What do you know about "Westport Waterfront?"

[BMWZ4RUlz]

Originally Posted by Bong477

Flipping a property has nothing to do with an up or down market, long as properties are still selling and the market isn't rapidly declining before your eyes. Making money by buying in terrible neighborhoods is far more dependent on economic recovery. But whatever... as I said, I'm glad you are happy with your investment strategy that seems to be working out but it is clearly completely irrelevant to the OP who doesn't have much money right now and wants a place to live that will make her some money over the coming years without living in fear daily. I also didn't call you a slumlord, that was another poster.

Except for some specific "energy efficient" improvements, you can't deduct improvements on your home (although you can deduct the interest you pay on them if you finance via a home equity loan), but you don't pay taxes on your profit when you sell if you lived there for at least 2 of the last 5 years (which is substantial).

I didn't call him a slumlord I did use the word because I know of many through experiences of my gf's (she works for the housing authority in the City). Lots of people do this in bad areas.
- seems very educated and I certaintly did not call him a slumlord to be clear.

[GoPhils]

Originally Posted by (-)

what i do with my money is my business as long as it is legal. the term buy and hold does not mean buy and become a slumlord/deadbeat owner. i pay cash for all my properties. no mortgages. if they are in speculative areas, i lightly renovate them in order to get adequate renters. no sense in doing an upscale renovation in a blighted area. change doesn't happen over night. i screen all my tenants. i dont just put anyone into my properties. i've been doing this for well over 9 years now, i know what i am doing. other people don't have the cash (not gloating) to do what i do. doing what i do would put most people in financial binds.

When you said buy and hold I first thought you meant buy an abandoned house or something and do nothing to it, just holding on to it until the value of the property it sits on increases (like what it seems like some people may have done in Reservoir Hill a few years ago because they thought it was "up and coming," only to see even more homes become vacant). As long as you're fixing it up a bit and renting it out to halfway decent people I have no problem with that (not that you needed my approval, just stating my opinion).

[End-User]

This is an incredibly informative thread. Thanks to all sharing their tips and strategies.

Also, that news about Patrick Turner is great. Giving out small parcels of land and more importantly giving tax breaks is just the type of stuff the city needs to be doing (with trusted/responsible developers). The restrictions placed on land use in this case are a great way of increasing green space, and if copied in other locations could have a huge impact on urban blight and population decline.

[(-)]

Originally Posted by End-User

This is an incredibly informative thread. Thanks to all sharing their tips and strategies.

Also, that news about Patrick Turner is great. Giving out small parcels of land and more importantly giving tax breaks is just the type of stuff the city needs to be doing (with trusted/responsible developers). The restrictions placed on land use in this case are a great way of increasing green space, and if copied in other locations could have a huge impact on urban blight and population decline.

baltimore has a horrible history of coming out on the bad end of sweetheart deals to major investors that's why there is some apprehension to this deal. i am all for it, provided the right safety guards are in place.

it really doesn't take that much of a rocket scientist to figure out that if you give land/property away for free to qualified buyers and make them promise to improve the property and maintain it that most people would gladly jump on that type of deal. that's what former mayor/governor schaefer did. $1 homes.

my thing is that cities like baltimore only think in terms of macro development (i.e. big developers) when the truth is real long term prosperity of a community is determined by micro development (small investors, property owners, community orgs). maybe baltimore should concentrate on catering to BOTH groups rather than taking this either/or approach.

[remstone]

Originally Posted by (-)

my thing is that cities like baltimore only think in terms of macro development (i.e. big developers) when the truth is real long term prosperity of a community is determined by micro development (small investors, property owners, community orgs). maybe baltimore should concentrate on catering to BOTH groups rather than taking this either/or approach.

Agreed, and it depends on situation. Plus if you publicly announce a large-scale approach that's going to take a while then you might just be guaranteeing speculators. Exhibit A: Westside of downtown. I haven't seen any small developers doing anything through 10 years of Superblock limbo.

It would also be great if city pressure was brought on speculators, and there are renewed promises to do that under Vacants to Value. But ultimately small-scale disposition and code enforcement just takes more work and leadership than having private negotiations with a single big developer. That inertia is hard to overcome. I'm not familiar enough with Westport to say anything's being done wrong, beyond maybe lack of pressure on the speculators.

[jsdory]

I'd like to shed some "Westport" light. Patrick Turner has made strides with incorporating the neighborhood residents in community functions, regarding planning decisions, block parties, establishing youngster sports teams such as Crew (From the Rowing Marina a few blocks away on the water), and Baseball (theyre undefeated).

