Maine home sells for $12M within 90 minutes on market

A property in Kennebunkport, Maine, recently set a new record for York County's real estate market. The home, which boasts expansive ocean views and proximity to the Bush family's Walker's Point compound, sold for $12 million after being listed for just 90 minutes. This transaction is one of the fastest and most expensive home sales in Maine's history.

Located at 267 Ocean Ave., the five-bedroom, three-bathroom estate sits 20 feet above sea level and includes 200 feet of private coastline. It ranks as the third-highest residential sale in Maine over the past decade.

The property covers more than 5,000 square feet and was sold by broker Bill Gaynor from Legacy Properties Sotheby’s International Realty. According to Gaynor, demand for this home was exceptionally high. The buyer is described as a "Chicago-based industrialist with significant ties to Maine" who finalized the purchase without an initial tour.

“This buyer knew that if he didn’t get it, someone else will,” Gaynor explained to the Press Herald. “It has just a really terrific vibe to it.”

Originally built in 1969, the house underwent a modern renovation in 2016 while maintaining its Cape Cod-style exterior. Gaynor described it as having an unexpected appeal: “Because it looks like granny’s little Cape Cod, and then you walk in and—kaboom.”

The sale underscores the growth of Maine’s luxury real estate market. Despite this growth, Gaynor notes that properties in Maine still offer better value compared to other prestigious areas like Nantucket or the Hamptons.

“At the end of the day, Maine is still significantly undervalued compared to places like Nantucket and the Hamptons," said Gaynor.

This property's unique blend of high-elevation waterfront location combined with modern design and historical charm made it particularly appealing. As Gaynor put it: “It has a really punch-in-the-mouth view.”