June 10, 2020 at 11:15 am · Shelly Clark · Comments Off on The 2020 MEREDA Index: A Look at the 2019 Data and a Review of Current Conditions
The 2020 MEREDA Index: A Look at the 2019 Data and a Review of Current Conditions
This most recent release provides a review of 2019’s full calendar year. However, with the COVID-19 pandemic striking right before the 2019 Index unveiling, even recent history lost importance as global focus shifted instantly to the uncertain future. Insightfully, MEREDA leadership pivoted just as quickly, adding a preview of 2020 based on first quarter data.
This year marks the first year that we have revised the timing of the Index so that an entire calendar year is presented when the Index is unveiled. The current MEREDA Index contains a measurement and presentation of the real estate market in Maine, and its various components for all of 2019. Rather than presenting the Index through the third quarter of the preceding year at our annual January Forecast Conference, and then producing a second edition with a full calendar year of data, the Index is now presented once a year in the spring, with an entire year of data.
Because of the great changes that have occurred in a very short period of time beginning in March 2020, and because of the relevance of the 2020 data showing the initial impact of the virus, we asked Dr. Charles Colgan, the economist who prepares the Index, to include some first quarter 2020 data in a supplement to the Index that is included in the index presentation.
We have many people to thank! Firstly, thank you to those involved in providing commentary found in our Print Edition and accompanying Video, which can be accessed on our website. Providing insights into the residential sector was Mark Small of Landmark Realty, Jessica Estes of The Boulos Company spoke about the commercial sector, and Patrick Ducas of Ducas Construction spoke on construction.
Thank you also to those folks participating in our June 4th webinar. In an effort to broaden the discussion even further, we asked additional MEREDA members to provide supplementary perspectives on the residential, commercial, and construction sectors. The webinar included Tim Soley of East Brown Cow discussing the commercial sector, Dava Davin of Portside Real Estate Group covered the residential sector, and the construction sector was covered by Kevin French of Landry/French Construction.
Many thanks also, to MEREDA president Gary Vogel, for taking the lead on the June 4th webinar as moderator, and to Dr. Charles Colgan, for always providing an incisive analysis for our members.
Matthew Worthen of Falmouth, has been elected to the board of directors of the Maine Real Estate & Development Association (MEREDA), a statewide organization of commercial real estate owners, developers and related service providers.
Jason Howe is a Partner in Preti Flaherty’s Business Law and Real Estate practice groups, practicing primarily out of the firm’s Portland office. He represents clients regionally, nationally, and internationally on matters relating to real estate development, corporate restructuring, business acquisitions, private equity investments, and complex commercial leasing. Jason also represents both lenders and private equity groups in financing commercial real estate development and various hospitality concerns. He provides full lifecycle guidance for businesses from strategic start-up structuring and initial investment, to credit facility, acquisition growth, and ultimate sale. Jason also serves as outside general counsel for several companies.
Rebecca Hatfield joined Avesta Housing in 2015 as an Assets and Acquisitions Officer. She was promoted to Director of Real Estate Development in 2017 and subsequently promoted to her current role in 2019. Rebecca is responsible for overseeing real estate development and property management for Avesta. Prior to Avesta, Rebecca was a Senior Vice President at Citigroup working in various roles within the commercial and corporate bank. She has over a decade of experience in finance with a focus on deal structuring, underwriting, credit risk analysis, and portfolio management. Additionally, she has extensive experience completing real estate transactions. Rebecca’s previous employment also includes five years as a software and network management engineer, serving as Project Manager and Lead Developer. She is a Certified Compliance Professional (C3P) for Low Income Housing Tax Credits. She currently serves as a board member of Maine Council on Aging and Genesis Community Loan Fund.
Ethan Boxer-Macomber is principal of Anew Development, a Portland-based real estate development company that he founded in 2013. Anew Development partners with for-profit companies and non-profit organizations to plan and implement high quality, sustainable, and community focused residential, commercial and mixed-use developments in communities across Southern Maine. Ethan currently serves as President of the Board of Directors of GrowSmart Maine, the Loan Committee of the Genesis Community Loan Fund and periodically serves as panelist, guest speaker, or advisor on matters of land use planning and real estate development for various southern Maine municipalities and non-profit organizations.
J.B.Brown & Sons was founded in 1828 and is one of the oldest and largest property owners in the greater Portland area. Join us for a MEREDA breakfast whereby our state historian, Earle G. Shettleworth, Jr. shares how the company was founded and the impact this person and the company has had on Maine. The talk will focus on the past as well as the future. The president of J.B. Brown & Sons – Vin Veroneau will talk about the current breadth and expanse of the company, as well as showcase some of the current projects in the works.