From the Editor: Location, location, location still drives real estate projects
The old joke is that real estate decisions are driven by three things: Location, location, location.
That’s still true, but it’s taken on another meaning as well.
As Senior Writer Renee Cordes reports in our cover story, a “location” near the water can be a red flag for developers. Call it climate change or call it a bunch of freak storms, Mainers have definitely had their hands full in recent months protecting real estate from storm waters.
In our cover story, which starts on Page 12, Renee talks to developers and real estate pros about how they’re planning for rising waters, whether it’s more frequent storms or the seasonal high tides that beset places like Commercial Street in Portland’s Old Port.
“When we build something, it’s for the next 100 years, not for the next 20, so seawalls and breakwaters have to be included in any plan we do,” said one business owner and developer with interests on the midcoast.
A Realtor says homebuyers and renters are approaching waterfront property with skepticism: “We have seen renters in riverfront homes that have flooded, that have had enough,” she says. “Additionally, buyers are becoming more cautious, seeking properties with water views and access, but not necessarily direct frontage.”
Elsewhere in the issue, we touch on real estate news at locations in Ellsworth, Kittery, Westbrook, Bangor, Skowhegan, Augusta, Waterville, Brunswick and other spots. Our real estate coverage starts on Page 9 with the Building Business column.
As much as the real estate market has been affected by higher interest rates, a shortage of supply and even Mother Nature, developers have continued to break ground on new projects in Maine.
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