A friend and I went to check out various Baltimore neighborhoods. The house on the left is located in Patterson Park. The house is listed for 367,000. The neighborhood is only starting to gentrify. It was fully rehabbed rowhouse which was lovely inside. It had 2 Br, 2 bath. A fully finished basement. With the basement space it was about 1500 square feet. It has the obligatory granite countertops and hardwood floor on the first level.The agent showing the house was not the listing agent. He thought that interest rates would continue to rise a bit and then level off at about 6.2%. He said that there was little traffic today.
He said that because of the changing market is was 'hard to price aggressively.' He said 340K would be more realistic ( instead of 367k ) for this renovated rowhouse. Furthermore, "the market is softening."
Below are some more pictures of the house:
A very open first floor plan
Second floor skylight
Island and granite countertops in kitchen
A very open first floor plan
Second floor skylight
Island and granite countertops in kitchenWill it sell for 367K in a reasonable time? Very doubtful. "I'm starting to see price declines," the Realtor declared "Buyers know that the market has changed."
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I definitely believe that there is a housing bubble, but I have to admit that those pictures do look nice, i.e., the buyer will be paying 340K for something nice, not crap.
ReplyDeleteHaving said that, 340K is a lot to risk on a high-crime area. And we are only talking about a townhouse.
And where will one work? Not a lot of jobs in B'more the last time I checked.
there are some jobs. A bunch of people are also commuting via the MARC train system into DC.
ReplyDeleteYes. It is amazing to me that B'more is becoming a suburb of DC. Still, that is a long train ride. Again, that kind of commute means one would expect a deep discount on the price of a house.
ReplyDeleteOnce upon a time, though, Baltimore had its own economy.