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.