The real estate market, specifically the Baltimore condominiums market has not seen significant decline as rest of the county is dealing with housing bust. The average selling price has remained about the same. In 2008, the average selling price of condo was $280,000 about the same as selling prices of condo in July of 2007.
Luxury condo market in greater Baltimore area has been much more stable than the rest of real estate classes as well as rest of the region. The listing price of luxury condos in Georgetown are was for $1,300,000 about $400 per square feet, a healthy price for luxury condo. The lower to middle condo prices on the other hand have declined more steeper. Much of the appreciation in value came in at 2001-2006, when the prices increased at about 15 percent. In certain Baltimore areas prices have declined less than 3 percent.
There is some increased development in “going green” condominiums as buyer are requesting that building be eco friendly and environmentally friendly. This seems to be the trend of the day as many developers are expanding and constructing this kind of “green” condos. But the downside has been extra cost associated with increased friendliness to the environment, but it is absolutely necessary to attract new buyers.
The Harbor East neighborhood in Baltimore are awaiting new constructions like The Vue at Harbor East and the Four Season Hotel and Residence, which makes these Baltimore condominiums more desirable because of there location in the Baltimore harbor area, where condos are still desirable.
Some real estate developers are continuing with the construction even with the bad economy. This represent good time to buy since the real estate market will rebound from the bad economy in beginning for 2009 and continuing into 2010.
So, many new construction and condo conversions are being built in Baltimore. Baltimore is great place to live, work, and raise family or condos can be just a good investment.
|
|