Affluent buyers invest heavily in luxurious lodges across Maine's lakes

On a clear day, Joanne Ricciardiello can see the top of Mount Washington from her newly built home on Maine’s Sebago Lake. She and her husband, Phil Ricciardiello, traded their Massachusetts beach house for a lake home in Maine four years ago. “I came here somewhat reluctantly,” said Ricciardiello, who grew up in Salem, Mass. “But living on the lake, it’s the most peaceful place I’ve ever been.”

The Ricciardiellos’ 4,300-square-foot home is part of a broader trend where wealthy individuals are investing in luxurious lodges on Maine's lakes. Real-estate agents report that remote work has increased the appeal of lakefront homes among affluent buyers seeking proximity to nature with access to swimming, boating, and fishing.

“We’ve seen a ton more $2 million to $4 million sales [of Maine lake homes] over the last five years than most of us ever dreamed we would see,” said John Scribner of LandVest.

According to Maine Listings, the median sale price for a single-family home with lake or pond frontage was $415,000 in 2023—an increase of 72.9% from 2019. In 2021, an estate on Sebago Lake sold for $8.5 million.

The influx of new money has sometimes led to tensions with long-time residents. Randal Coulton observed large homes replacing small camps over the past two decades. Despite some reservations about these changes, he acknowledged Maine's growing appeal: “Maine has been the bargain for a long time and it’s now being discovered and everyone wants a part of it.”

Homes further north in areas like Belgrade Lakes and Moosehead Lake have also seen price increases. Moosehead Lake is attracting ultrahigh net-worth individuals such as John Malone and Robert Greenhill.

Historian Dale Potter-Clark noted that many newer homes are designed for year-round use but often mimic their rustic predecessors' style. Architect Will Winkelman frequently designs compounds with several cabins evoking a camp-like feeling.

James and Catherine Ritter replicated their family’s summer camp experience by purchasing property on Hancock Pond previously used by a YWCA camp. They built multiple structures including a main house and renovated cabins where their adult children stay.

Chris Delano highlighted that his firm specializes in replacing old lake cabins with larger full-time homes—a trend accelerated by remote work during Covid-19.

Lakes offer an alternative to oceanfront properties affected by rough waves and erosion. The Ricciardiellos moved from Gloucester due to concerns about climate change impacts on their beach house.

Pat and Jodi Maley invested significantly in building new structures on Moosehead Lake after buying 150 acres between 2015 and 2017. Their main house blends into natural surroundings while offering privacy.

Pete DeWitt returned to his family's land overlooking Woodbury Pond to build a new home with his wife Catherine Fallona—a project they hope will become a legacy for future generations.

Real-estate agent Teddy Piper noted rising prices for Maine lakefront properties due to limited turnover and high demand; parcels that once sold under $400K now challenge buyers aiming below $1M.

Building regulations near water bodies are stringent; violations can lead to significant fines as experienced by notable homeowners like Robert Greenhill or Donald Buteau who faced penalties for zoning infractions.

Higher taxes driven by steep property value increases have pressured some long-time residents out while others lament changes altering community dynamics around lakes like Belgrade Lakes where foot traffic surged post-Covid according to Diane Oliver from Day’s Store—a local landmark since 1958 serving multi-generational customers.

Coulton described social activities among islanders at Moosehead Lake despite expressing reservations about ostentatious new constructions: "It’s like ‘Here I am. Here’s my money.'"

Despite unsolicited offers reflecting high market interest—the Maleys opted against selling their Moosehead lodge valuing its unique qualities over potential financial gains elsewhere concluding: "We kept saying ‘No we're not sellers’ because we aren’t."