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Portland, Maine Residential Market Update- May, 2016

Tuesday, September 13th, 2016

Multi-family rental and condominium markets have improved dramatically over the past five years. Demand has exceeded supply consistently, despite rental rates that are above affordability for a high percent of tenants. Rents have most recently been increasing at a torrid pace of  9% annually, although this is now expected to decline. Nevertheless, planning for more rental housing and condominiums continues unabated. Primary motivations behind the high demand are Portland’s fine reputation as an “arts and restaurant community”, and the related attraction of more people moving back into the city.

The lack of adequate housing has spurred several multifamily projects in Bayside, the East End, Ocean Gateway area and other infill locations. The largest is the long planned Midtown Project along Somerset Street which is about to commence construction. Luxury condos in the East End and near Ocean Gateway have escalated in demand and are now selling in a wide range of about $350,000 to over $750,000. Several new garage facilities have been built to provide the parking needed for these uses and for increased tourism along the waterfront.

Some of the projects recently completed or currently  under construction are the following:

  • Midtown, Bayside- 440 rental apts.
  • 667 Congress Street, Historic Retail area- 132 rental apts.
  • 89 Anderson Street, Bayside East- 53 rental apts.
  • York and High Streets, Waterfront west– 63 rental apts.
  • Preble Street, Bayside- 55 rental apts.
  • India Street, East End- 100+ units in several projects

Projects in planning are:

  • Chestnut Street, Bayside West – 54 rental apts.
  • Washington Ave., Bayside East – 5 condos
  • 155 Sheridan St., Munjoy Hill- 34 condos
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