While the rest of country is in housing downturn, Baltimore condominiums market is little better than the rest of the country. While the real estate has declined significantly, the sales prices of condos remain stable. The average sales price for condos in Baltimore was $280,000 in 2008 compared with about the same in the July of 2007.
Luxury condo market in greater Baltimore area withstood the price declines, with some Georgetown are condos listing for as much as $1,300,000, a $400 per square feet, signaling a health market for luxury condos. Middle to lower end Baltimore condominiums have not fared as well. With appreciation of value of condos as not as great as 2001-2006, certain metro Baltimore areas only declined less than 3 percent in sales prices.
There is some increased development in "going green" condominiums as buyer are requesting that building be eco friendly and environmentally friendly. This seems to be the trend of the day as many developers are expanding and constructing this kind of "green" condos. But the downside has been extra cost associated with increased friendliness to the environment, but it is absolutely necessary to attract new buyers.
The Vue at Harbor East and Four Seasons Hotel and Residence are some of new construction that will be coming into the Harbor East neighborhood in Baltimore. Because of there prime location, these condominiums are more desirable, many condos here are very desirable to residents.
Even with the bad economy and the nation in recession for over a year, many real estate developers are still continuing with construction. This is a great time to buy with economy to rebound sometime in 2009 continuing to 2010, window of opportunities to purchase these will be closing.
So, many new construction and condo conversions are being built in Baltimore. Baltimore is great place to live, work, and raise family or condos can be just a good investment.
Luxury condo market in greater Baltimore area withstood the price declines, with some Georgetown are condos listing for as much as $1,300,000, a $400 per square feet, signaling a health market for luxury condos. Middle to lower end Baltimore condominiums have not fared as well. With appreciation of value of condos as not as great as 2001-2006, certain metro Baltimore areas only declined less than 3 percent in sales prices.
There is some increased development in "going green" condominiums as buyer are requesting that building be eco friendly and environmentally friendly. This seems to be the trend of the day as many developers are expanding and constructing this kind of "green" condos. But the downside has been extra cost associated with increased friendliness to the environment, but it is absolutely necessary to attract new buyers.
The Vue at Harbor East and Four Seasons Hotel and Residence are some of new construction that will be coming into the Harbor East neighborhood in Baltimore. Because of there prime location, these condominiums are more desirable, many condos here are very desirable to residents.
Even with the bad economy and the nation in recession for over a year, many real estate developers are still continuing with construction. This is a great time to buy with economy to rebound sometime in 2009 continuing to 2010, window of opportunities to purchase these will be closing.
So, many new construction and condo conversions are being built in Baltimore. Baltimore is great place to live, work, and raise family or condos can be just a good investment.
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