Differing significantly in size and climate…how do these 2 popular retirement communities fair in both size and real estate market conditions? Both cities offer great recreational activities and comfortable places for retirement as well as quality of life improvement – just on differing scales and in differing climates! If you seek the sun and warmth head to Phoenix, but if the ocean and a cooler climate appeal, Portland Maine may be the place to go!
How do the real estate markets stack up? Phoenix, with a population of over 1-million currently has approximately 6,000 homes and condos for sale compared with Portland, Maine that has a population of under 100,000 and thus a much small inventory to choose from, approximately 400 home/condos as of May 2011.
However, housing prices in Portland Maine are significantly more expensive with the median sold housing price clocking in around 200K compared with a median housing price of 120K in Phoenix. Whilst neither city has seen much appreciation as of late Portland has stabilized much quicker than Phoenix and certain regions within the city are actually beginning to see some price appreciation thankfully. One aspect that continues to plague Phoenix is foreclosure listings as 1 out of every 150 homes in Phoenix is a foreclosure compared with 1 out of every 3,368 in Portland.
At the end of the day both real estate markets currently offer some great opportunities and be it Portland, Maine or Phoenix, AZ you will be more than happy immersing yourself in the local culture and way of life.
When it comes to the real estate market, Phoenix clearly offers many more homes to choose from and its foreclosure and short sale markets are large. There are definitely bargains to be found, and its housing costs are less than those of Portland. This contrasts with appreciation however, Portland seems to be the winner in this respect- and some say it’s a city to keep your eye on for 2011.
Guest blogger: John Herrigel, a Maine real estate broker with the Herrigel Group & Green Tree Realty blogging on Portland Maine Homes for sale.
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