East End Condo developments on the horizon!
In the next series of blog entries, we are going to explore the emerging condo developments in the main sections of Portland: starting with the East End, then going Downtown, and to the West End. The economic environment we are experiencing now is also strong with low interest rates, low unemployment, and hopefully increasing inventory.
Condo development is experiencing a big boom recently. A multi-family condo can be purchased for about 450K, a price increase of 17.6% from 2016. The East End neighborhood is located on Portland’s peninsula, encompassing Munjoy Hill and the Eastern Promenade. It’s a thriving tight knit community, offering a number of cozy coffee shops and restaurants. Blue Spoon, The Front Room, or Drifters Wife to name a few!
The East End Real estate market continues to be one of the hottest around for both residential and investment properties. Developer Vincent Maietta is seeking approval of a 4 story, 45- unit building, located on 220 Washington Avenue, just off the Eastern Promenade. Conveniently there is access to a basement parking garage, located where the south of the Eastern Promenade meets Washington Avenue.
With a shortage of housing units and a strong demand have been driving up rental rates... making the market very attractive for investors of all types.
Portside Real Estate Group
330 Forest Ave, Portland, ME 04101
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