Mainebiz

W W W. M A I N E B I Z . B I Z 21 M AY 2 , 2 0 2 2 R E A L E S TAT E / C O N S T R U C T I O N / E N G I N E E R I N G "We're suggesting that single- family buyers go look at multifam- ily properties. at market is less competitive," says Vitalius. "You don't need to be a cash buyer and you're not competing with 20 others. In this market, first-time buyers are practi- cally unable to buy a house, but they can buy a two-unit." "e prices keep amazing me," says omas Gadbois of F.O. Bailey Real Estate. Gadbois has brokered some record-setters, including 24 State St. in Biddeford, a 42-unit apartment complex that sold in late 2020 for $5.45 million just over year after it sold for $3.6 million. Around the same time, a tract of 21 duplexes at 14-70 Dusty Rhoades Lane in Windham sold to a San Francisco investor for $9 million. e deal was an indication that investors are looking at areas besides Portland, notes Gadbois. Both were off-market deals. "Inventory is an issue. It's tight," he says. "I spend half my time trying to find off-market deals." ings remain tight and there's a fair amount of churn. Gadbois brokered three of the four turnovers of 27 Morning St., a six-unit in Portland that doubled in value from 2014 to 2021, going from $740,000 to $1.55 million. He's twice brokered 100 Congress St. in Portland. In 2018, the building, with two apartments and two retail units, went for $930,000 to an investor. It listed early this year for $1.6 mil- lion and went under contract for what Gadbois says is expected to be another record deal. "e price is very close to asking," he says. "Just shows that investors are still willing to pay top dollar." In early April, Gadbois brokered the sale of a four-unit at 14 Dunning St. in Brunswick. e century-old structure listed for $625,000, received about 10 offers and sold for $703,000. "It was on the market for less than a week," says Gadbois. "It's a frenzy." From Augusta to Auburn, policymakers lay groundwork for more affordable housing B Y R E N E E C O R D E S Tiny homes, accessory dwelling units and zoning reform are some of the issues Maine lawmakers are tackling to bring more affordable housing to the state. One law enacted last year puts tiny houses on equal footing with tradi- tional single-family dwellings in terms of zoning and code requirements. More recently, state lawmakers passed a law introduced by House Speaker Ryan Fecteau, D-Biddeford, that reforms zoning by allowing property owners to build accessory dwelling units, often called mother- in-law-apartments, in residential areas, and allow up up to two units on lots zoned for single-family housing. "We are empowering Mainers to contribute solutions to the housing crisis in their own backyards," Fecteau said after the April vote. Portland developer Nathan Szanton, CEO of the Szanton Co., says the law "tames some of the most egregious exclusionary zoning" and gives the Maine legislature a grade of "A" for the year on its plan to address affordable housing. So does Avesta Housing President and CEO Dana Totman, whose marks for municipali- ties range from "A" to "F." C O N T I N U E D O N F O L L OW I N G PA G E » Portland 2020: $460,000 2021: $596,500 Saco/Biddeford 2020: $306,000 2021: $350,000 Portland 2020: $646,450 2021: $751,000 Saco/Biddeford 2020: $422,500 2021: $490,000 S O U R C E : Vitalius Real Estate Group 2-UNIT MULTI-FAMILY MEDIAN PRICE 4-UNIT MULTI-FAMILY MEDIAN PRICE PRICE PER UNIT FOR 5+ UNIT MULTI-FAMILY BUILDINGS Portland 2020: $166,500 2021: $176,000 Saco/Biddford 2020: $86,000 2021: $108,000 +30% +30% +16% +16% +6% +6% +18% +18% +22% +22% +26% +26% P H O T O / J I M N E U G E R Maine House Speaker Ryan Fecteau, D-Biddeford, is an advocate for affordable housing in the state Legislature. He is shown here in Biddeford's Cathedral Oaks neighborhood. F O C U S

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