Considering Buying in Baltimore (Essex, Elkridge: real estate, 2015, apartments)

[JamesJay64]

Hi all - New to the forum and new to Baltimore. I'm currently in the Mount Vernon neighborhood and my initial plan was to buy a home after a year of renting. A few months into living here, I love how beautiful the city is and think many neighborhoods have a lot to offer. Loving the walkability as well. I think Baltimore is very underrated in many aspects.

Still, the crime can't be ignored. Also I'm tired of being harassed for money >5 times a day and see many teens and residents who have a blatant disregard for the law, the environment, and absolutely everything else. I was hoping things were taking a turn for the better in the city but don't want to buy here if i would be stuck with a place I couldn't eventually rent out or sell without taking a loss a few years down the road.

All thoughts/input are appreciated!

Thanks!!

[DubyaM]

In the city you'll pay twice as much in real estate taxes. One can be harassed for money in the county as well notably outside of convenience stores, at least in Essex.

[JamesJay64]

Originally Posted by DubyaM

In the city you'll pay twice as much in real estate taxes. One can be harassed for money in the county as well notably outside of convenience stores, at least in Essex.

I'm not familiar with Essex but I do want to live in a walkable and urban environment, driving as little as possible.

The being harassed for money isn't a deal breaker but I do wonder if people see the city turning things around.

[pwduvall]

Originally Posted by JamesJay64

Hi all - New to the forum and new to Baltimore. I'm currently in the Mount Vernon neighborhood and my initial plan was to buy a home after a year of renting. A few months into living here, I love how beautiful the city is and think many neighborhoods have a lot to offer. Loving the walkability as well. I think Baltimore is very underrated in many aspects.

Still, the crime can't be ignored. Also I'm tired of being harassed for money >5 times a day and see many teens and residents who have a blatant disregard for the law, the environment, and absolutely everything else. I was hoping things were taking a turn for the better in the city but don't want to buy here if i would be stuck with a place I couldn't eventually rent out or sell without taking a loss a few years down the road.

All thoughts/input are appreciated!

Thanks!!

If you want to be cautious, I would suggest you buy in an established middle neighborhood. For example, folks who bought is Charles Village, Abell, Oakenshaw, or on the edges of Roland Park, etc. are looking as home values just a little higher than in 2008 right now. That isn't much return, but it was never really a risk either. Someone who had bought in Greenmount West or Remington in 2008 would have made out like a bandit, but they were taking a risk. For example, Waverly, despite some recent gains, is still down from 2008.

I think you have two reasonable choices, you can bet on what is going to be the next hot neighborhood and win (or lose.) Or you can look at neighborhoods that are past "up and coming" and perhaps a little bit dull in real estate terms. Personally, it you are gambler who is also willing to put up with the frustrations of living on the urban frontier, the best bet is to get in cheap on what might be the next big thing. If you do that, make sure not to spend much more than 100K. You can't lose what you never spent in the first place!

[Maintainschaos]

Moved to the city from Elkridge about half a year ago. My husband and I were very unhappy out in the suburbs after moving here from Chicago. Have been very happy since we moved to the Riverside neighborhood and like it quite a bit.

[pappjohn]

If you have people beggin for money it's a bad sign. Sonner or later you will be robbed if you have something they want.

[nurider2002]

Crime is only going to increase in Mobtown. It’s unfortunate, Baltimore could be a great city but, the poverty and drug crime will continue. Having lived most of my life there it depresses me to even visit anymore. No way I would ever invest in real estate there again.

[JamesJay64]

Originally Posted by nurider2002

Crime is only going to increase in Mobtown. It’s unfortunate, Baltimore could be a great city but, the poverty and drug crime will continue. Having lived most of my life there it depresses me to even visit anymore. No way I would ever invest in real estate there again.

That's a shame. I wasn't here so i don't know what it was like, but I wish they would go back to whatever they were doing pre-2015 to lower crime. I'd love to stay here long-term but (like many others i'm sure) will relocate if things continue to escalate.

[JamesJay64]

Originally Posted by pwduvall

If you want to be cautious, I would suggest you buy in an established middle neighborhood. For example, folks who bought is Charles Village, Abell, Oakenshaw, or on the edges of Roland Park, etc. are looking as home values just a little higher than in 2008 right now. That isn't much return, but it was never really a risk either. Someone who had bought in Greenmount West or Remington in 2008 would have made out like a bandit, but they were taking a risk. For example, Waverly, despite some recent gains, is still down from 2008.

I think you have two reasonable choices, you can bet on what is going to be the next hot neighborhood and win (or lose.) Or you can look at neighborhoods that are past "up and coming" and perhaps a little bit dull in real estate terms. Personally, it you are gambler who is also willing to put up with the frustrations of living on the urban frontier, the best bet is to get in cheap on what might be the next big thing. If you do that, make sure not to spend much more than 100K. You can't lose what you never spent in the first place!

I would love to invest in an "up and coming" area, perhaps on the fringe of a more established area. My worry is that if crime is spilling over into the good areas (Canton, Fells, Mount Vernon, etc) are the people needed to help gentrify/improve an area (in this context those are the same to me) really going to stick around? Or do you, as someone more familiar with the area, foresee an exodus of the people needed to make development happen?

[nurider2002]

Originally Posted by JamesJay64

I would love to invest in an "up and coming" area, perhaps on the fringe of a more established area. My worry is that if crime is spilling over into the good areas (Canton, Fells, Mount Vernon, etc) are the people needed to help gentrify/improve an area (in this context those are the same to me) really going to stick around? Or do you, as someone more familiar with the area, foresee an exodus of the people needed to make development happen?

Just an FYI, many of the homes in Charles Village have become infested with bed buds as a result of numerous "low rent' apartments that many of the homes have been converted too. The bugs go right through those old walls to the well maintained home next door. Know several folks who have dealt with this issue on Charles, St. Paul and 32nd street. They are enormously costly to eradicate and no guarantees they won't be back.