Buyers eager to live on Maine’s coast are scooping up homes to tear down

BANGOR DAILY NEWS • July 31, 2024

Many homes on the market right now demonstrate the price of admission to Maine’s desirable coastal enclaves, which has ballooned in recent years due to record low housing inventory coupled with sky-high demand for waterfront property. Midcoast properties were seeing price increases up to 40 and 50 percent each year, Julie Williams, broker-owner at ERA Dawson-Bradford Co., said. That led many to assume, years on from the pandemic-related real estate boom, that their property will sell for well over its market value. “Things have cooled off, we’re seeing increases in pricing closer to 3 to 6 percent, or even price decreases.”