Silo Point -- a question, an answer
Wonk reader Andy thought about buying in Silo Point last summer and decided against it, but he's still curious about the project, which turned a grain elevator in Locust Point into a 24-story luxury condo tower with 24-hour concierge service and penthouse units as large as exurban McMansions.
He emailed recently with a question in the subject header: "Silo Point Empty?"
"I was driving on 95 the other night and noticed that Silo Point looks about 90% empty," he wrote. "I just checked real property, and it looks like only 50 units have sold and the majority are on the lower floors."
I checked with a spokeswoman for the developer, and she says 74 condos have sold -- it takes a while for the deals to show up online. Almost 40 more are under contract, including 15 scheduled to close in less than 30 days.
That means a third of the 228 units are in the hands of new owners. Add in the units under contract, and developer Patrick Turner is about halfway done with sales -- if all the deals close, of course. Units have been for sale since the fall of 2008.
(Fun fact: a quarter of the 208 condo sales in Baltimore last year were Silo Point deals, according to Turner's spokeswoman. It hasn't been an easy road for Baltimore condo builders, though sales numbers have been improving this year.)
Andy was also curious about the asking prices these days, so I asked. They range from $269,900 for the one-bedrooms to $4.2 million for one of the penthouses. The monthly condo fees start at $300.