When Jim and Ann Bailey moved almost four years ago as part of the Cleveland Browns' relocation to Baltimore, they knew they wanted a home with a water view.
In Cleveland, they owned a duplex condominium overlooking Lake Erie. In Baltimore, they were hoping to get a similar unit, but not knowing the market here, they were unsure if they would be able to find something along the Inner Harbor.
But in the end it was easier than they thought. With the condo market in the doldrums, the general counsel for the Ravens and his wife had their pick of a half-dozen properties and finally purchased in Canton Cove.
Yet if they were coming to the Inner Harbor today, instead of 1996, the condominium market they would find would be humming along rather than being ho-hum.
"There are so many more downtown opportunities here than where we are from," said Ann Bailey. "It's just so much more suburban in Cleveland, and there just weren't that many waterfront condominiums."
Since breaking ground in Baltimore in the 1980s, the condominium concept never gained much strength here. In Baltimore, the rowhouse or townhouse is king. But as lifestyles change and the economy rebounds, the downtown condo market has been resuscitating.
"The market started to turn around three years ago," said Ted Rouse, a developer with Struever Bros, Eccles & Rouse, the Baltimore-based developer.
Since 1996, sales of condominiums in Baltimore have been on the rise, according to the Metropolitan Regional Information System, the multiple list system used by area Realtors.
The MRIS reported:
In 1996, 264 units sold (average price $101,399).
In 1997, 305 units sold (average price $100,982).
In 1998, 346 units sold (average price $122,383).
Rouse, who played a major part in the development of Canton Cove and Tindeco Wharf, a harborside luxury apartment complex, remembers a time when many of Baltimore's condominium complexes were being auctioned to the highest bidder.
The recession of the early 1990s slowed sales in HarborView, and units at The Colonnade, near Johns Hopkins University, and at Scarlett Place, between downtown and Little Italy, went the way of the gavel.
"It put a damper on the condominium market," he said.
But, Rouse adds, the business development in Baltimore created momentum in the condominium market, and he believes the trend will continue.
Some luxury units are commanding nearly $1 million for 3,000 square feet, and others, from the Inner Harbor to Guilford, are selling instantly for prices previously unheard of in Baltimore.
"I get calls several times a week from Realtors looking for units in the $250,000 to $350,000 range," said Cindy Conklin, who sells in Federal Hill and along the Inner Harbor for O'Conor, Piper & Flynn ERA.
Although people are buying condominiums at a more rapid pace this year, the irony is that construction of the complexes has essentially come to a halt in the city.
With the announcement last month that HarborView will scrap its initial plan of adding three more towers to its existing condominium and rental buildings along Key Highway, all plans for new condominium homes have diminished. It's a move Angel Stevens, a condominium specialist for Long & Foster Real Estate Inc., said "will continue to help the market rise."
Record year of sales
It's only April, and Stevens has had a record year of sales -- more than $7 million since Jan. 1, all in condominiums. Last year, she sold $6 million. Things have been so hectic that when she had a baby Jan. 22, a Friday, she went back to work the following Monday after spending the weekend in the hospital.
Her sales include Peter Angelos' former penthouse at Harbor Court, which sold for $1 million. She is also the listing agent for the other 27th-floor penthouse duplex in the prestigious Inner Harbor building, listed at $990,000. While there are six penthouses, only two of them are duplexes.
"When something comes on, I'll have three or four contracts in two days," she said about Harbor Court.
Ten years ago, according to Rouse, condominium complexes were going into defaults and heading to the auction block.
Scarlett Place, an impressive stepped-brick building, has had its share of troubles. The complex at 250 S. President St. has been enmeshed in a lawsuit since 1993.
Raymond Daniel Burke, an attorney with Baltimore's Freishtat & Sandler, said the council of unit owners of Scarlett Place Residential Condominium Inc. -- an entity that represents all residents of the 149-unit complex -- have filed complaints about leaky roofs and walls.
Some repairs made
Although there have been some repairs made to water-damaged units, Burke said the resident council is asking for "a comprehensive renovation" of units that were determined to be defective by engineers in 1998. "There are units that people actually had to move out or remove the carpets."
Since the developer of the complex lives in Baltimore County, the case is in Baltimore County's circuit court system. A trial date has not been set.
Although Scarlett Place has had its share of construction problems, the building, like other Inner Harbor condominiums, is almost always full.
William Cassidy, manager of Long and Foster Real Estate Inc.'s Fells Point office, attributes the popularity in Baltimore complexes to the graying population whose children have left the nest.
"People my age have become empty-nesters. They want to come downtown and want the 24-hour security a condominium can offer, as well as the little or no maintenance involved," said Cassidy, 54.
