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Family vacation home rates in this part of Maine virtually doubled in a yr

Next property costs in Cumberland County almost doubled around the past 12 months as hard cash buyers and remote staff flocked to Maine, snapping up 12 months-round residences in addition to seasonal types.

The median value for a 2nd home was up 91.3 p.c in Cumberland County in the very first quarter of this 12 months when compared with previous 12 months, a the latest research by real estate market Pacaso found. That is the 2nd greatest increase in the region next Valley County, Idaho, a weekend escape for Boise people that incorporates McCall, a lake and ski resort town. York County also made Pacaso’s leading 10 with a 45.8 p.c rise in charges.

The high demand from customers for second residences in Maine begun with men and women hoping to get away from the COVID-19 pandemic, but it has escalated with prospective buyers recognizing they can operate remotely and entry metropolis existence in Portland, explained Bethany Angle, owner of Angle Associates in Cape Elizabeth. Demand from customers and the scarcity of out there properties for sale have driven price ranges up sharply more than the earlier pair many years, decreasing affordability for quite a few.

“Properties are so significant that no Mainer can find the money for to buy them,” Angle reported.

That is the circumstance in several regions of the state’s shoreline and alongside lakes, she reported. She not too long ago created a report on the value of two cottages on an estate by assessing equivalent profits close by. A calendar year ago, each and every could have sold for $350,000, but this 12 months the worth came in at $600,000 every single, she reported.