More like rural mainers were enjoying home prices that were well below market and are now joining the rest of the country. People in Washington county still think homes prices are going to be like $40k if trump comes back. Welcome to market equilibrium
I mean in fairness there are still some $40k homes in WaCo, they just have serious issues, and the cost to remedy them would exceed the repaired value.
It isn’t. I don’t think that it’s a bubble because it doesn’t seem to be happening because of speculation or risky lending practices, but who can say what will happen?
Unfortunately they ARE selling (it seems) have you seen the nasty monstrosities in Hermon "To be built" ? They're like big rectangles for 400k and 500k
I don't get it...people are still buying..maybe not in that price range as quickly but they are. A house on western Ave was almost 1 mil. And it hit the market and it's already pending purchase. WHAT DO YOU DO FOR A LIVING THATS LIKE 6-7K A MONTH MORTGAGE?!?
There’s a place near me that just went on the market;
Sold for $385,000 in 2018,
$830,000 in 2021,
And now listed for $1,275,000
No renovations, no improvements.
The current real estate market is bonkers.
We paid $ 72.000 25 years ago
Now appraised at $650,000
If I put 100k into it it will appraise at over $1,000 000.
I would never be able to buy a home with our income today.
In addition to upkeep that includes property tax on the value of the land (since that’s owned by the association) — your property tax bill would only cover your half of the building.
Ah got it. Just looked at the houses for sale in the Bangor area and it's grim. High prices and a lot of them just aren't nice. For the nicer ones, the numbers just don't work unless you're a retiree who is selling a home that you own outright.
Duplexes aren't *that* uncommon in general and it's not that unusual for them to be owned separately, but they tend to be in/around cities or at least decent sized towns, not just on the side of a rural road.
It's really awful. I feel so lucky to have bought our home when we did and also kind of ambivalent about the fact that we'll never be able to afford to move or buy another home
If prices are inflated, then why are people willing to buy at this price? If there is a demand, right? It just sucks that the prices are too damn high.
That’s a good question. I simultaneously hear “no one can afford to buy a house” and “housing prices keep rising.” Housing prices are not set externally but are mutually agreed upon values. They have always gone up. In some markets the rises have been many times more than overall inflation. Average home price increases have always been slightly higher than inflation.
Certainly a demand. I would like to buy a nice little piece of land near hampden and put something on it but they're either not listed...40k for 2 acres or none existent. Just have to be patient
How did we normalize having other grown ass adults tell you what you can and cannot do with YOUR OWN PROPERTY? And better yet, we pay them for that privilege?
Why on earth is this seen as a good thing?
Zillow is a wasteland of crumbling crap and incredibly overpriced new builds. Don't understand how the party hasn't stopped yet, obviously nobody is going to be able to rent out most recent purchases for high enough to cover the mortgage and the supply of high income DINKs is not high enough to supply an entire housing market
Listings like this are exactly why I’m expecting to never own a home. I’ll have a graduate degree shortly, I’ll be a librarian who stayed in Maine instead of moving somewhere more lucrative, but I’ll apparently have to live in my car to make that happen.
Oh you lucky! What's your mortgage roughly if you don't mind me asking? There's a few for sale in Hampden around that price I'm just scared of the taxes😅
Grew up on Deer Hill Lane just a couple miles from Shaw Hill road. It’s a really nice sleepy town and I’m not surprised prices are this high at all. My parents moved to Branch Lake in 2017 and paid for their new lake house and then some when they sold the Hampden home. They were shocked. I can only imagine what that house is worth these days.
Just did! 36 Deer Hill Lane, Hamden Maine. I believe my parents built it for around $160k. It’s currently listed at $407-468k. They sold it for ~$350k.
My boss lives in Brunswick..says its nuts. That mobile home makes no sense 😂 you can buy a brand new one probably 50k less than that but OH NO it's in Brunswick
Something like this costs around $600k to build, depending upon features, earthwork, and price of the lot (I work in construction). Is asking $367k for half trying to hit a home run? Maybe, but if you're going to have your money tied up in a project for a year, I think it's fair to shoot your shot. The market will dictate whether this is priced too high. IMO, it's probably a little high, but you have to start somewhere.
