Many properties in Maine are in a distressed situation, either in foreclosure or upside-down in value. Some of these properties are located in very desirable locations – at the water's edge.
For example, the Sheepscot Harbor Resort is located in Edgecomb, Maine and sits quietly looking out at sleepy Wiscasset Harbor, has been a vacation destination for years. The resort was developed and owned by Roger Bintliff and includes nine condominium units, an inn, a restaurant, commercial property including the Chef's Kitchen, a lobster shack and 16 acres of undeveloped land, the pier, and pool house.
Unfortunately, not unlike many properties in Maine, the resort fell on hard times during the recession of 2008 and went to the auction block, where it was acquired by Savings Bank of Maine in the Winter of 2009.
There are currently several bank owned condos and also cottages that are being listed as Short Sales, and most of them have a water view with shared frontage. One of the lowest priced cottages in the resort comes fully furnished with stainless steel appliances and a year round enclosed porch with view of the Harbor. The cottage will continue to drop in price until it receives an offer.
Some of the best opportunities to acquire water front property, comes during times of great crisis, and the Sheepscot Harbor Resort continues to operate in full functioning capacity. No special assessments have been levied against the Association Owners to date, and the restaurant is open for business. Not far from Boothbay Harbor, the resort provides Golf and Stay packages, and each cottage rents out nightly or weekly through the front desk. Take a virtual tour here.