Blog Cabin

Aug 13

House Crashers Takes You Inside

Don’t forget to tune in tonight to watch the first episode of Blog Cabin 2012, when Josh Temple and his crew make their mark on this spectacular midcoast Maine home. This morning, I invite you to watch a behind-the-scenes teaser that features exclusive details from Josh and show host Chris Grundy.Take a peek!

  • Posted at 8:37 am on August 8, 2012
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  1. Just read some of the comments/complaints, the people who don't like it but will enter anyway so they can sell it….WOW…I hope somebody, mainly myself, who loves and appreciates what this house and the location have to offer win it!

    leannladwig on August 15, 2012 at 8:47 pm
  2. Please tell me…

    I noticed there was a WONDERFUL red barn across the street. Then I see that many parts of the red bard have been repurposed for the house.

    Now I am worried. Is the red barn still therre?????

    webyourstuff on August 15, 2012 at 9:58 pm
    • barn is still there, there was also a barn attached to the house and many repurposed parts came from that after demolition.

      minitoni on August 17, 2012 at 4:39 pm
  3. Love the great work Josh Temple and Matt B. and the rest of the crew did with the
    Blog Cabin.

    pixelecho69 on August 15, 2012 at 10:40 pm
  4. First show was terriffic! I am especially in love with the floors and the barn. Can't wait to see what happens in the kitchen next Monday.

    SheJen on August 16, 2012 at 10:46 am
  5. Love this even more than the Serenbe home. Must be the location!!!! Thanks for giving me something to dream about!

    Rosemary Martz on August 16, 2012 at 5:09 pm
  6. This house is amazing! I grew up in Connecticut, in the suburbs, not the country, but New England is in my blood! My family and I don't own a vacation home and this would be perfect! I wouldn't change a thing! I love the fact that the home was updated for today's lifestyle, but incorporated many details and objects from the original home. Fantastic job everyone!

    Nanlu on August 16, 2012 at 5:29 pm
  7. OMG…a dream come true…that's what this place in Maine would be for me…I grew up on the east coast and have been trying to move back for a few years. Unbelieveable…Fabulous…Incredible…

    Pat on August 17, 2012 at 12:15 am
  8. The no-cash-prize part makes this very beautiful dream a very difficult (or totally impossible) reality. Let's say you won. Hurray!!! After you come down to Earth, just ask yourself: "Do I have an extra $200,000 in petty cash to pay Uncle Sam? No. I certainly do not. No way. Is this going to be a permanent home, or a vacation home? Who can afford to take on a $200,000 mortgage for a vacation home? Not me. (These income taxes are an immediate bill. You now have a huge debt! It's due this year! This doesn't include your yearly property taxes.) Yes, the house is worth that amount (and much more), but you still have to come up with $200,000. Or, you will have a brand new $200,000 mortgage. (That is in addition to your housing costs for your year-round home!) Maybe you want to live in Waldoboro, ME year-round. Fantastic! Where are you gonna work? Wait tables at the local diner? Maybe you are ready for retirement. Can you start you retirement with a brand new mortgage? Maybe you have a paid-off house you can sell. Whatever. I'm sure there are lots of people who have way more money than I. But, without some sort of substantial cash prize (to help with the tax bill), the whole "somebody-is-gonna-win-this-beautiful-house" thing just starts to feel really misleading. It ain't gonna happen! Even if you did win (yea!), you would have to be quite rich, and retired, in order to move into this home. (Maybe you think totally remodeling this home into a B&B is a good idea. Maybe it is. Make the home, itself, provide your income. It's worth considering. But, that's a lot MORE upfront cash! You have to install several additional bathrooms.) Winning this house is a nice dream. The average person could not do it. Even the average middle-class-home-owner-with-a-good-job could not do it. It's a lie. At the very least, it's extremely misleading. I know for a cold hard fact: If I won this home, I would have to sell it! That's just the reality. In this real estate market, would I even be ABLE to get it sold before the Tax Man came knocking on my fancy new front door? Who knows? Winning this home could turn into a real financial nightmare.

