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Summer 2011 Home Report on Portland & Southern ME

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For the month ending July 2011, housing volume in the greater Portland Maine real estate markets was up as much as 40% in various regions and on average was up about 25%..see Maine association of Realtor’s press release here! A large part of this can be attributed to the “first time home buyer tax credit effect” that expired in June 2010 creating abnormally higher volumes in July 2011 compared with July 2010, but despite these volume swings pricing has continue to remain stable throughout all 7 months of the 2011 thus far.

With rates remaining low, lots of new housing development coming into Portland ME and an overall positive vibe for the region watch for continued improvement in market conditions.

See below how select towns in southern and coastal Maine performed in the 2nd quarter 2011.

Transaction Volume Median Price’s (000’s)
2011 2010 Change 2011 2010 Change
Portland 145 225 -36% 217 218 0%
South Portland 62 99 -37% 193 213 -10%
Cape Elizabeth 38 43 -12% 411 342 20%
Falmouth 49 69 -29% 388 396 -2%
Westbrook 31 58 -47% 154 181 -15%
Yarmouth 24 38 -37% 299 253 18%
Scarborough 57 84 -32% 321 295 9%
Freeport 21 33 -36% 300 240 25%
Brunswick 50 76 -34% 209 216 -3%
Bath 26 34 -24% 145 134 8%
Totals 649 988 -34% 199 188 5%

Portland Bayside East End Redevelopment

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Some exciting news was recently reported on Wednesday for the up and coming  Bayside region on the lower side of the the East End in Portland Maine. A larger real estate development company..Federated Companies..has gotten approval preliminary approval from the planning committee to purchase 3 acres of property located behind the recently built Trader Joes..formerly scrap yards… to ultimately develop into a mixed use property including residential units, store fronts, office space and a 500 car parking garage.  The Bayside region is one of the last areas on the “peninsula” that offers plenty of land and a prime location for expansion.. learn more about city of Portland’s redevelopment plan here.

Bayside is close to Portland Maine’s East End housing market. one of the hottest real estate markets in the community thus watch for continued redevelopment in this region for sure.

 


Maine Business rankings released by Forbes Magazine

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The verdict is in once again, 48th out of 50 on best places to do business. Well at  least it can’t get much worse.  The only states outranking us were Louisiana and West Virgina.  Coming as no big surprise since as 2 years prior we tallied a 46th ranking in the same pole.  Broken down into 5 categories, the one area we did rank in the 25, a 16th in quality of life, so just because nobody wants to do move their business here, plenty still want to relocate and retire in Maine.  We ranked 27th on labor (educational attainment, net migration and projected population growth), 30th in economic climate (current job, income and gross state product growth, unemployment and the presence of large employers), 42nd in growth prospects (projected job,…income and GSP growth, business openings and closings, and venture capital investment), 43rd on business costs (labor, energy and taxes) and  we bottom out at 46th on regulatory environment (regulatory and tort climate, incentives, transportation and bond ratings)Â

Oh well, the Maine Lobster will have its day.. Read the complete story here


The Portland Maine Whole Foods Real Estate Boost

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Trying to think what interests people and having just done a bike tour searching out multi units in and around the East End of Portland, the love of food coupled with the desire for lucrative investments in Maine real estate  I thought perhaps a brief commentary on how I feel the local region surround the behemouth will fare over the coming years was a good subject for conversation. Driving down 295 one can’t help but notice the beacon of development Whole Foods represents.  Coupled with the newer Planet fitness next door, the Back Cove a stones throw away and the push of the city to redevelop the bayside area, the real estate, although a little rough around the edges has great potential I believe.   The brick warehouses on Kennebec streed I envision as loft condos, the single family and duplexes on streets such as Alder, Oxford, Chestnut, Hanover and Elm to name a few, shall be bought, renovated and brought back to their original splendor and  the removal and infill of the local junk yards and city of Portland public works buildings will bring larger mixed used retail, commercial and residential proprety. The area is ripe for improvement,  keep an eye on it.Â


Maine legislative opposition to “Big Box” operations

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On Monday the Maine real estate development recieved a blow when the State and Local Government Committee voted 9-2 to support legislation knowns as The Informed Growth Act requiring developerer to spend as much as $40,000 on a study if building plans call for a store larger than 75,000 square feet. Developers also would have to pay for a public hearing and municipal staff time spent on the study.
The two sides:  Supporters argue that sprawl created by large stores hurts downtowns, the quality of life in Maine and small businesses.
Opponents argue it is another signal to business that Maine is not a friendly state believing that cities and towns should create their own ordinances if they want to control growth, and that 75,000 square feet is not a large retailer by today’s standards.
You be the judge…
Read more recent Maine Real Estate News Here