Can't sell? Rent
Somerset's sale prices, which started at a range of $280,000 to $300,000 in summer 2005 and climbed in a matter of months to the high $400,000s for the largest corner units, have already been reduced. They now range from $300,000 to $450,000. [Developer James D.] Campbell said additional price cuts were not an option.
This is an interesting residential development because it's in what is often called a "transitional" neighborhood, a place with potential but also a lot of boarded-up homes. It appears that some of the buyers saw it as an investment rather than home: One of the residents estimates that just 10 or 11 of the 18 sold units are actually occupied by the owners.
On another note, click HERE to read about Sun parent Tribune Co. buying the paper's headquarters on Calvert Street -- a dozen blocks south of the Station North Townhomes -- and the printing plant in South Baltimore. Real estate experts have speculated that some of the unused building space or land could be tapped for mixed-use development.