Weekend Madness
I spent the day Saturday driving a client around emerging neighborhoods in Baltimore. I should really do this more often as things change so much and so quickly. There is so much improvement going on in Baltimore that it's hard to keep up with it all. It's just my opinion but you really can't go wrong buying a house in Baltimore, whether it's to fix it up and resell it, fix it up and hold on to it and rent it or live in it for a while.If you are a brave soul some of the neighborhoods will improve eventually, some will take longer than others though. But, in the long run, there is plenty of room for everyone to have their own little corner of ownership.
The unfortunate thing is that there are so many so called contractors out there that just take people's money and don't really do a good job, there's also a lot of improvement people out there that are just in it to make a quick $ and don't really do a good job either. It really is buyer beware when you are buying a home that has been renovated. I always recommend you get a home inspection by a reputable home inspector to be on the safe side.
It's been a while since I drove around Reservoir Hill and the renaissance has been going on there a while but I still have a hard time seeing the forest for the trees. There are still a lot of blited homes even though there is a lot of renovation going on. I read in The Baltimore Sun that there is still a huge problem with drugs and drug related violence in that neighborhood too. It's sad because those houses really are gorgeous. I feel the same way about Fayette Square, Harlem Square and Anchors of Hope.
Washington Village continues to be hot but I've noticed a slow down in the resales there and there are a ton of properties on the market given the size of the area and everything has been on the market a long time. I started out in Washington Village 4 years ago and the neighborhood has been good to me. The saddest thing I see there is the investors buying shells and reselling shells and driving the prices artificially high on shells and not improving them. I have 4 listings there and they have been on the market a long time even though they are gorgeous. One of my sellers is getting anxious and his listing is really one of the best deals going since you have the opportunity to bring the price down by not taking granite counter tops and hardwood floors. Right now it's priced with the option to reduce the price, I think I'll suggest he price it low with the option for upgrades. It's really nice and has back lit tray ceilings and the laundry is upstairs. The other thing he did was put in large closets which is unusual in older homes - even after they've been rehabbed.
We drove over to the Hollins Market area and that area is scary depending on which day and what time you go there. Sometimes it looks great but other days it's just downright scary with drug deals going on on the corner and people waiting for their next score.
What I often wonder is what will happen to all these people when the neighborhoods improve?
Baltimore City is filled with all kinds of great homes in neighborhoods on the edge. Lots of opportunities for people to make some money if you don't get too greedy. My Manager always says "pigs get fed, hogs get slaughtered" and he's right, if you go into it thinking you'll make a little money then you'll be pleasantly surprised with how much you make, but if you go into it thinking it's going to make you rich then the hardships you suffer along the way and the amount of your return will leave you disappointed.
I'm taking today off and spending it with my family and doing some things that I enjoy doing other than selling real estate. And, I really do love selling houses!!
Later..
June
posted by bmorerealtor @ 7/09/2006 01:33:00 PM
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