National Market Report

Miami /
Jan.January 14, 2011 02:40 PM

From the New York January issue: Novelist Tom Clancy has purchased three additional penthouse condos at Baltimore’s Ritz-Carlton Residences, adding to the three he already owned, the Baltimore Sun reported last month. With the new properties, Clancy has increased his square footage from 12,000 to a little over 17,000, and he now owns an entire penthouse level of one of the Ritz-Carlton’s six buildings. Clancy paid a total of almost $2.2 million for all three condos, which are located alongside the Inner Harbor. Ten months ago he paid $12.6 million for the first three penthouses. The decrease in price reflects Baltimore’s struggling luxury market. The developer of the high-end project, RXR Realty, lowered prices over the summer by 5 to 30 percent on nearly a third of the condos, and plans to lower prices on 30 more units in January. A total of 33 transactions have been completed in the 190-unit complex. Click here for more real estate news from across the country.


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