Can anyone explain to me why this house has not sold (Baltimore: for sale, real estate)

[640TAG]

1530 Bolton St, Baltimore, MD 21217 | MLS #BA8712939 | Zillow

I think it's one of the most staggeringly beautiful houses I've ever seen. Decor a little chintzy in places, but what the heck. Great area. Exquisite in every department. And for the price of a 1 bed apartment in this suburb. I appreciate it's top market for Baltimore, but surely this is worth every cent? I find it staggering.

[Brooklynite1114]

Possible reasons as to why the house hasn't been bought yet. The price, schools, and city/town.

You can find a safer place to raise a family with better schools and a more quiet area, for cheaper. I.E Bel Air MD. Even Columbia MD. Examples: 6432 Brass Knob, Columbia, MD 21044 | MLS #HW9562450 | Zillow
1612 Lynndale Ct, Bel Air, MD 21014 | MLS #HR9562348 | Zillow

Maybe it's good for anyone trying to rent out the place and exist as an acting landlord (maybe for millennials to rent?), but so far, nobody's stepped up to the plate to buy this place out and put it up for rent. That's the only reason I can think of for wanting to buy this place. That and college...

This townhouse isn't the only victim to just sitting on the market being unbought. There are houses in Roland Park and even Hampden that have just been sitting in their neighborhoods, being unoccupied. It happens all across Baltimore. Houses for sale, and nobody wants to buy them until about at least a year later.

[Alicia64]

You'd have to look at comparable houses to see what they sold for -- to know if this house has been well priced.

What do you find staggering?

Alley

[640TAG]

Originally Posted by Alicia64

You'd have to look at comparable houses to see what they sold for -- to know if this house has been well priced.

What do you find staggering?

Alley

That such a beautiful, immaculate Georgian house in a very grand neighbourhood in a major American city can be had for such money. What on earth would a similar property fetch in DC or NYC? Totally out of context I appreciate, but in London in a central neighbourhood (which is, along some SW and NW suburbs and the East End, is the only place you would find such a house), you would be looking at at least $5M. More in the swankiest postcodes. Manhattanites could afford the Bolton Hill house as a pied a terre. Why don't they? I KNOW Baltimore is not London or NYC etc, but the sheer bang for bucks IS staggering.

Obviously too much otherwise it would have sold, and I KNOW it's Baltimore, but that is an utter bargain in anyone's money. Heck, I could sell up, buy it for cash and have enough over on which to live very comfortably for my remaining days.

Which may be fewer if I moved to Baltimore. Yadda, yadda

[DistrictSonic]

People in the $500k+ category buy on location first, and housing type second. You may gawk at the style, but the reason a house like this would sell for millions in NW DC or NYC is precisely because it is in NW DC or NYC. If it were in Cleveland, or say Baltimore, it's worth far less. The truth is many of us who could afford $500k+ houses would not even consider Baltimore, and are fine with a smaller house in a much nicer neighborhood. Let's say in NW DC, Boston, or Seattle. Where $600k can get you in plenty of desirable neighborhoods.

So to answer your question.
1. It's Baltimore.
2. It's after the riots, and this is close to west Baltimore.
3. Location matters.

There is a large number of houses for sale or in foreclosure in that neighborhood, which tells me people are bailing from the neighborhood. Also a bad sign.

[bufflove]

Originally Posted by 640TAG

1530 Bolton St, Baltimore, MD 21217 | MLS #BA8712939 | Zillow

I think it's one of the most staggeringly beautiful houses I've ever seen. Decor a little chintzy in places, but what the heck. Great area. Exquisite in every department. And for the price of a 1 bed apartment in this suburb. I appreciate it's top market for Baltimore, but surely this is worth every cent? I find it staggering.

A nice looking place, for sure, but the market's pretty small for a house that big and expensive in Baltimore. I certainly wouldn't want a place that big - who would? I guess if you have 5+ kids, but then you likely wouldn't be living in Baltimore (unless you're poor/unable to afford a better school district, of course).

And I wouldn't spend $600K+ to live in Baltimore, either. Which I don't mean as a bad thing - Baltimore's a very affordable city and there are a lot of nice rowhomes for half that, is all. Spending an extra $300K for an unneeded 5th and 6th bedroom is beyond excessive and is something only a very specific buyer would do.

[BMoreJuice]

I don't think the riots and location is the culprit to why this house hasn't sold. If the riots were a factor, then why has nobody fled? If location was the factor, why do people in Guilford live were they live? Baltimoreans tend to accept where their house borders, which means that two blocks from the ghetto is not a big deal. I just think that its a very expensive house and people are not looking to spend a huge amount on a home. Plus in this price range its generally old money. Bolton Hill Is the closest environment to antique Baltimore and a highly desired neighborhood. Reservoir Hill is also a cheaper alternative for the same house and quit frankly, even more architectural intriguing. And Bufflove hits in on the nail, its very expensive to maintain.

But it will sell, price needs to come down a little bit.

[fibonacci]

Yes, this place would cost millions and millions in NYC, DC, or SF. Baltimore has some homes that are cray cray. It's unfortunate though that they're in Baltimore. Crime, schools, taxes, bad public transportation, etc. are all reasons why Bmore is less desirable to live than DC, SF, or NYC.

[pwduvall]

Originally Posted by DistrictSonic

There is a large number of houses for sale or in foreclosure in that neighborhood, which tells me people are bailing from the neighborhood. Also a bad sign.

I know people that live in that neighborhood and they seem to be happy enough and not thinking about bailing out. I lived in Charles Village in the 1990's, so I know what a neighborhood that people are bailing out of looks like - not like Bolton Hill. There are 13 houses and a few condos for sale in Bolton Hill. That is just about what I would expect. Since it contradicts what I hear, can you give me the source of your information about houses for sale and foreclosures? For what it is worth (not much) the Zestimate for Bolton Hill has been trending upward for the past eight months.

It is true that any price over $600K for a rowhouse in Baltimore pushes the market. At that price, if the house has any flaws it will be slow to sell. There are plenty of nearby houses for sale in a similar price range. In this case the buyer's choices regarding the maintenance of the structure, kitchen design, and even paint colors make all the difference.

Finally, I curious about the posters from DC who are always trashing Baltimore. Did you live in Baltimore at one time? Is there some other source for your seemingly detailed knowledge of the city? I grew up outside of DC and I would never claim to have any knowledge of DC real estate.

[BMoreJuice]

Originally Posted by pwduvall

I know people that live in that neighborhood and they seem to be happy enough and not thinking about bailing out. I lived in Charles Village in the 1990's, so I know what a neighborhood that people are bailing out of looks like - not like Bolton Hill. There are 13 houses and a few condos for sale in Bolton Hill. That is just about what I would expect. Since it contradicts what I hear, can you give me the source of your information about houses for sale and foreclosures? For what it is worth (not much) the Zestimate for Bolton Hill has been trending upward for the past eight months.

It is true that any price over $600K for a rowhouse in Baltimore pushes the market. At that price, if the house has any flaws it will be slow to sell. There are plenty of nearby houses for sale in a similar price range. In this case the buyer's choices regarding the maintenance of the structure, kitchen design, and even paint colors make all the difference.

Finally, I curious about the posters from DC who are always trashing Baltimore. Did you live in Baltimore at one time? Is there some other source for your seemingly detailed knowledge of the city? I grew up outside of DC and I would never claim to have any knowledge of DC real estate.

Bolton Hill is Roland Park for rowhomes, nobody is fleeing from there anytime soon. If anything Madison Park the only complaint next door will become better.