need in the know Baltimorean advice

[girlfriday]

I saw a house in Irvington and it was beautiful. This was a year ago.
It fronted the main road of Irvington, the road that led back to the b'way and to Catonsville. Had a huge hallway, old wood floors, graceful staircase. very very nice. Why me no buy ? Tenants fighting the sale.

[girlfriday]

Originally Posted by emsgoof

Hospital or University?

I meant the John Hopkins Hospital area.

[girlfriday]

Originally Posted by barante

girlfriday -- Your query deserves a serious answer. Hundreds of thousands of Baltimoreans live in the city and like the city. Baltimore continues to be affordable; whether you can get anything livable for $100K will not be easy. In the end, it depends on your luck and negotiating skills.
Because I simply don't know enough about current prices, let me just say this: During the past few years, a lot of Baltimore real estate was sold to out-of-town investors who paid ridiculously high prices (by local standards) for marginal property. As a result, it can be expected that as the sub-prime crisis works its way through the market, many of those properties will become distressed and head for foreclosure. When will that be? When will the bottom be reached? No one knows the answer to those questions, although I suspect that we are still a long way from the bottom.
(1) Irvington. This is an undiscovered gem. Just visit Augusta Avenue, a wonderful street.
My take: Irvington has been going downhill rapidly in recent years. There is reason to believe this slide might come to an end. I know of at least two projects to build new homeownership townhouses along Frederick Avenue. Some of the problematic apartment complexes have already come down. Also, the city's major, major investment in rebuilding nearby Uplands (google it) may contribute to Irvington's turnaround.
I hope you feel that I am hedging, because I am. Logically, Irvington ought to be a very desirable neighborhood because it is so convenient to everything. But turning a neighborhood around in any city is a tough task and in Baltimore it is doubly so.
Good news: If you are considering Irvington, keep an open mind. They have a National Housing Service program going on there (google). You might want to talk to them and see what kind of housing they have available, because it would be rehabbed.
Ethnic mix: Mostly African-American now, with some whites.
(2) Charles Village. If you define its borders by the borders of the taxation district (benefits district), it includes both stable areas and iffy ones. In general, prices are well out of your price range, although I might look into Remington as an alternative. Its in between Hampden and Charles Village.
Ethnic mix. The heart of Charles Village is substantially white, but multiracial.
(3) Greektown. Still the location of Greek churches and restaurants, this is a neighborhood in transition. Prices have been going up on speculation because the waterfront is not that far away and big things have been proposed for the waterfront.
Ethnic mix: Not many blacks, but Hispanics are making inroads.
If I were in your shoes, this is what I would do: I would contact the Live in Baltimore center (google), put the question to them and ask for affordable neighborhoods with incentive programs. For instance CHAI Baltimore (google for CHAI and under homeownership you will see some houses for sale) operates on the Park Heights Avenue area of Baltimore -- safe streets, improving conditions. Now, $100,000 is not likely to be enough for that area (is it enough for any area?) but you might be able to get a special situation (=unrenovated but livable) rowhouse for that price on a lucky day.
Anyway, what special financing deals like CHAIcan do is to package a loan in a way where the price may be higher but payments are still manageable.
You are embarking on an exciting exploration. But instead of real estate agents and speculators, I would suggest contacting organizations like the National Housing Services, CHAI and Tri-Churches in Pigtown and see what they say.
In coming months, there will be a lot of rehabilitated distress property for sale in Pigtown because the speculative market is collapsing. Whether buying a house in an area that was rising on speculation and then falls because of speculation makes any sense is a question only you can answer. It depends on your time horizon, mostly.
Hope this helps.

Thank you for your very well thought out reply.