Home Buying in Wells>Question Details

Maureeno2, Home Buyer in Wells, ME

Summer Village- why are so many for sale?

Asked by Maureeno2, Wells, ME Fri Jul 20, 2012

My husband and I are seriously considering a purchase at Summer Village but are wondering why there are 20-25 cottages currently listed for sale. Prices are all over the place from $159,000 to over $200,000 and length of time on the market varies widely. The number on the market really has us worried.

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Hello Maureen, We have owned in the Moody area of Wells for 7 years now. We have successfully rented our house year round, weekly in late Spring, Summer, early Fall and monthly the remainder of the year. Our success is due to being pet friendly and offering real value to our guets. We are able to save a few weeks and weekends for family vacations. One reason may be the volume of houses for sale in the area is very high right now. Drive along Ocean, Webhanet and Atlantic Aveenues and you'll see what we mean. I would suggest you compare number of units for sale and prices to other "villages" in the area like Beach Dreams, Sea Gull Inn, Spyglass Village, etc. We suspect the market for these gated community summer cottages has been saturated and the economy certainly plays a role. We have seen a big drop in the number of vacationers to the area over the past 7 years. Empty storefronts and frequent restaurant changes support that theory. Good luck!

Tom & Kate
0 votes Thank Flag Link Thu Sep 6, 2012
Don't be concerned. There are 247 units in the complex. That works out to be roughly 10% up for sale. Thats like having a complex with 10 units in it and 1 is for sale. The reason for such a range in pricing is some are short sale (can't afford mortgage) but the main reason is location,location. Stay away from units towards the back. You can hear Maine Turnpike and it can take you 10 minuts driving the 15 mph to get to your cottage. Stay as close to front as you can. Those are the ones that have higher prices. Great place to live .
0 votes Thank Flag Link Wed Aug 1, 2012
Hi Maureen, I don't think you need to be worried that there are a number of these cottages currently for sale. Cautious yes, but worried no. This is a fairly large seasonal community (which always means a certain amount of turnover) and it's summer -- a great time of year to be selling a beach area cottage and certainly to purchase one too. The pricing varies because the year these cottages were built varies: some are older, some are newer and also the amenities such as countertops, flooring, number of bedrooms or baths may vary from cottage to cottage. The best thing to do is to contact a real estate professional, set up an appointment to see the cottages first-person and chat with some of the owners in the community. They will give you good feedback about whether they are enjoying living in or owning their cottages. I'm a real estate broker with Coast & Dream Properties located in Wells and I'm available to meet with you and show you these or any other properties in the area. Please give me a call at 207-251-4566.
0 votes Thank Flag Link Fri Jul 20, 2012
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