BALTIMORE (Map, News) - Homes might not be selling, but apartments are renting, says Edward Hord.

“The market is tough in sales, but rental is hot,” said Hord, senior principal of Hord Coplan Macht, a Baltimore-based architecture and design firm.

One- and two-bedroom “cascading loft” apartments are renting at the nearly finished Railway Express project on St. Paul Street near Penn Station. Hord is part of the Railway Express LLC development team, and HCM designed the project.

HCM turned the 75,000-square-foot Parcel Post Station, built in 1929, into a mixed-use project, with 37,000 square feet of office space on the first floor and 38,000 square feet of apartments on the second floor.

As of Monday, 19 businesses had leased 20 commercial spaces at Railway Express, with some companies moving into their new offices at the beginning of the year. Nineteen of the 30 apartments have been leased.

“It’s historic renovation, it’s transit-oriented development, it’s mixed use,” Hord said.

The apartments are unlike any in Baltimore, with 17-foot ceilings and 14-foot-by-14-foot windows. The apartments, 65 feet in length, are loft-style, with stairs leading to the bedrooms, which are open to the rest of the space. “The windows are just so cool,” Hord said as he pulled a window shade to let sunlight in.

Eric Harris, 26, moved into a one-bedroom apartment with his girlfriend at the beginning of the year. “We were sold as soon as we saw it.”

The one-bedroom apartments are leasing for $1,200 to $1,300 a month, with two-bedroom apartments leasing for $2,200 to $2,300 a month, Hord said. Office space is renting for about $18 per square foot.

Baltimore-based Incite Creative will move into its 1,800-square-foot, loft-style office space at Railway Express on Friday, said Dina Wasmer, the company’s president.

“We were able to work with the space planners to design the office, which was helpful,” Wasmer said. “We’re paying twice as much rent than our old office, but I think the location will pay for itself.”

acannarsa@baltimoreexaminer.com

Comments from Examiner Readers

11:01 AM MST on Thu., May. 8, 2008 re: "Sales of soaring skyscrapers sag"

Examiner Reader said:
Real estate values and property worth can be "funny money" as clearly expressed in the current credit crisis. Owners who "feel" or "believe" their property is worth an amount often don't sell til they come to understand the actual market value on any given day.

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1:39 PM MST on Sat., May. 3, 2008 re: "Realtors, builders turn away from gimmicks"

Examiner Reader said:
buying a condo,is like buying a boil for your butt.

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12:48 PM MST on Wed., Apr. 23, 2008 re: "Bowleys Quarters condos spark controversy in Baltimore County"

Examiner Reader said:
its about time someone has finally started to take a stand against these monsterous developments. besides, why build NEW condos when it's becoming apparent theat condo's don't go for crap anymore.

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6:47 AM MST on Tue., Apr. 8, 2008 re: "District government takes on landlords in lawsuit"

Examiner Reader said:
Rent control and government intervention always leads to higher rents or bankruptcy. Everyone knows that but the saps who keep believing they can get a free ride somehow.

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4:58 AM MST on Tue., Apr. 8, 2008 re: "District government takes on landlords in lawsuit"

Examiner Reader said:
oh, now stop your whining. These guys deserve it. Yes governments have lots of corrupt employees, why make everything more corrupt just because of that one fact? Just do some reading on the properties, and you will see how negligent these landlords are.

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5:53 AM MST on Mon., Apr. 7, 2008 re: "District government takes on landlords in lawsuit"

Examiner Reader said:
This is a good way to make the public forget that it is the DC governmetn itself which is really greedy and full of corrupt employees. Attack the landlords is a good variation of class envy. If the landlords are smart they will all declare bankruptcy and put their properties in receivership and throw everyone out in the street. Let's see how smart the DC government and Mayor Fenty look at that point.

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9:21 PM MST on Mon., Feb. 25, 2008 re: "Fairfax supervisors expect grim news on home values, budget"

It's a joke said:
Go check your assessment on their website. My house went down almost 200k. Can you guess how much my land went up? 230k!!!!! How can a house in Fairfax county be valued at 135k and the land at 530k? That same address was about 300k house and 300k land last year. Is my home structure of 4 bedrooms, 3 full baths, carport, deck, etc., really only valued at $135k?

