The most expensive and secluded land in Maine is drawing interested buyers willing to pay $1 million or far more, but with only 50 such plots for sale now, there may not be enough to meet demand, realtors said.
The most expensive lot in Maine is 99 forested acres in Yarmouth being targeted at developers and going for $6 million. But smaller properties up and down the coast are going for far more per acre in a wild market. The most expensive per-acre plot is alongside the fairways of a private golf course in Biddeford listed at $2.95 million for 0.62 acres.
Land sells more slowly than homes, which can be snapped up the same day they are listed, but it is an active part of Maine’s hot housing market. These types of properties generally promise one-of-a-kind waterfront acreage, panoramic views and other amenities intended to reflect their value.
One example is a 43-acre property on Loon Cove Lane in Brooklin selling for $2.5 million, although 19.5 acres can be had for $1.9 million. The current owners performed a lot of work, including grooming and soil erosion control.
The agent selling the property describes it as a one-of-a-kind waterfront property with a panoramic view of Blue Hill Bay, Blue Hill Light and multiple islands, with distant views of the mountains of Acadia and Bass Harbor. Interest has been strong, realtor Laura Pellerano of Legacy Properties Sotheby’s International Realty said.
“A lot of these little towns have gone out and gotten internet so people can come and enjoy the coast and work at home or get away or take their families and they still have access to everything,” she said.
Flexible work locations also helped people go for their dream of owning a property in Maine, Derrick Buckspan, an agent at RE/MAX Shoreline said.
“Luxury real estate is an emotional and discretionary purchase,” he said. “So they have to want to do it and have a dream.”
These types of buyers must be patient, because it can take months to a year to get building contractors lined up. Buckspan is selling a 30-acre property in Raymond overlooking Sebago Lake for $2.5 million, although buyers could pay $1.8 million for 3 acres with water frontage. There is an old log cabin on the property that he said is not in good shape. He said it is a rare piece of land on Sebago Lake.
Another 33 acres of hard-to-find land is for sale on the island of North Haven overlooking the point where West Penobscot Bay and East Penobscot Bay meet. The property, listed at $2.99 million, has more than 1,400 feet of shorefront from Indian Point into East Kent Cove.
The most expensive piece of land at $6 million in Yarmouth is targeted at developers who might want to add several new homes. The 99 acres is about one-third mile from Yarmouth Village near schools, shopping, beaches and Interstate 295.
Buckspan and Pellerano said that despite the price, there is still a shortage of high-end properties for sale.
“I’m surprised there isn’t enough of it to go around,” Pellerano said. “There’s just a shortage across the whole housing spectrum.”