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Updated: August 7, 2023

Shifting generational mindsets inform real estate market

Changes in generational mindsets are influencing the residential real estate market, according to a recent report.

The presentations were from Chris Lynch, founder of Legacy Properties Sotheby’s International Realty in Portland, Robert Byrne, vice president of Sotheby’s International Realty Northeast U.S. and Canada.

"The presentations were very informative,” said agent Charlie Richardson. “Especially learning about the real estate mindset of Baby Boomers compared to Millennials and Gen X. The presentations explained that Millennials are more interested in experiences rather than things. However, Baby Boomers are more interested in hanging on to their second homes to pass on to their Millennial children. This mentality has an added effect on the lack of inventory in Maine.”

Lynch and Byrne hosted over 100 guests, clients and midcoast locals in July at the Lincoln Theater in Damariscotta.

Byrne shared a macro view of the global real estate market, narrowing in on Canada and the Northeastern United States. 

Lynch took the stage with slides showcasing a timeline of the last 15 years in Maine real estate, navigated audience questions about Maine’s growth and climate change and discussed upcoming challenges and some of what it will take to get through them.

“It was such a pleasure to connect with so many friends, old and new, at the Lincoln Theater,” Lynch said in a subsequent blog post.

He added, “It was fun to be able to share so much information with each other related to the transformation of the midcoast housing market compared to the pre-pandemic environment.”

The event was deemed a great success, said Dana Whittaker of Brokerage Services. 

“We gifted branded pint glasses and reef-safe lip balm to kick off summer. The crispy coconut shrimp and the bacon-wrapped figs were big hits,” Whittaker said.

The event was held at the Lincoln Theater, built in 1870, to showcase the historic venue and renovations it’s undergone that aim to preserve its architectural charm while incorporating modern amenities.

The company is planning another event in another Maine coastal region later this year.

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