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Prices have come down and interest rates are still doing well...Many buyers are hoping to come into the Maine market and get a lot for their money....but the truth is that many sellers have already marked prices as low as they possibly can....Sellers today are having to go to closing with some cash in order to clear title...
Buyers may want to understand the market that they are shopping in first of all.....for example Biddeford is a little different from Ogunquit....and the prices will dictate that....
It is nice to see buyers doing their homework over the internet before seeking to see a property, but keep in mind that many properties out there are in an up side down loan and sellers can decrease their prices just so far..
Overall many properties are closing at 15% under the accessed values....Of course each property and each situation is unique.
ZIP Code: 04074
Location Characteristics: Scarborough is a town in Cumberland County on the southern coast of the U.S. state of Maine. The town is a coastal resort area. Located about 7 miles (10 km) south of Portland, Scarborough is part of the Portland-South Portland-Biddeford, Maine Metropolitan Statistical Area. The population was 16,970 at the 2000 census.
Abenaki Indians called the area Owascoag, meaning "a place of much grass" after its large salt marshes. About 1630, John Stratton opened a trading post on Stratton Island in Saco Bay. In 1631, the Plymouth Council for New England granted the Black Point Patent to Captain Thomas Cammock, nephew of the Earl of Warwick. The 1,500-acre (6.1 km2) tract of land extended from the Spurwink River to Black Point (Prouts Neck), where Cammock built a house and began residence in 1635. But then he sold his holdings and moved to the West Indies. Nevertheless, settlements developed at Black Point, Blue Point (Pine Point), Dunstan (West Scarborough) and Stratton Island. On July 14, 1658, the Massachusetts General Court incorporated them all as Scarborough, named for Scarborough in Yorkshire, England.
According to the United States Census Bureau, the town has a total area of 55.3 square miles (143.3 km²), of which, 47.7 square miles (123.6 km²) of it is land and 7.6 square miles (19.7 km²) of it (13.76%) is water. Drained by the Scarborough River, Nonesuch River, Libby River and Spurwink River, the town is situated beside the Gulf of Maine and Atlantic Ocean. The highest point is Scottow Hill, elevation 144 feet (44 m), where in early years bonfires were set as warnings to the surrounding countryside of approaching danger.
Scarborough is crossed by Interstate 95, Interstate 295, U.S. Route 1, and State Routes 9, 77, 114, and 207. It is bordered by the towns of Cape Elizabeth to the east, South Portland, Westbrook and Gorham to the north, Buxton to the northwest, and Saco and Old Orchard Beach to the southwest.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.