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V O L . X X X N O. I V F E B R UA R Y 1 9 , 2 0 2 4 10 B U S I N E S S M A I N E B U S I N E S S M A I N E B U S I N E S S N E W S F RO M A RO U N D T H E S TAT E The Campaign for Justice in Augusta, the annual fundraising campaign to the Maine Bar, announced that it raised $636,000 for needy Mainers in 2023, surpassing its total in 2022. VIP Tires & Service in Auburn said that its employees donated a company record $275,000 to Make-A-Wish as part of its commitment to charity and community. Maine State Credit Union in Augusta announced that it will expand its back-office operations to a new 9,000-square-foot facility at 347 Maine Ave. in Farmingdale. Acadia building will include EV charging stations Construction of a $32.6 million main- tenance facility at Acadia National Park will include rooftop solar panels and 12 electrical vehicle charging sta- tions, funded with the help of a $1 million grant received from the U.S. Department of Energy's Assisting Federal Facilities with Energy Conservation Technologies program. Friends of Acadia said it secured an additional $500,000 grant from the National Park Foundation to add to the $1 million for the solar array. And the friends group said it would buy two electric vehicles for the park as a phil- anthropic match to the Department of Energy's $1 million grant. e National Park Service will remove the existing, inefficient 20,000-square-foot mainte- nance complex, four temporary trailers and 11 outbuildings — and will replace them with a new LEED Silver facility at the park's McFarland Hill head- quarters campus in Bar Harbor. e building, plus outbuildings, will cover 31,398 square feet. It broke ground in April 2023 with contractor Nickerson & O'Day of Brewer. Maine battens down hatches with $54 million e Mills administration has two measures underway to help coastal Maine communities rebuild and become more resilient after January's devastating storms. e office of Gov. Janet Mills is looking to expedite a $50 million proposal to help communi- ties rebuild infrastructure and enhance climate resiliency. e administration B I Z M O N E Y Ellsworth attracting investors in short- term rentals B y P e t e r V a n A l l e n E llswor th is already seeing a building boom, with numerous commercial and residential construction projects underway. Now, the Hancock County city seems to be attracting investors in short-term rentals as well. AirDNA, which analyzes data on short-term rentals nation- ally, ranked Ellsworth No. 2 on the company's "2024 Best Places to Invest" report. The list "pinpoints the most promising markets for invest- ment this year, identifying U.S. hotspots where investors can maximize returns," AirDNA said in a news release. "The list offers a blend of well-known and emerging mar- kets with distinct draws, ranging from coastal getaways and historical gems to lively cultural scenes, catering to various traveler interests." AIRDNA'S TOP 10 "PLACES TO INVEST" IN 2024: 1. Columbus, Ga. 2. Ellsworth 3. Logan, Ohio 4. Spring Hill, Fla. 5. Sneads Ferry, N.C. 6. Winter Haven, Fla. 7. Stanton, Ky. 8. Port Angeles, Wash. 9. Akron, Ohio 10. Fairbanks, Alaska Ellsworth in the spotlight Ellsworth, which was also on the list last year, has a year- round population of 8,531. In addition to being the county seat for Hancock County, it is a hub for retail, serving Downeast communities and Mount Desert Island. The news of the city being a hot-spot for short-term rental investment may be a good sign for the economy, but also creates a challenge for the already-tight housing market. Earlier this year, Ellsworth ranked No. 8 on the list of "Maine's Hottest Towns," based on growth in median home prices. It saw growth of 15.2% last year, according to eXp Realty, a national real estate firm based in Bellingham, Wash. According to Maine Listings, the median sales price in Hancock County was $404,000, a gain of 13.8% from 2022. The median sales price for all of Maine was $360,000 last year, up 7.46% from 2022. AirDNA, which is headquartered in Denver, said Ellsworth properties can garner an average daily rate of $335, with average occupancy of 73%. A landlord can average $41,000 a year in revenue. AirDNA's average home price for the city of Ellsworth — $325,670 — is significantly lower than the overall Hancock County rate, which may add to the appeal for investors. "What truly sets Ellsworth apart is its proximity to Acadia National Park," AirDNA noted. Short-term rental trends Nationwide, AirDNA said that occupancy rates and revenue- per-available-room rates declined last year. Occupancy rates are expected to stabilize this year, while a "slight rise" in RevPAR is expected. "As the [short-term rental] industry gets more and more competitive, choosing the right market and the right prop- erty is crucial," said Jamie Lane, senior vice president of analytics at AirDNA. P H O T O / K Y L E L A M O N T, G O O D T O G O S T U D I O AirDNA ranked Ellsworth No. 2 on the company's "2024 Best Places to Invest" report. Ellsworth is looking to maintain a balance as a year- round community and an important service center. M I D C O A S T & D O W N E A S T

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