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Fells Point Named in Top 10 List of Neighborhoods - and Fells Point Market Report
The American Planning Association has named Baltimore's Fells Point as one of the top 10 neighborhoods in America.
Fells Point is located within Baltimore City to the East of downtown Baltimore and features stunning views of Baltimore's Inner Harbor. Fells Point features impressive late 18th and 19th century architecture and streets bustling with people and traffic all day long. Fells Point is one of Baltimore's premier waterfront neighborhoods followed closely by Canton and Fells Point.
During it's first century Fells Point was initially developed by wealthy landowner William Fell in 1761 when it went from a forested agricultural area into a shipbuilding and commercial center where some of the U. S. Navy's first ships were built including the original USS Constellation. The Constellation that currently inhabits the Inner Harbor was built in Norfolk, VA some years later.
After the War of 1812 and the British bombardment of Fort McHenry, the neighborhood became the country's second most popular port of entry for immigrants only surpassed by Ellis Island in significance. Some of my ancester's arrived in the U.S. through Fell's Point and later settled in Somerset County.
Today, Fells Point occupies the area south from Gough Street to the water's edge, and roughly between Caroline and Chester Streets. With the Jones Falls Expressway just minutes away and good connections to the north and southbound portions of I-95 and the Beltway, Fell's Point is in a very convenient location. It is also served by the MTA buses, Charm City Circulator and water taxis. The community boasts over 161 buildings on the National Register, along with the oldest standing residence in Baltimore City, the Robert Long House at 812 S. Ann Street. The area is home to dozens of unique retail shops, restaurants and pubs.
Currently in Fells Point there are 39 homes being offered for sale ranging in price from $99,000 to $1,195,000 averaging 140 days on the market. There is a good mixture of old and new with homes built between 1840 and 2012. And, there are currently 15 homes under contract ranging in price from $62,500 to $659,000. Many homes in the area are being purchased and renovated and offered for resale. The area is very popular among first time home buyers because it offers so many neighborhood ammenities and entertainment opportunities.
Over the past year 98 homes have sold ranging in price from $45,000 to $999,999 averaging 75 days on the market - the average sales price is $287,030. This is an increase from the same period the year before when only 76 homes sold ranging in price from $55,000 to $1,238,000 when the average days on the market was 97 - the average sales price was $235,566.
These numbers show that Fells Point's average sales price has increased by over $50,000 during this past year over the year price and the number of homes sold has also increased significantly.
The current inventory includes new construction ranging from $159,900 up to 695,000 as well as existing homes that could benefit from renovation using a FHA 203K loan and also homes that have been completely renovated. Fell's Point has many excellent restaurants such as John Stevens, Admiral Fell Inn and don't forget the Sip and Bite and many others, pubs such as the Waterfront Hotel, Dead End Saloon and the Warf Rat and many retail shops and is close to the Whole Foods store on Fleet Street near Caroline.
Fells Point certainly has felt the results of the national Real Estate roller coaster. In the peak of the market the number of homes sold was well into the 130-140 in a year averaging over $350,000 and when the market dropped the number of homes sold in a year also dropped down to as low as 64 in 2007/2008, rising up to in the 80's per year from 2008-2011 during the last 12 months 97 homes have sold and the average sales price has increased. Will the trend continue? As long as interest rates remain low and the City of Baltimore in conjunction with Live Baltimore and some national organizations offer down payment incentives this area will remain popular. There are property tax incentives available on some homes, Live Near Your Work loan programs and other incentive programs available to purchase homes in the Fells Point neighborhood. Will you be the next new home owner in Fells Point?
If you are considering a home in this great neighborhood. I just listed a beautiful home just a few blocks from Patterson Park. For more information check it out here!!
If you are thinking of buying or selling an home in Maryland give me a call at 410-292-0100 or start your search here and we'll talk about the market conditions and what your home could possibly be worth in today's market place if you are thinking of selling. If you are considering buying a home, there is no better time than now to buy. The tax savings and wealth building alone is worth the plunge into todays market. Century 21 New Millennium is part of the largest nationwide relocation company and can assist with your move here in Maryland or anywhere in the United States or abroad. Ask me how.
In keeping with saluting our heroes, during 2013 I am waving flat fees for active duty military, retired military and the families of fallen military, as well as policemen, firemen and emt's. If you enter into a contract by the New Year's eve I will waive the flat fee at settlement. This is a $395 savings. If you are thinking about buying or selling a home give me a call and receive full service real estate assistance from an experienced agent. Our office is open 7 days a week and we can be reached at 410-730-8888 or I can be reached directly at 410-292-0100.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.