Become a digitalPLUS subscriber. $12 for 12 weeks.
Business Real Estate The Real Estate Wonk

December was a stellar month for Ritz-Carlton Residences

In December there were 22 properties that sold for $1 million or more in the Baltimore metro region — and nearly a third of them were at the Ritz-Carlton Residences on the Inner Harbor, according to records recently released by an affiliate of the region’s multiple-listing service.

It was a good month for the Ritz-Carlton, said Joe Graziose, an executive with the condos’ developer, RXR Realty LLC. But end-of-the-year booms don’t seem to be uncommon for the property, he said.

In 2012, the Ritz-Carlton sold 31 units. Eleven of those sales (four were under $1 million) closed in December. In 2011, the numbers were nearly the same — 35 total sales, with 13 closing in the last month of the year, Graziose said.

A major reason a large number of Ritz-Carlton condos close near the year’s end, he said, is because many of them are under contract for several months while customization are undertaken. Closings are frequently scheduled after this work is done but before the New Year, he explained.

Although fewer Ritz-Carlton residences were sold last year than in 2011, the prices are escalating, Graziose said. In 2011, the average price per square foot was $420; last year that jumped up to $465, he said.

Of the Ritz-Carlton’s 190 homes, 116 were spoken for as of mid-January, Graziose said, and he’s expecting this year to be another good one for sales. He's confident the condo complex will be sold out by the middle of next year, he said.

Downtown properties, in general, are becoming more popular and already, in January, a handful of units have closed, he said. Eight units at the Ritz-Carlton have already closed this year, according to tax records.

Among the other $1 million or more properties that sold in Baltimore during December, three were outside the Ritz-Carlton, according to the multiple listing service data recently released by RealEstate Business Intelligence LLC. They were a condo and a town house, both off Boston Street in Canton,  and a Guilford home facing Sherwood Gardens.

Six of the remaining Baltimore metro region properties that sold in December for more than $1 million were in Anne Arundel County. Five were in Baltimore County and one was in Howard County.

Have a real estate news tip or experience to share? Email me at steve.kilar@baltsun.com.

Copyright © 2014, The Baltimore Sun
Related Content
Comments
Loading