Although many large homes listed for sale in Maine look appealing to the eye, their price tags and required maintenance routines have made locals turn their backs on the ‘kingdom parcels.’
The homes, which sit on hundreds of acres of land, and offer an ultra-peaceful living space, are of no interest to Mainers who are not willing to take on the grueling responsibilities.
Dolly Perkins, a realtor with Realty of Maine, has witnessed the fall of ‘kingdom parcels’ first hand, telling Bangor Daily News it was easy to get your hands on affordable and low maintenance homes back in the day.
‘It takes a huge commitment in order to have a kingdom parcel. People, for the most part, tend to gravitate towards 5 or 2 acres a lot where they can just have a house, and they’re not beholden to the property to maintain it,’ Perkins told the outlet.
There are currently 25 homes for sale in The Pine Tree State that sit on at least 100 acres of land. 22 of those properties have been listed for at least a year or more, according to Zillow.
About a third of those homes are selling for more $1 million or more, with one massive five-bedroom, four-bath home on 750 acres listed at $2.4 million.
Perkins said many refrain from buying these homes in rural central or northern Maine because the effort and the cost to maintain them takes over.
‘Only a handful of people have the skill set and the money,’ she said.
‘Not everybody can go out and buy a $40,000 tractor, and they don’t have the skill set to go take down trees or maintain a forest.’
Because of the setbacks that come with these properties, potential buyers have only been looking into the large homes with intentions to split them up and create more housing on the land, according to the outlet.
The large properties in rural areas will most likely not be altered so they can stay in perfect condition for hunters and wildlife lovers.
‘It attracts people that like to hunt; it’s a secluded place full of wildlife,’ Onyedika Moneke, another local realtor, said.
‘There’s not many people who want to split the land,’ she continued.
The trend to split up large chunks of land really made waves during the Covid-19 pandemic when many, including people out of state, came to Maine to seek a slower way of life and less congestion during lockdown.
The area was so desirable then that many were buying properties without seeing them in person, Perkins told the outlet.
‘People who wouldn’t normally be buying something like this, if they had a little cash, and they had a little bit of inclination, they would come up and they would buy a chunk of land, preferably with a cabin on it, just so that they had a place where they felt safe,’ she explained.
The new out-of-state buyers also affected the amount of ‘kingdom parcels’ available for local farmers to get their hands on.
‘Twenty years ago, you could pick up a big lot for $500 or $600 an acre. It was nothing to see 100 acres for $50,000, even less,’ Perkins said. ‘Today, it’s gone crazy.’
A specific million-dollar home in the area has fallen victim to this growing issue and has proven impossible to sell because of it.
With its stunning views, modern amenities and competitive $1.4 million price tag, there has been no shortage of interest in the Phillips property that is still up for sale as of Monday afternoon.
But the ample land that makes the listing a relative bargain is exactly what is preventing buyers from following through with an offer.
While 100 acres may seem like a dream to some, the upkeep of such vast property is a massive undertaking that many aren’t prepared for, according to the home’s listing agent Eric Kinney.
‘It’s a lot for some people to think about,’ Kinney told the Bangor Daily News. ‘At that price point, you might want to take care of those fields.’
The current owners of the 4-bedroom, 3-bathroom residence have lived in the unique home for more than three decades.
But now the retirement-aged couple are selling up, as they no longer want to deal with the property’s demanding maintenance.
Kinney says the property’s large acreage has set it apart as a rare opportunity for homebuyers, but he believes it is also the reason the property has sat on the market for more than 200 days since its listing in September.
The real estate agent added that ‘decent’ homes are in short supply in Phillips, where the 118 Tory Hill Road property is the only home for sale.
Kinney said he’s had one prospective buyer who expressed interest in maintaining the fields and restoring the property back to its farming roots, but that most are just looking for a low-maintenance full-time residence.
Some have even shown interest in splitting the enormous parcel up to sell off land, Kinney, who’s worked in the area as a builder for the last 45 years, said.
‘Such a large parcel of land is a much rarer find today than it was just a few years ago,’ Kinney said.
‘There’s fewer and fewer. There’s not many places left with this acreage, views and privacy,’ he added.