Mainebiz

W W W. M A I N E B I Z . B I Z 15 A P R I L 7 , 2 0 2 5 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 Adventures in critter-clearing In Maine and elsewhere, flippers range from those out to make a quick buck with superficial changes, to build-and- design purists who see themselves as preservationists. "You've got the guys who do just the pigs with lipstick product, and then there's the people who do a really incredible job because they're building a reputation and a brand," says Portside Real Estate Group's Kathy Harris, a Brunswick-based broker who puts down the difference to capital costs. "If they're using borrowed money, they try to get through it as quickly as possible because everyday costs them more money," she says. "e good ones, to me, are doing it out of pocket." For some flippers already working in real estate, the DIY experience has educational appeal. One example is Yulia Glasgow, a Scarborough-based associate broker with Maine Real Estate Co. who had quite the initiation on a Buxton project in 2021. "It was a real fixer-upper, but we didn't know how bad it was when we opened the walls," she recalls. "We thought it would be cosmetic and we would add another bathroom." at changed when they found a bunch of live mice. Making light of the situa- tion, Glasgow playfully informed the critters they were being evicted as her husband flung them out the window. ey also found at least one unfortu- nate rodent fried to death from chew- ing on wires. Unscarred by their adventures in critter-clearing, Glasgow and her hus- band embarked on a second project that was "too much work for their liking" and which they sold unfinished. She learned from both experiences, and now when she shows a property can see right away whether someone did quality work or cut corners. Still intrigued by flip- ping, Glasgow says, "I will absolutely do it again, and I am always on the lookout for a good opportunity." OFFICES IN SOUTH PORTLAND, SANFORD, AND BRIDGTON, MAINE PROUD TO BE 100% EMPLOYEE-OWNED When someone walks in with a piece of land and an idea; then we get to work! Gets Us Excited? You Know What Maine house flipping in 2024 NU M BER OF H OM ES FLI PPED: 1,117 AVER AGE FLI PPI NG TI M E: 183 days H OM E FLI PPI NG R ATE: 5.5% of total sales M EDI AN YEAR BU I LT: 1975 M EDI AN S QUAR E FEET: 1,296 M EDI AN PU R C H AS E PR I C E: $260,473 FLI PPED PR I C E: $340,862 FLI PPI NG GROS S PROFI T: $80,389 GROS S R ETU R N ON I NVES TM ENT: 30.9% S O U R C E : ATTOM I love reimagining these old houses so that we keep all of the antique charm, but make it work for today's lifestyle. — Laurel LaBauve SoPo Cottage LLC C O N T I N U E D O N F O L L OW I N G PA G E »

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