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Kennebunkport Market Conditions

Real Estate Agent with Ogunquit Sunrise Properties

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: 04046

Location Characteristics: Kennebunkport is a town in York County, Maine, United States. The population was 3,720 at the 2000 census. It is part of the Portland-South Portland-Biddeford Metropolitan Statistical Area.

The town center located along the Kennebunk River, approximately 1 mile (1.6 km) from the mouth of the river on the ocean. Historically a shipbuilding and fishing village, for well over a century the town has been a popular seaside tourist destination. Kennebunkport has a small district of souvenir shops, art galleries, seafood restaurants, and bed and breakfasts. Its reputation as an upscale community comes from the numerous large seaside estates along Ocean Avenue and other coastal thoroughfares. In the summer months, many wealthy people from across the Northeast vacation in Kennebunkport and nearby Goose Rocks Beach. It is regarded as one of the most expensive vacation areas in the Northeast. During the fall, Kennebunkport is a frequent stop for tour buses showing visitors the famous New England fall colors.

Kennebunkport and neighboring Kennebunk comprise Maine School Administrative District 71.

Kennebunkport is known as the location of the summer home of former U.S. president George H. W. Bush, father of former U.S. president George W. Bush. First built by Bush's grandfather George Herbert Walker, it has been a family home ever since, and has been owned by Bush since shortly after he became Vice President in the 1980s. During his presidency, Bush often invited world leaders, from Margaret Thatcher to Mikhail Gorbachev, to Kennebunkport. In 2007, his son George W. Bush invited Vladimir Putin and Nicolas Sarkozy.

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