Wednesday, January 2, 2008

Selling Baltimore

With one of the most expensive real estate markets in the county, D.C. area residents are now moving to Baltimore in increasing steady numbers. A lot of credit can be given to the Live Baltimore Home Center, which has helped advertise Baltimore City to Washingtonians like no other agency or business group has done before. Check out this December 30th article in the Baltimore Sun.

By the numbers:
• 1,200 people visit the home center annually to find out about city living in Baltimore
• 1,400 residents volunteer as ambassadors -- assisting Live Baltimore at events and talking to potential residents about their neighborhoods
• 10,000 subscribe to Live Baltimore's weekly e-newsletter, which highlights neighborhoods, residential developments and city happenings
• 70,000 copies of the City Living Resource Guide are distributed annually across the greater Baltimore/Washington region
• $300,000 is awarded annually to 100 "Buying into Baltimore" participants who decide to purchase a home in the city
• Since Live Baltimore's inception, home prices in the city have risen 205 percent.

While the influx of Washingtonians has had a positive affect on Baltimore City's real estate market and property taxes it has also made living in Baltimore City more expensive for long term residents. While some property owners have been able to cash out there homes in the new surge in real estate others are left with higher taxes while paying for the same city amenities.

So this leaves the question on whether Baltimore can sustain the continued influx of residents without significantly increasing it's amenities, development and public transportation. What is your opinion?

1 comment:

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