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12:22 PM MST on Mon., Feb. 25, 2008 re: "Fairfax supervisors expect grim news on home values, budget"

Examiner Reader said:
And to make matters worse, it's difficult to find any neighborhood in Fairfax that doesn't have boarding houses occupied by 10-20 people with un-kept lawns filled with bicycles and junker cars. No prospective home buyer would even consider buying a house in these areas, except of course, more boarding house slum lords.

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10:22 AM MST on Mon., Feb. 25, 2008 re: "City could face deficit, cuts"

Get Real said:
I love the "my house is worth this" and "my house is worth that" crowd. Your house is worth what you can sell it for! Get real - you may have to sell it for far less then you bought it.

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9:40 AM MST on Mon., Feb. 25, 2008 re: "Fairfax supervisors expect grim news on home values, budget"

Examiner Reader said:
If the Fairfax County Board hadn't spent money like drunken sailors over the last few years as they doubled the collections of Real Estate Tax, then we wouldn't be in this mess.

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10:47 AM MST on Wed., Feb. 6, 2008 re: "Developers, brokers, lenders meet to discuss commercial market"

Examiner Reader said:
just turn all that commercial property into casinos,cell phone stores,tatoo parlors,and adult bookstores. thats all america needs. oh, maybe a coffee shop here and there would be nice too.

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10:17 PM MST on Fri., Feb. 1, 2008 re: "Realtors forecast better housing market in 2008"

Examiner Reader said:
realtors and their hack 'economists' produce opinions like horse-squeeze..

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3:49 PM MST on Wed., Jan. 30, 2008 re: "City could face deficit, cuts"

Examiner Reader said:
open up a full casino resort plaza by our sports complex and get rid of property taxes!!!!!

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10:02 AM MST on Wed., Jan. 30, 2008 re: "City could face deficit, cuts"

Examiner Reader said:
that's why the drug dealers and gang members are happy there understaff on the police dept.buy hundreds and with a freeze in place and officers leaveing the mayor need's to cut the budget.ok we have a good idea short baltimore police and hire more staff and give them a raise.that is one crack staff.

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9:19 AM MST on Wed., Jan. 30, 2008 re: "City could face deficit, cuts"

Examiner Reader said:
The city needs to be rebuilt. We are at a loss for afforable housing and good people, I hate everyone in the city. Thats the truth. Who cares who else post here? Not me. Peanut gallery!!!

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9:01 AM MST on Wed., Jan. 30, 2008 re: "City could face deficit, cuts"

Examiner Reader said:
That wouldn't be because of crime, or maybe because they tore down hundreds and hundreds of homes with no plan to rebuild, would it? How can they not budget for police overtime? with crime going berserk (and many not being reported) who would think police don't have to work overtime? The criminals are working overtime, and apparently getting well paid for it.

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8:46 AM MST on Wed., Jan. 30, 2008 re: "City could face deficit, cuts"

Ev said:
Hey remember when we had a 50 million dollar surplus and decided to build a hotel with it? Yeah.

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7:58 AM MST on Wed., Jan. 30, 2008 re: "City could face deficit, cuts"

Examiner Reader said:
Cuts? Baltimore city residents already get shorted big time and do without good streets, snow removal, decent cops, honorable representation in government.

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7:48 AM MST on Wed., Jan. 30, 2008 re: "City could face deficit, cuts"

Examiner Reader said:
I knew an Assistant State's Attorney in Circuit Court who took "lunch walks" that were over two hours, who drank on the job, and who dropped over half his cases. I agree, cut the State's Attorney's Office budget.

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6:51 AM MST on Wed., Jan. 30, 2008 re: "City could face deficit, cuts"

Examiner Reader said:
How about cutting the State's Attorney's Office? How much do they need to pay a person just to say "Stet" all day?

