Courtesy / Lynam Real Estate Agency
Three structures on adjoining lots, seen here in the shaded area, make up the Holland Inn, which is tucked into a largely residential neighborhood of single-family homes.
December 16, 2019
Despite long market cycles, Bar Harbor inn sales considered robust
Courtesy / Lynam Real Estate Agency
The Holland Inn, dating back to 1895 and located in downtown Bar Harbor, has been meticulously maintained since its purchase and renovation in 1996. It’s now on the market again for $1.275 million, a price dip of $100,000.
Given Bar Harbor’s status as a major tourist town, the buyer pool for inns is considered robust, even though properties can spend months and sometimes years on the market.
“B&Bs have a long tradition in Bar Harbor,” Peter Collier, a realtor with the Lynam Agency in Bar Harbor, told Mainebiz.
Collier is marketing the Holland Inn in downtown Bar Harbor, which he listed in March. The property recently took a $100,000 price dip to $1.275 million.
Overall, he said, it’s gained plenty of interest and the buyer pool is far and wide: An open house at the property in April was well attended. After that, he held about five showings. Two prospective buyers were from New York and Massachusetts. Interest has come from hotel and boutique bed-and-breakfast operators from all over the country, and one international query, all looking to expand portfolios, he said.
On the other side, “I’ve had folks looking to jump into their very first entrepreneurial experience with no background in bed-and-breakfasts, but recognizing it offers a unique lifestyle that’s attractive to them,” he continued. “There’s been some local interest and plenty of outside interest from people who’ve come through the area, believe in the Bar Harbor market and now see an opportunity to make innkeeping a lifestyle.”
Long market cycle
Although properties might remain on the market for a while, Collier said, there ultimately seems to be a steady stream of buyers.
Collier forwarded other listings that show the Holland Inn in comparison to four similar properties. They include an active listing of two vacant adjoining lots on nearby Cottage Street going for $995,000; it’s spent about 70 days on market. The Hearthside Inn on High Street features nine guestrooms and is going for $1.35 million; it’s been more than 230 days on the market.
Two other nearby inns, just around the corner on Mount Desert Street, recently sold: The seven-room Stone Throw Cottage Inn for $1.005 million after 195 days on market, and the 15-room Primrose Inn for $2.3 million after 950 days on market.
“Overall, my impression of the price trends is that the Bar Harbor market remains resilient and strong, and with today's low interest rates and the increasing numbers of visitors coming annually to Mount Desert Island, inns can attract a wide variety of buyers who see the promise of the opportunity,” he said.
Other realtors have similarly noted a steady stream of buyers, both out-of-state and in-state, for lodgings throughout Maine.
Residential neighborhood
The Holland Inn consists of three neighboring structures on adjoining lots at 35 Holland Ave. and 18 Maple Ave., quiet tree-lined streets in downtown Bar Harbor. The inn features 13 en suite guestrooms and a 14-car parking lot.
The latter is increasingly valuable these days after the town earlier this year installed parking meters throughout the downtown, Collier said.
The property recently took a $100,000 price dip to $1.275 million because the seller is ready to move on, he said.
“She’s had a long career there,” he said.
The inn’s three structures were acquired at separate times and joined together under the Holland Inn name. The first was the “Main House,” constructed in 1895 and renovated in 1997. The “Middle House” was constructed in 2013. The “Quietside Cottage” was built circa 1925 and renovated in 2002. The fully furnished, turnkey operation has been meticulously maintained by its owner/operator, he noted.
Owner Evin Carson has continued to operate while the property is on the market.
Removing horsehair insulation
Carson told Mainebiz that she and her now-ex-husband bought the Main House in 1996 after looking for an inexpensive property in downtown Bar Harbor. They renovated it and opened seven months later.
They gutted everything, including the original horsehair insulation in the walls.
“Everything was really falling down,” she said. “So we gutted it and we redid everything.”
Features they retained include the original wood floors, which they discovered after pulling up old carpeting.
When a property became available behind the backyard, they bought and renovated that one, too, getting it to match the décor and finish of the Main House. She later had the third house built.
Carson said she’s also open to the option of selling her single-family residence at 21 Maple Ave., directly behind the inn, with price and terms negotiable for qualified buyers.
Carson said she is selling the property for health reasons, but is willing to stay on as manager for at least a year, should the buyer wish.
“I love the place,” she said.
Courtesy / Lynam Real Estate Agency
Lynam Real Estate Agency realtor Peter Collier and Holland Inn owner Evin Carson have heard from a potential buyer pool ranging from corporate hoteliers to people new to innkeeping.
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