MD Real Estate Green Shoots: Apartments
By: Myles, February 1st, 2010
A few green-shoots to focus on with regard to the Maryland real estate marketplace, finally. Is 2010 starting to turn, possitive?
In today’s Sun, despite an economy still in the earliest stages of recovery, some apartment construction projects are securing hard-to-get loans and moving forward as developers count on apartment living coming back into favor.
A Few Examples: In the Baltimore area, several apartment projects are moving ahead.
- Less than a mile from Ellicott City’s historic downtown, crews have demolished an old house to make way for luxury apartments for a couple of hundred new residents.
- Near Fort Meade, more luxury apartments are sprouting where a trucking terminal once stood.
- In Locust Point, apartments will be started this summer to appeal to urban dwellers who want to live near shops and restaurants
A Good-News, Perfect Storm: It’s all about supply and demand. Those moving ahead with rental projects see a bright future due to pent-up demand and other factors behind the trend. Because new apartment construction starts have fallen to post- World War II lows, apartments could be in short supply in the next couple of years. Meanwhile, a declining homeownership rate combined with a growing number of 18- to 24-year-olds is expected to raise the number of new renters.
Read the full story for all the detail ….. and figure out how you too can take advatage of the opportunities and the good news.
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