Reply to Do we stay in DC or move to Baltimore?

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[quote=Anonymous]I live in Baltimore and am househunting, both city and suburbs and in the usual hot areas. Properties indeed are flying off the shelf but with some notable exceptions. It's a lot slower above 600kish and some surprising sluggish sales. I also pare over all the sales history, so forget about the quick sales for a moment and focus on what people are paying and what sellers originally paid for.

If you bought in 2004-2007, you are barely getting what you paid. Basically the same. Exception: if you remodeled and added fancy kitchens you see a bump.

If you bought in 2014-2016, you are pretty much selling what you paid for the property.

Then there are segments of the market and each segment behaves differently.

Waterfront, especially Federal Hill, has been really sluggish with terrible appreciation. I've seen plenty of listings this year that are either the same or even a slight loss compared to original purchase in 2014/2015 (when buyers doubtlessly thought they were getting a deal). And if you bought in 2000-2005, odds are you are taking an outright loss. In some cases, a pretty hefty loss. My favorite was a house on Montgomery that sold for 500k. Owners had previously paid 700k....

Hampden has appreciated very well, but there are some surprising flat sales too. Such as 285 to 315 over 10 years. Sluggish for sure. The hot prices in Hampden are largely driven by renovations and houses that are solid but not HGTV updated have much lower prices.

Segments that have done well are houses in North Baltimore that might have sold for 400kish in 2015 but now are closer to 450-475. But above 500k is definitely slower appreciation.

County is not immune either. Monkton, Phoenix etc have pretty flat appreciation and even some losses. Owings Mills has lost value, including the expensive parts. Someone I know bought one of the ugly McMansions off Garrison Forest Road for 1.35M. Sellers had paid 1.8M in 2006. Ouch. Pikesville (the nice parts in Stevenson etc) are surprisingly cheap for what you get. The upscale townhouses generally sell at a slight loss compared to 2004/2005. On the other hand, inside beltway Towson has done really well, with Stoneleigh leading the pack in appreciation. Falls Road Corridor is holding its ground.

Not being intentionally doom and gloom. I agree inventory is spectacularly tight. But Baltimore is never going to see the kind of greater than inflation appreciation seen in DC over the long run. Short run short term mini booms are hit or misses.

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