These Prime Maine Properties Are Selling For Millions With No Home Included
Maine’s most expensive and remote lot is attracting interested buyers willing to pay $1 million or more, but with only 50 such lots currently for sale, there may not be enough to keep up with demand, the estate agents said.
Maine’s most expensive lot is 99 wooded acres in Yarmouth, earmarked for developers and costing $6 million. But smaller properties along the coast cost much more per acre in a wild market. The most expensive land per acre is along the fairways of a private golf course in Biddeford, listed at $2.95 million for 0.62 acres.
Land sells more slowly than homes, which can be purchased the same day you list them, but it’s an active part of Maine’s boiling real estate market. These types of properties typically promise one-of-a-kind waterfront acreage, scenic views, and other amenities meant to reflect their value.
An example is a 43-acre property on Loon Cove Lane in Brooklyn that sells for $2.5 million, although 19.5 acres can be acquired for $1.9 million. The current owners have done a lot of work including grooming and soil erosion control.
The agent selling the property describes it as a one-of-a-kind waterfront property with panoramic views of Blue Hill Bay, Blue Hill Light and several islands, with distant views of the Acadian Mountains and Bass Harbor. Interest has been strong, said real estate agent Laura Pellerano of Legacy Properties Sotheby’s International Realty.
“A lot of these small towns have come out and got the internet so people can come and enjoy the coast and work from home or get away or take their families and they still have access to everything,” she said. .
Flexible workplaces have also helped people realize their dream of owning property in Maine, said Derrick Buckspan, agent at RE/MAX Shoreline.
“Luxury real estate is an emotional and discretionary purchase,” he said. “So they must want to do it and have a dream.”
These types of buyers need to be patient, as it can take months to a year to find construction contractors. Buckspan is selling a 30-acre property to Raymond overlooking Lake Sebago for $2.5 million, though buyers could pay $1.8 million for 3 acres with water frontage. There is an old log cabin on the property which he says is not in good condition. He said it’s rare ground on Sebago Lake.
Another 33 acres of hard to find land is for sale on North Haven Island overlooking the point where West Penobscot Bay and East Penobscot Bay meet. The property, listed at $2.99 million, has over 1,400 feet of beachfront from Indian Point to East Kent Cove.
The most expensive land at $6 million in Yarmouth is for developers who might want to add several new homes. The 99 acres are about a third of a mile from the village of Yarmouth, close to schools, shopping, beaches and Interstate 295.
Buckspan and Pellerano said despite the price, there is still a shortage of high-end properties for sale.
“I’m surprised there isn’t enough for everyone,” Pellerano said. “There is just a shortage across the housing spectrum.”