You could buy an entire island Down East for the price of a southern Maine condo

For less than the price of a southern Maine condominium, you could buy an entire island with two cottages in Down East Maine.

Chance Island, a 44-acre island in Machiasport, is on the market for $725,000. Two seasonal cottages, each with two bedrooms and a bathroom, are included in that figure. There’s a condo on the market in Biddeford for around that price, and there are some going higher in South Portland and Portland , too.

It goes to show how inflated the housing market is in southern Maine and how greatly buying power varies regionally across the state. If you can afford transportation to the island and sacrifice amenities and proximity to major metropolitan areas, there are still deals to be had.

“If this island were further south, it would be much, much more expensive,” listing agent Jeff Allen, co-owner of Downeast Properties, Inc., said. “But it’s way Down East, and it’s close to the Cutler towers.”

The towers Allen is referring to belong to the U.S. Navy, which has a shore radio station within a mile of Chance Island. Some locals are concerned about the impact living near those towers may have, so Allen factored that into the selling price of the island.

The island’s listing has generated “incredible interest” since it first hit the market last Friday, Allen said. The realtor has been contacted by buyers and their agents from all around Maine and farther afield, too, from other states including New York and Pennsylvania.

Prospective buyers are drawn to the allure of Maine coastal living and to the low price tag when compared with pricier coastal regions further south, he said.

“It’s like a dream,” Allen said. “It’s the idyllic Maine coastal island that has it all.”

Chance Island’s topography is beautiful, rugged and diverse. Surrounded by deep water all around, the island has an elevation of over 120 feet. It has forest, gravel beaches and open fields where around 100 sheep graze, maintaining the island’s vegetation.

Both Allen and the island’s caretaker hope that whoever buys the island will continue on that rich tradition of island shepherding, a practice that has a 300-year history in Maine. A new buyer should also know that owning an island sounds romantic, but isn’t easy. The lifestyle doesn’t suit everyone.

Though it’s only 2 miles from Machiasport’s harbor, Chance Island is only accessible by boat. There’s a hookup for a generator in the cottages, but Allen thinks a new owner should invest in a solar array given how much space there is on the island and its elevation.

The cottages on the island are only fit for seasonal living. One was built in the 1970s, and the other was built in 2007. They’re rustic, with lots of wood and open beams, but no insulation. To winterize them would be “challenging, but doable” and would take a fair bit of money, he said.

“It’s work,” Allen, who owns a camp in Blue Hill Bay, said of island life. “But we think it’s well worth it.”