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Real estate development was strong, but not crazy, in 2018

Development in southern Maine continues to be strong, although somewhat tempered compared with the last two years. That was the takeaway from a daylong conference for real estate and development professionals Thursday at the Holiday Inn by the Bay. Presenters talked about trends they saw last year in residential, office, industrial, hospitality and retail real estate sectors, and forecast what they think 2019 will hold.

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MEREDA forecast: Modest growth expected, but concern over what’s ahead for the economy

The Maine Real Estate and Development Association’s annual outlook conference attracted more than 1,000 people on Thursday.

Coming off a particularly strong year, the forecast in various sectors was cautiously optimistic. There is business on the books for contractors, home prices are still on the rise and commercial and industrial space are in demand. The MEREDA Index was up slightly.

Click here to read the full article by Mainebiz

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MEREDA Board of Directors votes to join the No on 1 campaign organized to defeat the referendum

This fall, Maine voters will face yet another ill-conceived citizen-initiated referendum that would establish a new tax to fund a home health care initiative.   

The proposed referendum would: 

* Impose a massive tax increase in the form of a payroll tax on Maine families and Maine businesses. 

* Increase taxes collected in Maine by over $300 million annually. 

* Undermine existing programs for home care services. The services will be made available to anyone, even millionaires. The benefit will go to the well-off who may more easily navigate the system, threatening to leave behind those truly in need. 

* Create a privatized board to spend these additional public resources with no public accountability. 

* Allow for turning over names of individuals receiving care to organizations that represent individuals who provide care, such as labor unions, for advocacy and Board election campaign purposes, in violation of federal privacy laws.

Citing the proposed referendum as very poorly designed policy, at its June meeting the MEREDA Board of Directors voted to join the No on 1 campaign organized to defeat the referendum. The No on 1 campaign, whose slogan is “Stop the Scam,” is working with dozens of businesses, trade associations and non-profit organizations, including the trade association that represents home care workers, to defeat this referendum. You can read the legislation to be voted upon here.

Facebook: Stop The Scam Maine

Twitter: @stopthescammaine

Instagram: @stopthescammaine

Website: https://stopthescammaine.com

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MEREDA Index: Real estate activity reaches record in first quarter

The MEREDA Index, a quarterly measure of real estate activity in Maine, reached a new record through the first quarter of 2018, driven primarily by rising prices in the residential and commercial markets

The index, a composite measurement of residential and commercial transactions plus new construction, is 100.4. That represents a 2.4% increase since the third quarter of 2017 and 4% over the 12 months since the first quarter of 2017.

The latest index was announced at the Maine Real Estate & Development Association’s spring meeting on May 16. The index is a composite of nine seasonally adjusted measures reflecting new development and transactions involving existing properties and covering the commercial and residential markets statewide.

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MPBN Maine Calling – Real Estate in Maine

Real estate is Maine’s number two driver of GDP (behind only healthcare). Maine has one of the highest home ownership rates in the nation. But many of those homes are energy-inefficient, very old, and expensive to maintain. Plus, there is still a shortage of real estate agents in our area. What does this mean about Maine’s transformation in the next 10 or 20 years?

Guests:  Paul Peck, board president of MEREDA, real estate developer, attorney

Erin Cooperrider, Development Director with Community Housing of Maine and Principal with The New Height Group

Brit Vitalius, president and designated broker for the Vitalius Real Estate group and president of the Southern Maine Landlord Association

 

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Developments around waterfront, downtown buoy Bangor real estate market

The Greater Bangor market for industrial, office and retail real estate is growing at a stable pace, with some exceptions.

Vacancies at the Bangor Mall, Kmart, the former Verizon call center and former University of Maine System building are dampening some of the growth figures, as is a shortage of industrial space, according to Bev Uhlenhake, a broker at Epstein Commercial Real Estate in Bangor.

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