Beth Mohr and Kimberly A. Webb bought a one-bedroom condo at Silo Point in January for $350,000. They began house-hunting late last year because of low interest rates and the availability of tax incentives.
They chose Silo Point because of the unit's gleaming hardwood floors, a gourmet kitchen, an oversized bathroom, a large balcony and customized closets given as incentives. Mohr says she works out at Silo Point's gym nearly every day, jogs to Fort McHenry and walks to neighborhood restaurants. But the biggest selling point for both was having a waterfront spot with a downtown view in one of the city's more unusual locations overlooking ships, rail yards, bridges and the Domino Sugars plant.
"Silo Point just really stood out as being something unique," said Mohr, an assistant vice president in human resources at T. Rowe Price Associates. "Even though it wasn't in the heart of downtown, it was positioned well where it is close to downtown."
The women had been living in Washington but wanted to move closer to downtown Baltimore, where Mohr works, and have easy access to Interstate 95 for Webb's occasional commute to D.C., where she works as a real estate agent and attorney. They considered staying in D.C. but said they found comparably priced units to be smaller and offer fewer amenities.
Judy Geberegzabher, a respiratory therapist in Washington who will be moving to Silo Point with her husband and three small children, said they decided to buy recently because, "We didn't want to miss the opportunity. It's a good buy. Two years before, or even a year and a half ago, you would not get these prices."
At 1,300 square feet, her one-bedroom condo is large enough to accommodate her family, she said.
The condos in Silo Point and at 414 Water Street are among 582 new condos that were on the market in Baltimore as of the end of June, according to Delta.
Other new projects include the luxury Ritz Carlton Residences at the Inner Harbor on Key Highway, with 192 units and an estimated 21 sold, according to state tax records, and condos at Harbor East in The Vue, a high-rise tower that opened in 2005 and has fewer than 20 new units available, and the newer Eight 50 Aliceanna, which features loft-style condos.
Rich said Silo Point may be benefiting from its strategy of selling units as they are completed.
"There wasn't a long lead-up time for buyers to change their minds due to job circumstances or life changes," he said.
