$345,000 buys this "Newly Updated 3Bed 2 Full Bath In The Heart of Historic Federal Hill. New Carpet & Fresh Paint Throughout. Spacious Kitchen has a New Ceramic Tile Floor, New Countertop & New Stainless Steel Refrigerator & Range. Newly Refinished Wood Floors. Large 2nd Floor Bedroom W/ Amazing Brick FirePlace Could Also Be Used As a Den. Home"
Wikipedia Federal Hill, Baltimore
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I'm partial to this neighborhood it has much charm. The architecture is superb.
Will it sell at 345K? Probably. It is 'reasonably' priced for this neighborhood.
Price will continue to fall in this neighborhood as the bubble continues to pop.
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If you use the metric that prices should be about - at most - three times local income plus a deposit, I doubt that 345K is a reasonable price.
ReplyDeleteThere aren't that many jobs in Baltimore.
You could commute to DC, but that is a LONG commute.
You pretty much need a household income of nearly 100K, far more than average in Baltimore, to afford that house under the old standards.
And Baltimore is still very high crime.
The rowhouse is in the heart of Federal Hill.
ReplyDeleteOn the MARC train, I think it's about an hour to DC from Camden, and it would be a 10-15 minute walk to the station from Federal Hill. Then that just gets you to Union Station in DC, so if you work somewhere else you have another metro ride. All told, probably three hours of commuting every day.
ReplyDeletePlus, while Baltimore and Providence look similar, does Providence have the same homocide rate?
And for all that long commute and high crime rate, you can spend 345,000 clams.
No thanks.
I understand. I love commuting by train. I'm just saying, it's a long commute from there. And so, if I work in DC, I wouldn't pay that much.
ReplyDeleteIf I work in Baltimore... I wonder how many Baltimore jobs pay enough.
Jim - we had a discussion here a few days ago about the least desirable properties. you are right on. In all fairness, there are folks who bought real value in Baltimore a few years back - beautiful, 19th Century brick houses w/5 bedrooms for $100K. As ever, the last one's on board are going to get spanked....
ReplyDeleteAhh... Baltimore. I work in downtown DC and was looking at a rowhouse in Patterson Park area of Baltimore (just east of Federal Hill). I was considering a newly rehabbed property there for around 200k, but in the end, decided the commute would not be worth it, and with the current bubble, did not want to buy in a transitional area (which Patterson Park is, but Federal Hill is not). My thoughts were like many others on here, that when the bubble pops, transitional areas would become less desirable, and would drop the most in value.
ReplyDeletei LIVE IN DOWNEY CA, NOW !
ReplyDeleteBut come from upper fells point.
Hahaha ,as a kid we all knew it was poor town !
Just put my parents in an assit living home.Was there oct till dec.
Too many house on the market and COLD !!! BUT
I will buy the 1/2 house from my brother. I think prices will come down by this summer.
PS very sad about mom and dad.
But there in safe habs now.
90 years opld and walking to broadway, no thanks i could not leave them there on south Washington st.