On August 14, Ethan Johnson introduced our speaker, David Willis. David spoke about the recent and upcoming events and activities of the Gorham Business Exchange (GBE). He also provided insight into the history and trends of supply and demand in the Gorham Real Estate market.
David Willis
The Gorham Business Exchange partners with the Gorham Times to feature a story on a local business about twice a month. They recently held the 21st Annual Marketplace, a family-friendly event feature 75 local businesses. In June, they held their 17th Annual Golf Scramble. Funds from the golf scramble are used to fund two scholarships each year. One scholarship is presented to a senior pursuing a degree in business and the other scholarship goes to a student who has shown an outstanding interest in civic affairs. We were pleased to hear that GHS Interact Club President Aaron Farr was the recipient of the civic affairs scholarship this year.
Their next fundraising event will be the 4th Annual Cornhole Tournament. This tournament will be held on Saturday October 13 at the Gorham Sports Center on Narragansett St in Gorham. Allagash Brewing is the beer sponsor each year and donates proceeds to the event. They are currently looking for a fundraising partner for this year. Editor Note: After the meeting, members of the board met with David and Ethan. We agreed that Westbrook-Gorham Rotary will be their partner this year. More info to follow.
Dan Nichols of Gorham Village Alliance,
David Willis & Ethan Johnson
David then moved on to speak about the Real Estate market in Gorham. The average sales price of a home in Gorham in the past 12 months has been $298K. About 150 homes in subdivisions have been presented to the Planning Board in recent months. However, the number of sales has slowed in the past year due to limited inventory, not demand. He stated that he also thinks banks are being more cautious in lending. In 2006, 30-year home mortgage rates were around 6.5%. Today’s rates are much lower and new home buyers are expecting to see rates below 5%.
Gorham has recently proposed a sprinkler ordinance for residential properties that could add as much as $10K to the sales price of a home. A member of the audience noted that Westbrook tried that a few years back, but did away with it. When asked about opportunities to expand housing stock in Gorham, he told us that he sees opportunities for affordable housing in the village center.
David is a lifelong resident of Gorham. He is a Broker at Willis Real Estate and is a past president of the Gorham Business Exchange. David graduated from Gorham High School in 2002 and from the University of Maine in 2006 with a degree in Marketing. He has been a coach for middle school basketball for several years.
David signs a book for Baxter Library