$1,000+ per square foot...what do you think Mr. Clancy's would sell for if he were to try to flip it?

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By Kris Hudson | Wall Street Journal

Tom Clancy has given a bit of a boost to the battered condominium market – at least in Baltimore.

The novelist this week paid $12.6 million for three condos that will be combined to create an 11,959-square-foot penthouse in the Ritz-Carlton Residences in Baltimore’s Inner Harbor, according to published reports and people familiar with the matter.

The price amounts to $1,054 per square foot. That’s a stratospheric price tag for gritty Baltimore, where average condo sales run in the range of $300 to $500 per square foot and luxury condos go for $600 to $800 per.

“I think it’s probably the largest [condo sale in Baltimore] by a long shot,” said Bob Merbler, a partner in Baltimore brokerage Yerman, Witman, Gaines & Conklin Realty LLC, who specializes in luxury-condo sales but wasn’t involved in the Clancy deal. “A few years ago, if you had a $1 million or $2 million house in Baltimore city, that raised eyebrows.”

Developer RXR Realty LLC completed construction of the 191-unit Ritz Carlton Residences last summer. Unlike other hotel-residence projects that offer both hotel rooms and for-sale condos, the Baltimore project is made up solely of for-sale condos. However, residents there do get access to hotel amenities such as concierge service, a spa and an indoor pool.

Source: Wall Street Journal. View Article.

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