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W W W. M A I N E B I Z . B I Z 21 A P R I L 3 0 , 2 0 1 8 F O C U S C E N T R A L & W E S T E R N M A I N E Punderson says. Most of his buy- ers come from southern Maine and Bangor, where real estate markets are hot. "I think people's primary homes values have gone up, so it's been easier for them to use the equity to buy sec- ond homes." In 2017, the average sale price of existing inventory was $238,000. Newly developed inventory is now trending closer to $500,000, says Punderson. "I think that speaks to the niche developers thought could be profi table," he says. More inventory coming Hall says Boyne has long-term plans for several hundred units of development each at Sunday River and Sugarloaf. " ere is limited inventory at each resort, and because the developments at each resort are aging, there's also demand for newer, modern condo- miniums and town homes that have modern amenities," he says. Hall says neither Sunday River nor Sugarloaf saw the extent of price erosion other resorts did during the recession, likely because of the prevalence of owner-users willing to hang on, as opposed to investors who lease out. "Although prices did drop somewhat, they held up fairly well and have continued since 2009 to climb back up to pre-2007 prices and even beyond," says Hall. "We think the market is there for new condominiums." L S, Mainebiz senior writer, can be reached at @ . May 30, 2018 Holiday Inn By the Bay Holiday Inn By the Bay Portland For more information, contact Helen Meyer at For more information, contact Helen Meyer at 207.400.3212 207.400.3212 or hmeyer@ptla.org www.muskiefund.org For her leadership in the community For her leadership in the community honors Mary Allen Lindemann e 23nd Annual Muskie Access to Justice Award Dinner e Muskie Fund for Legal Services T A B L E P A T R O N S Bayside Bowl Berman & Simmons Bernstein Shur Bowdoin College Clark Insurance Drummond Woodsum F.L.Putnam Investment Management Company Hannaford Bros. Co. John T. Gorman Foundation Law Offices of Joe Bornstein Lee International Business Development Maine State Bar Association Martin's Point MEMIC Missy and Michael Asen Norman Hanson & DeTroy, LLC Pierce Atwood Preti Flaherty Sidley Austin LLP Spinnaker Trust Unitil Unum Verrill Dana WEX U N D E R W R I T E R S Hancock Lumber Company Inc. Maine Justice Foundation C O R P O R A T E S P O N S O R S Camden Foundation Central Maine Power Coffee By Design L.L. Bean Saddleback real estate market holds on despite setback D espite the fact that Saddleback Mountain hasn't been open since 2015, winter activities in Rangeley remain strong, including "one of the best snow- mobile seasons this year," says Rangeley Town Manager Tim Pellerin. Saddleback's owners, the Berry fam- ily, agreed in June 2017 to sell the moun- tain to the Majella Group, an Australian company. The sale hasn't been fi nalized — and it's not clear if or when it will close. In March, it's been widely reported that Majella CEO Sebastian Monsour was recorded saying that opening the mountain "is not a primary concern." James Eastlack, owner of Morton & Furbish, a real estate agency in Rangeley, says the resort's closure "has surpris- ingly had a smaller impact than most would think" on the area's off-mountain seasonal home market, largely because of the area's long-time popularity as both a snowmobiling and summer destination. With Saddleback idle, Eastlack has seen a substantial increase in snow- mobile clientele. For seasonal home sales volume, "This is the best winter we've had since 2007 and quite possibly the best winter we've ever had." With home prices fl at in recent years, it's a buyer's market, he says, with off-mountain home prices averaging $250,000. Still, he adds, "With the ski area open, our market would have been that much better. It's a whole different buyer segment that is patiently waiting for any positive news about a future sale" of the mountain. Eastlack also carries listings for slopeside condominiums. Although he's had no sales this winter, he detects buyer interest: "That tells me there is some confi dence the mountain will open at some point. I also believe that, with the infrastructure Saddleback offers as well as the town's amenities, it's very marketable." Slopeside condo prices have dipped only slightly. Existing owners are likely not panicking just yet, he says. "Regardless of whether the moun- tain is open or not, they can still enjoy a beautiful, quiet location with lake views in the winter and access to the lake in the summer season," he notes. Although prices did drop somewhat, they held up Although prices did drop somewhat, they held up Although prices did drop somewhat, they held up Although prices did drop somewhat, they held up Although prices did drop somewhat, they held up Although prices did drop somewhat, they held up Although prices did drop somewhat, they held up Although prices did drop somewhat, they held up Although prices did drop somewhat, they held up Although prices did drop somewhat, they held up Although prices did drop somewhat, they held up Although prices did drop somewhat, they held up Although prices did drop somewhat, they held up Although prices did drop somewhat, they held up fairly well and have continued since 2009 to climb fairly well and have continued since 2009 to climb fairly well and have continued since 2009 to climb fairly well and have continued since 2009 to climb fairly well and have continued since 2009 to climb fairly well and have continued since 2009 to climb fairly well and have continued since 2009 to climb fairly well and have continued since 2009 to climb fairly well and have continued since 2009 to climb fairly well and have continued since 2009 to climb fairly well and have continued since 2009 to climb fairly well and have continued since 2009 to climb fairly well and have continued since 2009 to climb back up to pre-2007 prices and even beyond. — Mark Hall SVP, Boyne Resorts

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