2002 Annual Report

PRESIDENT’S AND CHAIRMAN’S MESSAGEAt a time when Maine and the rest of the nation facebudget shortfalls and economic uncertainty, one assetremains more valuable than ever — our priceless coastline.The market for waterfront properties remains strong, andthe problem facing realtors in the recent economicdownturn is not lack of buyers but “lack of inventory,” notenough land to meet the high demand.Aging baby boomers are seeking out coastal retreats asthey look toward retirement. Telecommuters are escaping toMaine, enjoying its natural amenities without losing accessto clients. Investors are finding that shorefront property inMaine is a “safe haven,” a sound investment in uncertaintimes. Those who come from more populous areas withhigher property values often see land here — even at today’sprices — as a veritable bargain.While the real estate market typically goes in cycles,coastal properties appear increasingly immune todownswings. If recent history is our guide, shorefrontproperties may hit price plateaus but their value rarely dropsappreciably — even in a soft economy.CHRIS HAMILTONPowerful demographic trends are driving increased development along Maine’scoast, raising the cost of land protection work.The juxtaposition of strong property values and a weakeconomy makes land conservation challenging. Thanks inlarge part to its Campaign for the Coast, the Trust is rising2 Maine Coast Heritage Trust