I love Baltimore. It’s where I’m from, it’s where my family is. There’s something very endearing about Baltimore. It’s a place that’s less known for its real estate than DC, a place where quirkiness and eccentricities rule. While Baltimore has historically been known by the rest of the nation for negatives such as problems with drugs and crime, the Charm City offers so much more. A scenic waterfront, a homey atmosphere, and, in general, cheaper real estate than other major metropolises has the “410” primed and ready for a real estate boom. And the public is beginning to notice. Even novelist Tom Clancy.
Earlier this week, Clancy purchased three Ritz Carlton condos in downtown Baltimore, overlooking the Inner Harbor. Clancy bought the units for a total of $12.6 million, and intends to connect them, creating a colossal penthouse overlooking the water. In the past, Baltimore has been seen as a great option for recent college grads, however, Clancy’s purchase looks like it will signal a new trend: Baltimore luxury condos.
Kris Hudson, of the Wall Street Journal, wrote this about the Clancy purchase:
“The price amounts to $1,054 per square foot. That’s a stratospheric price tag for gritty Baltimore, where average condo sales run in the range of $300 to $500 per square foot and luxury condos go for $600 to $800 per.
“I think it’s probably the largest [condo sale in Baltimore] by a long shot,” said Bob Merbler, a partner in Baltimore brokerage Yerman, Witman, Gaines & Conklin Realty LLC, who specializes in luxury-condo sales but wasn’t involved in the Clancy deal. “A few years ago, if you had a $1 million or $2 million house in Baltimore city, that raised eyebrows.””
Read the entire article here.
WIll Clancy be the first in a line of many to see Baltimore as the next big thing? Will the killer waterfront views at the Inner Harbor and overall improvement of the city itself set off a run on Baltimore condos? You can call me biased to my home city(which I definitely am), but I’m a big believer in Baltimore, both in terms of the city itself as well as its real estate. The city is on the upswing, and neighborhoods throughout the downtown area are getting major makeovers. But how do you feel? Do you think Clancy’s buy will the start of something big or is it just a flash in the pan? Let is know!