Finding a home over the last few years has presented its challenges for many Maine homebuyers, especially for those on a budget. If you've been searching for a home in or around Portland, you've likely noticed it gets even more difficult.

Many people ideally want to be close to Portland for many reasons, with the main one usually being the commute to work. The desire of living close to Portland also goes for other larger cities, as the closer you are to the city, the more convenient your daily life becomes. The low inventory has skyrocketed prices.

This home, the most expensive home to sell in Portland in 2023, is not your typical home. 54 Eastern Promenade, listed by Elise Kiely of Legacy Properties Sotheby's International Realty and Joseph Porta of Porta & Company, is not only situated in one of the most desirable parts of the city, but is also a spacious and beautifully-renovated Victorian home complete with gorgeous views of Casco Bay. It's also walking distance from downtown. This was a rare opportunity that ended up going under contract in just 10 days.

Elise Kiely - Legacy Properties Sotheby's International Realty / Joseph Porta - Porta & Company via Zillow.

As I mentioned, this is not your typical first-time homebuyer home, but even with that said, non-renovated early 1900s homes around 1,200 square feet with only two bedrooms were sold between $450,000-$500,000. This has homebuyers' minds blown, and as a realtor, I've had to explain to buyers many times that up to 50% (or even more) of that purchase price is the cost of the land and the location.

Generally speaking, the more flexible you are, the more affordable the homes become. The cost of an exact same home in Portland could sell for more than half the price in towns like Limington or Waterboro, which are approximately 45 mins out.

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