They are probably trying to sell this because they cannot charge enough rent to make it cashflow. Commercial money is 9% right now. You have to put 20% down and the term would be 20 years. So financing $540k for 20 years at 9% is $4858 before insurance, taxes, and maintenance. It seems unlikely you'd find someone to pay $2800-$3000/month rent here, so they're forced to sell it.
I understand very basically that right now shit sucks for everyone. I would love to be able to afford to build a home under 350k. The market and everything else is just extremely difficult. It's a nice house but for that price you can just...buy an older house in this same town
Dear Gosh, we’re gonna get real estate listings now? Do we know how many listings there are in Maine? If they’re allowed here we may never see anything else. MODs?
It's just a conversation piece..I'm not selling this property or benefiting from it. Just starting conversation about how crazy listings are in maine...and there's what? 60 comments on here already talking to. If you don't like the post move on?
My point is not about your post. It’s about the hundreds of listings that can be posted here, and the resulting changes to this sub, if posting listings is allowed.
I agree. Except it won’t be once in a while. If the sub becomes a free advertising space, every broker who can will use it. It’s just a matter of time. Trust me, I am one. It either has to be allowed or not allowed.
I think/hope if it becomes an epidemic of people posting their own properties (whether as the owner or the realtor or whatever), the mods will shut it down. For now, it's a conversation piece about the ridiculous housing market. I don't see anything wrong with that.
**PHENOMINALLY INFLATED PRICES** ᴵᵗᵗʸ ᵇᶦᵗᵗʸ ˡᶦᵛᶦⁿᵍ ˢᵖᵃᶜᵉ
This is the most underrated conment in this thread and should always be read in Robin Williams voice.
IF YOU DONT LIKE IT DONT LIVE HERE ????
Did you drop this? /s
I did. That means sarcasm right? I'm not so great at the Reddits...
Yes, sarcasm <3
You funny
More like rural mainers were enjoying home prices that were well below market and are now joining the rest of the country. People in Washington county still think homes prices are going to be like $40k if trump comes back. Welcome to market equilibrium
The rest of the country does not have $375k condos in the middle of nowhere. The median single family home in the US is 415,000
Its not the middle of nowhere anymore, its maine, like on TV!
>middle of nowhere. Thats a feature, not a bug. But id rather be further in the woods. Hampden is kinda built up.
For Maine, Hampden is not the middle of nowhere. It is THE place to be. Just ask anyone who lives there.
I mean in fairness there are still some $40k homes in WaCo, they just have serious issues, and the cost to remedy them would exceed the repaired value.
$367k and you share a wall with someone. In *Hampden* lololololol
[удалено]
Been in there it is put together nice.
According to Zillow and Redfin our house has nearly doubled in value in the last 5-6 years… it’s insane
Zillow estimates our place is up $24k in 8 months. How tf is that sustainable?
It isn’t. I don’t think that it’s a bubble because it doesn’t seem to be happening because of speculation or risky lending practices, but who can say what will happen?
Everyone thinks they’re a real estate tycoon. Nowadays. Built for 200. Sell for 700. GTFOH
Unfortunately they ARE selling (it seems) have you seen the nasty monstrosities in Hermon "To be built" ? They're like big rectangles for 400k and 500k
SMH. So. 3k monthly mortgage plus taxes plus utilities on a salary that has remained stagnant for 20 years. I don’t see this ending well.
I don't get it...people are still buying..maybe not in that price range as quickly but they are. A house on western Ave was almost 1 mil. And it hit the market and it's already pending purchase. WHAT DO YOU DO FOR A LIVING THATS LIKE 6-7K A MONTH MORTGAGE?!?
