Moving to Baltimore; want to buy under $125k (University Park: for sale, real estate)

[kristin137]

Hi, my fiance and I are moving to Baltimore. We want to purchase a home, and are looking to spend under $125. The cheaper it is, the better. I am salivating when I see homes listed for $60k, but I have no idea if the area those homes are in are just plain bad or not.

We have a few things that we value, but we doubt that there is one perfect area that has it all, so we're willing to settle for getting just a few of our wants. Browsing around forums and trying to keep track of individual streets has become really overwhelming, so if anyone could give me some suggestions, that would be great.

My fiance is going to graduate school at JHU and I don't have a job in Baltimore yet, but where I work isn't as important for our placement. He will go back and forth to his lab at all hours. I feel sheepish, but I'm not sure if his lab will be near the main university or the medical school part, and he's not around at the moment to tell me.

We would love to be in a good neighborhood with entertainment and food near by, grocery store within walking distance, shopping, and a place to walk our dog. In fact, this is the most important thing to us, but if we could get near JHU, that would be fantastic. Does anyone know of a neighborhood in our price point that seems like a good fit?

[kristin137]

Or if people could just tell me neighborhoods that are a good fit for our wants but are too expensive for us, that would be great, too. I'll just find a place that I can afford in those neighborhoods.

[ltong1009]

Check out Patterson Park near the hospital, and Waverly near the university. A place under $125k will be tough in just about any neighborhood.

[jonjj]

125 in the Patterson Park neighborhood doesn't exist unless it is a complete rehab. 125 is a tough one in any decent neighborhood in the city. I'm sure they are out there but not sure of the condition.

[RoadTripGurl]

If yu want to spend just 125k I hope you have the money to fix it up. Be really careful and research the area, and the home thorughly or you will be stuck with a nightmare (and that's general advice for any neighborhood)

[dojinick]

Same as the other responses. The listings under 125k you are seeing are homes it terrible neighborhoods, or a home that need major work (50-100k) in repairs.

Obviously, you may find an exception since the real estate world is currently going to hell in a handbag. That said, I think your pricing is still too low for Baltimore unless you want a studio condo.

I would recommend renting. Prices will not be improving in the city for at least 12-18 months (forecast quote from the NAHB) and you can expect price softening until the inventory levels settle down (Baltimore City is at 12+ months and mid-cycle would be 5.5 months).

My advise would be to wait if you can.

[jonjj]

Originally Posted by kristin137

Or if people could just tell me neighborhoods that are a good fit for our wants but are too expensive for us, that would be great, too. I'll just find a place that I can afford in those neighborhoods.

If your fiance is going to be working at Hopkins, you will want to look into Patterson Park, Butchers Hill, Upper Fells,etc. Those areas are close to Hopkins and decent. For 125, you may find a home in Patterson Park that needs some work. If you are willing to do the work yourself, it may work out. If you are talking a 2-3 year stay, you would probably do all right with the investment in the long run. Rehabbed homes in the area easily get over 200k even with the down-market. So-if you bought one needing work for 125, did most of the work yourself and invested 50-you would come out all right. Find the thread on Patterson Park for pictures of the area. Lots of dog owners and things to do. Good luck.

[davecj]

Is he working at the university or at the new biotech park?

As someone in your same position, I say good luck. I'm trying to buy an investment property and it's tough, especially for me who will do 90% of the work.

Under 125k would be pretty easy around JHU campus but be advised it's not the safest area.

Try Find All the Homes for Sale & Experienced Real Estate Agents | Redfin I use it since it shows you on a map where all the houses for sale are so you can pick where you want to be.

[nurider2002]

As others have shared, finding a decent home in a decent neighborhood in Baltimore under 125K might be overly optimistic. That said, if your fiance is going to JHU campus (along University Parkway) as opposed to the Hospital in east Baltimore, you might want to go to realtor.com and check out homes in zip codes 21206 and 21214. These neighborhoods include Arcadia, Hamilton, Lauraville--to name a few. Herring Run Park, which runs through Arcadia used to be a great dog walking park (perhaps still is). When I lived there a few years back, the neighborhoods were for the most part stable, diverse and a fun place to live. I lived just off the park in Arcadia and later off of Walther Ave (Beverly Hills) and enjoyed my time there. The Hamilton corridor is under redevelopment (harford road) with new restaurants, specialty shops and some bars and grocery shopping. You can probably still find a decent rowhouse or semi-detached in those areas close to what you want to spend. Check out Herrring Run Park off of Harford Road on a weekend -- it used to be a great park and probably still is. Best of luck to you.

[christian k]

check out Remington - easy access to JHU and some decent homes - Hampden nearby.. there were a few foreclosures there a couple of weeks ago in the $150k range - Don't be apprehensive to review some homes that may be in the upper 100's - as your money will go along way with these interest rates hovering below 5% these days - an AWESOME time to buy - the housing market under $250k is VERY STRONG in Baltimore City - 1st time buyers have figured out NOW is the time to buy - also check out LiveBaltimore.org for housing initiatives and grants available - this site also has a great over view of Baltimore neighborhoods - good luck to you !!