Baltimore’s newest condominiums will be introduced to the city this weekend when developer Pat Turner throws open the doors to his Silo Point project.
Following an invitation-only grand opening Thursday night, the public will be able to tour the former grain silo in Locust Point that Turner has converted into 222 condos.
Since the first of the units became available to friends and family of the project’s employees earlier this summer, Turner said 66 of the units have been reserved but could not say how many had been placed under contract.
Preview pricing on the units ranged from $264,000 for a one-bedroom condo and $450,000 for a two-bedroom unit up to approximately $4 million for the complex’s two penthouses.
“It’s going great actually, surprisingly enough,” Turner said. “I think the key why it’s going OK for us is it’s one of a kind, people can’t say I’ll wait for the next grain elevator.”
Turner’s project comes on the market at a difficult time for condos. According to a recent report by Washington, D.C.-based Delta Associates, negative-33 condos were sold in Baltimore during the third quarter due to breaks in previously signed contracts.
As economic conditions worsen, some would-be buyers are bailing out of contracts they signed in better times. But Turner said his company’s policy against pre-sales has paid off, with Silo Point units priced to match the current market, not that of a year and a half ago.
Local condo watchers said the reservation numbers are impressive given the short amount of time the project has been on the market. Buyers are more aware of economic conditions and their own financial situation, so many of the reservations likely will go under contract, said David Martz, a Realtor with Long and Foster Fells Point who specializes in condos.
If you go
What: Guided tours of the Silo Point condominium project in Locust Point
When: 10 a.m. to 6 p.m. Saturday and Sunday
Where: 1200 Steuart St., Baltimore, Md.
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