Baltimore Grows

Hull Street Mews is a cool looking new townhome cluster in Locust Point. It’s coincidentally located across the street from the popular Hull Street Blues restaurant and bar. The design the builder used for the back of the homes looks really nice, and forms a sort of courtyard behind the two sets of houses. Is the starting price too high for this market?

All this talk about crabs has got me thinking of shells. Not hardshell crabs, mind you- rowhouse “shells”.

A “shell” is a rowhouse that has the brickwork and roof and structure still in good shape, but the interior could range from completely gutted to very tatty to very decent. You’re gonna get the biggest bang for your housing buck in a shell. A good shell isn’t easy to find.

Mortgage lenders won’t lend on a house that isn’t up to code. So unless you’re buying a shell for cash, you have to find one that’s in (at least somewhat) livable condition. This means that the electric and plumbing and heating are operational. Finding that “sweet spot” of a shell that’s a bargain and up to code yet still below market price is the Holy Grail of Real Estate.

If you want to go shell hunting with me, what I ask is that you sign a standard “Buyer’s Agency” agreement and also that you have a letter from a lender saying you’re credit worthy. I’m on the prowl for the perfect shell… anyone want to tag along?

http://www.joshuaberlow.com/real2.htm

Today’s Sun has an article about the new Orchard Ridge townhouses being built in Belair-Edison area of Northeast Baltimore.? Basically they are selling really well because of their affordable price point – $135,490 to $274,990.? There isn’t much competition for new construction in that price range.? The article’s title “Development in city defies housing slump” lead me to believe? it would be about the overall development patterns in the city – unfortunately I was mislead, used, and abused.

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.

Everywhere you look in Baltimore development is in progress.? The view from our rooftop deck in Locust Point is no different.? There is new construction literally in every direction.

These two shots show the new Ruppert homes in Locust Point under construction.? The development is slated for close to 80 homes.? Silo Point is under construction in the background.

? ?

This first? photo shows the Silo Point project well under way.? After years of negotiating, stalling, planning, environmental remediation, and demolition -? progress is finally visible from a distance.? The 2nd photo shows a pretty common sight around Baltimore these days – the addition of a third story on Woodall street.?

? ?

This photo shows one of the last remains of the Chesapeake Paperboard Company in Locust Point.? Construction will soon begin on the “Shoppes at Fort” – a huge mixed use development to include high-end apartments, office, and retail.

These two photos look across the the harbor towards Fells Point and Harbor East.? The large piece of undeveloped land along the waterfront is the former Allied Chemical property.? Development has not been allowed on this land for close to 30 years because the ground was(is) so polluted.? However, this will soon be the site of much more development – the 27 mixed use Harbor Point.

? ?

In a month or so I will post again to show the progress at these various sites.

The new townhome development by NV Homes on Fort Avenue is well under way.? The community sits between the entrance to Locust Point and the Riverside Community.? Which is funny beacuse the flyer I got in the mail, and magazine advertisements? say “in Federal Hill.”? ? In any case? it is a pretty convienent location.? It is amazing NV Homes was able to carve out such a large piece or property along the densely developed Fort Avenue.? The community will have? roughly 20? homes, with? 4 already partially complete.? The property sits at a relatively high point, so the view should be great.

The homes a pretty large – roughly? 2,000 square feet, 3-4 bedroom, 2.5-3.5 bath,? 3 stories with a roof top terrace.? The sign along Fort Avenue in Locust Point, the? NV Website, and the recent ad in Baltimore magazine says the “Starting Upper $490’s”.? So basically once you have picked your upgrades you can expect? to be spending close to $525 – $550.? That puts them roughly in the same price range as the McHenry Point Homes built by Pulte Homes – located at Silo Point (in Locust Point).

? There are floorplans up on their website.? They seem pretty standard, but a bit stripped down. It doesn’t seem there is an option for a separate shower and bath in the master bathroom – which seems pretty small.? Most of the new construction in the area allows for this option as it seems to be popular.