Ritz lowers asking prices on some units

August 18, 2010|By Jamie Smith Hopkins, The Baltimore Sun

The Ritz-Carlton Residences in Baltimore has lowered its asking prices by about 30 percent on 30 of its 166 unsold high-end condos, a spokesman said Wednesday.

The Inner Harbor development, completed two years ago, has struggled to find buyers as demand for homes — luxury ones in particular — plummeted. Just 24 of the 190 units have changed hands; about a dozen more are under contract.

Greg Harris, a spokesman for RXR Realty, the developer, said new prices on the units range from $499,000 to $2.1 million. They're scattered throughout the development, some with water views and some with downtown-skyline views.

When the development opened, asking prices ranged from the upper $800,000s to $5 million.

Harris said substantial price decreases at the neighboring Pier Homes at HarborView aren't behind the Ritz decreases.

"It's not a true comparison of projects," he said. "The list of amenities and the finishes and the lifestyle that people are looking for at the Ritz-Carlton don't compare with any other project in Baltimore."

jamie.smith.hopkins@baltsun.com

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