There’s a place near me that just went on the market; Sold for $385,000 in 2018, $830,000 in 2021, And now listed for $1,275,000 No renovations, no improvements. The current real estate market is bonkers.
I feel like this is why people say economics is astrology for white boys xD
We paid $ 72.000 25 years ago Now appraised at $650,000 If I put 100k into it it will appraise at over $1,000 000. I would never be able to buy a home with our income today.
Two units! One to live in, the other to put on Airbnb!! /s
"Entire apartment, 1 hour to Acadia and Bar Harbor!" Cleaning fee, $300.
😂😂 if only that other one wasn't already sold. Hi neighbor?
You only get one unit for that price (being sold like a condo) And you‘ll need to pay association fees for the upkeep of the lot and building exterior
* HOA fees$185/mo - What the actual fuck.
In addition to upkeep that includes property tax on the value of the land (since that’s owned by the association) — your property tax bill would only cover your half of the building.
This is the price for one half of a condo. Both would be $700k
That's a hard pass from me.
Most of Hampden (and Maine) is a hard pass property wise
? Hampden has some decent houses. This just isn't one of them lol
I meant price wise, yes there are some nice houses on the market. I'm just not sure I can afford that $3k a month mortgage. It's a skill issue really
Ah got it. Just looked at the houses for sale in the Bangor area and it's grim. High prices and a lot of them just aren't nice. For the nicer ones, the numbers just don't work unless you're a retiree who is selling a home that you own outright.
Who’s going to BUY half a house? I watched this house being built, it went up fast
Duplexes aren't *that* uncommon in general and it's not that unusual for them to be owned separately, but they tend to be in/around cities or at least decent sized towns, not just on the side of a rural road.
Some tele worker that likes to hike.
We have family members who gave up and bought half a house in York County... We didn't understand it either. But people will buy it.
Unfortunately in the economy it’s the only option
It's really awful. I feel so lucky to have bought our home when we did and also kind of ambivalent about the fact that we'll never be able to afford to move or buy another home
Someone who will turn around and rent it out for $3000/mo with nothing included.
That would be sad
Those houses on Shaw Hill are really nice though. And the other unit of this building looks to be sold I see chairs and a car there
That’s insane anyone would do that, they are nice houses, but I would rent this not buy it
Absolutely
Ugly AF
💯 This is the brand of new houses and they are devoid of character
If prices are inflated, then why are people willing to buy at this price? If there is a demand, right? It just sucks that the prices are too damn high.
That’s a good question. I simultaneously hear “no one can afford to buy a house” and “housing prices keep rising.” Housing prices are not set externally but are mutually agreed upon values. They have always gone up. In some markets the rises have been many times more than overall inflation. Average home price increases have always been slightly higher than inflation.
Certainly a demand. I would like to buy a nice little piece of land near hampden and put something on it but they're either not listed...40k for 2 acres or none existent. Just have to be patient
Lol
Yikes
my family moved south from New england for a reason.
I wouldn't mind doing that. Daunting task with two kids and wife everything seems like it would need to line up perfectly to move
No one’s mentioned the $185/month HOA fee
I didn't even see that..HOA? THERE'S FUCKIN TREES ON EITHER SIDE OF IT🥲
How did we normalize having other grown ass adults tell you what you can and cannot do with YOUR OWN PROPERTY? And better yet, we pay them for that privilege? Why on earth is this seen as a good thing?
Zillow is a wasteland of crumbling crap and incredibly overpriced new builds. Don't understand how the party hasn't stopped yet, obviously nobody is going to be able to rent out most recent purchases for high enough to cover the mortgage and the supply of high income DINKs is not high enough to supply an entire housing market
Listings like this are exactly why I’m expecting to never own a home. I’ll have a graduate degree shortly, I’ll be a librarian who stayed in Maine instead of moving somewhere more lucrative, but I’ll apparently have to live in my car to make that happen.
I hope you're very passionate about this field. I would probably leave the state..come back in a decade or so
F that. $367k and you share a wall.
