Eliot Cutler’s mansion sold to Bush family member for $7.6 million
The 2-time Maine gubernatorial candidate is downsizing, after selling the 15,000-square-foot oceanfront home in Cape Elizabeth to Jonathan Bush Jr.
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In a year of record-setting residential home sales, former gubernatorial candidate Eliot Cutler s oceanfront home in Cape Elizabeth sold for $7.55 million, the highest price ever recorded for a single-family dwelling in Cumberland County. Photo by Maine Aerial Photography Services, LLC
Finally, a home in Maine’s red-hot real estate market sold for less than its list price.
Even so, it fetched a sum higher than any other single-family dwelling in Cumberland County since Maine Listings, a subsidiary of the Maine Association of Realtors, began keeping records in 1996. It also was the most expensive sale statewide in 2020, and the seventh-highest home sale price ever recorded in Maine.
Maine Real Estate 2020 Sales, Prices Tuesday, January 26, 2021 3:04 PM
Aaron Bolster, president of the Maine Association of Realtors, said in a recent news release that “2020 was a year like no other for residential real estate in Maine. The sales year ended with historic highs for the number of reported transactions, 19,921, and median sales price, $256,000, since we began compiling data more than 20 years ago.”
During the month of December only, sales across the state were up 31.53% compared to December 2019, and the statewide MSP of $270,00 represents an increase of 15.38% from the previous year.
Nationally, December 2020 sales of single-family existing homes jumped 22.8% over December 2019. According to the National Association of Realtors, the national MSP increased by 13.5%, to $314,300. Sales in the Northeast climbed 27.4%; the regional MSP of $362,100 reflects a jump of 19% comparing December 2020 to December 2019.
Maine’s housing market broke records in 2020, with sales and prices through the roof
Despite the pandemic, the year s home sales outpaced all previous years, and the median price of homes sold rose to a new high of $256,000.
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It took Colin Wagner, a first-time homebuyer, eight months and multiple rejected offers before he finally purchased a house in South Portland. Despite the pandemic, residential real estate sales broke records in Maine during 2020. Gregory Rec/Staff Photographer
If you were trying to buy a home in Maine in 2020, you needed a pile of money, a dash of creativity or a dose of luck.
Maine’s housing market broke records in 2020, with sales and prices through the roof
Despite the pandemic, the year s home sales outpaced all previous years, and the median price of homes sold rose to a new high of $256,000.
Share
It took Colin Wagner, a first-time homebuyer, eight months and multiple rejected offers before he finally purchased a house in South Portland. Despite the pandemic, residential real estate sales broke records in Maine during 2020. Gregory Rec/Staff Photographer
If you were trying to buy a home in Maine in 2020, you needed a pile of money, a dash of creativity or a dose of luck.
After a surprisingly strong year, with many transactions driven by the pandemic, the market for Maine properties is expected to be "vibrant." But a lack of inventory could put a damper on it.