Jul 30 2008
An independent report by consulting agency KPMG ranked Baltimore as having the most business-friendly tax climate in the United States.? Baltimore trailed San Juan Puerto Rico which would be considered top in the nation if you include U.S. Territories.? The report indicated that Baltimore ranks 8th globally.
CLICK HERE TO READ THE ARTICLE
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Jul 30 2008
The Baltimore region is getting a boost in transit funding from the Maryland transportation trust fund.? Here is The Sun’s article: http://www.baltimoresun.com/news/traffic/bal-te.md.transit30jul30,0,5714508.story. Please send suggestions for transit projects to comments@baltometro.org? or http://www.baltometro.org/bboard/post.html?part=1005.
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Jul 29 2008
This is a story about a house.? This is the house next to mine in Canton.? When I bought my home two years ago, the house next to mine was also on the market.? It was listed for about the same price as mine and it sold shortly after I put the offer in on mine.? I moved in and anxiously awaited my new neighbors.? However, the house just sat…and sat…and sat.? No one moved in.? It became obvious that the house had been bought by a speculator.?
It’s estimated that thousands of houses in Baltimore are owned by real estate speculators.? Speculators are often criticized for perpetuating urban blight and lack of community development, especially in severely depressed neighborhoods.? Often times speculators are waiting for others to make an investment or the first move in order to sell their property for a profit.
Then something strange happend to the empty house next to mine.? Late notices started overflowing in the mailbox and foreclosure notices were posted on the door.? Pretty soon, the house was back on the market…this time advertised as a “bank owned” property.?
Long story short, the house was sold, and a young woman moved in.? She just graduated from medical school and is starting her residency at Hopkins Hospital in Urology (the best program in the country).
The point of this story is that while many unfortunate people are losing their homes to foreclosure, there are many more speculators and investors who got in over their head expecting to make a quick buck.? Instead of these properties remaining vacant, many people are finding great deals on their first home by picking up a foreclosed property which is being sold by the bank or at auction.? A lot of these people are young doctors, artists, engineers, lawyers, writers, etc. that will help Baltimore continue to grow and become great.?
So while some people have had to sacrifice due to the housing collapse, the silver lining is that Baltimore will continue to remain an afforable place to live.? Cities like San Francisco and Washington D.C have gotten so pricey that most of the young people are relegated to the suburbs.? This ultimately? will create? a vacuum in the city, devoid of activity generated by fresh blood.?
The more empty houses in Baltimore that can be put back to productive use, the better for our city as a whole.
Jul 29 2008
Two tower cranes were erected this past weekend as part of the Mercy Medical Center Project in Downtown Baltimore.? The hospital is undergoing a $400 million dollar expansion which includes the construction of a new? 20 story Clinical Patient Tower.? Construction has started with completion scheduled in 2010.
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Jul 25 2008
From today’s Baltimore Sun. This sounds like a great project. A Target in the city would be a huge success, but I’m surprised Harris Teeter would open a second location within a few miles of their future location in Locust Point.
The Main Street-style shopping center planned for a former oil refinery site in the Canton Crossing mixed-use development – likely to be anchored by Target and grocer Harris Teeter – will include two large waterfront pavilions for shops and offices.
Developers of the proposed The District at Canton Crossing presented the idea for the pavilions along with their conceptual site plan yesterday to a Baltimore design panel in a first step toward winning city approval for the 570,000-square-foot center.
Jul 25 2008
Baltimore City officials have deemed that the current arena location is the best place for the planned new Baltimore Arena.? Officials have also indicated that the new arena will have 18,500 seats or more…enough to house a new pro hockey or basketball team if the city so desires.?
Click HERE to read the article
Jul 22 2008
Came across this interesting article on Jamie Smith Hopkins’ blog on Baltimore Sun.
http://weblogs.baltimoresun.com/business/realestate/blog/
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Think of this as a rebuttal to the previously posted article in the Wall Street Journal regarding high property taxes in Baltimore:
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Property Taxes vs. Car Costs
Annoyed that the city’s property tax rate is twice as high as Baltimore County’s? Bob Aydukovic with the Downtown Partnership of Baltimore has a comeback: car costs.
He says AAA calculates the average annual cost of owning and using a car, assuming you drive it 15,000 miles a year, at just over $8,000. (The range is $6,300 for a small sedan and $10,500 for a mid-sized SUV, and it includes gas, maintenance, tires, insurance, payments and depreciation.)
If you’re part of a couple living in suburbia, you probably need two cars. But if you move somewhere where you can get rid of one car — like, oh, say, downtown, he suggests — then you save $8,000-plus a year on average.
“Owning two cars is almost a necessity in suburban locations, and therefore, it functions as a tax on suburban living,” said Aydukovic, vice president of economic development with the Downtown Partnership. “It costs you a lot more than filling the tank every week. And I think people don’t realize that.”
Jul 21 2008
A recent opinion editorial in the Wall Street Journal blamed Baltimore’s decline, after which only now the city is recovering, to high taxes.? While the piece probably oversimplifies the city’s woes over the past 50 years, you can’t help but think about how much the city’s tax rates affect population and development.? Some have questioned the statistics quoted in the piece, so take it with a grain of salt.
CLICK HERE to read the article
Jul 21 2008
Walkscore.com, which Glen wrote about last fall, has just issued rankings on the most walkable cities in the US.? Even though it seems most people in Baltimore love to drive, our fair city nonetheless ranks a respectable 12 on the list.?
CLICK HERE to see the list of rankings on Walkscore.com
CLICK HERE to view the previous article on Baltimoregrows
Jul 19 2008
The news that Starbucks was planning on closing approximately 600 under-performing stores was accompanied with concern by some Baltimore City residents.? Starbucks, which was a relative late-comer to Baltimore compared to other major US cities, is seen by some as a bellwether to a city’s economy.? Starbucks is disparaged by some for supposedly? putting smaller coffee shops out of business, but others feel that? Starbucks helps other shops by? getting more? people hooked on the caffeinated drinks and by spurring other retail developments.?
Regardless of how you look at it, Starbucks has largely spared Baltimore? Area? from? the? closings sweeping across the nation.? The only two locations within the city limits that will close are the locations at Harborplace and Belvedere Square.
Personally, I was surprised to hear the Harborplace location was closing. Whenever I was there, the place was packed with tourists.? Rumor has it, that General Growth which manages the leasing at Harborplace has raised the rent? to push out some of the current retailers in an effort to bring in more “high-end” retail.? California Pizza Kitchen also recently fell victim to high rent at Harborplace and shut its doors.? With this economy, General Growth might just end up with a bunch of vacant storefronts.?
For a list of all Starbucks stores that are closing, follow the link below:
http://i.usatoday.net/money/industries/food/starbucks-list.pdf
