Mainebiz

W W W. M A I N E B I Z . B I Z 11 JA N UA R Y 2 5 , 2 0 2 1 S O U T H E R N M A I N E F O C U S Hot housing market In Maine, single-family homes are most expensive in the state's two southern- most and most populous counties amid greater competition for a shortage of homes listed for sale. In the three months ended Nov. 30, the median home price in Cumberland County was $385,000, up 16.7% over a year earlier, while the median price in York County was $368,000 or 22.7% above a year earlier. Statewide, the median sales price in November rose 20% from a year earlire, to $270,000, while nationwide the median sales price rose 15.1%, to $315,500. In Maine in November, one in three home sales involved a buyer from out of state, up from one in four a year earlier. While there is no further geographic breakdown, greater Portland remains highly desirable — and pricey, though not totally out of reach for buyers from out of state with cash in hand. "For a lot of out-of-staters coming out of Boston, New York or Connecticut, Maine is still a bargain," notes David Jean, a principal at Portland account- ing firm Albin, Randall & Bennett who advises construction and real estate development firms. He says that's true C O N T I N U E D O N F O L L OW I N G PA G E » Buying a home in Maine? MORTGAGE WITH A NEIGHBOR. As experienced lenders, we know how to As experienced lenders, we know how to design a mortgage that's right for you because design a mortgage that's right for you because we're neighbors in your community. We're we're neighbors in your community. We're volunteers, coaches, moms and dads. We live volunteers, coaches, moms and dads. We live on your streets and in your neighborhoods. on your streets and in your neighborhoods. Your loan is here for you — and so are we. Your loan is here for you — and so are we. MEMBER FDIC MEMBER FDIC EQUAL HOUSING LENDER EQUAL HOUSING LENDER 1-800-447-4559 | bathsavings.com Sharon Brobst Vice President, Mortgage Lending SOUTH PORTLAND BRANCH - NMLS #466514 'Significant demand' for home revamps C an't find your new dream home and need more space for living, learn- ing and working at home? Remodeling has taken off during the pandemic, especially kitchens, base- ments and home offices. That also boosts a home's value when an owner decides to sell. What else are people spending money on? "Aging-in-place remodels are a big category for us," says Maya Bogh, co-owner and business manager for Great Northern Builders in South Berwick and president of the Home Builders and Remodelers Association of Maine, a nonprofit group based in Scarborough. "We see significant demand in that area," Bogh says, particularly amid safety concerns surrounding nursing homes dur- ing COVID. "There is also demand for mul- tigenerational houses as well." Great Northern Builders, a six-em- ployee firm founded by her husband, Len, in 2002, handles a wide range of jobs from custom bars to a sea wall in Eliot on the Piscataquis River. More recently it's done projects on houses purchased by people from out of state before moving in. Bogh says that demand remains strong despite costs that are "all over the place" and product delays. "Recently we had a client with med- ical needs who needed a step-in-tub," she recalls. "We put the order in four months ahead of time, and the day it was supposed to arrive we were in- formed the tub hadn't been made yet." For those thinking about a remodel, Bogh suggests using her association to find a reputable contractor, setting a realistic budget and finding someone with time since contractors are booked out as much as a year. Her general business outlook: "The boom is not going to slow down." The boom is not going to slow down. — Maya Bogh Great Northern Builders P H O T O / T I M G R E E N WAY Maya Bogh, co-owner and business manager for Great Northern Builders in South Berwick and president of the Home Builders and Remodelers Association of Maine, says this is a busy time for aging-in-place remodels.

• Cover