The market has been helped by lower interest rates, closing cost help and concessions such as breaks on condo fees that many builders are now offering, Rich said. The latest sales are more than likely in projects that have been completed, giving buyers less of a chance to back out of a contract.
"We're not seeing as many contract cancellations, because the buyers signing contracts now more than likely will close," he said.
Despite the improved numbers, the condo market has by no means returned to the boom days.
"It's been a painful year so far, and, frankly, I expect it will continue for the balance of the year," said Andy Viola, a partner in 414 Water Street LLC, an affiliate of Bush Construction Corp. that built the 414 Water Street condos in the downtown business district. Prices range from $199,900 for a one-bedroom unit to $450,000 on two-bedroom-with-den units.
The developers have sold 165 of the 312 condos, including 13 so far this year. Prices were reduced on some units in February. The project is on pace to sell about 24 units a year, and the developers are committed to riding out the longer-than-expected selling time and keeping the project a condominium, Viola said.
"Eventually, the market will come back," he said.
Rich said price reductions have also spurred sales. New condo prices fell 4.4 percent in the city and 6.5 percent in metro Baltimore in the second quarter, compared with a year earlier. And it hasn't hurt that the perception of condo ownership has shifted.
"It's a more accepted type of home now than it was in the '80s or '90s," Rich said. "Previously, condos were just seen as apartments you can own, just as an entry-level type of home, whereas now you're seeing move-up buyers and empty nesters moving into condos."
That was the market Turner says he targeted with Silo Point. Condos, which are priced from $265,000 to $4 million, range in size from 1,100 square feet to 5,500 square feet and include one-bedroom units, two-bedroom units, sky townhouses and two large penthouses.
He says he's seeing as many as 100 people a week touring the nine furnished models in the 1 million-square-foot project, which boasts a residents-only gym, wine tasting room, game room and sky lounge that can be reserved for parties. On the street level, a day spa recently opened and three restaurants are on the way, including Miguel's, to open serving Mexican fare in September. Turner Development plans eventually to move its offices into what is now the sales center.
