Baltimore Grows

It’s not really Theory #23. It’s theory #1, I suppose. It’s been my theory at least since 1999, when I purchased a house in Baltimore City for myself and my family. The theory is simple and goes like this: Oil is a finite resource. Sooner or later, we’ll run out. There’s no viable alternative to gasoline, and even if there were, there’s already too many cars out there to replace. As gasoline prices rise, houses in the suburbs will drop in value. There will be a corresponding rise in the value of city real estate. Suburbia is predicated on cheap gasoline, whereas cities are from a time before gasoline. Cheap gas is a temporary phenomena. Buy city real estate and sell suburban real estate.

After eight years, it’s safe to say, “I told you so”. Now my theory has been borne out. However in 1999 I was the only one saying it. When I moved from DC to Baltimore in 1999, a real estate investor in the DC ‘burbs told me, “Don’t buy real estate in Baltimore City. It’ll never appreciate”! At the time, buying real estate in the city was risky. In the city you had to deal with crime, drugs, racial issues, bad schools, abandoned buildings, Mayor O’Malley, high taxes, etc etc. As recently as three years ago I posted to another blog about buying in the city and was jumped on by suburbanites. Within the past couple of years two of my neighbors bailed out* and moved to the ‘burbs. This was before $4 gas.

The neighborhood that I bought into has come back big-time since I bought in 1999. I don’t know if I could afford to buy my house if I had to buy it again now. However, there’s still “bad” neighborhoods in Baltimore City. They’re “bad” neighborhoods to some people. I’d say that one man’s “bad” neighborhood is this man’s sweet deal!

http://www.joshuaberlow.com

*In both cases, the houses sold immediately. The only house in the neighborhood that hasn’t sold immediately after being put on the market is one guy who’s holding out for $100K more than any of the others has sold for. Maybe he knows something…

Baltimore’s downtown building boom, which had a banner year for 2007, will apparently continue through 2008 despite the lagging economy.  This is according to the Downtown Partnership’s 2008 “State of Downtown Report”.  The report hasn’t been posted on their webpage as of yet, but we’ll let you know when that happens.  For now…

Read the Article in the Baltimore Sun

Visit Downtown Partnership:  www.godowntownbaltimore.com

jeffcantonite@yahoo.com

Baltimore City plans to have a new free shuttle service serving the downtown area by next summer.  Perhaps the fact that it’s free will encourage more downtown residents to use public transportation and encourage tourists to visit other cultural attractions beyond the harbor.  While not a great solution to Baltimore’s public transit woes, at least it’s a start. 

Read the Article in the Baltimore Sun

jeffcantonite@yahoo.com

The location in Belvedere Square which was recently home to Taste Restaurant apparently won’t be vacant for long.  Taste, which abruptly shuttered last month was an anchor to the revitalized area.  Baltimore Sun’s Elizabeth Large reports that Daniel Chaustit, co-founder and chef of the popular Christopher Daniels restaurant in Timonium, will be opening a new restaurant at the location formerly occupied by Taste.  The restaurant is scheduled to open by late July. 

Click Here to Read the Article

jeffcantonite@yahoo.com

We’ve all herd about the differnt STD’s out there in our high school days health class, but it’s starting to get out of hand in more ways then one.

Most of us have a basic general acknowledge on how to protect ourselves against the dangers of being single in Baltimore but there is always more to learn.  HPV is one of the most prominant STD’s in our society today jumping 80% in the last 20 years with over a quarter of the population infected. Because of all of the commercials on our televisions of the new vaccine Gardasil we know that HPV can cause cervical cancer but now we are coming to the realization that it can also cause oral cancer in the throat and mouth of both men and women.

According to an article at WJZ channal 13 you don’t have to chew or smoke tobacco or be promiscuous to contract this disease and end up with a life long cancerous disease. It’s far too common and now that we have linked it to throat cancer we need to take action in our city and schools. It’s not just Baltimore either it’s the same in the whole country. The disease is so common and theres often no symptoms of HPV so it’s hard to tell if your partner is infected or if your infected making it very easy to spread the disease.

Until we get a vaccine for everyone in the state we are all at risk of contracting this disease and possibly being diagnosed with cancer.

The Baltimore Sun reported today that the City Board of Estimates cleared the way for a 20 year, $12 million dollar tax break that will allow the $75 million dollar Fitzgerald project to move forward.  The Fitzgerald Project, near University of Baltimore will consist of more than 200 luxury apartments, 40,000 sf of retail, and a parking garage. Plans posted on the developer’s website (Bozzuto) also show a supermarket.  The project is bounded by the Mt. Royal Ave, W. Oliver St., Maryland Ave, I-83, and the Light Rail tracks.  Construction will begin this summer.

Click here to view the site plan
 

Sheila Dixon is apparently optimistic about getting major retail back in Baltimore according to an article in “B”, Baltimore Sun’s new daily tabloid.  This seems to confirm the rumors that Canton Crossing and Harbor East developers have been courting major upscale retailers such as Saks, Neiman Marcus, and Barneys. 

Read the Article on B the Site

I had the opportunity to visit Elvis Restaurant in Federal Hill which opened just about a year ago.  Somewhat hidden amongst the many other storefronts along Light St., this place is a truly incredible.  I had the steak burrito which blows away any other burrito I’ve ever had whether it be Chipotle, Moes, Burritos en Fuego, anywhere in Upper Fells, etc.  The steak in the burrito was the most tender and perfectly marinated I’ve ever had… delicious.  The burrito was about twice as big as the ones at Chipolte…enough for two people to split or to have for lunch the next day.  At only $6.50, this burrito has the opportunity to end world hunger.  Elvis also serves other dishes such as tacos, enchiladas, and carne asada…all reasonably priced.  Take out or eat in at one of the half dozen tables. 

Elvis is at 1022 Light Street, about a block north of Cross Street Market at the corner of Poultney St.. Their number is 410-244-8867.

jeffcantonite@yahoo.com

You would think that they’ve reached a critical mass of bars in Federal Hill when they run out of storefronts to open new ones, but that didn’t deter famous “Mothers” from opening a second location in…you guessed it…the alley behind their current location.  Even though it’s somewhat hard to find, that didn’t stop patrons from showing up in droves to what is now considered Federal Hill’s hottest new bar.  If you have trouble finding it, just try to remember the last time you left Mothers in a drunken stupor and stumbled out back to the alley…low and behold, you’re there at “Mothers on the Alley”… and maybe with just enough time for another round!
jeffcantonite@yahoo.com

   ??????

Canton Crossing developer and First Mariner Bank CEO Ed Hale announced today further plans for the project in Southeast Baltimore.  The progress of the project had been in doubt recently with rumors about cash flow problems surrounding the recently completed first phase of the project (The First Mariner Bank Building).  But the fact that Ed Hale has a contract to purchase the 31 acre Exxon Mobil site and the creation of development partnerships seems to bode well.  Hale has partnered up with Greeneberg Gibbons for the retail portion of the project, which could include a Harris Teeter and a Target.  Greenberg Gibbons was also the developer for the Hunt Valley Town Center.  Hale also announced plans to construct approximately 500 condos.  

Read the Baltimore Sun Article

Read the Baltmore Business Journal Article

View the Canton Crossing Site Plan

Canton Crossing combined with approximately 700 planned units north of Boston St by another developer (including the Domain and two other buildings) will add a total of approximately 1200 units to the area…the size of a small town.  This will be a welcome relief to the area that currently looks like an industrial wasteland…welcoming people driving to Canton or Fells Point from 95.

jeffcantonite@yahoo.com