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Old April 20th, 2007, 06:19 AM   #3021
Tricia_Lvs_Baltimore
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Quote:
Originally Posted by DemolitionDave View Post
Like I asked before "Who are these people?"


A unit going for $1.7 million has annual taxes of $17,600. The condo fees are $800 per month. That means that the owner is shelling out $27,200 per year in addition to whatever their monthly mortgage is.

If these are "empty nesters" they sure don't believe in leaving anything to their kids.
Dave, you seem to be disturbed by the success of the Ritz. I had a feeling that this project was going to succeed one way or another. Baltimore deserves this. Let's be thankful that this project was finally able to get off the ground.
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Old April 20th, 2007, 08:32 AM   #3022
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Quote:
Originally Posted by 30 Floors Up View Post
Does it really matter? The question that started the wealth discussion is: Where are all these people coming from to purchase 250+ over $1,000,000 units at the Ritz and other downtown buildings?

The point is that in 2002 there were more than 96,000 residents with a net worth between $1 million and $5 million, and 52,000 Baltimore area residents had between $1 million and $2 million in investable assets. You don't have to be a genius to see that 250 units at that price point could easily have been sold to locals.
point taken. I see what you r saying.
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Old April 20th, 2007, 09:27 AM   #3023
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A million bucks on home electronics?
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Old April 20th, 2007, 04:29 PM   #3024
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Dave, do you think everyone who owns condos in SF, NY, Miami are from those cities? Look at the DC condo market. No one is from DC. Every city relies on out of state or foreign investment. This isn't unique to Baltimore. The country even relies on foreign investors.
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Old April 20th, 2007, 05:27 PM   #3025
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But we are talking Baltimore here. To compare it with Miami is kind of a stretch isn't it? Our first nice day weatherwise in almost 3 weeks is today.

SB, I was wrong you are right. I asked a colleague who has a $1.7 million unit (in another development) whow much he pays in taxes and that is where I got the firgure. But, that is based partially on what he paid for it. The new buyer would pay the higher amount.
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Old April 20th, 2007, 05:34 PM   #3026
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[QUOTE=DemolitionDave;12755699]But we are talking Baltimore here. To compare it with Miami is kind of a stretch isn't it? Our first nice day weatherwise in almost 3 weeks is today.

QUOTE]

In Baltimore there are probably, oh I don't know, maybe 15-20* (if that many) condo's that could fetch 1.7 mil.

Do you have any idea how many they are in Miami?

Trust me Dave, these investors/developers wouldn't be building them if they didn't think folks would buy them. Its safe to say they know a teeeeny bit more about selling condo's than you or I. No?


*totally uneducated and random guess here
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Old April 20th, 2007, 06:02 PM   #3027
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Quote:
Originally Posted by cgunna View Post
But we are talking Baltimore here. To compare it with Miami is kind of a stretch isn't it? Our first nice day weatherwise in almost 3 weeks is today.

QUOTE]

In Baltimore there are probably, oh I don't know, maybe 15-20* (if that many) condo's that could fetch 1.7 mil.

Do you have any idea how many they are in Miami?

Trust me Dave, these investors/developers wouldn't be building them if they didn't think folks would buy them. Its safe to say they know a teeeeny bit more about selling condo's than you or I. No?


*totally uneducated and random guess here
Actually, the number may be well over 500 downtown (not all on the market at once). All of the Ritz units, and many of the units in Scarlet Place, The Malt House, Harbor Court, Harbor View, The Pier Homes, and the View are well over $1,000,000.

Hell, the penthouse at Saint Paul at Chase is currently listed at $790,000. Numerous homes in Mount Vernon are now over $1,000,000. Most of the homes on Montgomery Street in Fed Hill are over that price.

I go to Realtor.com and query on zip code. Use 21202 and 21230 and you will be amazed at the prices. Most new construction is not even listed.

Last edited by 30 Floors Up; April 20th, 2007 at 06:14 PM.
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Old April 20th, 2007, 06:15 PM   #3028
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I dont even see why its an issue WHERE the people are coming from if the homes are being built and sold. If anything we should want the people buying up the more expensive homes to be from outside the city. Thats one way in which our economy can grow... bringing in NEW money, not just recycling and recirculating the funds that are already here.

Why do you think we want tourists and convention business. We WANT outside money. This argument is no less ridiculous than if someone from DC was begging for more people from VA and MD to use their roads and municipal services without paying taxes to fund them.

Other than that, I agree with the many reports out now that condos over 750k are being over built. Id really like to see more built in the 200-300k range and more apartment buildings.

We've discussed this a lot before about how we have many good universities but can't seem to get people to stay here when they graduate. While I think job opportunities is a big thing, I think a lack of options in the city for yuppies who want to be around other yuppies is limited. Most that I know are opting for areas between Towson and Padonia where there are communities mixed with young families and young singles.

Baltimore has catered to the the empty nesters sufficiently I think, so hopefully it will start addressing other demographics needs.

Last edited by House3780; April 20th, 2007 at 06:24 PM.
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Old April 20th, 2007, 06:15 PM   #3029
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Quote:
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So, which is it? Remove the underpass, or create a new underpass, or both?

Sorry Dave I was wrong, I was only thinking of the yard where the 4 tracks are crossed at grade.

So they are going to build a viaduct similer to O'Donnel, do we have any idea when this is scheduled?
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Old April 20th, 2007, 06:23 PM   #3030
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Fort Avenue Former CVS / Various thoughts

Does anyone have any recon on the former CVS building on Fort Ave in SoBo (corner of Fort and Patapsco)?