If condominium buyers are not empty-nesters, they are what Cassidy calls "DINKs -- double income, no kids."
He says another element of the condominium market is college students, whose "parents are perceptive enough to notice the resale value will be great." College students tend to live in midtown complexes, such as The Colonnade and the St. James near Johns Hopkins University, he said.
'Pricey' housing
Although Cassidy believes housing throughout Baltimore has become "pricey," he adds that certain units in "condominiums that hug the harbor" command a price range of their own.
According to MRIS, a ninth-floor, two-bedroom, two-bath unit in The Colonnade, across the street from Johns Hopkins, sold for $246,000 last June; a sixth-floor, two-bedroom, two-bath unit in Canton Cove sold for $375,000 last October.
"Most people, No. 1, want to have a water view, and there are only so many of them," said Sandra Cohen, a condominium specialist with O'Conor, Piper & Flynn ERA. "Living on the water is enticing and relaxing -- they've got sports, restaurants, hotels and shopping."
Several amenities
In addition to breathtaking views, many of Baltimore's waterfront condominiums boast amenities expected of such buildings -- 24-hour security, underground garage parking and health clubs.
Some elite buildings -- such as Harbor Court, HarborView and The Colonnade -- offer residents a restaurant and room service, maid service and dry cleaning.
But everything has its price.
Completed in 1989, during the height of the condominium slump, Harbor Court has always been a success story along the Inner Harbor, even though it may not have always been a million-dollar address.
Its notoriety comes from its buyers and sellers. Recently, NAACP President Kweisi Mfume, a potential candidate for mayor, moved next door to Orioles outfielder Albert Belle on the 25th floor.
A home within Harbor Court is coveted by many, but not all.
The Baileys chose their Canton Cove home on Boston Street instead of Harbor Court because of the hip Canton neighborhood and the fact it has something Harbor Court doesn't -- patios.
Canton Cove, a one-time storage facility for a waterfront cannery, was transformed by Rouse's firm into a condominium complex that boasts floor-to-ceiling "window walls" in nearly every unit, while maintaining an industrial feel, with steel frames exposed in its courtyard.
The building, which serves as a bookend at the western edge of Canton, has won various design awards, including the 1989 Baltimore Magazine Residential Design Award, a 1990 Regional Illumination Award and a 1999 Design Award from the American Institute of Architects' Baltimore Chapter.
Energetic community
At the eastern edge of Canton, the Anchorage Towers, another condominium complex, caps off the energetic community.
Sandra Cohen said she and her husband, Burt, were among the first people to move into the 93-unit brick-front building. She believes the building has always done well, because "every single unit has a water view."
But even water views don't necessarily mean that there will be a buyer for every condominium. HarborView is a case in point.
Last month's decision to create townhouses instead of condominium towers along HarborView Drive, just off Key Highway, is an indication that developers sense shaky ground in Baltimore's seemingly burgeoning condominium market.
The $16 million, 76-unit development unveiled last month will replace the area previously reserved for HarborView's three additional condominium towers.
Richard Swirnow, a developer with HV Development & Contracting Inc., the company contracted to develop the townhouses said this is a reaction to "a strong marketplace for townhouses."
Numerous calls
Conklin has fielded numerous calls about the townhouses.
"I think Baltimore is poised for an increase in its condo market because of supply and demand, but we will see condo buyers going into townhouses," she said.
Conklin, who specializes in both townhouse and condominium sales, believes the townhouses are a good investment because residents will have access to HarborView's amenities, without paying for a doorman and other features included in condominium fees.
HarborView's decision to build individual homes has not created obvious signs of strain on the condominium market. This has been a good year for nearly all condominium buildings in the city, including Scarlett Place.
Although the building has been hit with a class action suit, Sandra Cohen says she is noticing an upswing in Scarlett Place's sales this year and has sold units faster than in the past.
Construction aids sales
"People are buying, because they know they are getting a good buy and know that down the road it will be a good investment because of all of the construction around it," Cohen said, adding that the proposed 750-room Wyndham Hotel south of Little Italy, new businesses, shops and restaurants are prompting people to give Scarlett Place another look.
"Before there were more rentals in the building, but now it's reversed and there are hardly any rentals."
"It's one of the hotter places to go, besides Canton," she said.
Cohen agrees that Scarlett Place has had troubles in the past, but said buyers are swooping in because they know homes on the Inner Harbor are becoming hard to find.
"I had a three-bedroom on the market for two years, and it went back on the market this year and sold within 100 days," she said.
Roll call of city condominiums
Name: Canton Cove
Address: 2901 Boston St.