The community organization is called Westport Community Partnerships - Their link is: Westport Community Partnerships


Heres a quick blurb from their site:

"Westport Community Partnerships got its start in March of 2008 when the Westport Waterfront Development Project and Turner Development Group engaged Bonnie Crockett to develop and implement a community activist, revitalization and improvement plan, and there is already a feeling of change in the air. There have been neighborhood trash clean-ups, greening classes and tree plantings, new trash cans installed, a street naming contest held at the local school, playground renovations and improvements, and more. The Clean Team has begun its daily work, changing the appearance of the neighborhood. One hundred new tree pits were prepared and are being planted. And the matching facade grant program is available to help give Westport a facelift. The neighbors are feeling it too – pulling together to form a new neighborhood association, a new business association, organizing a Spring Fair and turning out in a crowd to walk as Citizens on Patrol. Each neighborhood success opens the door to more opportunities, and the strategy for revitalization continues to evolve and grow.

The implementation of the Westport Community Partnerships strategy for revitalization, along with the availability of private funds and the likely potential for public funding, presents a unique opportunity for the neighbors of Westport to dramatically improve the quality of their life and lift up their neighborhood as the Westport Waterfront is developed."

Bonnie Crockett who runs this partnership, also was chosen to run the organization in Federal Hill, and we all know the neighborhood's success today. -- There are nothing but good things happening in this neighborhood minus what it looks like at the current time. It starts with engaging residents and making them proud of the place that they call home, and gearing them up for what will be a DRASTIC change.

They just had their annual block party this past saturday - again engaging residents and bringing them closer to the powers that be - to make the neighborhood a better place to live. --

Another link to check out is the Dept of Trans - Presentation - showing whats already in the pipeline for transportation improvements in and around the area. They will be improving it as early as this winter--and into the future, again, readying it for the waterfront development. Link here: http://www.westportpartnerships.org/...33011PRINT.PDF

Enjoy!

[jsdory]

Alrighty people: ... Calm down with this "scary westport" - thing. This neighborhood is a product of greedy investors whom mainly foreclosed on the vacant properties during the economic collapse, "transients" - who are on section 8, & older residents who are retired.. They were banking on the waterfront construction before 2007 and now have been slapped with city fines to rehab, and many cannot afford to, so the city has been taking them back and reselling to people who will. Its a sad situation, since majority of the homeowners in Westport DO NOT LIVE IN WESTPORT. These people probably live out in the County or somewhere else nice. Most of these people have lost these properties and will continue to lose them if they do not rehab them. Check out Vacants To Value - which is a new program in the City that promotes homeownership and rehabilitation of vacants. Welcome to Baltimore Housing

Anyway .. I bought and live there now .. and you would be surprised that more younger professionals are moving in - DESPITE - whats going on at the waterfront. The Association meetings always surprise me because there is always a new professional young face that I meet. Its changing for the better -- and yes, it takes time to get used to a neighborhood such as this if youre not used to it. TRUST ME. - but dont quickly discount it ... its a great investment when people see the value in it -itll change. in the meantime, do your shopping in fed hill - and locust point for now..

[davecj]

Originally Posted by jsdory

Alrighty people: ... Calm down with this "scary XXXXXXXX" - thing. This neighborhood is a product of greedy investors whom mainly foreclosed on the vacant properties during the economic collapse, "transients" - who are on section 8, & older residents who are retired.. They were banking on the waterfront construction before 2007 and now have been slapped with city fines to rehab, and many cannot afford to, so the city has been taking them back and reselling to people who will. Its a sad situation, since majority of the homeowners in XXXXXXXX DO NOT LIVE IN XXXXXXXX. These people probably live out in the County or somewhere else nice. Most of these people have lost these properties and will continue to lose them if they do not rehab them. Check out Vacants To Value - which is a new program in the City that promotes homeownership and rehabilitation of vacants. Welcome to Baltimore Housing

Anyway .. I bought and live there now .. and you would be surprised that more younger professionals are moving in - DESPITE - whats going on at the waterfront. The Association meetings always surprise me because there is always a new professional young face that I meet. Its changing for the better -- and yes, it takes time to get used to a neighborhood such as this if youre not used to it. TRUST ME. - but dont quickly discount it ... its a great investment when people see the value in it -itll change. in the meantime, do your shopping in fed hill - and locust point for now..

What you said applies to many towns across the US. People need to stop scapegoating 2007 and just move on.