Buying Land in Southern Maine? (Wells, Berwick: real estate market, high crime, mortgage)

[Hepcat]

Hello, Maine forum regulars! I am currently living in Ma, north of Boston, but would love to buy land in southern Maine. My ultimate goal would be to leave Ma in ten years and build a house...kids in school and eldercare responsibilities make it hard to relocate now. I went to school in New Hampshire, and spent a lot of time in the York, Wells area. I would be looking for a few acres, preferably with no builder tie in, as I don't plan on building for a while. I love Maine...the people, the landscape...I have always wanted to live there.

I absolutely love Wells, and that would be my first choice...but I don't know much about some of the other towns in Southern Maine. Anyone have any thoughts on Elliot, and the Berwicks? Any realtors have any predictions on the Southern Maine land market? From what I read, I don't see the market rebounding until well into 2009.....do any of you feel differently? I have a down payment, I need some time to figure out how much I can afford to finance.

I welcome your opinions and insight.

[Northern Maine Land Man]

"Any realtors have any predictions on the Southern Maine land market? From what I read, I don't see the market rebounding until well into 2009.....do any of you feel differently?"

The real estate market in general is in flux. The housing market is poor. It's due to the thousands of home mortgages issued in the sub-prime market in recent years. There are so many bargain houses out there that it's a buyer's market.

The land market is booming. It should be even better for sellers in 2009. Now is the time to buy land. I predict that many families will flee areas with high unemployment, high crime and poor schools that are just plain unsafe. They want to come to maine. People in that market don't want a 3 bedroom in a subdivision. They have already lived that experience. They want 5 acres or as much land as they can get. I believe this is the time to buy land in southern maine.

[Maineah]

Lenders are a bit shell shocked after the sub-prime thing. You may have to come up with a hefty down payment if you're not planning to build (develop and raise the value) of the land right away.

[Hepcat]

Thanks, guys....I can put between 30-50 % down on a 100K parcel...I just have to figure out how to swing the mortgage payments. I have been watching the housing market in that area, a lot of homes have been just sitting for months and months. It seems like the good deals..homes in decent areas, in decent condition, and priced right (for the market) go quickly.

Any opinions on the Elliot, Berwick area? I have been watching some parcels that have been sitting for months in the Wells, Berwick areas....any idea as to why? I have heard that it some times takes years to get a building permit in Maine, but that's not a problem for me.