Mainebiz

W W W. M A I N E B I Z . B I Z 17 M AY 2 , 2 0 2 2 F O C U S R E A L E S TAT E / C O N S T R U C T I O N / E N G I N E E R I N G But while the March inven- tory climbed, to 2,013 listings from February's 1,913, pre-pandemic inven- tory would have been north of 10,000, says Chris Lynch, owner of Legacy Properties Sotheby's International Realty in Portland. "So it doesn't take a lot of buyers at the moment to buy everything in sight," he says. While the overall housing rush may be good for real estate values, Lynch says that Mainers are losing ground in the market. "e pandemic, remote work and community safety are the three most often cited influences that have broadened and deepened the out-of- state buyer base," he says. In 2019, Maine residents bought 74% of all homes available for sale. Massachusetts buyers closed on 8%. By 2021, Mainers made up 65% of the buy- ers, while Bay Staters grew to 10%. On a dollar volume basis, California's participation has soared by 58%. Connecticut, metro Washington, D.C., and Florida increased their participation by over 20%. Maine's dollar volume participa- tion declined by 13%. Cash wars have disproportionate impact on would-be first-time home- buyers unable to compete — and likely waiting in the wings, says Lynch. A Portland case study A house at 24 Carlyle Road in Portland was listed by Benchmark Real Estate at $499,000. Within 36 hours, there were 44 showings. After multiple bids, it sold for $650,000. e buyer waived inspection and contingencies, says Benchmark's owner, Tom Landry. "e market is a combination of astronomical, shocking, on fire, what- ever superlative you want to use," says Landry. "And that's coming off all super- latives we could ever think of throwing at the market last year." He adds, "Outside pressures like interest rate hikes, a looming reces- sion, and talk of a real estate bubble could shift the near-term market up or down." AGC BUILD MAINE AWARD 131 Presumpscot Street, Portland pcconstruction.com B U I L D I N G S T R O N G E R , T O G E T H E R PC has proudly partnered with Martin's Point Health Care for more than 10 years to deliver patient-centered care facilities for Maine's communities. MARTIN'S POINT HEALTH CARE BRUNSWICK HEALTH CARE CENTER C O N T I N U E D O N F O L L OW I N G PA G E » P H O T O / T I M G R E E N WAY Chris Lynch, owner and president of Legacy Properties Sotheby's International Realty, outside a Cape Elizabeth home his firm listed for $5.5 million. In the past, we'd negotiate off the list price. Now we're negotiating above the list price. — Dava Davin Portside Real Estate Group P H O T O / C O U R T E S Y O F P O R T S I D E R E A L E S TAT E P H O T O S / C O U R T E S Y O F P O R T S I D E R E A L E S TAT E In March, a three-bedroom condo in Brunswick was listed for $265,000 and sold for cash within three days for $366,000 – 38% above the list price. This three-bedroom home in South Portland listed for $389,000 and sold for $550,000 in March.

• Cover