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Sunday, February 1, 2009

Now is the time to buy Baltimore Condominiums

By J. Kim

Baltimore condominiums market has been able to withstand the economic downturn in rest of the country, the real estate market has not seen significant decrease in the sales prices of condos. According to some statistics the the average sales price for Baltimore condominiums was $280,000 in 2008 compare with $280,000 in July of 2007.

Luxury condo market in greater Baltimore area has been much more stable than the rest of real estate classes as well as rest of the region. The listing price of luxury condos in Georgetown are was for $1,300,000 about $400 per square feet, a healthy price for luxury condo. The lower to middle condo prices on the other hand have declined more steeper. Much of the appreciation in value came in at 2001-2006, when the prices increased at about 15 percent. In certain Baltimore areas prices have declined less than 3 percent.

May developers in Baltimore area have decided to include "going green" as a way to continue building condos. "Greening" has certainly helped some of the developers that were in trouble. But one of the downside of "going green" is that increased environment friendliness cost more than standard building. Many buyers though see this is absolutely necessary for future Baltimore condominiums.

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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