Economists: Housing recovery finally here

October 3, 2012 in Articles

Author: Chris Isidore
Publication: CNN Money

NEW YORK -- It's been a long time coming, but economists surveyed by CNNMoney believe the nation's housing market has finally turned the corner.

Of the 14 economists who answered questions about home prices in the survey, nine believe that prices have already turned higher or will make that turn later this year. Only three months ago, half of the economists surveyed by CNNMoney believed a turnaround in prices would not take place until 2013 or later.

Economists have been encouraged by a variety of readings, including three straight months of increases in the S&P/Case-Shiller home price index, a pick-up in sales of existing homes and home construction and a big jump in the price of new home sales.

Mortgage rates are also likely to remain near record lows thanks to the Federal Reserve's purchase of $40 billion in mortgages a month for the foreseeable future.

Pretty? Route 1? Yarmouth gets ideas

September 26, 2012 in Articles

Author: Kelley Bouchard
Publication: Portland Press Herald

Visions of a transformed commercial corridor are culled from a series of brainstorming sessions.

Yarmouth is considering ambitious zoning changes that would extend the quaint village character of the town's historic Main Street to its Route 1 commercial corridor.

Brainstorming sessions by Yarmouth residents led to a vision of Route 1 as a pleasant, tree-lined boulevard. The sessions sought input for new zoning in the commercial corridor.

Recent community brainstorming sessions produced a vision for development along the highway that includes the possibility of removing the Route 1 bridge over Main Street and the East Main Street bridge over Route 1. In the decades ahead, proponents say, Route 1 would evolve into a relaxed boulevard with a grassy, tree-lined median, inviting sidewalks and side streets, and a direct connection to Main Street.

Bayside project financing deal OK'd

September 20, 2012 in Articles

Author: Dennis Hoey
Publication: Portland Press Herald-Maine Today

Portland agrees to spend millions on a $38 million project that would include hundreds of apartments.

PORTLAND - The Portland City Council voted Wednesday night to help subsidize an out-of-state developer's plans to build a $38 million mixed-used project in the Bayside neighborhood.

The final vote on the Maritime Landing development financing plan was 8-1 with councilor Cheryl Leeman opposed.

Leeman said she supported the project because it would bring hundreds of new residents to Bayside, but said she had issues with the way the parking garage component would be paid for.

Under the agreement, the city would sell 3.25 acres of land off Somerset Street to the Federated Companies for $2.2 million.

The city would also provide Federated, which has offices in Miami and Boston, with a $9.07 million grant to help it pay for construction of a $15 million, 700-space parking garage.

Housing recovery blossoms

September 19, 2012 in Articles

Author: Les Christie
Publication: CNN Money

The U.S. housing industry -- crucial to any jobs recovery -- showed more signs of strength, according to two reports issued Wednesday.

The Census Bureau said housing starts and permits rose substantially in August. Separately, sales of previously occupied homes climbed 7.8% from a year ago, according to the National Association of Realtors.

Builders started on new homes at an annual rate of 750,000, up 29.1% compared with a year earlier. They applied to build another 803,000 new homes on an annual basis, a 24.5% jump compared with August 2011.

Home builders have become increasingly bullish -- a confidence index from the National Association of Home Builders reached its highest level since June 2006.

Even after recent gains, housing starts lag well behind the peak set in May 2005, when the pace of building hit more than 2 million homes.

Karen Rich named 2012 Maine Commercial Broker of the The Year

September 16, 2012 in News

Congratulations to Karen Rich on being named Maine's 2012 Broker of the Year by the Maine Commercial Association of Realtors. Karen Rich, Broker and Vice President at Cardente Real Estate, has played an integral part in the creation and success of our company.
Since 1991, Karen has been a commercial broker special-
izing in the sale and leasing of investment, retail, and office properties throughout the State of Maine. Some of Karen’s more notable transactions include the $15,000,000 sale of the Custom House Garage in Portland, the redevelopment and leasing of the retail corridors off of Western Avenue and Gorham Road (developments that literally have changed the entryway of South Portland’s Retail District), and just this Summer, the re-tenanting of 15% of office space at the Peo- ple’s United Bank Building at 465 Congress Street in Down- town Portland.
Karen is currently on the Board of Directors for the Maine Commercial Association of Realtors and was the Keynote Retail Speaker for the 2012 MEREDA Conference. Please help us congratulate Karen Rich on such a remarkable achievement.

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