Mainebiz

W W W. M A I N E B I Z . B I Z 19 JA N UA R Y 1 1 , 2 0 2 1 F O C U S 2 0 2 1 E C O N O M I C F O R E C A S T the critical value of our nonprofits, the sector will innovate, transform and come out stronger than before." Donna Dwyer, president and CEO of My Place Teen Center, is determined to steer her Westbrook- based nonprofit on that very course. It plans to open a second location in Biddeford in 2021 and raise $1 million to make that happen. "Our mantra is, 'Find a way. ere's always a way,'" says Dwyer, a 2015 Mainebiz Woman to Watch honoree. "When kids are in jeopardy, we'll knock down brick walls just to keep kids safe, fed and shown a different path." R E A L E S TAT E Residential, industrial real estate will stay hot B y M a u r e e n M i l l i k e n T he real estate market, specifically residential and industrial, is expected to stay hot in 2021, with demand exceed- ing inventory, brokers say. Aaron Bolster, 2021 president of the Maine Association of Realtors, says low interest rates, fueled by Maine as "a safe place to escape from COVID-19," will continue to fuel the trend. "Rural America has never looked so good," he says. Tom Landry, of Benchmark Real Estate agrees, "I've been referring to this being our 'Brooklyn moment'." e New York borough's popular- ity increased for Manhattan resi- dents after 9/11. Out-of-state buy- ers accounted for nearly 50% of the Portland area's owner-occupied multi- family sales in 2020. "ese folks have come in with cash and are creating bidding wars the likes we've never seen," he says. He says, with "another grim winter of case surges," they'll keep coming. e biggest topic in 2021 will be inventory, Bolster and Landry both say. "People are all consumers in nature, we purchase what is in front of us," Bolster says. "If there is a lack of existing homes for sale, consumers can't complete their goals to buy." Part of that is that some potential sellers are unwilling to list because of pandemic uncertainty. Bolster says bro- kers will have to get creative to help sell- ers who really want to sell, but can't seem to find their "new place to call home." Landry says inventory is also an issue for multi-family property, with supply at a historic low of nearly 30%. Another cooling element could be consumer trends, according to Bolster. "It's crucial for the real estate market for the unemployment rate to decrease," he says. But consumer Join us as we come together to Make Change SM . For every qualified purchase* made with the new Make Change debit card, we'll donate 10 cents to support minority-owned businesses right here in Maine. Together, we can make a difference. To learn more, visit GorhamSavings.Bank/MakeChange * Member FDIC. For every qualified debit card purchase that posts and clears, GSB will donate 10 cents to support minority-owned businesses in Maine. C O N T I N U E D O N F O L L OW I N G PA G E » These folks have come in with cash and are creating bidding wars the likes we've never seen. — Tom Landry Benchmark Real Estate P H O T O / C O U R T E S Y M Y P L A C E T E E N C E N T E R My Place Teen Center staff member Evan Jewell with the mobile food pantry.

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