Mainebiz

V o l . X X I N o. I I I F e b r ua r y 9 , 2 0 1 5 18 "e national economy is doing quite well, which flows through to the Maine economy," says Rector. "Energy prices are down a lot, and will stay low through a good part of the year. Certainly that has good implications for the economy in terms of freeing up cash for consumers and businesses that they can spend in other areas instead of filling a heating oil and gas tank." A strong economy that could boost consumer spending is welcome news for the state's construc- tion industry, which contributed $2.3 billion to Maine's GDP in 2013, with $1 billion coming from York, Cumberland and Sagadahoc counties. On the real estate side, the number of single- family homes and condos sold statewide increased 7.6% from 2013 to 2014, from 13,198 to 14,222. e big- gest movement statewide was for sales of homes and condos priced over $1 million, which increased 20.4 % last year. Many of those sales were pricey water- front properties in York County, where property sales priced over $1 million grew 5.6% from 2013 to 2014. When it comes to consumers with million-dollar budgets, buying and building in the area sometimes comes in one fell swoop. It's not unheard of that a pricey house on the water in the Kennebunk area is purchased and then demolished to make way for a new home surpassing $2 million, says Terry Philbrick, a third-generation builder in Kennebunkport. "ere's a lot of money going into the beach area. ere are some huge projects and big wallets. Some [customers are] locals, but most are from out of town," says Philbrick. His family construction business started 50 years ago and is now moving to his son, Joey, the fourth-generation Philbrick. e business relied on repeat customers, including the Bush family compound on Walker's Point in Kennebunkport, to keep busy through the lean years of the recession. "ank God for repeat customers who I had a relationship with, because they kept me busy every year," says Terry Philbrick. e majority of his business relies heavily on "rehabs" — remodeling and additions to exist- ing homes. Philbrick averages two or three rehabs a year, at an average price of $150,000 per project. Philbrick Builders has booked projects through the summer, and he has a positive outlook for the con- struction industry in the coming year. "I think the market will continue to grow," he says. e majority of custom builder Pat Rocheleau's business is in his hometown of York and nearby Cape Neddick, and many of those projects, whether new homes or remodeling jobs, are on the water- front. His projects are typically vacation or second p h o t o / t I M g r e e n way Real estate market trickles up York County continues to outpace northern counties B y F i o n a R o B i n s o n F O C U S » C o n t i n u e d f r o m C o v e r thank God for repeat customers who i had a relationship with, because they kept me busy every year. — Terry Philbrick, Kennebunkport builder Pat Roucheleau, a custom builder in York, says the market for vacation and second homes has picked up since the recession. He's pictured here in one of the homes his firm built.

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