LEWISTON – L-A is hot and getting hotter. At least in terms of its property.

That was the message conveyed to about 100 real estate and development professionals who gathered Thursday for a seminar presented by the Maine Real Estate and Development Association at the Bates Mill. And presenters had the numbers to back it up.

Since 2000, nearly $500 million has been invested in property and development in Lewiston and Auburn – a pace that leads the state. The investments range from Central Maine Medical Center’s new $76 million cardiac center, to Tambrands’ $150 million expansion, to the $10 million Hilton Garden Inn, to Community Concepts’ $2 million housing development and Auburn’s $1.5 million Festival Plaza.

And based on the area’s competitive comparison with Portland, more is to come.

“We’re well-positioned to capitalize on the growth of southern Maine,” said Chip Morrison, president of the local Chamber of Commerce.

Sharon Millett, owner of Coldwell Banker Millett Realty, laid out a residential comparison for the audience. Based on research she did using the Maine Real Estate Information Systems, the average sale price of an L-A home in 2004 is $136,371 – $200 less than the average sale price of a Portland home five years ago. Today that same home in Portland goes for $210,437. A search she did for homes in the $125,000 to $175,000 price range showed five single-family properties and 19 condominiums in Portland. In L-A, there were 72 single-family homes and five condos.

“There is a huge difference in choice for housing,” said Millett.

Millett has spent 24 years selling in the local real estate market. She said that during much of that time, people would speculate that southern Maine’s success would have a ripple effect in L-A. But most of that was wishful thinking, she said, until the last 18 to 24 months, when she has seen significant growth in L-A real estate, prodded by out-of-towners.

“We’re seeing hard evidence that this is becoming a better choice for people from southern Maine,” she said.

She’s so confident, she’s marketing a new condominium development near the Auburn turnpike exit. The 80 units being built there have a starting price of $259,000. Another condominium complex in Auburn that’s three years old has units averaging $210,000.

“We’re seeing more people – many of them Baby Boomers – with discretionary income making housing choices,” said Millett. “And they’re not downsizing, they’re upsizing” often as investments.

Kevin Fletcher of Coldwell Banker Millett Realty had similar predictions for the commercial market. Nationally, more than $99 billion in commercial sales took place in 57 U.S. cities during the first eight months of 2004, compared with $54.6 billion during the same period in 2003.

He ticked off a list of proposed and current developments in the local commercial market, several of which are pegged to Foreign Trade and Pine Tree zones. He predicted L-A’s relatively cheap space and pro-business environment will bring new businesses and jobs to the area.

For comparison: Industrial warehouse space in L-A runs from $3 to $5 per square foot; in Portland it’s $4 to $7.50. For Class A office space the difference is $7 to $12 per square foot in L-A; in Portland, $12 to $18. And in retail, L-A space goes for $8 to $14 per square foot, while Portland commands $12 to $30.

“Consumers in L-A are begging for more retail,” he said. “And we’re starting to get a good response (from national retailers) in that Mount Auburn Ave. area.”