Location, access to mass transit and a reasonable price point ? the basics of attractive real estate apply to the Baltimore condo market just as they do anywhere else. But although some neighborhoods are seeing brisk condo business, others are moving slower, local Realtors said.
The specific features and amenities vary depending on the buyer, but virtually all seek a condo in the right neighborhood before anything else, including price, said David Martz, a Realtor with Long and Foster Fells Point.
“If they don?t find something they like [in a neighborhood], they?ll hold out until something comes along they like,” Martz said.
One of the hottest areas for condos has been Mount Vernon, said Ari Gerzowski, a Realtor with Re/Max Sails who has been involved in several projects in that area. Gerzowski said the buildings in the area make it attractive for condo conversions.
Martz said properties his firm is selling in the Bolton Hill area have done well, and higher-end properties around the waterfront continue to move, though the buyers at that price point are fewer.
However, more expensive condos away from the harbor aren’t seeing such success, he said.
“There?s a couple projects going up in Charles Street, where I think the price-per-square-foot number is a little high,” he said. “I talk to those sales agents quite a bit, they?re getting the foot traffic but not the contracts.”
Deborah Barnett, a Realtor with Results1Realty.com, also pointed out the Mount Vernon and waterfront areas as strong neighborhoods for condos. She said properties in other areas, including Reservoir Hill in West Baltimore, have been slower to sell.
“It?s still a pretty transitional area … and it doesn?t havethe location,” she said.
Elsewhere, she said, the Hopkins East area might take longer to attract buyers? attention.
“The plans I?ve seen [include] a train stop, but I don?t see that happening in the next year,” she said. “Right now it?s just in the middle of the city and not particularly easy to get to.”
Martz said Harbor East should continue to see strong demand with its city-within-a-city-vibe, street-level retail and high-end restaurants. “There?s a lot of foot traffic there.”
