Mainebiz

V O L . X X I X N O. X X V I I I D E C E M B E R 1 1 , 2 0 2 3 6 Forecast calls for budget surplus e state of Maine now expects to have more money over the next four years than originally anticipated, and will soon have to figure out what to do with the surplus. e Maine Revenue Forecasting Committee, a nonpartisan advisory group, increased its projec- tion for the state's General Fund by $265 million through the end of the 2025 fiscal year. e committee also upped its forecast for the 2026-27 biennium by $257 million. e Maine Constitution requires a balanced bud- get, which means the revenue adjust- ments will prompt Gov. Janet Mills to submit a supplemental budget for the Legislature to consider when it meets for the next session in January. e state experienced significant revenue growth during the pandemic, and used some of the additional funds to pro- vide financial assistance to Mainer in the form of emergency relief checks. N O T E W O R T H Y S T A T E W I D E Goodwill Northern New England has appointed Tripp Harrison as president and CEO. Harrison started on Dec. 1. He succeeded former president and CEO Richard J. Cantz, who served Goodwill for more than 20 years in various roles. Cantz announced in March he would step down from the position. A Hyatt hotel at Jetport planned e Hyatt hotel conglomerate plans to expand its footprint in Maine, opening what would be the com- pany's second property in the state — and the second in a new line of lodging — at Portland International Jetport sometime during 2025. e Hyatt Studios hotel would offer 122 extended-stay rooms at PWM, according to a news release. e development of the hotel results from a newly inked franchise agree- ment between Hyatt and Giri Hotel Management, a Quincy, Mass.- based group that owns and operates roughly 50 hotels in New England. Terms of the deal were not disclosed, and even details such as the exact location of the new property were not provided. In April, Giri acquired the 249-room Anchorage by the Sea in Ogunquit, the third-largest hotel in Maine and the firm's 24th prop- erty in the state. Terms were not disclosed. UNE 'accelerates' nursing program University of New England aims to get nursing graduates into the workforce more quickly via a new 12-month accelerated degree pro- gram. With a rigorous curriculum and emphasis on interprofessional collaboration, UNE's new program aims to equip graduates with the knowledge, skills and experience necessary to excel in nursing and deliver better health care outcomes to patients. e program replaces a 16-month accelerated program launched a decade ago, and comes as Maine's only medical school pre- pares to relocate from Biddeford to Portland in 2025. UNE is updating its nursing program amid a projec- tion from the American Hospital Association that the U.S. will need to hire 200,000 nurses per year over the next 10 years to meet growing demand and replace retiring nurses. N O T E W O R T H Y S O U T H E R N Verizon said it provided a $100,000 Verizon Forward Community Enhancement Award to the Portland Regional Chamber of Commerce B U S I N E S S M A I N E Business news from around the state S T A T E W I D E S O U T H E R N B R I E F A Maine ZIP code cracks New England's 50 priciest for home sales B y W i l l i a m H a l l M aine home prices have entered new heights, with a ZIP code in suburban Portland now ranked among New England's 50 costliest for residential real estate — and other Maine ZIPs close below. So far this year, homes have sold for a median price of $1.23 million in the 04110 ZIP code of Cumberland Foreside, according to data compiled by a national real estate blog, PropertyShark.com. That figure makes 04110 the priciest ZIP code in Maine, as well as the state's first and only to have cracked the top 50 across New England, at No. 38. There are roughly 1,000 ZIP codes in the six New England states. Home prices for 04110, a 2.3-square-mile sliver of shoreline in the town of Cumberland, have previously led those of other Maine ZIP codes. In a 2020 comparison, Cumberland Foreside recorded the state's highest median price, $768,000. But regionally, that didn't even place the ZIP among the 100 most expensive. Over the past three years, however, the median sales price for 04110 has risen 60%, driven by a continuing run-up in values across much of Maine. The current $1.23 million median in 04110 ties those of two ZIP codes just outside Boston: 02478, which covers Belmont, Mass., and 02465, in West Newton, Mass. PropertyShark said its 2023 analysis looked at all resi- dential sales that closed between Jan. 1 and Nov. 13 in New England, and included purchases of existing one- and two-family houses, condos and coop units. The median sale price is the level at which half the homes sold for a greater amount and half sold for less. The most expensive ZIP code in New England this year is 02199, a portion of Boston's Back Bay neighborhood, where homes have sold for a median of $2.8 million. Maine rankings Among Maine ZIP codes, homes in the Mount Desert ZIP code of 04660 have sold for the second-highest median price this year, $887,000. Home prices in the town have soared faster than in many parts of Maine, sending 04660 to the No. 2 spot from No. 10 in 2020, when the median was $458,000. Among the top 10 Maine ZIP codes this year are other repeat performers from Cumberland and York counties. The ZIP code for Orr's Island, in Harpswell, is a newcomer, rank- ing No. 4 with a median sales price of $830,000. Here's the PropertyShark rundown of the top 10. P H O T O / W I L L I A M H A L L In Cumberland Foreside, home of homes with ZIP code 04110, this five-bedroom house sold in July at the area's median price of $1.23 million. The house was built in 1960 by a famed local developer, Robert Walker, and "lovingly updated in recent years," according to the listing. MAINE'S 10 MOST EXPENSIVE ZIP CODES Cumberland Foreside (04110) $1,225,000 Mount Desert (04660) $887,000 Falmouth (04105) $833,000 Orr's Island (04066) $830,000 Cape Elizabeth (04107) $728,000 Yarmouth (04096) $725,000 Kennebunkport (04046) $716,000 North Yarmouth (04097) $712,000 Ogunquit (03097) $710,000 Cumberland (04021) $709,000 S O U R C E : PropertyShark

• Cover