A 2019 Portland, Maine Buyer’s Guide
Portland is Maine’s most popular peninsula, featuring a contrast of historical charm and blossoming renaissance brought in by a younger generation seeking out the simple life. Expectant buyers can seek out any number of real estate opportunities in Portland’s unique array of neighborhoods. To find the perfect spot for your next property investment, consider the following trends in Portland’s real estate market.
Suburban Living in North Deering
In the most Eastern point of Portland, you’ll find its largest neighborhood, North Deering, a sleepy suburban community known for its wide variety of school systems and close access to Presumpscot River Preserve, a nature oasis of walking trails and waterfalls. Residents can enjoy a busy outdoor lifestyle just a short drive to Back Cove and a number of beaches on Casco Bay. The idyllic single family home on North Deering’s tree lined streets will run buyers at around $283k, on a small decline of 2.6% from 2018. Score a classic cape cod in this family friendly neighborhood for up to 2% below asking price.
Neighborhood Get Togethers in Old Port
Nestled in Portland’s bustling downtown area, Old Port is a thriving neighborhood with a lot to offer. The quaint cobblestone streets house a number of retail shops and charming coffee corners to read a book beneath the shadow of classic brick buildings constructed in the 19th century. The historical charm of Old Port draws crowds during the summer for the Old Port festival, a family-friendly event that features live music, yummy treats, and a selection of artwork by Portland natives. Expectant buyers should make their move to buy during 2019, as the average one bedroom apartment is selling for nearly minus 20% from last year.
Historical Charm in Riverton
Find your large colonial dream home in northwest Portland, where the historical Riverton Trolley Park excites history lovers with the ruins of this 19th century wonder turned walking trail. Adjacent to Presumpscot River Trail, residents delight in walks along the rushing waters before heading to one of Riverton’s local cafes or breweries. This year is expected to be a competitive time for home buyers looking for a piece of Riverton’s pie, with the average home selling for $264k, up 6.5% since 2018. Houses get multiple offers, often selling at over 2% above asking.
Waterside in Back Cove
This pint sized neighborhood is situated on the edge of Back Cove, where runners and outdoor lovers can take in the view of the water’s edge and the glimmering Portland skyline along the popular trail. Back Cove is one of the few neighborhoods where residents can walk to local shops, but for major errands one may need a car or bicycle. Whether you are looking for a one million dollar home overlooking the bay or a quaint Victorian with wood floors and stained glass windows, 2019 is looking to be a good year to make your purchase, with properties going for a steep decline of -20%.
A City Feel in East Bayside
Once an industrial area home to warehouses and a seaport in the 1800s, East Bayside has come a long way. This small urban area has transformed into a popular destination for younger people who are drawn to the opening of trendy eateries and breweries overlooking the waterfront. Home to remodels and condominiums, residents can get both a small city feel and a nature retreat, with nearly all storefronts available at a walking distance. Though real estate in general is a bit pricier in East Bayside, buyers can expect to buy at list price, even on the most desirable homes.
19th Century West End
Residents in West End are never listless in this downtown Portland neighborhood. Just steps away from Fore River, this highly walkable corner of Portland features the nature of Harbor View Memorial Park and the history of both Victoria Mansion and the Western Promenade, an ornate museum and a large eighteen acre park filled with 19th century homes. Home to nightclubs, trendy bars, and Instagrammable brunch stops, West End is the place to be, which is evident by the 52% price jump on average homes over the last year.
An Extended Day Trip on Peaks Island
Known to most Portland residents as a dreamy weekend destination, Peaks Island is accessible by a fifteen-minute ferry ride from Maine State Pier. The island itself is a perpetual dream of whimsical single family homes and decadent beach houses overlooking the waters of Casco Bay. With sandy beaches perfect for a stroll along the docks or a riveting kayak adventure on the open waters, Peaks Island is a nature lover’s paradise. And not to worry: there are enough amenities on the island to avoid the rest of those pesky inlanders forever. Find your island dream home in this non-competitive market, where homes often go sell for up to 5% under the home seller’s initial asking.
Blog post courtesy of Clay Pitsenbarger, freelance journalist who loves the New England Patriots and Country Music.