“The market’s back!” has been the news on the real estate beat for nearly a year now. Home prices have been rising. According to a story by Keven Litten in Tuesday’s Baltimore Business Journal, home prices in the region are up by 5.7% since a year ago (7.1% if you exclude distressed homes), and may be going higher. Many Baltimore realtors are noticing a pent-up demand. Mary Lynn Mullican, an agent with Hill & Co. says, “there is definitely a perception that this is a good time to buy. I have people I haven’t heard from in two years who want to start looking next week. People just get antsy for change.”
Sellers, on the other hand, may still be waiting. According to Whit Harvey, who heads up the Whit Harvey Group at Coldwell Banker, that may not be the best strategy. “Interest rates have gone up. Very often, sellers think this won’t affect homes priced at the upper end of the market, but there is a ‘trickle up’ effect. If affordability drops for first time buyers, it will eventually affect the higher priced homes. Right now, supply is down and demand is up. It’s a good time to buy or sell.”
And houses are selling. So let’s take a look back and see which of our high-end favorites, in and around Baltimore, have gone in the past six months. Let us know if you spot a market trend.
SOLD 4100 St. Paul Street, Baltimore, 21218 This grand brick Georgian, built in 1925 on the corner of Highfield Road, sold quickly but well under its asking price of $1,049,000. 6 bedrooms, 4 baths, 5,224 sq. ft. On July 16th it went for $775,000.
SOLD 4622 Keswick Road, Baltimore, 21210 A circa 1894 former Methodist Protestant Church in Evergreen went fast, and for 20% over its asking price of $250,000. It needed a lot of work, which has already begun. 4 bedrooms, 1.5 baths, 3,241 sq. ft. Sold in March for $307,500
SOLD 214 Longwood Road, Baltimore, 21210 Perched on the edge of a wooded cliff in Roland Park, this Edward Palmer design, circa 1905, was another “pretty-but-needs-work.” Charm won the day, and, listed in June, it sold in August for just under the ask of $432,500. 4 bedrooms, 3 baths, 2,720 sq. ft. $420,000
STILL FOR SALE 4 E. Madison Street, Mt. Vernon, 21201 A Federal style city mansion, circa 1845, that has been operating as a bed and breakfast. This was never going to be a quick sale, but it’s a (large) gem for the right buyer. 10 bedrooms, 12 baths, 13,272 sq. ft. it’s priced at $1,995,000.
SOLD 700 Washington Place, Mt. Vernon, Baltimore, 21201 A glamorous co-op, recently renovated, in a historic 1906 Beaux Arts building. 3 bedrooms, 2 baths, 2,083 sq. ft. Asking $850,000, it went in August for $700,000.
UNDER CONTRACT 4520 Joppa Road, Perry Hall, 21128 A custom-designed ranch house, completely handicapped accessible. 4 bedrooms, 4.5 baths, 3,000 sq. ft. “Very close to the asking price” of $439,000.
SOLD 2636 N. Calvert Street, Charles Village, 21218 The fancier of two Charles Village painted ladies, located just one house apart on North Calvert Street. This one was a more expensive re-hab. 4 bed, 2.5 bath, 2,482 sq. ft.(includes enclosed porch). It was priced at $399,900 and sold quickly for $385,000
REDUCED 2640 N. Calvert Street, Charles Village, 21218 Identical to the house above except for the cosmetics. 4 beds, 2.5 baths, 2,300 sq. ft., it’s still on the market, price reduced from $369,000 to $354,000
SOLD 1818 Ruxton Road, Ruxton, 21204 Once home to the family of Edgar Allen Poe, this beautiful creamy pink stucco mansion, built in 1875, went for far less than its original asking price of $1,950,000. 8 bedrooms, 5 baths, 7,106 sq. ft. It sold back in April for $1,325,000.
SOLD 10134 Falls Road, Brooklandville, 21022 A fascinating house, circa 1725, once part of a 300-acre tract called “Poor Jamaica Man’s Plague,” it had been relocated and expanded by Baltimore developer Marty Azola for his own use. 5 bedrooms, 5.5 baths, 4,407 sq. ft., the owner was asking $1,395,000. After about four months on the market, it sold on August 9th for $1,200,000
SOLD 401 Woodlawn Road, Roland Park, 21210 Not an official Hot House, but nonetheless noteworthy, this 6 bedroom, 4 bath, 4,385 sq. ft. Victorian sold in May, after two months on the market. Priced at $1,147,500, it went for $1,135,000.
SOLD 114 St. Dunstan’s Road, 21212 Listed and sold immediately, this gracious, traditional style house in Homeland, circa 1935, has 5 bedrooms, 3.5 baths and 2,580 sq. ft. In July it sold for $880,000
SOLD 5602 Waycrest Lane, 21210 This red brick colonial in Poplar Hill was listed at $1,199,000. 4 bedrooms, 3.5 baths, 5, 279 sq. ft., it sold in April after just three days for $1,200,000.
STILL FOR SALE 1641 Thames Street, Baltimore, 21231 “Tons of interest, but no sale yet” says the agent for this beautifully renovated, Federal style house-above-a-shop in Fells Point. 2 bedrooms, 2.5 baths, 1,600 sq. ft. Holding firm pricewise at $1,195,000.
REDUCED Friary on the Severn, Annapolis, MD, 21409 Otherwise (now formerly) known as “the most expensive house in Maryland”, aka “the house that crabcakes built” — this brick Georgian, circa 1922, has 7 bedrooms, 8 bathrooms, and 26,000 sq. ft.. Infinity pool, spa, tennis courts, etc. etc., on 23 acres of the Severn River. It’s been on the market now for about a year and a half, and reduced back in May from $32 million to $28,800,000. At that price, why not?
AND, STILL FOR SALE AFTER ALL THESE YEARS Tudor Farms, Cambridge, MD. 21613 Hedge fund billionaire Paul Tudor Jones has yet to sell, or reduce, the price of his spectacular 6,500 acre hunting estate. He has agreed to donate part of the proceeds to Ducks Unlimited,though. (see July 29, 2013 article on PRWeb). 10 bedrooms, 10.5 baths, 25,000 sq. ft. it’s holding firm at $30,000,000.