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6:26 AM MST on Wed., Jan. 30, 2008 re: "City could face deficit, cuts"

Examiner Reader said:
How about cutting the mayor's overstuffed staff in an effort to save money. This wanna-be big city is a scary, scary place.

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10:15 AM MST on Fri., Jan. 11, 2008 re: "Developers, designers tout benefits of building green"

Examiner Reader said:
Excuse me while I go hug a wet tree.

Seriously, wouldn't you love to have a little house in the model of the Shire from Lord of the Rings? How energy efficient?!?! Keep the soil on top of the roof and around most of the walls and you keep about a 60-65 degree temperature year-round. Little need for AC; limited need for heat (especially since the insulation is good). Problems: need a dehumidifier. Also would have a concern for mold as well as the need to mow and water the roof on occassions.

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8:18 AM MST on Fri., Jan. 11, 2008 re: "Housing market in recovery in N.Va., D.C."

Examiner Reader said:
The homes that are selling now in the 450,000 range to 530,000 range in Fairfax County are the same homes that sold for 220,000 in 2001. Is that so bad? I don't think so. I'm sorry if you bought a home in 2005 and paid too much, but for those of us who didn't, our equity is still fantastic! Next time there is a boom, it will go even higher than last time and then when it drops the homes that are selling for 450,000 now will be selling for 550,000 and people will still be complaining. In Northern Virginia the AVERAGE increase in a properties worth is 7% annually. That's not smoke and mirrors, that's a statistical fact. Now really IS a good time to buy and I feel sorry for those that are waiting for it to get even worse. Eventually they will be kicking themselves for having waited too long.

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12:15 PM MST on Mon., Jan. 7, 2008 re: "Experts detail �08 housing situation"

Examiner Reader said:
where did the term "homeowners" come from.as long as you are making payments,paying taxes,maintaining,and depreciating you will never be a "homeowner".the only reason is the mortgage deduction on your monthly payments.and you can bet,that will be the next thing congerss will dump.

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9:21 AM MST on Wed., Jan. 2, 2008 re: "Credit crunch is not hurting area�s commercial real estate"

Examiner Reader said:
Please stop blowing smoke the truth is restaurant business is way off so is retail. This is a pump and dump strategy by banks and Real estate firms who, indicently by the way , are the cause of this economic recession. Hold you money invest smart. The layoffs have yet to begun

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1:43 AM MST on Wed., Jan. 2, 2008 re: "250 foreclosed D.C.-area homes to go up for auction"

Examiner Reader said:
Agree

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1:42 AM MST on Wed., Jan. 2, 2008 re: "250 foreclosed D.C.-area homes to go up for auction"

Examiner Reader said:
As someone buying a home this is very good news! I agree

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8:37 AM MST on Thu., Dec. 27, 2007 re: "Blackstone Flats condos attract young, black female professionals"

Examiner Reader said:
Tell us is the land cheap for some o unknown reason? Is there any crime?

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9:26 PM MST on Wed., Dec. 26, 2007 re: "Housing crash to slow regional economy by $4 billion in 2008"

Examiner Reader said:
I'm the 1:15 AM poster. I have to say that I posted it when my emotions were high. I was mad that I got pushed out of the market. Now though, I have the last laugh ha ha ha. Yes, patience pays off. Hard work pays off. Making wise choices pays off. Not going with the crowd pays off (when you know they're wrong). I mostly have disdain for the Realtors and lenders who were strictly motivated by greed. Did they think that this could possibly last? We were seeing housing prices double, triple, and quadruple within a few years. I don't know about anyone else, but I do not know anyone that had their income double, triple, or quadruple in 3 years. How was it that all of a sudden, gobs of people could afford a $400K+ home when making under $40K? Is everybody rich but me? It was totally and completely disconnected from market fundamentals. I am thoroughly enjoying this so-called crash (I call it a correction) because I won't have to live in an apartment forever.

