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November 19, 2009

Two faces of the housing market

You might be excused if, reading the paper today, you wondered what on earth is going on with the housing market.

On the one hand, there are owners of larger homes having a hard time downsizing because -- agents say -- it's a hard-hit part of the market. On the other hand, the Ritz-Carlton Residences just sold a nearly 12,000-square-foot penthouse condo -- a unit that was originally three separate penthouse condos -- for a record-setting $12.6 million.

Does the really, really high end have more going for it than the merely high end?

Before you start adding thousands of square feet to your home in hopes of attracting a buyer, remember that few have the financial heft of novelist Tom Clancy, who (The Daily Record reported in a keen scoop) is the buyer of the huge penthouse.

How big is 12,000 square feet? As big as five typical new U.S. houses.

But the prevailing trend is smaller, not bigger -- as you might expect during a prolonged downturn. Last year, the median new house was smaller than it was the year before, the first drop since 1995.

Posted by Jamie Smith Hopkins at 9:15 AM | | Comments (2)
Categories: For sale, Housing market experiences, Unusual homes
        

Comments

Well, good for Mr.Clancy, I'm sure the city could use the tax money that, I assume, he'll be paying on that condo.

But it seems that there is all talk and no action about the new smaller homes in Maryland. Where are they? I would love to see a post on that.

Good for Tom Clancy.

Meanwhile, people are starving, literally, and he wants to blow 12 million on a condo, when it could feed so many people, pay for schoolbooks, drug rehab and so many more things.
enjoy your big condo, but if I had that kinda money, I would get much more pleasure giving it all away.
thats just me.

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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.
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