This is about a 10,000 square foot footprint that I had heard was going to be razed for 10 townhomes (5 facing fort ave and 5 facing Birckhead St.). The developer is Federal Hill Development Group

http://www.fhdgroup.com/projects3.html

but I can't seem to get a hold of these folks to find out a status...GREAT site and the neighborhood can definitely support more new construction housing.

On another note, I think one of the most undervalued assets IN THE CITY is the building on the NW corner of Fort Ave and Light St (currently the illustrious vacant "Gold Depot" -- I mean where else can one get gold?). The migration of yupps to Sobo because of outlandish residential prices in federal hill proper leads me to believe that this is a tremendous opportunity for a mixed use (retail/res.) project that could definitely be undertaken by a smaller developer with limited resources.

And a quick 2 cents on the 'outside investment' discussion going on: I think Bmore (and more importantly, its residents) needs/need to revamp their thinking on the go-forward local demographics and go-forward local economics. Historically, this city was an industrial red-headed stepchild sandwiched between 2 of the most high-powered, high-profile political cities in the land. Now people are realizing that its actually a great place to live, and the transplants are a LARGE part of the revitalization of the city (particularly rust-belt migrants). The top-notch academic institutions are continually creating a pipeline of high-quality labor supply. The issue is, to retain that labor supply, this city NEEDS to address its transportation issues to link up its beautifully diverse neighborhoods. So much for a quick thought.

This is what I think about at night...
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Old April 20th, 2007, 06:24 PM   #3031
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Quote:
Originally Posted by 30 Floors Up View Post
Actually, the number may be well over 500 downtown (not all on the market at once). All of the Ritz units, and many of the units in Scarlet Place, The Malt House, Harbor Court, Harbor View, The Pier Homes, and the View are well over $1,000,000.

Hell, the penthouse at Saint Paul at Chase is currently listed at $790,000. Numerous homes in Mount Vernon are now over $1,000,000. Most of the homes on Montgomery Street in Fed Hill are over that price.

I go to Realtor.com and query on zip code. Use 21202 and 21230 and you will be amazed at the prices. Most new construction is not even listed.
I am quite familiar with those real estate sites which always list ASKING prices.

We all know the asking price doesn't always equal the sales price.

As far as houses, that different. I was talking condo's here. As a note, wasn't the Mansion in Guilford that sold last year the most expensive piece of residential real estate EVER in the City??? I think it was. It went for around 2.4, give or take.

I know for all fact all of the Ritz were not sold for 1.7 million. Some of Scarlett place is in the 360's. Its a expensive building, but not that expensive.....

There is a big difference between 1 million and 1.7 million. (like 700k )

I still seriously doubt you'd find more than 20 CONDO'S that will sell for 1.7 million. Except for maybe the Ritz, but it's impossible to tell at this point what folks are actually paying for them.
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Old April 20th, 2007, 07:13 PM   #3032
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i was able to find multiple condo's with assesment values above 1.3 mil. that means their market price value would be above 1.7 and more likely above 2 mil. the highest assesment i found in my 10 minutes of looking was penthouse 4c at harborview....1.9 mil assesment. for comparison, my house is assesed at 178,900 but its market value is around 300,000. thats where i'm getting my numbers from. for the record...assesment values are public record and are availible online.
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Old April 20th, 2007, 07:19 PM   #3033
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If you believe the developers of the Ritz they have already sold one unit for $5 million.
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Old April 20th, 2007, 08:15 PM   #3034
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Does anybody know how many units have been built, planned or under construction in Baltimore City in the last 3 years?
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Old April 20th, 2007, 09:41 PM   #3035
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For a mere $4.6 Million, you can own this 2 bedroom penthouse at Spinnaker Bay (Across from the new Legg Mason tower).

http://www.realtor.com/FindHome/Home...0&lnksrc=00002

Or for 1.345 Million, this little baby at Scarlet Place.

http://www.realtor.com/FindHome/Home...1&lnksrc=00002

Start saving your shekels.

Last edited by 30 Floors Up; April 20th, 2007 at 09:59 PM.
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Old April 20th, 2007, 09:49 PM   #3036
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i'd take it but i've squanderd all of my cash on baseball tickets and beer!

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Old April 20th, 2007, 09:57 PM   #3037
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Damn. I hate when that happens. I squandered all mine on beer, and then forgot to get the tickets.

Acording to Forbes today, the O's are now worth $395 Million. They are the 14th most valuable team out of 30 in baseball. Ranked the same as last year.
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Old April 21st, 2007, 12:03 AM   #3038
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Quote:
Originally Posted by 30 Floors Up View Post
Damn. I hate when that happens. I squandered all mine on beer, and then forgot to get the tickets.

Acording to Forbes today, the O's are now worth $395 Million. They are the 14th most valuable team out of 30 in baseball. Ranked the same as last year.
Angelos could sell them and build himself a decent sized tower... everybody wins.
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Old April 21st, 2007, 01:35 AM   #3039
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Arena

One of my friends spoke with the Governor recently. They told me that the mayor believes there will be an NHL or NBA team in Baltimore within the next 15 years. When I told my friend that it didn't matter because Ed Hale wasn't planning on building an arena with a decent capacity for an NBA or NHL team, he stated that he was under the impression that the state would pay for the extra seating. Take it for what its worth.

I will say this individual has no reason to lie to me, and also is in contact with politicians regularly.
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Old April 21st, 2007, 01:39 AM   #3040
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Dave, don't forget this. Baltimore costs seem cheap to out of town investors. 2 mil for a waterfront condo here seems cheap to someone who can't afford a similar unit in NYC that's 5 mil. It's all relative.
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