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8:10 PM MST on Tue., Dec. 25, 2007 re: "Cold housing market likely to extend through first half of �08, maybe 2009"

Examiner Reader said:
I am hoping it drops through the floor as someone who is being made to buy as a result of a political, crooked, decision made during BRAC 05, I am hoping to steal something at unheard of prices only to sell it a few years later at a huge profit. No sympathy for the Maryland market

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5:54 AM MST on Mon., Dec. 24, 2007 re: "Factors for tough 2007 in place before year began, experts say"

Examiner Reader said:
I agree fully with the 1:15 AM Examiner Reader as I also have no sympathy whatsoever for those who took out those sub-prime interest-only loans; but I also have utter disdain for realtors, bankers, etc., who touted these loans. Frankly, those are people of the same ilk who in the Fifties touted block busting and ruined the cities and their lovely neighborhoods, and we know exactly who and what they are. I wonder what diabolical acts they're planning next.

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1:15 AM MST on Mon., Dec. 24, 2007 re: "Housing crash to slow regional economy by $4 billion in 2008"

Examiner Reader said:
Quite frankly, I have little sympathy for anyone that took out an ARM and are now in trouble. They can go ahead and lose their home that they had no business getting in the first place. They can rent just like a lot of other people. Fact is is that I was looking to get a home before all of this frenzy started, and I got pushed out of the market where I was seeing prices sky-rocket. Unlike all of these morons, I chose not to do something so moronic and get an interest-only loan or some other type of voodoo loan. The market is simply correcting itself to where prices belong prior to this spike. If someone is so lame-brained, stupid, and moronic to not read the contract for something as big as a house, then they deserve all the pain that they got themselves into. There's no excuse. Are they not fully grown adults here? I'm amazed how stupid people are.

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5:20 PM MST on Sat., Dec. 15, 2007 re: "Realtors take on winter�s cool housing market"

Examiner Reader said:
wow!houses are like cars and jacked up cowboy shortman trucks, depreciating property ! shoulda put your refi money in oil stock instead of that oil guzzeler and the step ladder you need to git in it.happy for a time. but, like my neighbor,contemplating suicide. oh, and the company he worked for moved to vietnam,he didnt

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4:18 PM MST on Mon., Dec. 10, 2007 re: "Report paints varied picture of District�s housing market"

Examiner Reader said:
People keep saying that prices are falling for DC homes. In ward six, I see that prices are still rising at a high rate. I am searching for a home for a friend that moved into the area and is renting. I cannot find anything in around ward 6 SE.

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5:57 PM MST on Thu., Dec. 6, 2007 re: "Psychological component plays big role in housing market�s swings"

Dunn said:
Prices are falling. I noticed today that there have been some drastic reductions. Mortgage rates have also fallen over the past few weeks. It is a good time to negotiate a buy.

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7:21 AM MST on Thu., Dec. 6, 2007 re: "Gap between incomes, home prices may contribute to slow market"

Examiner Reader said:
Anyone who has bought a home with an adjustable rate mortgage is lacking in brain power. People who know how to handle money never consider such financing. Frankly, I have no sympathy for anyone who finds himself or herself in financial difficulty because of ARMS or credit card debt. I don't charge anything unless I know I can pay for it when that bill arrives at the end of the month. And as far as a mortgage is concerned either a 15 or a 30 year mortgage is the way to go.

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2:55 PM MST on Tue., Dec. 4, 2007 re: "Developers morphing condo projects into office buildings, apartment units"

BostonRay said:
One major problem will rear it's ugly head very soon. Some of these forclosures will be for current rental buildings and the banks then throw all the renters out into the street. Also a foreclosed property cannot be utilized as a rental by the bank, it's against the law. The property must sit empty unti it is sold. If you cannot sell a condo renting it out makes perfect sense. The market will be there.

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11:29 AM MST on Tue., Dec. 4, 2007 re: "Developers morphing condo projects into office buildings, apartment units"

Mike Licht said:
>>Re: Developers morphing condo projects into office buildings<< I am sure DC Government gave PN Hoffman all kinds of considerations to build residential units in the so-called living downtown. Don't let them renege on this. Let them convert to rental apartments if needed, but conversion to offices should be forbidden. If they can't deliver their project, I am sure they can turn it over to other developers and minimize loss.

