Wednesday, February 22, 2006

Baltimore City: 224 N. Montford

This rehabbed rowhouse is available for 210K and is located ay 224 N. Montford in Baltimore, MD. It is an area that is just starting to gentrify 3 blocks north of Patterson Park. Crime and terrible schools are significant problems here. Despite being 3 floors it is only 1,128 square feet.

Craigslist Posting
Maryland Department of Assessments and Taxation

"Wow!! This 3-Sty Home is a short Walk to Park. Enjoy a Jaccuzi Tub, New Plumbing, Carpet, Floors, Recessed Lights, Update baths.

Selling First Come, to Conv/Cash Buyer with $5,000 deposit.. Seller will Pay $5000 to Buyers Closing Costs + $5000 Referral Fee. Buyer Must Settle by Mar 24, 2006. Hurry!!"

The current owner bought it for 34,500 from the Secretary of the United States on 5/10/2005. They rehabbed it then putting in the Jacuzzi, New Plumbing Carpets, Recessed lighting, updated bath and the obligatory granite countertops.

Now that the owner has added value to the house by renovating it, he is trying to sell it for a profit.

Will he be able to sell it at 210K?

Probably not as the rowhouse is narrow. It is located at the gentrification frontier. Additionally, there is a growing inventory of rowhouses available for sale nearby.


  1. 210K is probably two to three times the average income in Baltimore, and it may be as much as four times the average income in Baltimore.

  2. That's well beyond the frontier!

  3. I looked up the median Baltimore income for 2005, it is about $35K. The $210K
    list is 6 times the median income. I used the income data from
    Another interesting figure from is that among people over 25 years of
    age, 24% have less than a high school diploma. Baltimore is a fascinating place,
    it is the last place near DC where cheap housing can still be found.

  4. Putting that jacuzzi next to a brick wall doesn't strike me as real bright.

  5. Wow, six times the area's median income. Must be a real prize. (LOL).

  6. 224 N Montford Ave, Baltimore, MD 21224
    ZESTIMATE™: $72,329 (What's this?)
    Value Range: $53,523 - $142,488

    Ouch. For who (buyer or seller) is yet to be determined.

  7. This price is ahead of the curve but not for long. It's a few blocks from world famous Johns Hopkins Hospital complex which is reported to be the largest recipient of health and bio-reasearch grants and contracts in the country. A 40 square block area adjacent to the hospital is being redeveloped as a bio-reasearch center. Hopkins is now one of the largesr employers in the state and that trend will only continue. These factors have led to the gentrification of nearby Canton and Fels Point where prices are now well above this level. It's just a matter of time. The trend is up and the factors fueling it (health care, demographics, bio-resaerch) will continue strong.

  8. Shorter anonymous: It's different here....