    Tigerboy on August 17, 2012 at 6:57 am
    • Good points and the main reasons that almost all these houses have been sold ASAP by the winners. Your tax estimate is on the low side. The the federal income tax on $700,000 would be $245,000. Unless the winner lives in one of the few states that don't levy state income tax there's that too. On average that's about 5% so an additional $35,000. Then there's annual property tax of about $6000 on a house like this in this area.

      There's no chance the winner will get a mortgage on the perceived equity of the house, that nonsense went out with the crash. Unless the have a spare $280,000 lying around they will need to have an income that allows them to pay a $280,000 mortgage over and above their current debts. Most lenders will not allow repayments of more than 25% of total income so with a 30 yr loan at about 3% interest the winner would need a crediit score near 800 and an income of about $6000 pm just to qualify for a mortgage.

      Unless the winner is wealthy the cost and hassle of keeping the house will probably be just too much. Much easier to sell to a willing buyer for less that the ARV then the tax is on the sale profit not the ARV, if done quickly.

      Sally on August 17, 2012 at 10:47 am
    • I am wondering about something else. Maybe you know the answer: If the winner is paying taxes on an estimated value, and he immediately sells the house (in order the pay the Tax Man), if the winner is only able to sell the house for far less than the estimated value, why doesn't he owe tax on the value he actually received? In other words, how can the government claim he owes taxes on an amount that he never received? Wasn't the additional taxable income on his tax return only the amount that the house sold for? The market didn't support the estimate.

      Tigerboy on August 19, 2012 at 4:48 pm
    • As I said in my last paragraph (sorry I was so long winded but that's my style :) ) If the winner sells before the 2012 tax deadline for less than the ARV that sale value is the amount that can be used to calculate the tax. However, selling to a relative or friend for a ridiculously low price or a tax exempt organization will not cut it. The sale price has to be reasonable in the local market. The IRS has discretionary powers and can levy tax on what they consider a reasonable value. Most of these homes sell below the ARV but not too far below as there are many people who really want to buy them.

      Sally on August 19, 2012 at 10:21 pm
    • The property taxes would be based on the house and land only not the furnishings. The house, barn, deck and property are all taxed. The tax rate for Waldoboro for 2012 is 12.10 per one thousand. So about $7731.90 would be the property tax (639 x 12.10). Somewhere it was stated that the previous owners had a local farmer cut and bail the hay so the acerage could possibly qualify as farmland and be exempt or have a lower tax rate. So the tax bill could be lower. Now if you were to build a garage as many people have stated they would the tax bill would be higher based on the value of said garage……All considerations aside, It's fun to dream once in awhile. I sure pray who ever wins this house is able to make it work and not have to sell to someone as a vacation home. The house deserves to have a family living there. Perhaps a family that is currently renting.

      Myra on August 21, 2012 at 2:20 am
    • Would take the 280 mortgage and plus a little to make improvements then get the local property taxes in line. ARV is high for the area even for the acreage, furnishings, remodeling and house. Just because you bring a house up to code doesn't mean you can include in ARV all your costs. Okay I'm on a rant now. I just don't get the ARV's high value.

      minitoni on September 12, 2012 at 12:33 pm
  9. this home is awe inspiring and it brought tears to my eyes. Does it come with acreage?

    Debra on August 17, 2012 at 11:25 am
    • yes around 21 acres plus barn across street.

      minitoni on August 17, 2012 at 4:37 pm
    • According to the Town of Waldoboro assessment maps, the house itself sits on a 16 acre lot. The barn across the street now sits on a 4 acre lot. 20 acres total.

      Myra on August 21, 2012 at 2:06 am
  10. Loved it my hats off to you guy's

    Deb on August 19, 2012 at 1:17 am

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Blog Cabin is the groundbreaking multimedia experience based on a very simple idea: You Design It, We Build It, You Could Win It! This truly interactive series asks Internet users to vote on the design features for a real vacation getaway. Expert hosts will transform a 1990s waterfront home in Panacea, Florida that will become a luxurious home for a lucky sweepstakes winner. Plus, a one-hour Blog Cabin special, hosted by tool expert Chris Grundy, will highlight the incredible transformation.
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