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Old 02-27-2010, 09:42 PM
 
4 posts, read 13,658 times
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As a relatively new resident to Maryland, I am not clear on what drives the home prices in Federal Hill to be 30-40% higher than similar properties with the same amenities/features in Canton and Fells Point. Rental prices seem to be the same in all 3 neighborhoods, but the property prices are completely different.

Here's the reasoning I've read/heard about the price justification in Fed Hill:
  1. Less crime in Federal Hill: A crime map from Baltimore Police Dept (http://maps.baltimorepolice.org/bpdmaps/police_new.htm) indicates the contrary. All 3 areas have about the same amount of crime (burglary,etc.)
  2. Fed Hill has better parking: Not sure about this, but I suspect being around a park in any neighborhood would help ease the traffic problem, so if i purchase near a park, wouldnt this issue be mute?
  3. Fed Hill has better bars/more mature crowd: Again, this is just a few opinions I've gotten, but I'm sure everyone has their own opinion on this.
Hopefully someone can shed some light why Federal Hill prices are so much higher. I dont see anything that justifies a $240k Canton (or Butchers Hill) house costing $300k+ in Federal Hill.

Thank you!
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Old 02-28-2010, 09:12 AM
 
Location: Baltimore
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In Baltimore as with most cities, home prices are largely driven by perception.
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Old 03-01-2010, 10:19 AM
 
Location: Squirrel Hill
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There's probably a little less crime in Federal Hill since its a bit better insulated from the bad neighborhoods than Canton or Fells Point, but its not a huge difference. Parking is a little better as well, depends on exactly where you are looking. Not a huge difference most likely and I'd highly recommend looking for a place that has at least one parking spot regardless of the neighborhood. Its definately not a more mature crowd, whether the bars are better or not is up to you. It is closer to the stadiums if you go to a lot of O's or Ravens games.
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Old 03-01-2010, 10:59 AM
 
Location: East Coast
866 posts, read 2,409,272 times
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Two factors likely drive prices a little higher in Federal Hill vs. other neighborhoods: location and geography.

It's located very close to the inner harbor and downtown. Many people who live in Federal Hill can walk or bike to their jobs downtown.

In terms of geography, land is more limited in Federal Hill because of its position on the South Baltimore peninsula. Any time you have limited supply, prices increase. This is why cities like New York (Manhattan), San Francisco, and Boston that are located on islands or peninsulas are more expensive than, say, Chicago or Houston, which have more room to spread out. Similarly, Canton is more spread out and is continuing to spread eastward into Highlandtown.
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Old 03-04-2010, 12:05 AM
 
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Default thank you

Thanks for all your input. I've been looking at houses in Canton and aside from safety (huge item), Canton's prices seem more reasonable.


Last edited by knoxgarden; 03-05-2010 at 01:16 PM.. Reason: No links to MLS, per TOS
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Old 03-05-2010, 10:45 AM
 
Location: Baltimore
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I still don't understand how people can justify paying 7 grand in taxes. That's slightly less a month than my entire mortgage payment in Canton.
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Old 03-05-2010, 01:07 PM
 
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A mortgage payment slightly higher than $583/month for a $300k property? $7k in taxes is usually for a $300k house.
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Old 03-05-2010, 04:13 PM
 
Location: Portland, Maine
4,180 posts, read 13,508,309 times
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Quote:
Originally Posted by bretonk View Post
Thanks for all your input. I've been looking at houses in Canton and aside from safety (huge item), Canton's prices seem more reasonable.


There is really very little difference in the crime situation in Canton vs. Federal Hill. Patterson Park may have a bit more of a problem with it but I have been in the area for four years without issue. And, personally, I think you get more home for the price. Just my 2 cents.
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