Baltimore real estate
Baltimore is one of the typical examples of the American drive for success. This harbor town has been one of the major transit points for passengers and cargo from as early as the 17th century. Its strategic location makes it the only major Atlantic port situated this far to the west. This advantage helps it to maintain its attraction for cargo movers even now. It has now developed significantly into one of the country?s thriving commercial and residential cities. Yet it still maintains its old history and traditions, which the residents preserve with pride.
The city has been witnessing an upsurge in its fortunes from the 1970s. The main reason is the renovation and development of its Inner Harbor during this period. The port handles more than 25 million tons of cargo annually. The civic administration has proved its acumen by the manner in which they have implemented the urban developmental programs for the city. All modern amenities and facilities are provided and efficiently maintained. The city is well equipped to host the 10 million plus visitors who come there each year, the majority of them on either business or vacation trips.
Baltimore Real Estate
The area around the Inner Harbor is probably the most popular location in Baltimore. This place has a large number of commercial, recreational and cultural establishments that attract people from all the surrounding areas. Residential areas are easy to access from here and it has become a good place to combine business and recreation. Entertainment and festivities are evident everywhere. Some of the more colorful localities include Little Italy (typically Latin with festive celebrations of the feasts of St. Gabriel and St.place Anthony, Fells Point (with a traditional old English ambience and dotted with pubs, restaurants and interesting shops), and Harbor East (a water front area with attractive shops and restaurants). The civic administration undertook an ambitious urban renewal program in the downtown area and it has turned out to be an immense success.
Localities and Real Estate Agents
Market trends indicate that Downtown Baltimore is still attracting a lot of attention. USA Realty Fund has invested nearly $80 million in the Mercantile Bank and Trust Building (21 story) and the W. R. Grace Building (16 story). An executive of ?Downtown Partnership? ? a nonprofit business association ? is confident that institutional investment is coming into the city and that this will create a positive atmosphere. Even the older commercial buildings are sought after for the good rental income they generate. Depending on the size, number of bed and bathrooms, and the location, prices of residential units vary from $75,000 to $3,75,000.
Average asking and actual sale prices are around $310,000 and $315,000 for June, registering an increase of over 15% for May. The average rate per sq/ft is around $165. Lots stay in the inventory for around 50 to 60 days.
Under present market conditions, buyers and sellers are advised to deal through reputed real estate agents to get the optimum results. A few are listed here: SLS Property Management (Licensed Realtor), Regional Management Incorporated, Signature Properties, Green Door Properties LLC, Inner Harbor Realty Incorporated, Kendale Apartments, and Chase Fitzgerald & ; Co Incorporated.
Conclusion
Despite the nationwide decline in real estate trends in recent times, certain segments of Baltimore are definitely displaying an increase in demand. Developmental activities are expanding to the east and the west from the Inner Harbor region and it is estimated that over $1 billion will be invested in Baltimore shortly. Several projects are coming up in these areas. These include hotels and restaurants, commercial and retail spaces, and arts and cultural facilities. Baltimore was rated by Frommers (travel guides) as one of the world s 10 leading summer travel destinations in 2005 and that interest has not waned. The time is right for investors to start looking around.
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