Sales of harbor condos steady despite recession

May 31, 1992|By New York Times News Service

Early reservations of condominiums at the 27-story Harborview building rising on the south shore of Baltimore's Inner Harbor suggest that the market for expensive waterside homes is firm despite the recession.

Stuart H. Hettleman, vice president of Harborview Properties, the developer, said 6 of the 12 largest penthouses, about 30 of the 80 midsize units and more than 50 of the 160 smallest ones have been reserved. The first building is not expected to be ready for occupancy until early in 1993.

Starting prices on the smallest units have risen from $129,000 in mid-1990, when construction began, to a base price of $161,000 now, Mr. Hettleman said.

The units range in size from 860 to 1,650 square feet, with a top price of $350,000.

The building will have 80 units of 1,140 to 1,930 square feet ranging in price from $193,000 to $550,000 and 12 penthouses of 2,500 to 6,600 square feet priced at $750,000 to $1.7 million.

A $5,000 refundable deposit is required to reserve a unit.

Despite the year wait for occupancy of the first building, Mr. Hettleman said the developers are adding amenities for the 175 people who rent space in a 250-slip marina, which is operating.

The building now going up is a $90 million, 340-foot-high structure with underground parking.

Nearby, work is under way on a second underground garage and the base of what will be a 22-story tower. When completed, the $600 million project, on 42 acres of what used to be the Bethlehem Steel Corp.'s Key Highway shipyard, is to have 1,590 living units, 940 parking spaces, a 400-slip marina, 60,000 square feet of office space and such conveniences as dry cleaners and delicatessens.

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