Condo Media - May 2021 - 39

FUTURE FORECAST
The Real Estate Forecast Conference sponsored by the Maine Real
Estate & Development Association
(MEREDA) was held in Portland in
January. There, leaders of the industry revealed a deluge of positive statistics and a very bright forecast of
things to come. As with population
and average income levels, real estate in the greater Portland area set
the tone for the rest of the state. The
ripple effect of the higher prices and
shrinking inventory in the Portland
area has dramatically shifted new
buyer interest to the outlying areas
of Biddeford/Saco, Bath, Brunswick,
and rural areas west of Portland.
Many factors have influenced this
condo market environment, but the
real question is the forecast of things
to come. Most experts are optimistic
about 2021, with the worst fears of
COVID-19 starting to fade and the
hope of normal living by the end
of the year. Economic projections
predict continued low interest rates,
compensating for the continued
higher unit prices due to low inventory. Supply and demand will be a
dominating force in 2021.
As Millennials will set the current
trends, condo and HOA communities highlighting health and wellness
amenities like in-house exercise
areas, yoga and exercise classes,
saunas, and hot tubs will be attractive to buyers. The reliance on home
offices will create a demand for
high-speed internet, common WiFi
areas, co-working common space,
and streaming services in the lounge.
Units with smart home features
allowing remote control of HVAC,
security, and lighting will be appreciated. These elements are the future,
as the next buyers' block of Gen Z's
will confirm.

One legal team for all your condo needs.
Advising management companies, associations,
developers and title companies for over 40 years.
Drafting & amending
condominium documents
Advising condominium boards
Enforcing policies & bylaws
Collections
Assisting with construction &
development, including zoning,
permitting, land use &
environmental

Providing legal opinions
Transitioning from developer
to unit owner control
Drafting, reviewing & negotiating
lender, vendor & supplier
contracts
Dispute resolutions
Employment-related matters
Advising on issues arising from
COVID-19

■ JACK CARR, P.E., RS, LEED-AP,
IS SENIOR CONSULTING ENGINEER
FOR CRITERIUM-ENGINEERS IN
FREEPORT, MAINE. HE IS A MEMBER

One Boston Place, 37th Floor, Boston | 617.367.2500 | davismalm.com

OF THE CONDO MEDIA BOARD.

May 2021 CONDOMEDIA

39



http://www.nsins.com

Condo Media - May 2021

Table of Contents for the Digital Edition of Condo Media - May 2021

Contents
Condo Media - May 2021 - Cover1
Condo Media - May 2021 - Cover2
Condo Media - May 2021 - Contents
Condo Media - May 2021 - 2
Condo Media - May 2021 - 3
Condo Media - May 2021 - 4
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Condo Media - May 2021 - Cover3
Condo Media - May 2021 - Cover4
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_202307
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https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201912
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201911
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201911_v2
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