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W W W. M A I N E B I Z . B I Z 51 A P R I L 2 9 , 2 0 1 9 25 R E A L E S TAT E With recovery from the recession came a real estate boom that started in 2011 and has steadily grown since. "I've been in the business for close to 15 years and the strength of the 2018 market surprised me," Tom Landry, of Benchmark Residential and Investment Real Estate said when he presented the southern Maine residential portion of the Maine Real Estate and Development Association index earlier this year. He said that while the strength of the Portland market is driven in a large part by national attention over its foodie scene and commercial development, the development boom is helping other markets. "Other cities and towns like Westbrook, Yarmouth, Brunswick and Biddeford, for example, are investing in their infrastructure, business commu- nity and town centers as well," he said. "is 'hyper local' movement draws in businesses and amenities that attract buyers and increase values." It's not just in southern Maine. Housing sales in Piscataquis County increased 21.5% in 2018, the highest increase in the state, driven in large part by low prices and out-of-staters buying second homes in an area known for its outdoor recreation. Brokers in farther reaches of Maine say, though, that lack of inven- tory and few investments in new con- struction mean a crunch that makes further growth difficult. Still, some of those issues that seemed tough to solve 25 years ago are turning around. Recent commercial and residential real estate highlights include: Reuse: A massive mixed-used development at Scarborough Downs, where development of 500 acres around the harness-racing track began in October with the 50-acre residential portion. Two- thirds of the homes have already been sold — and infrastructure work on the rest will begin this spring. Plans are for a "walkable The Dunham Group takes what is... Building Business and Community for Over 40 Years The Dunham Group has a vision and a purpose. Dunham brokers rally ideas, people, and resources to create dynamic neighborhoods in and around Greater Portland. A vacant building becomes a boutique hotel. An Old Port office building becomes a vibrant retail block. Our brokers work together to re-envision and repurpose underutilized properties to create the places where you want to be. ...and imagines what could be. Portland, ME dunhamgroup.com 207.773.7100 Local Knowledge. Regional Focus. Global Reach. Small town feel | Big city results We've been offering timely, efficient, and quality legal services since Portland was a small town. Our modest size assures personal attention by experienced, savvy attorneys, which leads to favorable outcomes in a timely and cost-effective manner. As the town grew, so did our expertise. Let our 148 years of smarts solve your next legal issue. Portland | Biddeford perkinsthompson.com Perkins | Thompson 20251422 Perkins Thompson_3/8.indd 1 3/7/19 9:28 AM C O N T I N U E D O N F O L L OW I N G PA G E » I've been in the business for close to 15 years and the strength of the 2018 market surprised me. — Tom Landry Benchmark Residential and Investment Real Estate