Commercial Real Estate Service Offered
Covering an area of 35,380 square miles, Maine is the largest and the most geographically diverse of the New England states. More than 80% of the state is covered in forests with mountainous terrain running southwest to northeast, separating it from Canada in the north, east to the coastline, and New Hampshire in the south/ south-west. Hence, most of the population is situated on the southern coast of Maine, which stretches over 3500 miles.
Maine has plenty of industries that boost its economy, but they are largely agricultural in nature, relying on lobster and blueberry harvests. Additionally, forestry is pretty big in Maine, but it too has restrictions imposed on it to preserve the land. Hence, a bulk of Maine’s revenue comes from tourism and the service industry surrounding it.
They don’t call Maine vacationland for nothing. The geography of the state makes it ideal for a varied range of activities like fishing, skiing, surfing, hiking, and climbing.
Listing and selling commercial real estate in Maine is very seasonal due to its heavy summer tourism. In order to maximize the season, it is important to have the property under contract by April 1st. Looking to get into the tourism industry? The best prices for buying will be during the fall. There is typically a 90 day turnaround time on a transaction – from figuring out lending options, to licensing, and finally closing. Whether you are buying or selling, Talk to one of our agents today to create a plan that is right for you!
Acquiring Commercial Real Estate in the South of Maine
When tourists flock to towns and cities near the coast, they’ll need a place to stay during their visit. Luckily, there are plenty of real estate options to choose from in these areas, like hotels, motels, inns, and lodges. The process for acquiring them is quite simple, but you’ll require the services of a trusted real estate agent that knows the community well, as many properties may not be listed.
Searching for Commercial Properties
Processing Commercial Property Requirements
Commercial properties like a hotel or inn are pricier, owing to their square footage and any special amenities, like a pool or gym, they may have. Depending on the commercial property you are selling, there may be certain state requirements regarding taxation or standards to look out for. Charlene’s team can help point you in the right direction of resource law offices, contractors, attorneys, and appraisers to ensure everything is done in yours, and the buyer’s best interest.
Types of Commercial Properties to Look Out For in Coastal Maine
The cool waters of Maine provide a haven for soft shell lobsters with huge claws that are rich in sweet and tender meat. These lobsters are readily caught and supplied to local restaurants, making them less expensive than other areas due to minimal transport and refrigeration costs. Additionally, many tourists love walking down the beach and stopping by shacks to enjoy lobster rolls.
You’ll be astonished to find an apartment with room for a retail shop on the ground floor. These kinds of properties are excellent for starting a family-operated business, allowing your family to enjoy a peaceful life in Maine with the added advantage of a stable income.
Listing your home or motel could be perfect for someone looking to run a B&B. Many tourists prefer to stay in these places during their visit if they’re on a tight budget so there certainly is a demand for properties that fit this bill. It allows them to gain a more wholesome experience of Maine as they get to interact with the local community. The closer to landmarks such as parks, lakes, beaches, and shopping places the better as it will help drive the selling price of the property.