Elise Loschiavo, recently named the #1 Condo Broker in Portland for the 2nd year in a row, has released her highly-anticipated condo report, highlighting 2020. The report highlights Portland condo inventory, the pace of the marketplace, what’s selling, new development, and forecasts where condo sales are headed in the coming year. Click here to view the full report.
It is worth noting that last year’s Portland Condo Report arrived in mailboxes just as we went into COVID-19 quarantine. A year later, we continue to navigate the global pandemic with hope on the horizon.
2020 Takeaways:
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Off-peninsula condos saw a 14% bump in price per square foot
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The market saw a surge of out-of-state buyers looking to relocate to Maine
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Buyers seeking larger condos with outdoor space and room for home offices increased
Notable Portland Condo First (and hopefully last):
Condo sales soared despite a global pandemic!
Portland Development Picture:
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Due to COVID-19, only 21 new construction condos were completed in downtown Portland at an average of $550 per square foot - a 10% rise from the year before.
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The Portland Foreside project at 58 Fore Street officially broke ground in 2020.
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In 2021, Verdante (31 units), Hobson's Landing (86 units), Stevens Square (21 units), Hammond House (16 units), and The Goodwin (23 units) will be completed.
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Northeastern University opened its new graduate school and research center, The Roux Institute, on the East End near Ocean Gateway.
2021 Forecast:
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Despite current low inventory, we expect a push to list condos in April and May with robust sales through the end of the year.
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Expect modest gains in condo pricing across the board as interest rates stay low and inventory is down.
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New downtown condo development may continue to be slow due to high construction costs while Developers are looking to areas outside of downtown Portland where land is more readily available at a lower price.
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Buyers relocating from out of state will continue to arrive, as work from home setups become more of a way of life than a temporary situation
2019 v. 2020 Condo Stats:
