for January’s (and February’s expected poor results) on the unusual winter of storms, which have missed Maine, at least as of early March.

Unfortunately the index is not reported for individual states, so I can’t drill down to see  how we’re doing in Vacationland.   I have my doubts about the weather causing the downturn in numbers.   If I had to move due to job transfer, expiration of a lease, or another major event, I’d figure out a way to dodge the weather and make the move.   The other aspect of the numbers that I can see is that things were really crappy a year ago, much worse than we knew at the time.    It is expected that things will pick up prior to the April expiration of the Federal tax credit for first time and repeat buyers, as there was a rush to close last fall, when the tax credit was due to expire.   We shall see and I’ll report it here.

For more information about Maine Real Estate, visit www.MaineHouseValues.com

The numbers are in for January, 484 existing single family homes were sold by real estate agents, which compares to 408 in January 2009, a gain of 18.63%.   The median price of these homes climbed to $160,000 vs. $152,250 in January 2009, a gain of 5.09%.  

Nationally the increase is only 8.6% for the same period and a slight decrease in median sales price to 163,600.   In the Northeast, sales increased 22.4% and the median price reached $245,300, a gain of 8.8 percent.   Maine is doing better than the nation, but not as well as the rest of the Northeast.

In Cumberland County, the median sales price measured in sales from November 2008 “ January 2009 compared with November 2009 “ January 2010 remained stable at $220,000, the only county to record a median sales price above $200,000.   In contrast Aroostook and Piscataquis Counties came in at just $75,000.

For more information log in to www.MaineHouseValues.com

One of my favorite clients, who has just passed the CPA Exam (congratulations Katya), became first time home buyers in 2009, the date was my birthday October 9, which is why I will always remember it.   Rather than wait for their 2009 return, she filed a revision for 2008 and was expecting the credit before the end of the year.  

As you can probably guess, we are in the last week of February and no credit yet, the IRS doesn’t have the manpower to deal with this right now.   The good news is that she is getting 5% interest on the $8000 going back to December.   Guess who’s paying for that?

For more information, check out www.MaineHouseValues.com

Twenty  percent of homeowners believed their home increased in value, although Zillow reports that 28 percent actually did.   Half of homeowners believe their own homes lost value during 2009, while 30 percent believed their homes™ values stayed the same. In reality, according to Zillow, 65 percent of homes lost value during the year, and values remained the same for 7 percent.

Zillow™s œMisperception Index nationally comes in a -2 (0 shows when perceptions are in line with reality).   However the Misperception in New England comes in at 14 percent.   Unfortunately Zillow does not measure the Portland, Maine  market yet.

However, homeowners continue to be optimistic about the future, with 38 percent believing their own homes™ values will increase in the next six months.   47 percent believe that the value will stay the same, while 14 percent expect a decrease.

For more information, check out www.MaineHouseValues.com