The Wicked-Hot Real Estate Market: Mount Desert Island | Geddy’s

The real estate market on Maine’s Mount Desert Island (“MDI”) continues to soar – fueled by low interest rates and coronavirus, as folks look to escape urban life. Located in Hancock County, Mount Desert Island is the largest island off the coast of Maine.

With a year-round population of 10,615 residents, Mount Desert Island is home to famous Acadia National Park and quaint seaside communities like Bar Harbor, Northeast Harbor, and Southwest Harbor. For an outdoor lifestyle, the area offers forested trails, pristine lakes, fresh sea air, rugged shoreline, and captivating ocean vistas – stretching as far as the eye can see.

In 2020, Mount Desert Island’s real estate market had a record year, reporting the highest number of sales and median sales price, since record keeping began. For existing single-family home sales, here are a few of the latest stats:

• There were 198 sales in 2020, an increase of 28% from 2019.
• The median sales price was $600,000 in 2020 –  65% higher than 2019 ($362,500), reflecting less larger home sales in 2019.
• Currently, there are 75 residential properties on the market with a median list price of $774,000.
• As of 1/09/2021, 29 houses have sold, thus far, this year.

Since we do not have a crystal ball, we asked Steve Shelton for his thoughts on what to expect in the year ahead. As one of the area’s top real estate agents and the owner of Acadia Realty Group, Steve shares his valuable insights with us on the housing market and real estate trends. According to Steve, “The Mount Desert Island market was extremely hot in 2020, especially in Bar Harbor. Frequently, homes had multiple offers, selling at lighting speed.”

With mortgage rates at historic lows and the pandemic, Steve said that “urbanites are continuing to buy residential properties in Maine, further propelling prices. With high demand and low inventory, the market is expected to remain competitive and prices continue to climb in 2021.” Furthermore, Steve noted that “buyers are scooping-up properties, even sight unseen, through virtual tours,” having recently sold property virtually in Frenchboro.

In addition to Acadia Realty Group, other real estate companies, specializing in Mount Desert Island residential properties, include The Knowles Company, LandVest, Lynam Real Estate, Swan Agency, and LS Robinson, to name a few. Whether you are looking for a place to relax, waterfront property, or more spacious living, these agents can help you find your dream home.

Please join us as we take a quick peak at several Mount Desert Island properties and explore a few of the communities on the Island – Bar Harbor, Northeast Harbor and Southwest Harbor.

Bar Harbor is one of the best places to live in Maine. During the 19th Century, it was a popular summer resort of wealthy tycoons like the Vanderbilt’s, Rockefeller’s, Carnegie’s, and Morgan’s – initially attracted by landscape and seascape paintings by famous Hudson River School artists.

Today, Bar Harbor is the largest town on Mount Desert Island and one of the top picks for places to live in New England. Above all, the coastal community offers an extraordinary quality of life, excellent schools (ranked in the top 10% of the state), and a vibrant downtown area. Take a stroll down picturesque Main Street, past charming restaurants, cafes, shops, and lodging. Watch the lobster boats and sailboats in the harbor. Enjoy the best of what Maine has to offer in this quintessential New England seaside town.

Current residential properties on the market and recent home sales include:

• Sol Cliff, 62 Sols Cliff Road – Oceanfront property perched high above Frenchman Bay on Sols Cliff, overlooking the Porcupine Islands (Listing Agent: Steve Shelton, Acadia Realty Group).

• Redwood, 10 Barberry Lane (JUST SOLD) – Built in 1879 and designed by the renowned architect William Ralph Emerson with waterfront views of Frenchman Bay (Listing Agent: Story Litchfield, LandVest).

• Greenlawn, 123 West Street (UNDER CONTRACT) – Oceanfront cottage offering spectacular views of Frenchman Bay and Bar Island. (Listing Agents: Jamie O’Keefe & Tricia Blythe, The Knowles Company).

Northeast Harbor is a charming village on Mount Desert Island. During the busy summer, it is a quiet oasis for the “rich and famous,” of which many are summer residents. Walk through the quaint downtown area and enjoy the beautiful harbor with its exclusive yachts and sailing vessels. Once a popular summer resort for Philadelphians, Northeast Harbor is sometimes referred to as “Philadelphia on the Rocks.”

Current real estate listings and recent residential sales include:

• Cow Cove, 79 Peabody Drive – A unique Northeast Harbor waterfront property with private pier and carriage house (Listing Agent: Mia Thompson, The Knowles Company).

• 49 Harborside Drive – Designed by locally renowned architect, Fred Savage. Harbor and outer island vistas; deep-water dock (Listing Agent: Torie Hallock, The Knowles Company).

• DeLights, 19 Delights Road (JUST SOLD)– Circa 1891. Designed by Frank Day on gently sloping acres of gardens with water views, as well as tennis court and playhouse (Listing Agent: Mia Thompson, The Knowles Company).

Southwest Harbor is a town on Mount Desert Island, comprised of several villages – Southwest Harbor, Manset, Seawall, Wonderland, and Pemetic Hills. In addition, it is the headquarters of famous Hinckley Yachts and other New England boat builders. The town offers a laidback lifestyle with cute shops, restaurants, and galleries – as well as boat rentals and water taxis to nearby islands, including the Cranberry Isles – Great Cranberry, Little Cranberry, Sutton, Bear and Bear Islands.

A sampling of houses for sale and recent residential properties sold include:

• Spring Tide, 76 Clark Point Road (SOLD) – Charming home with inner harbor and water views (Listing Agent: Nick Burnett, The Knowles Company).

• 7 Ships Lane – Relax on the seashore, while watching the boats in the harbor. Walk to downtown shops and restaurants. (Listing Agent: Joe Wright, LS Robinson Real Estate).

• 10 Northern Neck Road, Long Pond – Rustic cabin on the water’s edge of Long Pond with dock for swimming and boating (Listing Agent: Steve Shelton, Acadia Realty Group).

The winter and spring are always good times to look for real estate on Mount Desert island. However, if you are concerned about travelling, no worries! Take a virtual tour or rent property during the season, while you find your dream home. In any case, The Knowles Company, Acadia Realty Group, LandVest, Lynam Real Estate, Swan Agency, and LS Robinson are a few of the local real estate companies that can help you find that perfect place.

Of course, if you are looking for a rental property, be sure to check-out The Bayview, a former Vanderbilt Estate. Situated on spectacular Frenchman Bay, the Bar Harbor property is well-known for its famous guests, including Winston Churchill and Teddy Roosevelt. Step back in time to the grandeur of yesteryear with modern day amenities, including a recently renovated gourmet kitchen and private pier for kayaks, sailboats, and yachts. Sleeps 18. (Rental Agent: Heather Jones, The Knowles Company).

If so, come visit us at Geddy’s in downtown Bar Harbor. Kick-back, relax, and soak-up the local vibe of this family-friendly restaurant, overlooking the harbor. Watch the boats sail-in, the sun-setting, or a game of Frisbee in Agamont Park. Unwind with a Firecracker Martini or a local favorite, the Blueberry Beer. Dine on fresh Maine lobster, signature lobster rolls, Bar Harbor seafood, Ahi Tuna tacos, New England clam chowder, wood-fired pizza, Angus burgers, gluten free and more. Also, please do not hesitate to let us know if you have any questions about the menu … or Mount Desert Island.

Happy House Hunting, 😊

Heather
Geddy’s