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November 21, 2009

Tom Clancy's new digs, by the numbers

$12.6 million: What author Tom Clancy spent on his new penthouse at the Ritz-Carlton Residences in the Inner Harbor

3: Penthouses Clancy combined to make his new mega-digs

12: The number of 1,000-square-foot condos -- the sort of residence certain Wonks own -- that could fit in Clancy's condo

$285,768: Clancy's annual city property tax bill, either right away or -- if he gets the new-construction tax break that phases in the amount -- after five years

50: Buyers it would take to equal those taxes among folks getting $250,000 city homes

2: The number of prospective buyers the Ritz-Carlton developer says it is in talks with about combining units to make more mega-condos

38: New condos selling in the city during the first nine months of the year

530: New, ready-to-occupy condos that builders are trying to sell in the city

All of them: number of condo sellers who wish Clancy had wanted their place

Posted by Jamie Smith Hopkins at 7:00 AM | | Comments (3)
Categories: Housing stats


Jamie you forgot one other major number...his condo fee, which I believe will be around $6,000 per month.

Clancy will never get his money back, that's for sure. The top end of Baltimore real estate is about $5 million, but that buys you a large house on a few hundred acres in Monkton or Butler or a spread in the Greenspring Valley.

The market just doesn't support a 12.5 million property, let alone a condo. Perhaps down in DC way but not in our provincial city.

That's not to say there aren't Baltimoreans who can't afford to drop 12.5 million on a property. There certainly are, and they do spend that much, and even much more, but not in Baltimore. In Nantucket, Martha's Vineyard, certain Florida communities, yep, but Baltimore, no.

Perhaps Clancy views this as his last home for the rest of his life, and in that case he doesn't care how much he's spending on the condo. But if he ever tries to offload it in the future, good luck in getting even half that money back.

I agree that Baltimore might not, in his lifetime, have a buyer willing to shell out $12 million, as he did, for a home in the city. But that doesn't mean he can't get his money back. He will always have the option of converting his condo back to two or three units when he wants to sell, so, if he bought at the low end of the market he could come out in good shape.

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About Jamie Smith Hopkins
Jamie Smith Hopkins, a Baltimore Sun reporter since 1999, writes about the regional economy. Her reporting on the housing market has won national and local awards. Hopkins is a Columbia native and has lived in Maryland all her life, save for 10 months spent covering schools in Ames, Iowa.
She trained to become a wonk by spending large chunks of time as a geek and an insufferable know-it-all.
Baltimore Sun articles by Jamie

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