Monthly Archives: February 2010

HUD Budget Could Revitalize Baltimore Area

U.S. Housing and Urban Development (HUD) Secretary Shaun Donovan is outlining some budgetary plans which could potentially stimulate the national economy and neighborhoods in the Baltimore area.  The budget has already been backed by President Obama when it was announced in May 2009. Relevant to the Baltimore area is the recent launch of HUD’s new Office of Sustainable Housing and Communities (OSHC).
(For those who are unaware of this U.S. Department, HUD is the nation’s housing agency responsible for sustaining homeownership, promoting economic and community development, enforcing fair housing law, and …

by Anthony Longo on February 20, 2010

Baltimore Ritz-Carlton Condos Refinanced

View from the Baltimore Ritz-Carlton

If you’re looking to buy in the super-luxury market in Baltimore, you’re in luck – the Ritz-Carlton has avoided its debt crisis.
RXR Realty, the developer for the beautiful new Ritz-Carlton on the Inner Harbor, recently announced that it has secured a $176 million loan to refinance the project, as reported by the Baltimore Sun just yesterday. This step will allot RXR a three-year extension to market the many unsold units. In fact, only 23 of the 190 units have been sold since its opening (most famously to novelist Tom Clancy).
The …

by Anthony Longo on February 19, 2010

Winter Weather and the Baltimore Real Estate Market

Snowy Baltimore

Although the numbers have looked good regarding the current condition of the Baltimore real estate market, the blizzard may end up reigning in the advances made since December. With more wintry weather predicted for Monday and Tuesday (please, don’t shoot the messenger), and piles of snow still looming in backyards and parking lots, a serious appraisal of the snow’s effect on the Baltimore real estate market is under way.
First of all, as the Business Journal reported earlier today, progress on new construction and renovation projects has been significantly slowed, driving …

Posted in → Baltimore Condos
by Anthony Longo on February 19, 2010

More Good News for Baltimore Market

Harborview

A couple recent reports offer further encouragement concerning the real estate market in Baltimore!
1. The Baltimore Sun recently reported that “more homes were sold last month – and for more money on average – than a year earlier in the Baltimore metro area.”
Metropolitan Regional Information systems released the numbers Wednesday, and it’s good news. Home sales are up 9% from last January: about 1,100 were sold, and the average sale price increased by just over 2 percent at $272,000. Furthermore, “average buyers last month got homes for about 11 percent …

by Anthony Longo on February 12, 2010

10% National Foreclosure Drop For January

Foreclosures drop in January, but the future could hold trouble. Clearly, the best news in this market is that this is the perfect atmosphere for first-time home buyers. Obama will even send you a check for your purchase – and so will we.

by Anthony Longo on February 11, 2010

Tired of the City, But Not Ready for the Suburbs? Check out Gaithersburg.

Old Town Gaithersburg

Getting tired of the big city, but don’t want to completely lose the urban connection? Check out the recent development Summit Crossing in Gaithersburg for the best of both worlds.

by Anthony Longo on February 11, 2010
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