This was the most expensive home sold in Portland, Maine in 2023

Finding a home has been a challenge for many Maine homebuyers in recent years – especially those on a limited budget. If you've been looking for a home in or around Portland, you've probably noticed that things get even harder.

Many people ideally want to be near Portland for many reasons, with the main reason usually being commuting. The desire to live near Portland also applies to other larger cities because the closer you are to the city, the more comfortable daily life becomes. Due to low inventory, prices have skyrocketed.

This home, the most expensive home for sale 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 located in one of the most desirable parts of the city, it is also a very spacious and beautifully renovated Victorian home that comes fully equipped with great views of Casco Bay, not to mention that downtown is within walking distance. This was a rare opportunity that was signed 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 home purchase, but still, unrenovated early 20th century homes with around 1,200 square feet and just two bedrooms have been selling for 450,000 to 500,000 sold in US dollars. This has baffled home buyers and as a real estate agent I have often had to explain to buyers that up to 50% (or even more) of the purchase price goes to land and location costs.

In general, the more flexible you are, the more affordable the houses will be. The exact same home in Portland could sell for more than half the price in cities like Limington or Waterboro, which are about 45 minutes away.

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