The Baltimore Maryland Agent: September 2014

Charles Village Fall 2014 Grand Residence Report

 

Baltimore's Charles Village neighborhood is a goldmine for single family buyers seeking affordable luxury with significant historical details. It is also a preferred location for multifamily investors seeking rentals that cater to the Johns Hopkins Community.  Once you hit $300,000 and above in Charles Village you're shopping what I call the "Grand Residence".

Charles Village Grand Residence properties typically feature 5 bedrooms over an average 2,900 +/- sq. feet. They are usually built between 1895-1910 as Victorian-era attached rowhouses. These handsome homes have hardwood floors, stained glass transoms, ornate plaster, and high ceilings. It's not uncommon for an owner to hold onto these properties for over 20 years.

The Fall 2014 Grand Residence market in Charles Village will be influenced by four comparable sales from the late Summer 2014. These properties will serve as "comps" in pricing moving forward in the 4th quarter.

 

2531 Guilford Ave Baltimore MD 21218

 

2531 Guilford Ave Baltimore, Maryland 21218

 

While I am going to focus on Grand Residences that went to settlement in August 2014, I'll squeeze on 2531 Guilford Ave that sold July 30, 2014 for $310,000 as I really enjoyed previewing the property this Summer. I nicknamed it the "railroad" house as it is situated near the clandestine train tracks that run under 26th Street. When standing in the sizeable backyard I could hear trains which I thought was a fun feature for the right buyer. End-of-group, all brick, 11 rooms over 2,800 sqaure feet.

Guilford Ave is one of the quieter streets in Charles Village from a traffic perspective.  Typically it commands a more modest sale price as the main neighborhood amenities are a few blocks away. On the other hand this property is located close to 25th St which is an old commerical artery that s-l-o-w-l-y seems to be making a comeback.

 

 

2719 N Calvert St Baltimore MD 21218

 

2719 N. Calvert St Baltimore, Maryland 21218

 

2719 N. Calvert Street sold August 29, 2014 for $346,500. This nearly 3,000 sq. ft (2,940 according to the tax record) property had a suprise feature in the form of an unexpected 3 story interior atrium. It also has an off-street garage which made the back garden very private. Some residents have commented to me that the best Charles Village properties are found north of 28th Steet. I don't wholly subscribe to this belief, but I keep it in mind when pricing.

 

 

2803 St Paul St

 

2803 Saint Paul St Baltimore, Maryland 21218

 

Fantastic location, this 2,982 (according to the tax record) superb residence at 2803 Saint Paul St initially came on the market with an asking price of $429,900. It sold on August 29, 2014 for $390,000. The location is central, two blocks from the core retail center of Charles Village. The kitchen has been nicely upgraded and more than any other feature likely contributed to the strong selling price.

 

 

2925 Saint Paul Street Baltimore, Maryland 21218

 

2925 Saint Paul St Baltimore, Maryland 21218

 

It would not be Charles Village without a multifamily sale. 2925 Saint Paul Street sold August 22, 2014 for $320,000. This property sold to a cash buyer in a mere 7 days achieving full asking price. This property has two 2 bedroom units, one 1 bedroom unit and an effiency unit. It was marketed with an annual income of $31,500 and sold 80% leased. Measuring 2,688 sq. ft (according to the tax record) the critical difference with this property is a finished basement. Many Charles Village properties have unfinished basements, my theory is that the homes are so large that the additional recreational space is often not needed apart from storage and laundry.

 

Year-over-year the total sold dollar volume in Charles Village for late Summer 2014 declined by 4% while the average sold price increased 6.7%. We're selling slightly less homes for slightly more money. The current market supply is balanced with 7 months of inventory in hand as we ease into Fall. The average price-per-square-foot for Charles Village in late Summer 2014  was $119 per sq foot and I find this statistic translates well for the Grand Residences.

 

Currently there are two Charles Village Grand Residence properties under contract:

3132 Guilford Ave listed for $369,900 which is a multi-unit income property - sold for $347,500

2637 N. Charles St listed for $319,000 which is a single family home - sold for $319,000

 

Currently there are four Grand Residences on the Market

2505 N. Calvert St listed for $350,000 - sold for $350,000 with an $8,000 seller subsidy

19 W. 27th St listed for $343,900 - sold for $330,000

2513 N. Calvert St listed for $325,000 - sold for $325,000 with a $10,000 seller subsidy

2637 Maryland Ave listed for $319,900 - status unknown

 

 

Thinking of buying or selling a Charles Village Grand Residence? Get in touch.

I don't just sell Baltimore's Charles Village, I live here too.

 

 

Rachel Rabinowitz

Broker / Owner Guerilla Realty  and

Vice President Tranzon Fox Auctions

443.841.5916 direct

rachel@go-guerilla.com / rrabinowitz@tranzon.com

 

 

 

Comment balloon 0 commentsRachel Rabinowitz • September 23 2014 11:27AM
Charles Village Fall 2014 Grand Residence Report
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Baltimore's Charles Village neighborhood is a goldmine for single family buyers seeking affordable luxury with significant historical details. It is also a preferred location for multifamily investors seeking rentals that cater to the Johns… more