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W W W. M A I N E B I Z . B I Z 25 A P R I L 1 6 , 2 0 1 8 F O C U S R E A L E S TAT E / C O N S T R U C T I O N / D E S I G N millennials, retirees and people moving to Maine. But like existing-inventory prices, construction and conversion pricing is also rising, driven by higher costs for materials and labor. "From what I hear, inventories con- tinue to be tight," says Matt Wogan of Waypoint Partners LLC in Freeport, a longtime developer proposing to develop two downtown Yarmouth buildings into townhouse condomini- ums. " ere are a lot more people now engaging in the build process and buy- ing land than there were in the past 10 years. If you look for property and see limited inventory, you'll do one of two things — buy something you don't like and remodel it, or pick a nice piece of land and build what you want. I think there's enough demand right now to support the construction of new homes, although I say that cautiously because that could turn any day." Priced out of Portland Yarmouth's other projects in various stages include a proposal from Greg and Steven Dugas to build a single-family subdivision with 11 lots, plus open space, and 12 lots in Phase 2 of a subdivision called McKearney Village. Wogan says his townhouse concept stems from Portland demand for in-town living, but in a smaller town. Pending approval, he's already got potential buyers, both locals and out-of-staters. Demand in Yarmouth, says Economic Development Director Scott LaFlamme, increases in sync with Portland's surging residential costs. Demand is expected to continue with the Yarmouth council's expected approval of character-based zoning rules allowing leniency with things like setbacks. "When that's approved, I think there will be a tidal wave of infi ll projects that will be mostly residential. Yarmouth is a huge draw for folks who want to be in a live-work-play environment and have everything walkable," LaFlamme says. C O N T I N U E D O N F O L L OW I N G PA G E » • Boundary Line Disputes • Condominiums • Development Projects • Timberlands Transactions • Commercial Development • Lease & Contract Review C O U N S E L O R S A T L A W 207.947.4501 www.rudmanwinchell.com A true strategic partner for your investment REAL ESTATE LAW C O U N S E L O R S A T L A W Protect Your Real Estate Construction Projects ...and imagines what could be. ...and imagines what could be. Building Business and Community for Over 40 Years The Dunham Group has a vision and a purpose. Dunham brokers rally ideas, people, and resources to create dynamic neighborhoods in and around Greater Portland. A vacant building becomes a boutique hotel. An Old Port office building becomes a vibrant retail block. Our brokers work together to re-envision and repurpose underutilized properties to create the places where you want to be. The Dunham Group takes what is... Portland, ME dunhamgroup.com 207.773.7100 Local Knowledge. Regional Focus. Global Reach. There are a lot more There are a lot more There are a lot more There are a lot more There are a lot more There are a lot more There are a lot more There are a lot more There are a lot more people now engaging people now engaging people now engaging people now engaging people now engaging people now engaging people now engaging people now engaging people now engaging people now engaging people now engaging people now engaging people now engaging in the build process and buying land than there were in the past 10 years. — Matt Wogan Waypoint Partners LLC