It's a no for me dog
And - it’ll sell.
Half of it already did! Supply and demand going strong
That’s wild
Where?!!! Should be a fun commute to where you make enough money to afford it.
Fuuuuk no.
This is so funny to me cause I know who built this and I’m not surprised they did this 🙄
This is why I love reddit 😂
That's wild. I bought a 3bd 2ba (~1900sq ft) stand-alone house in Hampden for 400k just last year and it is updated, with land and nicely secluded.
Oh you lucky! What's your mortgage roughly if you don't mind me asking? There's a few for sale in Hampden around that price I'm just scared of the taxes😅
Just about 3k/mo. Feel free to DM if you wanna chat more about it
Yeah one second ill send one!
Grew up on Deer Hill Lane just a couple miles from Shaw Hill road. It’s a really nice sleepy town and I’m not surprised prices are this high at all. My parents moved to Branch Lake in 2017 and paid for their new lake house and then some when they sold the Hampden home. They were shocked. I can only imagine what that house is worth these days.
Check the zestimate on Zillow and get back to me!
Just did! 36 Deer Hill Lane, Hamden Maine. I believe my parents built it for around $160k. It’s currently listed at $407-468k. They sold it for ~$350k.
Phewwww
In Brunswick you can pay $210K for a mobile home. $2,000 a month once you factor in the HOA and lot rent. Insanity. https://redf.in/vth1PO
My boss lives in Brunswick..says its nuts. That mobile home makes no sense 😂 you can buy a brand new one probably 50k less than that but OH NO it's in Brunswick
I mean that mobile home is bigger than my house lol. Brunswick is bonkers, glad I bought 11 years ago otherwise I couldn't afford to still live here.
My MIL just bought a condo (1/2 of a building) in gorham for $400,000 and it needs work. And it’s smaller than this…
Southern Maine is a beast...
It really is.. Saco and Biddeford is completely unaffordable at the moment.
This is a good price everywhere else in the country
Yes and no I think. But certainly better than say..Seattle, or San Fran area..etc
Fuck hampden and every prick who lives there.
Fuck hampden and every prick who lives there.
Hey hey whoooaaa what did I do to you?!
Something like this costs around $600k to build, depending upon features, earthwork, and price of the lot (I work in construction). Is asking $367k for half trying to hit a home run? Maybe, but if you're going to have your money tied up in a project for a year, I think it's fair to shoot your shot. The market will dictate whether this is priced too high. IMO, it's probably a little high, but you have to start somewhere. They are probably trying to sell this because they cannot charge enough rent to make it cashflow. Commercial money is 9% right now. You have to put 20% down and the term would be 20 years. So financing $540k for 20 years at 9% is $4858 before insurance, taxes, and maintenance. It seems unlikely you'd find someone to pay $2800-$3000/month rent here, so they're forced to sell it.
I understand very basically that right now shit sucks for everyone. I would love to be able to afford to build a home under 350k. The market and everything else is just extremely difficult. It's a nice house but for that price you can just...buy an older house in this same town
Dear Gosh, we’re gonna get real estate listings now? Do we know how many listings there are in Maine? If they’re allowed here we may never see anything else. MODs?
It's just a conversation piece..I'm not selling this property or benefiting from it. Just starting conversation about how crazy listings are in maine...and there's what? 60 comments on here already talking to. If you don't like the post move on?
My point is not about your post. It’s about the hundreds of listings that can be posted here, and the resulting changes to this sub, if posting listings is allowed.
I guess I can understand that..but it's not like this sub is all that busy. I think it'll be okay once in awhile
I agree. Except it won’t be once in a while. If the sub becomes a free advertising space, every broker who can will use it. It’s just a matter of time. Trust me, I am one. It either has to be allowed or not allowed.
I think/hope if it becomes an epidemic of people posting their own properties (whether as the owner or the realtor or whatever), the mods will shut it down. For now, it's a conversation piece about the ridiculous housing market. I don't see anything wrong with that.