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/real2.htm

*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…

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

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A new men’s and women’s boutique opening soon on Charles St. in Federal Hill will be joining a handful of other recently opened stores in Baltimore from Canton and Fells Point to Federal Hill.? The new store, to be called Whimsy (for Women) and Reason (for Men) will fill the gap for the young professional crowd that are? 1.? currently under-served by other retailers, 2. who are tired of driving to Towson, and? 3. who refuse to go to Wal-Mart or Rainbows (for instance).?

Visit the website: http://whimsyreason.com/

Clothing stores that cater to the young professional and the more upscale are particularly lacking in Baltimore City and result in many gripes by local residents.? Part of the problem is that retailers typically look at the Baltimore Demographic as a whole, so the median income is driven way down by the extreme? poverty and unemployment in certain areas of the city.? While some retailers have capitalized on the large pockets of wealth (think Safeway and Whole Foods), clothing retailers and department stores have been behind the curve.? Even though Filene’s is making a foray into the downtown area with their discount Filene’s Basement, and the fact that Harbor East developer H&S is seeking an upscale retailer like Neiman Marcus, it seems that these types of boutiques may be our best hope.? Should they be successful, other small retailers will follow, then maybe some major retailers.? But then again…who’ll need the major retailers if we’ve got all these cool little shops around?

jeffcantonite@yahoo.com

The developers of McHenry Row, the new development along Key Highway in South Baltimore, Locust Point, The Hill (whatever you want to call it) has launched a new website.? www.mchenryrow.com

? The site plan shows two 6 story residential buildings with retail on the first level, a 5 story office building, and a 2 story grocery store.? Word is that Harris Teeter will be the grocery store, but an official announcement hasn’t been made.? Click here to view the site plan.
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jeffcantonite@yahoo.com

The Baltimore Sun recently ran an article on the proposed new development plan for the Inner Harbor’s Rash Field at the foot of Federal Hill.? The new plan will include a much needed underground parking garage, a large amount of open green space, and a dog park.? The current volleyball fields will be moved to another section of the park. Although, it looks like they may not be keeping as many courts as currently exist.? ? Rash Field? is not being used well – so the latest proposal looks very promising.

Check out the city’s Rash Field plan – PDF format.

Federal Place? a 49 unit? town-home community being built on the hill overlooking Key Highway and the Harborview town-homes, and adjacent to Digital Harbor High School.? These are very impressive looking properties, no wonder they are priced from $900,000 to $1.25 million.? Amazingly they are 5 stories tall.? I’m not sure how the builder – Patriot Homes, a Lennar Corp.? subsidiary – managed to get the permits to build such high structures.? They? easily exceed the 35 foot limit enforced on much of the properties in south Baltimore, and tower over the height limits of the? nearby controversial Pier Homes.

These houses are pimped out with elevators that run from the 2 car garage level all the way to the rooftop terrace, 2 car parking pad, 3 bedroom, 3.5 baths, professional kitchens, and amazing views.? But for that much money I might go with a 6 bedroom estate in the county.

Photo tour of properties

Official Website

Mayor Sheila Dixon has decided that the city Fire Department’s waterfront? repair facility – located along Key Highway in South Baltimore – will become a public park.? There has been a lot of debate over the future use of the property.? It’s a prime waterfront location that sits adjacent to the Harborview community and the popular bar and restaurant Little Havana.

? The property was very close to being rezoned a couple years ago.? A move that would have led developers to bid on the property and likely build a mixed use project that included condominiums and retail space.? I attended some of these Key Highway Association meetings back when this was being debated.? Much of the community was in favor of seeing the property rezoned and rebuilt.? However, a few residents? raised concerns, and as a result the city backed away and included the property as part of the Key Highway Master Plan that it was creating.?

In one respect in would have been nice to see the property developed and put to good use, rather than just another dilapidated property sitting along Key Highway.? But in the end, it looks like the rethinking paid off.? A waterfront park will be? a nice addition to the community.? I wonder how this will affect some of the other proposed open/green space and view corridors along Key highway.? Another piece of land along Key Highway – at the bottom of Lawrence Street, roughly across from the Royal Farms – had been proposed as waterfront open space.? So I doubt there will end up being two parks located that close.? ? So this news will certainly shake up some of the existing plans along Key.

Baltimore Sun article

Today’s Baltimore Sun article discusses the latest controversy surrounding the upscale South Baltimore Harborview community.? Harborview – nestled along Key highway between Federal Hill and Locust Point currently contains the Harborview Tower, The Pier homes, and Harborview town-homes.? These properties are some of the most exlusive in all of Baltimore, and developer Richard A. Swirnow is looking to build even more.? Construction is about to begin on the 17 story luxury Pinnacle Tower – with top units commanding as much as $7 million dollars.? The latest controversy is over the proposal to build two additional 27 story towers.? This would dramatically alter the look and feel of that stretch Key highway.? But then again, it’s already been altered.? The huge Ritz Carlton condominiums project sits adjacent to the Pier Homes and has dramatically reshaped the look of the area.

Federal Hill residents are already steamed over the Pier Homes construction which broke height restrictions and blocked the water views of many existing homes.? The new towers threaten even more views.? I’m not necessarily opposed to the towers.? Obviously if they affected my view I would be more concerned.? The larger concern for me – and hopefully most area residents – is what the added density will do to rush hour traffic along Key Highway. I’m already seeing an increased backup along Lawrence street and Fort avenue as a result of more people living in the area.? The new BP/Quiznos is also backing up traffic because the left lane heading out of the city is now used as a turn lane into the station.?

Once the Shoppes at Fort are built it will cause even more bottlenecks.? The traffic along Key highway will certainly be painful in a few years.? The new towers do offer some potential benefits for us.? Much of the Key Highway stretch is a bit run down and dilapidated.? And overall there just isn’t a lot of foot traffic.? Added density, brings residents, which brings business, restaurants, and in the end hopefully a more vibrant community.