Year opened: 1989 No. of units: 89
Amenities: Dry cleaning service, floor to ceiling windows, roof deck, waterfront views. No. of units sold in last 12 months: 10
Price range: High: $450,000 (6th floor, 3 bedrooms, 2 1/2 baths); Low: $138,000 (3rd floor, 1 bedroom, 2 baths)
Average listing price: $289,910
Average sales price: $281,450
Average days on market: 43
What they say: "It's was a factory, then a warehouse. They cut a part of it out and gutted it -- they used the bones of a building, adapted it to a condominium and [added] three floors," said Carolynne Shumate, a real estate agent for O'Conor, Piper & Flynn ERA.
Name: Harbor Court
Address: 10 E. Lee St.
Year opened: 1989 No. of units: 174 units
Amenities: Doorman, porter to carry groceries, concierge, room service, satellite television, party room, two-bedroom guest quarters for visitors, discount membership to hotel exercise room, racquetball and tennis courts, sauna, massage services, personal fitness trainers, valet parking. No. of units sold in last 12 months: 17
Price range: High: $939,990 (27th floor penthouse duplex, 3 bedrooms, 2 bathrooms); Low: $115,000 (21st floor, 1 bedroom 1 1/2 bathrooms)
Average listing price: $324,205
Average sales price: $300,099
Days on market: 91
What they say: "Harbor Court is the premire address," said Angel Stevens, a Realtor for Long and Foster Real Estate Inc.
Name: HarborView
Address: 100 HarborView Drive
Year opened: 1993 No. of units: 249 units
Amenities: Restaurant, dry cleaning, concierge, gym, indoor pool -- with pool side dining available, sauna, private library, party and conference rooms. No. of units sold in last 12 months: 14*
Price range: $182,000 to $1.25 million*
Average listing price: Not available
Average sales price: $433,229*
Days on market: Not available
What they say: "HarborView is a neat building if only its prices would go down," said Angel Stevens. The cost of owning a unit in the multi-tower complex, she believes, "has helped sales in other buildings."
Name: Scarlett Place
Address: 250 S. President St.
Year opened: 1987 No. of units: 149 units total
Amenities: Exercise room, indoor pool, waterfront views, easy access to Interstate 83. No. of units sold in last 12 months: 8
Price range: High: $170,000 (7th floor, 2 bedrooms, 2 baths); Low: $90,000 (2nd floor, 2 bedrooms, 2 bathrooms)
Average listing price: $119,425
Average sales price: $114,125Days on market: 219
What they say: "I can walk to Little Italy, Federal Hill, Fells Point and church ... there is so much to offer I couldn't imagine living anywhere else," said resident Betty LaPierre, a Baltimore nurse who has lived in the building for six years.
Name: St. James
Address: 3704 Charles St.
Year opened: 1989 No. of units: 77 units
Amenities: Valet parking, outdoor swimming pool, exercise room and sauna and guaranteed two parking spots for each unit. No. of units sold in last 12 months: 3
Price range: High: $485,000 (9th floor, 3 bedrooms, 2 1/2 baths); Low: $205,000 (3rd floor, 2 bedrooms, 2 1/2 baths)
Average listing price: $380,000
Average sales price: $355,000
Average days on market: 167
What they say: "The design of building incorporates vistas. From my unit I have a clear view of the Key Bridge from all rooms," said Candace Claster, a real estate agent for Hill & Co.
Name: The Colonnade
Address: 3801 Canterbury Road
Year opened: 1989 No. of units: 119 units
Amenities: Exercise room, concierge services, hotel discount, room service, maid service, dry cleaning, valet parking. No. of units sold in last 12 months: 10
Price range: High: $340,000 (4th floor, 3 bedrooms, 2 1/2 baths); Low: $98,000 (9th floor, 1 bedroom, 1 bath)
Average listing price: $198,840
Average price: $190,100Days on market: 251
What they say: "A lot of people that move here come from big houses who love the [Guilford] neighborhood and want to stay here," said resident Mimi Sherman, a Realtor for Hill and Co.
Name: The Anchorage Tower
Address: 2515 Boston St.
Year opened: 1988 No. of units: 93 units
Amenities: Exercise room, party room with kitchenette, waterfront views from every room, fully furnished guest room. No. of units sold in last 12 months: 15
Price range: High: $500,000 (Penthouse, 2 bedrooms, 2 1/2 baths); Low: $129,900 (8th floor, 1 bedroom, 1 bath).
Average listing price: $212,910
Average sales price: $202,046Average days on market: 153
What they say: "This is the only building that never bellied up -- it sold out before a piling was set into the ground," said resident Sandra Cohen, a Realtor for O'Conor, Piper & Flynn ERA.
Sources: Metropolitan Regional Information System; * HV Development & Contracting Inc.