Falmouth Shopping Center Redevelopment

This stretch of Route 1 in Falmouth would hardly constitute being a typical 'Edge City', but it seems to be at least how Maine does it and perhaps in it's infancy.
Close proximity to a larger city, good highway access, and affluent suburban location. I thought the current multi-story buildings are a nice change and addition and a few more close by will complement it over more strip malls. Perhaps some downsizing of housing by locals who want to remain in town could be the residential target.
That stretch of Route 1 has some vacant commercial, but has a nice stretch of options for residents. The village streetscape also is a plus.
I thought I read a few years back that Seacoast United, or developer, wanted to put a youth sports complex near Route 1 and Bucknam Rd. Was that not approved, or pulled?
 
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Updated look at the Falmouth center project. Office space on the left bordering Route 1 looks like a big Christmas present! Condos on the right are coming along.
 
NR2Portland said:
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Updated look at the Falmouth center project. Office space on the left bordering Route 1 looks like a big Christmas present! Condos on the right are coming along.
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I saw this in person for the first time a couple of weeks ago. One of the better instances of suburban infill I’m aware of in ME. Post #13 shows one of two buildings that are of a similar size and front on Route 1. Their size really surprised me! An all around positive change for this part of Falmouth.
 
TC_zoid said:
1.1 million for a 3 BR, here? I'd buy land for 300K, hire a better architect for 50K, then build a sweet home for 500K to your specs and save some money. It would then be a home worth up to $3 million when it's done.
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I don't think the target market for this type of development is someone that wants to deal with building or property maintenance after building. This seems targeted for out-of-state well-off childless young professionals or empty nesters.
 
TC_zoid said:
1.1 million for a 3 BR, here? I'd buy land for 300K, hire a better architect for 50K, then build a sweet home for 500K to your specs and save some money. It would then be a home worth up to $3 million when it's done.
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You are not going to invest $850k and end up with a place worth 3 million. The economics of that scenario are absolutely unrealistic unless you are going to do all the work yourself hence zero labor costs. It just doesn't work that way.
 
PlantArch said:
You are not going to invest $850k and end up with a place worth 3 million. The economics of that scenario are absolutely unrealistic unless you are going to do all the work yourself hence zero labor costs. It just doesn't work that way.
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I would immediately change careers and build a house every 5 years. Or maybe every 10, not to be greedy.
 
PlantArch said:
You are not going to invest $850k and end up with a place worth 3 million. The economics of that scenario are absolutely unrealistic unless you are going to do all the work yourself hence zero labor costs. It just doesn't work that way.
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On the peninsula, a 3-story modern home near Eventide sold for $2.9 million (land around 400K with a modern though cheap build). Modern high tech energy efficient homes that appeal to the more sophisticated buyer are also going for these prices (and ratios) near or on Sebago Lake and Scarborough across the Interstate from the medical campus. I have already extensively researched this with a realtor. Maine has no inventory for these kinds of homes. None. They primarily appeal to out-of-state buyers because they have the money. Current Maine housing stock is uninhabitable for them. It's basically a one-third ratio, spend to selling price. It can even be a one-fourth ratio if the architect is smart and creative. Kaplan Thompson has done this with several homes--all for out-of-state wealthy buyers. The key is finding land prices and teardowns that are reasonable for it (relatively not hard). It can also be a bit less about location now as it is what kind of build you present, or for a single-family home, as long it's not far from the heartbeat of the city. One has to put some effort into it.
 
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TC_zoid said:
On the peninsula, a 3-story modern home near Eventide sold for $2.9 million (land around 400K with a modern though cheap build). Modern high tech energy efficient homes that appeal to the more sophisticated buyer are also going for these prices (and ratios) near or on Sebago Lake and Scarborough across the Interstate from the medical campus. I have already extensively researched this with a realtor. Maine has no inventory for these kinds of homes. None. They primarily appeal to out-of-state buyers because they have the money. Current Maine housing stock is uninhabitable for them. It's basically a one-third ratio, spend to selling price. It can even be a one-fourth ratio if the architect is smart and creative. Kaplan Thompson has done this with several homes--all for out-of-state wealthy buyers. The key is finding land prices and teardowns that are reasonable for it (relatively not hard). It can also be a bit less about location now as it is what kind of build you present, or for a single-family home, as long it's not far from the heartbeat of the city. One has to put some effort into it.
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Having lived and worked as a Realtor in the Sebago Lake region for many years, I can tell you that is not the case.
 
PlantArch said:
Having lived and worked as a Realtor in the Sebago Lake region for many years, I can tell you that is not the case.
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This is relatively recent activity, so not the past. There is substantial interest in luxury housing in Maine from wealthy buyers outside the state. Notably from New York, Philly, and D.C. They aren't interested in buying existing homes in Maine. They have homes built to their requirements with superior design, tech, and energy efficiency. Talk to Jesse Thompson or Phil Kaplan of Kaplan Thompson, or simply go to their website and see the recent builds. Their homes are superior in design, tech, and energy efficiency to ALL the mansions built along the coast over the years. They focus more on the Passivhaus concept with higher design characteristics. And check out some of the new development emerging in Scarborough, in the area I mentioned. One development has two lots available, and across the street a house was built that sold for $1.9 million. It's nothing notable, but it looks nice. The two available lots are priced at around 300K (I came close to buying one for a spec home). If Kaplan Thompson with their skillset built a spec house on one of these lots, it would sell for up to or over $3 million. Look at their portfolio. In particular, "Ledge's Edge." Their homes are unique for Maine. "Not Maine in Maine," as I like to say.
 
That's a pretty chunky development. Looks like people won't hear their neighbors above them.
 
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