Silo Point
A year ago, I wrote a tiny post that linked to a story about Silo Point prices. And goodness gracious, you've had a lot to say since then on the subject of the development in Baltimore's Locust Point neighborhood that transformed a grain elevator into condos. You're still commenting on the prices -- and the condo fees, sales numbers, etc.
I mention this because Lorraine Mirabella has a condo story today that includes details about Silo Point. No doubt all you commenters will want to take a look. In between commenting here about Silo Point, naturally.
Some of those details:
At the 228-unit Silo Point, [developer Patrick] Turner says he has 75 contracts, including 46 buyers who have settled and moved in. He says his strategy of setting prices as the condos are completed, rather than selling pre-construction, has preserved sales that otherwise might have been lost if buyers backed out of contracts after values declined. Last month, Turner opened sales in the final section of the now-completed project, where units feature huge windows, soaring ceilings, granite kitchens and exposed concrete columns.
And now, a few excerpts from the debate among you readers.
The frequent commenter is Baller, who says he (I'm assuming here on "he") is a future resident and calls the development a "masterpiece" that fits his housing requirements (including parking, deck and a good neighborhood). In a tough market for new condos, Baller said, it's selling well: "I find the price very reasonable considering what you pay $/per sq. ft. and the modern amenities (that are usable compared to those of The Ritz)."
When Tye2K called the price too high, Baller challenged him to go see the property in person. Tye2K reported back Saturday that the amenities appealed to him but not the surroundings: "Rusted trains and a working shipyard is not my idea of a view." But the real issue for him was his calculation of monthly costs: "Silo Point would be close to $1,400 in fees and taxes. - So, why would I *buy* a property just to pay in taxes & fees what I currently pay in RENT? - And remember, if something breaks, *you* are responsible for it."
Another commenter, Jaded, said he loves Silo Point and intended to buy there but was also turned off by price and property taxes. So, he said, he opted for a choice that doesn't cost him anything in city taxes -- he moved to the county.
What's your take?
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Comments
I went to see Silo Point in the SPRING and I absolutely loved the building, the condos, and the views. The prices, though, were eye popping, and I felt that I might move there, maybe, if I were rich (say had a net worth around $1M.)
On the downside I was not crazy about Locust point, and if I were in the upscale, super expensive condo market, I think I'd much prefer the surrounding neighborhood of Harbor East with the Landmark movie theaters, Whole Foods, other shopping, and the inner harbor all within easy, accessible walking distance.
Lastly, as a Baltimorean, I must confess that I don't understand condominium pricing at all. I don't understand how a unit in a high rise can be so much more expensive than an actual home. It just seems to me that condos would cost less being on an economy of scale.
What, too, can we make of the overall condo building boom? My wife and I also looked at a spanking, 1,500 sq. ft. remodeled unit in the Colonnade near JHU -- and we were told we could have it for $350K, but we worried that in a glutted market the value of the unit would only depreciate -- so we chickened out.
Posted by: smithbaltimore | July 13, 2009 12:37 AM
I visited Silo in the past winter. The building is nice, but it's in an awkward location. Clearly, they are thinking about DC commuters, but who wants to drive 2hrs per day? For Baltimoreans, it's not close to anything, unless you work in the suburbs.
I did the math right after I visited that place. The developer paid a large amount (close to 100M) for the building at the height of craziness. They have to sell it at their asking price or they won't break even. But the bottom line is: they paid too much for the building. Would it be nice if you move in, and the rest of the building go into foreclosure auction?
Posted by: Semiconscious | July 13, 2009 10:25 AM
Read the article in the sun...what'd I say...spring home buying season perked up sales in Silo Point. I guess everyone just wanted to bash me and call me a fruad...I told you, I told everyone, SILO POINT IS HERE TO STAY!!! Ritz is dead, Turner said, "No! I will NOT buy you out!!!" Way to go Turner, put the doubters in their place...this is the BEST CONDO DEVELOPMENT IN BALTIMORE, HANDS DOWN!!! Although I like Harbor East, I work near harbor east and have parking available at my whim. I wouldn't want to pay the higher taxes and much higher condo fees a la The Vue, and prefer the quiet side of town in Locust Point. Why pay more when I can park in a garage for free? Anyone else want to hate on me now that the Baltimore Sun posted an article? All I was doing was pointing out the finer details and amenities of Silo Point and I get hit up like a spanish pinata. Silo Point is a amazing, waking up to my view makes it worth every penny!!!
Posted by: Baller | July 21, 2009 10:32 AM
Man that place is so dead. They should put a graveyard in the empty lot next door to liven it up. Cold empty and just totally without life. If a condo could ever be described as a ghost town, this is the one.
Posted by: Butters | October 4, 2009 5:22 PM
What a let down. I was taking a tour with Mr. Paul from the sales gallery. This little short haired lady, whom I found out later was the building Manager was cursing about christmas lights. What a wild cat. Besides, the place is cold and really weird feeling. I hope someone helps the manager with manners
Posted by: April | December 30, 2009 10:50 PM
I am close to accepting a lucrative employent offer in Baltimore. I currently live in West Palm Beach, Florida. My wife and I are an under 40 professional couple. We want to know where the hottest and best spot to live is. Where are all the high end Restaurants, shopping,movie theaters, etc. What is the can't miss area to live in up there? Thanks!--Anthony C.
Posted by: Anthony C. | January 25, 2010 5:04 PM