Eastern Promenade luxury condo sees record sale
Courtesy / LandVest, Francois Gagne
130 Eastern Promenade
The recent sale of a condominium overlooking Casco Bay from the Eastern Promenade reportedly set a new record for price per square foot on Portland’s peninsula.
The second story of 130 Eastern Promenade, a three-story luxury condominium building, was sold for $1.7 million for a price of about $893 per square foot, according to LandVest, the real estate firm that sold the property.
That’s more than double the previous record for the last decade of $420 per square foot for a property on the Portland peninsula, said Karen Reiche, a principal at LandVest.
It’s too soon to say whether the increased pricing is a trend, Reiche said. However, the condo’s first-floor unit is on the market for $1,490,000. She said both prices are big news in for historic Munjoy Hill neighborhood, which has become Portland’s hottest real estate market.
"The condo is really well done, quality-wise, and it has the big, expansive views looking over the park and the bay,” she said. “That was a driving force, no question.”
There have been several luxury condo buildings constructed or under development in the last couple of years on Munjoy Hill, the most expensive rental market in the city. At the top of the hill on Congress Street, a $10 million condo development called 118 on Munjoy Hill is selling units starting at $600,000 for 1,500 square feet of space, about half of the square-footage cost of the unit sold at 130 Eastern Promenade.
Near Munjoy Hill, on the city’s eastern waterfront, more high-end condos are under development, including one near the Ocean Gateway Garage with half the units sold before anything had been built.
Geoff Minte bought the building at 130 Eastern Promenade for $1.25 million in July 2013. He now lives in the condo’s third-floor unit and intends to retain that space. Minte, the founder of several media and marketing companies, he said he and his family are also professionally involved in real estate, including renovations of personal and vacation properties.
The building comprises four units in all. Unit 2 is a 1,904-square-foot floor-through layout comprising four bedrooms, three full baths and a combined kitchen and living room.
William E. Gillis, trustee for the William E. Gillis Revocable Trust bought the second unit, according to Cumberland County property records.
Also notable for this building is its historic status in a historic neighborhood. The Eastern Promenade, a 1.5-mile-long park and recreation area, was designed by the Olmsted Brothers design firm — whose originator, Frederick Law Olmsted, was architect-in-chief for Central Park — and built in sections over the course of a century, from 1836 to 1934.
The 130 building was built in the early 20th century as Ye Longfellow Inn, providing guests with sweeping lawns and breezes off Casco Bay. Over time, it became a rooming house.
“The building is over 100 years old, with quite a history,” Minte said. “It was vacant when we bought it, and had been for some time.”
The building was not in great shape, however, he said. So, working with Monaghan Woodworks, who executed on the $2 million renovation plan, the entire interior was gutted and recast as three floors rather than previous configuration of eight-plus apartments.
In addition, the exterior was updated while maintaining its historic character. An attractive feature of the building is a large corner turret. Added and updated were colonnaded decks on the front and back for the second and third stories, and an oversize partial wrap-around porch at entry level.
“We saw the potential of a beautiful historic building on the East End, and we love the area,” Minte said.
Reiche, with LandVest, said renovation in the neighborhood is a trend, transforming the the area over the past few years. Even with several luxury condos under development, she said demand for them in Portland will likely grow.
“I think there’s a real trend toward condos, either in the second-home market, or among people who are downsizing,” Reiche said. “Baby boomers, definitely. Empty-nesters, definitely. As a second home, it’s ideal because it’s low-maintenance. You turn the key and go.”
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