Portland, ME The Maine Real Estate & Development Association (MEREDA) has appointed Shannon Richards of Hay Runner, to president for 2024-2026.
Richards, has been elected as president of MEREDA for a two-year term. Richards is an artist and entrepreneur, spending the last 20-plus years in the practice of designing and building, manifesting a life centered around creation. Shannon has produced hundreds of custom homes, commercial spaces, pieces of furniture and fixtures.
Richards is the founder of Hay Runner, a real estate development company that provides services related to residential and commercial real estate transactions, project management, design, construction, furnishing and produces design centric events. Hay Runner also provides brokerage services through its affiliation with Legacy Properties Sotheby’s International Realty.
A member of MEREDA, Richards served as a MEREDA vice president, co-chaired MEREDA’s conference committee, and continues to serve on its executive committee. Richards joined the MEREDA board in 2019 and that same year, was selected to receive one of two MEREDA’s Volunteer of the Year Awards.
Richards is also part of the Greater Portland Board of Realtors, the Maine Association of Realtors, and the National Association of Realtors.
“Shannon has been, and will continue to be, an invaluable asset to our volunteer organization. Her dedication and passion for the work she does is truly inspiring, and we are excited to continue working with her in this new capacity,” said Shelly Clark, MEREDA’s executive director.
In addition, MEREDA’s board of directors elected its 2024 / 2025 slate of officers which included: Vice presidents Gary Vogel of Drummond Woodsum, Jennifer Small of Malone Commercial Brokers, and Jason Favreau of BerryDunn, treasurer Mark Stasium of Camden National Bank, and secretary Shelly Clark.
As we all know, interest rates have been changing drastically, with movement in both directions, depending on the type and term of financing. The Federal Open Market Committee has taken drastic action in efforts to curb abnormally high inflation, but it hasn’t controlled labor cost growth to the extent that was intended.
The multifamily market in Maine’s major cities presents a diverse range of opportunities for investors. We looked at the potential benefits and unique characteristics of three major submarkets in the state: Portland, Bangor, and Lewiston-Auburn. The information below is based on research done in CoStar and county registries, and focuses on multifamily properties that have four or more units.