Lorraine Mirabella has a story today about Silo Point, the grain elevator in Baltimore's Locust Point neighborhood that developer Patrick Turner is turning into condos. She reports that "unlike most developers of new homes, Turner is forgoing pre-construction sales, which developers typically count on to build momentum and help cover costs."

Turner says he will not announce prices or take deposits until the end of January, about two months before the bulk of the project opens in April.

"Most developers won't take the risk," Turner said.

But he says he's financially able to wait and believes it's better to set prices according to the current market. That helps minimize the risk of either low-balling them and forgoing profit, or setting them too high and then being forced to cut prices, losing contracts from early buyers.

... John E. Kortecamp, executive director of the Home Builders Association of Maryland, said Silo Point was the first project he knew of in the Baltimore area that wasn't attempting to sell well before completion.