Wealth management and retirement typically garner thoughts of investment portfolios, 401(k) plans and IRAs. But, as this issue illustrates, investments in Maine also include real estate and even art collection.
As Renee Cordes reports in our cover story, even amid a pandemic year, money continued to flow into art investment. She talks with a range of gallery owners and investors, who are investing in works ranging from $200 to $90,000 and more. See “Picture this” on Page 10.
Another investment vehicle that’s gained notice in recent years is the 1031 tax exchange, which allows real estate investors to buy and sell properties without onerous capital gains taxes. But, as Maureen Milliken reports, the 1031 provision, so named for its IRS code, faces elimination. See “Is 1031 all done?” on Page 16.
Bank branches, warehouse space, multistory greenhouses, self-storage units, hotels, retail redevelopment, coworking spaces.
It’s not just home sales that are hot in Maine right now. The demand for commercial space continues to push into new areas.
Coworking spaces were on fire before the pandemic and, even with social distancing, continue to be a viable market as remote workers look for ways to dip their toe back into the office waters. See Maureen Milliken’s story, “Coworking at a crossroads,” on Page 12.
After all the country has gone through, from the pandemic to social unrest to political turmoil, Maine somehow fortified itself as a safe haven.
People are moving here from New York, Boston, Texas, California. The pandemic has allowed many people to work remotely, and they’re leaving cities and snapping up houses in Maine.
Maine has mostly benefited but has had some growing pains as well. The need for broadband in rural areas is an even-greater issue. Schools in growth areas are seeing an influx of students, even as districts struggle with staffing during the pandemic. A long-standing shortage of housing has only gotten worse.
A recent study commissioned by HospitalityMaine shows COVID’s impact on the hospitality industry has been $1.7 billion in lost revenue.
For an industry that’s worth some $7 billion a year to Maine, that’s a big dent. Hospitality hotels, restaurants, attractions, tour companies is Maine’s second-largest largest industry, behind health care.
Yet, just as the industry mobilized after 9/11, business owners quickly adapted. Restaurants shifted to outdoor dining or curbside pickup and hotels and attractions dusted off the “staycation” marketing playbook, used after 9/11 and the recession of 2008-09.
As Renee Cordes discovered in talking to five hoteliers on the midcoast and Downeast, the past seven months have been anything but static. Some made up lost business with a strong August and early fall. Others adjusted by focusing on the restaurant’s takeout business or food-and-beverage in general. Another plans to extend the season beyond the normal Thanksgiving closure t
By Staff
A new cookbook released Thursday aims to draw consumer interest to Maine’s growing industry for farmed scallops.
“Recipe Ideas for Farmed Sea Scallops” was co-authored by fisherman Marsden Brewer and natural history writer Marnie Reed Crowell, both Stonington residents.
Coastal Enterprises Inc. announced the release of the publication as part of a three-year initiative, funded by the Washington, D.C., nonprofit Foundation for Food and Agriculture Research, to further develop scallop farming efforts in Maine, according to a news release.
The publication was funded with support from CEI, Maine Technology Institute, Foundation for Food and Agriculture Research, Maine Sea Grant Program Development Funds and Maine Community Foundation.