PORTLAND MAINE- January 26, 2012 saw the state’s largest gathering of real estate professionals: MREDA, Maine Real Estate and Development Association’s annual forecast conference.
Several commercial and residential brokers spoke about a slow but recovering industry. The vacancy rate in the retail sector last year was just above 6%. Windham boasts the greatest retail activity with only a 3.7% vacancy rate. There are some big holes still to filled around Portland. One being the former Shaw’s Supermarket in Falmouth and the former Filene’s Department store at the Maine Mall. Biddeford has been hit hard too with Lowe’s Home Improvement closing in 2011. Some positive movement in retail is also emerging such as Books-a Million and Urban Outfitters who is now occupying a once vacant building in down town Portland. Restaurants like Five Guys and Elevation burger have opened in the down town area.
Professionals believe that conditions will remain flat this year and into perhaps 2013. However, new projects and construction are in the works and planning stages which will bring a little optimizim. Short sales and bank owned homes still dominate the multi family market but rents are increasing. The average rent for a city apartment was $1,021 with heat and $897 without heat. Single family home sales have increased 7% over the Fall of 2010 balanced by the sliding median price of $165,000, a 3% decline according to the Maine Real Estate Information System. The largest sector of the market- first time home buyers at 44% of the market. At least we’re headed in the right direction.
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