Building on investments
When my husband and I first moved to Maine back in 1986, we rented an apartment on Howard Street in Lewiston that was just gorgeous. It was in an iconic three-story walk-up, the sort of multifamily building that still defines Lewiston's downtown as it did in the heyday of the mills. A two-bedroom unit with a beautiful built-in china closet and lead-glass windows in the dining room, pocket doors to the formal living room, bay windows, two porches, a huge kitchen and oak wainscoting throughout … it was beautiful and beautifully kept. And at $350 a month (including heat!), we thought it was a steal.
I realized many years later that key to the condition of that apartment were the building's owners, a friendly Franco couple who lived in the first-floor apartment. They took a lot of pride in their home, and by extension, the two apartments above it. So I think it can only be a good thing that there's been a buying spree of multifamily buildings by investors who are looking for respectable gains in an otherwise balky investment market. Staff Writer Lori Valigra speaks to several multifamily building owners — many of whom live in their investment properties — about why multifamilies are so attractive right now, in “Hot property,” and part of this issue's focus on real estate, construction and design.
We also bring you some interesting insight from Herb R. Sargent, president of Sargent Corp. in Stillwater. Herb tells Senior Writer Jim McCarthy why the company adopted an employee stock ownership plan and what it means to the future of one of the state's largest heavy-construction firms. His story, “Taking the reins,” starts on the cover.
And John Burgess makes an argument for why the time has come to create a network for real estate agency owners. As owner of Camden Hill Realty, he sees a need for coordinated action around marketing, training and regulatory requirements, to name just a few.
Speaking of marketing, the lobster industry has its hands full trying to burnish the gourmet reputation of everyone's favorite crustacean while prices drop. New marketing efforts are under way, boosted by recent legislation, and some innovative folks are even hosting tours for chefs from overseas so they can understand and appreciate things like the culinary differences between hard- and soft-shell lobsters. Contributing Writer Craig Idlebrook takes a look at how the industry is responding to what is shaping up to be another year of low prices in “Clawing back,” starting on the cover.
I'm sure right about now most folks are dreaming of their vacations, or perhaps ways to escape this recent heat, but while you're in a contemplative frame of mind, I thought I'd get you to reflect a little on a forum we're hosting in August dedicated to unlocking the mysteries of health care reform. We know it's on your minds — people tell us their concerns about health coverage and costs at our regional receptions and wherever business folks gather. So we're assembling panels of experts to help you figure out what you should do to prepare for the Affordable Care Act, whether you're a big company, a small company or a microenterprise. The forum is Aug. 22 at the Holiday Inn by the Bay in Portland from 8 – 11 a.m. You can register at mainebiz.biz/ACAforum.
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