The areas that are closest to the beltway got great news last week from a report sponsored by Delta Associates and McWilliams Ballard. The supply of unsold condominium units is shrinking and could possibly begin to rise by the end of 2009.
The city of Baltimore experienced a record number of contract cancellations last year further pressuring the market. Prices for new condos fell 11.4 percent in the Baltimore region last year.
So what does this mean for you, the buyer?
It means that you still have a great deal of inventory to choose from. And if you are looking for new construction, this is a great time to find what you want.
It pays to look into the building you want to move into – are your neighbors mostly residents or mostly tenants of investors? Look for a good mix. A building with more owner/residents is likely to have a more stable community and management that is accountable on a daily basis to owners.
It pays to look into the location as well. Are you in a neighborhood that works for you? Will you have the amenities you need as far as parking, storage, accessibility? Are you located near stores that you will need to shop at for everyday living?
It pays to look toward the future, if you are buying a condo that you will be in for a few years. You live in Baltimore. This is one of the cities that while it is in a state with a high unemployment rate, you have jobs projected to grow in the greater DC area. Jobs with the federal government. Jobs with education. Jobs in colleges. Jobs for an educated middle class.
People tend to want to live within a reasonable distance of where they work. All the things that make a Baltimore condo desirable to you will be desirable to someone else when the time comes to resell. You have an opportunity in today’s market to make some really great choices about where you want to live.
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