Priciest city neighborhoods
Yesterday's post highlighted the most expensive ZIP codes in the metro area. But what, you asked, about city neighborhoods? (Some of you asked more nicely than others. Sheesh, folks, you can catch more flies with honey than vinegar. Not, er, that I'm comparing myself to a fly.)
As it happens, I had a city Top 10 all ready to go. So you would have received even if you hadn't asked, but it's nice to know you're chomping at the bit.
Today's story about expensive places has a map showing the five most expensive city neighborhoods on top of the 10 priciest ZIPs. But hey -- I'll throw in five more at no extra charge.
Without further ado, the most expensive Baltimore neighborhoods, ranked by average sale price in the first half of the year:
1. Homeland. Average price: $549,900. (Number of homes sold: 13.)
2. Roland Park. Average price: $487,300. (Number of homes sold: 17.)
3. Guilford. Average price: $471,200. (Number of homes sold: 16.)
4. Inner Harbor. Average price: $423,800. (Number of homes sold: 16.)
5. Otterbein. Average price: $361,700. (Number of homes sold: 10.)
Read on for the rest of the top 10:
6. Federal Hill. Average price: $323,900. (Number of homes sold: 25.)
7. Mount Washington. Average price: $313,300. (Number of homes sold: 15.)
8. Locust Point. Average price: $298,400. (Number of homes sold: 29.)
9. Bolton Hill. Average price: $293,900. (Number of homes sold: 28.)
10. Fells Point. Average price: $291,500. (Number of homes sold: 23.)
The rankings are based on neighborhoods with at least five sales. Averages are rounded. Shipping and handling not included. (Sorry, got on a disclaimer roll there.)
Like the ZIPs, I crunched these figures using sales reported to Metropolitan Regional Information Systems. Unlike the ZIPs, these sales had to be geocoded first so we could determine which neighborhoods they were in. (Just because a home is advertised as "Federal Hill" doesn't mean it actually is in Federal Hill.) Sun cartographer Christine Schoenberg did that time-consuming mapping work -- thanks Chris!
Now, the figures are sales averages. That means these (or other) neighborhoods might -- in fact, almost certainly did -- have pricier homes that were sitting on the market in the first half of the year, not contributing to the average because they weren't selling.
Other gee-whiz stats:
Four of the neighborhoods had at least one home sell for $1 million or more -- Homeland, Guilford, the Inner Harbor and Fells Point.
Home sales rose in half the neighborhoods vs. the first six months of last year -- Guilford, the Inner Harbor, Locust Point, Bolton Hill and Fells Point. Sales in Bolton Hill increased by 150 percent.
Each of the 10 neighborhoods had at least one home that sold for less than $230,000 -- a lot less, in some cases. Livable as-is or shells in need of a full rehab? That I can't say.
Any neighborhoods you expected to see in the top 10 but didn't? (Canton, in case you're wondering, was No. 19 at $239,100 -- an average price that was 17 percent lower than a year earlier.)
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Comments
Something to look into is the "trust fund" aspect of the expensive neighborhoods vs the "working rich" by how the purchase is structured.
How much of that $600K+ price is financed?
How much is financed by necessity vs by choice? eg a 10 year mortgage as a cash management tool vs a 30 (or more) year mortgage for the high earner who just can't accumulate any actual cash because the lifestyle costs of keeping up with the other junior partners doesn't allow for it.
Those Benz and Lexus lease payments and private school tuitions and 4 exotic vacations a year will add up very fast.
Posted by: MrRational | September 3, 2009 8:53 AM
Interesting comment Mr.Rational. My spouse and I bought a house on a street in what is technically Roland Park, but for all intents and purposes is closer to Mt Washington. At a Mt. Washington Price. Hardly cheap, but more affordable than many a far smaller counterpart in "Federal Hill" (much of which is actually South Baltimore). We have no inclination to keep up with the Jones'. I often joke that my 23 year old car alone brings down the property values of the neighborhood. But I am fairly sure I am not alone in moving to the area for decent public schools, and I am happy to sacrifice my one rather less-than-exotic vacation a year to be situated in a safe neighborhood.
Posted by: ClaudLaw | September 4, 2009 12:02 PM
Do you have any reasons that explain why Canton dropped in price so much relative to other waterfront areas that also tend to attract young professionals (like Federal Hill and Fells Point)? Are there more shells being sold relative to the other ones? Does it compare more favorably to what homeowners like to call "Federal Hill" (Riverside and South Baltimore)?
Posted by: John | September 4, 2009 4:25 PM
John, the average sale price dropped the same amount (17 percent) in Federal Hill. The average sale price dropped 25 percent in Fells Point. (Riverside is down 18 percent; SBIC is down 28 percent.)
I don't know how many of those transactions were foreclosures or short sales, which could certainly drag down the price.
Posted by: Jamie Smith Hopkins | September 4, 2009 4:34 PM
Wow. I'm a little surprised to see Fed Hill is at #6 on the list and Canton way down at 19. I think that might have something to do with more shells being sold in Canton.
Average home sale prices in both neighborhoods were similar a few years ago with prices being only slightly higher in Federal Hill.
Posted by: JB | September 7, 2009 1:07 AM