Will aliens invade Guilford? (Baltimore, Annapolis: best neighborhood, for sale, real estate)

[barante]

Between rain today we went to look at Sherwood Gardenstulips, which are at their seasonal peak. We noticed that lots of mansions have FOR SALE signs in front. This presents an intriguing problem.
Guilford, arguably the city's best neighborhood, was terribly undervalued until the real estate craziness finally lifted its prices through the roof. Clearly those prices are now nosediving.
In terms of location, materials and elegance, many of those mansions are difficult to duplicate at any price. But with bargains galore all around the metropolitan area, those huge, maintenance-intensive edifices, with extensive grounds, may be begging for buyers.
It occurred to me that there is one market segment that may find them compelling buys: Wealthy foreign buyers who can take advantage of the collapsed value of the dollar. An amazing number of such buyers parade through Baltimore every month because they, or their relatives, come here for medical treatment at Johns Hopkins or UMd. Compared to prices for similar properties in D.C. (or Europe), these properties are bargains.
Any thoughts?

[carolott]

I'm surprised more foreigners don't live over there, given its proximity to Johns Hopkins. It's a beautiful neighborhood.

[baltimore's best]

Originally Posted by barante

Between rain today we went to look at Sherwood Gardenstulips, which are at their seasonal peak. We noticed that lots of mansions have FOR SALE signs in front. This presents an intriguing problem.
Guilford, arguably the city's best neighborhood, was terribly undervalued until the real estate craziness finally lifted its prices through the roof. Clearly those prices are now nosediving.
In terms of location, materials and elegance, many of those mansions are difficult to duplicate at any price. But with bargains galore all around the metropolitan area, those huge, maintenance-intensive edifices, with extensive grounds, may be begging for buyers.
It occurred to me that there is one market segment that may find them compelling buys: Wealthy foreign buyers who can take advantage of the collapsed value of the dollar. An amazing number of such buyers parade through Baltimore every month because they, or their relatives, come here for medical treatment at Johns Hopkins or UMd. Compared to prices for similar properties in D.C. (or Europe), these properties are bargains.
Any thoughts?

Very interesting concept. Are you in the real estate business?

[barante]

No. I'm not smart enough to do real estate, although I sold two of my previous residences on my own.

[Tallybalt]

No.

Why would they? Medical care at Hopkins is generally a one-time incident for most people. Either they die, or they don't and don't return to Baltimore.

Overseas buyers buy in NYC, South Florida, Las Vegas, and to a certain extent, DC, and Mexicans have been buying in Houston. Baltimore ain't any of those places.

Guilford's housing market, like most neighborhoods in Baltimore City and County, is seeing a number of homeowners asking unrealistic prices in today's market, along with those who desperately need to sell (two or three of the properties on the market were for sale a year or two ago, and are listed for below their original selling price).

Most Guilford houses don't have extensive grounds. The average lot size in Guilford is a third to half acre. Hardly large by suburban standards. The larger ones are more expensive to heat and maintain, but not noticeably more so than large suburban houses.

[barante]

You may be right, but who knows. The point I was trying to make is this: Even at this point, compared to prices in Georgetown in D.C. , Guilford mansions are compelling buys for foreigners taking advantage of the bargain-basement dollar.
It is true that many medical visitors (or their relatives) are unlikely to be repeat visitors to Baltimore. However, many have permanent interests to take care of in Washington, D.C. It is Guilford's proximity to D.C. that may become attractive to foreign buyers because they may not have been aware of the huge price differential between the two nearby cities.
Just compare Guilford prices with NW prices around Kalorama and you should see my logic.

[Tallybalt]

There's no comparison between Guilford's prices and those of similar neighborhoods in DC where housing do go for 2-4X as much.

On the other hand, Kalorama is in DC. Guilford is in Baltimore. It's still a long commute. People with the money and willing to endure the distance usually head for Annapolis and the waterfront in Anne Arundel County.

[jonjj]

If I am not mistaken, didn't the head of the Washington Post actually reside in Guilford? It was either Guilford or Roland Park.

[barante]

That's a new one on me.
If you mean Leonard Downie Jr., the executive editor, he used to live in Laurel in his hungrier and leaner years. Donald Graham, the main honcho, lives in D.C. as did his late mother, Katherine Graham, daughter of Eugene Meyers, who acquired the Post and started it on the road toward greatness.
Steve Luxenberg, who once was the assistant managing editor in charge of Outlook, lived and still lives in Lauraville.
One or two of The Sun's publishers have lived in Guilford but it's such a revolving door these days that they may as well have their digs in temporary housing.

[jonjj]

Thanks Barante. Actually, I heard several references about Katherine Graham maintaining a residence in Baltimore; not sure if it was before or after her husband's death. It may have been just hearsay and I very well could be wrong but I had heard that from several sources. To be honest, it was so long ago, I even forgot her name until you mentioned it. Also, didn't she have something to do with the Watergate Investigation? This goes back so pardon me if I am showing my age....