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Third Party Relo company creates last minute snafu.

by Deborah Barouch

It was interesting the new twist that occured in a recent closing. The sellers did not decide that our transaction could be under their employers' relocation benefit program until after we were fully under contract and all contingencies had been negotiated, Therefore the buyers had no obligation to comply. Nor did they feel any obligation to comply. After all, why dissolve your legal contract with the current sellers for a "Relo company", who has no obligation to move forward?

This created hard feelings all around. The buyers feeling that they have been taken advantage of and the sellers feeling that they have lost out on benefits they could have received if the sellers had co-operated.

It was ultimately resolved, but the buyers felt slightly out of sorts being "jerked around" by a complication they had nothing to do with, and which they were not contractually obligated to comply with.

Portland Maine named as preferred city

by Deborah Barouch

"INTOWN PORTLAND, a peninsula swirling counterclockwise into Casco Bay, lies in thick cultural layers. Starting at New England's third-largest fishing port, Portland Harbor, men and women in foul-weather bibs unload lobster traps and tubs of Atlantic cod. Next is the cobblestoned Old Port, with its boutiques, "commitment ring" jewelers, and Irish pubs. A few blocks away sit the studio and arts districts, with tattooed baristas at gritty cafés, agitprop-chic galleries, and, by sundown, live punk behind closed doors. A quarter of Maine's population lives in and around Portland, but you'd hardly know it come rush hour. Young professionals wear L.L.Bean fleeces and duck boots for all manner of business, even dates, thanks to the company's headquarters being 20 minutes up the road. With relatively mild winters, it's possible to commute by bike almost year-round, and with thick neoprene you can surf in winter. Twenty-six-square-mile Portland has more than 2,000 public-arts events, including free concerts with the likes of Carbon Leaf and the Rebirth Brass Band, and, rumor has it, more ultimate-Frisbee leagues per capita than anywhere else. Maine's highly educated twenty- and thirty-somethings are thick on the ground, keeping their kayaks and snowshoes handy and talking about how they've got it made."

-Outdoor Magazine

pre-closing difficulties

by Deborah Barouch
I have been selling realestate for over 20 years but it never ceases to amaze me the difficulties that can come up before a closing. Last week we got a panicky call from a title company that informed me of an undischarged mortgage on the property we were about to close on. These things can be difficult to track down in a timely manner. Fortunately we found the local title company who had handled the "refinance" and I made a personal call to the owner to speed things forward so we could close on time. It pays to have local connections and a good network.

August in Maine is tranquilizing!

by Deborah Barouch

August is Maine is a treat that many visit here for. Those of us who live here need to remember to enjoy it!  We have gotten out on Casco Bay quite a bit this summer on our boat. Since we keep our boat moored right off our neighborhood dock in the Seabourne Association in Yarmouth it is only a short stroll down the street to our beautiful waterfront. Many of our neighbors have kayaks or dingey's right on the dock. We all enjoy immediate access to numerous small islands.

Last week we visited French's island.  We pulled in to the little protected cove set out our anchor and rowed in in our dingey to explore. There is a lovely little sandy beach.  Afterwards we picnicked on our boat before heading back cruising along between Little John island and Cheabeague island.It was quite choppy and we were glad to arrive back at our home dock and get our boat back on the mooring.

Several days before that we headed out to Jewell island which is the farthest island out in Casco Bay. It is rewarding to make the effort. When we reached the little protected cove we found an anchoring spot quickly. Swimming was delicious! There are 2 world war 2 lookout towers to climb on Jewell, and the views are stunning!

 

Real Estate Statistics

by Deborah Barouch
Maine Real Estate Statistics
Maine Real Estate Prices Climb Slightly;
Sales down in June
 
 
South Portland (July 26, 2007)-Sales of Maine real estate cooled during the traditionally busy June summer sales period. Though sales decreased in accordance with national trends, statewide home prices are on the rise.
 
According to the Maine Real Estate Information System, Inc., Realtors sold 1,316 single-family existing homes I June 2007-- a 16.76 percent decrease from June 2006, when 1,582 homes changed hands. The median sales price for homes sold last month reached $199,950 up 0.48 percent. The median sales price indicates that half of the homes were sold for more and half for less.
 First Half Year
From January 1, 2006 - June 30, 2006 to January1,2007-June 30, 2007
County #Units sold
2006
#Units Sold
2007
% Change MSP
2006
MSP
2007
%Change
Statewide  6449 5637 -12.59% $194,500 $195,000 0.26%
Cumberland 1618 1480 -8.52% $249,900 $249,900 0.00%

 

 

National Statistics
National Prices Rise, Sales Slow

Existing home sales declined slightly from May to June, according to a recent report by the National Association of REALTORS® (NAR). Even so, prices increased slightly during the month as inventory levels reduced. The overall national market for existing homes slowed 3.8 percent in June. NAR has revised its existing home sales forecast but still anticipates 5.75 million units to be sold in 2007.

The thirty year conventional, fixed rate mortgage has risen to a national average of 6.66 percent in June, compared to 6.26 percent in May. This is close to the 6.68 percent available in June 2006. Despite this increase, NAR president Pat Combs explains that today's buyer has a lot of opportunity. "You really need to consult with a knowledgeable real estate professional about local market conditions," she said. “Experience is one way REALTORS® add value to the real estate transaction, and a reputable agent is your best resource to navigate the current market, whether it's moving up or down."

Average Sales Price of Existing Homes by Region
Date U.S. Northeast Midwest South West
2004 $244,400 $273,600 $189,400 $215,600 $324,300
2005 266,600 297,000 203,800 231,700 363,800
2006 268,200 299,700 205,300 230,000 371,300
01/07 257,300 292,500 194,700 222,500 352,300
02/07 260,100 292,200 188,400 225,200 366,700
03/07 265,200 302,100 199,100 227,300 365,200
04/07 268,100 308,500 200,100 226,700 373,100
05/07r 270,600 313,200 204,300 229,700 372,000
06/07p 276,700 319,600 212,500 239,300 370,300
Statistics from the National Association of REALTORS®

June statistics for existing homes were lower across the country. Northeast home sales fell 7.3 percent while homes sales in the Midwest increased 2.8 percent. The Western region saw a decline of 6.8 percent during this time, and sales in the South eased 1.7 percent.

Displaying blog entries 1-5 of 5

Deb Barouch 
DBarouch@kw.com
207-838-4875
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