The BDN is exploring Maine’s housing disaster from each attainable angle, from the way it impacts dwelling costs, to what it means for Mainers throughout the state. Learn our ongoing protection right here and fill out this manner to inform us what you need to know.
A southern Maine village composed principally of one of many state’s largest owners associations was probably the most aggressive place to purchase a house right here in June.
Lake Arrowhead, which straddles the York County cities of Waterboro and Limerick, beat Falmouth, North Windham and Yarmouth as probably the most difficult place to purchase a house in Maine final month, in line with on-line actual property market Redfin.
Redfin categorised the village as best as a result of most properties get a number of provides, usually with waived contingencies. The common dwelling sale goes pending in 5 days of itemizing and provides are about 9 % above checklist worth. It got here as dwelling gross sales cooled in Maine, though costs continued to rise, in line with Maine Affiliation of Realtors knowledge launched Wednesday
Positioned about an hour’s drive west of Portland, the village of simply greater than 3,000 individuals is made up largely of the Lake Arrowhead Neighborhood, a owners affiliation with 1,500 properties, two clubhouses, tennis courts and different facilities alongside the man-made lake. There are a couple of particular person heaps within the village, however most are within the subdivision, Michael Fitzpatrick, vp of the affiliation, mentioned.
“Previously couple years individuals have been retiring and shopping for a home on the lake,” he mentioned.
The affiliation solely will get college and bus companies from Limerick and Waterboro, plus weekly trash pickup from Limerick. In any other case, it runs itself like a city. It has 9 staff to take care of the 51 miles of roadway by means of the event.
Fitzpatrick mentioned a part of the draw to the village will be the quantity of home that cash should purchase. Lakefront properties typically carry a premium worth, however these in Lake Arrowhead had a median gross sales worth of $300,000 in June, in line with Redfin. That’s lower than the statewide common of $360,825 in June and the York County common of $460,000 in the course of the first three months of this 12 months, in line with the Realtors affiliation.
The owners affiliation surrounds the 779-acre Lake Arrowhead, recognized for its bass-fishing tournaments. For Jack Taylor, who has lived within the subdivision for six years and has been within the space round 20 years, the attraction is that Lake Arrowhead is quiet with few vacationers.
Taylor, who owns his personal actual property company, is within the strategy of promoting his dwelling on the Limerick facet of the affiliation and shifting to the opposite facet of the lake, the place he has purchased 20 acres of land upon which he’ll construct a brand new dwelling.
“I adore it right here,” he mentioned.