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12:03 PM MST on Wed., Nov. 28, 2007 re: "Low appraisals hurt subprime borrowers"

Examiner Reader said:
I am having the same problem My home was appraised at $400,00.00in Nov 2005 Now they are saying I am lucky I can appraise at #315,000.00 and right now I am at an adj rate which keeps going up in monthly payments can't find anyone to refiance with because of the market value of homes going down It sucks

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7:54 AM MST on Fri., Oct. 12, 2007 re: "Area condo sales drop sharply, but prices hold"

Examiner Reader said:
D0 you know were VA ranks in the foreclosure rate? we are not even in the top 20 states. And only about 3% of ALL loans orginated where subprime loans. out the of the 3%, I think about 1% are going bad. Its a small number. Wake up and see the BIG picture. Its funny, when the stock market falls, the analyst say "its a great time to buy, we needed this, Buy, now" "there is great deal out there" when the real estate market finally becomes a "BUYERS market" the buyers dont want to buy. The real estate industry needs to educate the consumer more.

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4:30 AM MST on Thu., Oct. 11, 2007 re: "Area condo sales drop sharply, but prices hold"

Examiner Reader said:
You seem to forget the 1st rule of Real Estate, Location. If you pull up certain zip codes like 22207 (N.Arlington, up 28.57 for august), 22102 (Mclean, up .54)22031 Vienna (Up 7.12).I learned the first rule of RE a long time ago. I'm not sure where you all live, but it sounds horrible. And don�t listen to the media, they only interview uneducated consumers that can�t sell their home because they live in the boon docks which is where no one wants to live.

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11:29 AM MST on Mon., Sep. 24, 2007 re: "250 foreclosed D.C.-area homes to go up for auction"

Richard H. Clark - middleclass2008.com said:
Tip of the iceberg. Housing prices are going to drop like a rock. Just wait until the FED hikes the rates up again. But even that won't help stop the impending inflation. That will drive up long-term interest rates, thus forcing prices lower still. Only thing to do, is to hold on until the inflation settles back down. But, that's a couple years... Good luck.

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10:39 AM MST on Mon., Sep. 24, 2007 re: "250 foreclosed D.C.-area homes to go up for auction"

BostonRay said:
Anyone who buys a home at a 20% "discount" now will lose 40% of that value in one year from now. If one thinks they are sitting on a $600,000 house right now it will soon be a $250-300,000 house in 1.5 years. The banks will have 1,000 homes to auction off every 60 days next year and that will bring the DC area back to real time. You have not seen anything yet. The banks heavily deserve the hit from the subprime scam and will try again for a taxpayer funded bailout from their own crisis. Why is it the media only interviews real estate brokers for predictions? They have a financial motive to tell rosey stories. Me, on the other hand, will tell you an accurate analysis and it will scare the pants of homeowners. Prediction: Minimum 50% drop in 1.5-2.0 years.

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9:57 PM MST on Sat., Sep. 22, 2007 re: "Real estate in inner suburbs on the rise"

Examiner Reader said:
I live in Frederick County MD, close to the Montgomery border line. My house has been on the market since Februay last year. I started with a price of $620K which was a reasonable price at that time. I had an appraisal done last September and the value came in @ $565. Now my house is listed in the higher 400K's and it's very close to the assessed value and I am still waiting for a sale.... The comparables now look for an approx. 530K appraisal. I haven't had a showing for over 1 Month, the market here is very very slow....

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11:27 AM MST on Fri., Sep. 21, 2007 re: "Real estate in inner suburbs on the rise"

Examiner Reader said:
�Our market in the D.C. metro area is different,� Fuller told a room full of Realtors at the National Virginia Association of Realtors� annual economic summit Thursday. Sounds familiar? Almost every one in every city says "our market is different". Yes, it's true. Can't stop laughing.

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10:45 AM MST on Thu., Sep. 13, 2007 re: "Gap between incomes, home prices may contribute to slow market"

Examiner Reader said:
No its Greed both from sellers and buyers

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7:07 AM MST on Wed., Aug. 29, 2007 re: "Housing prices see steepest drop in 20 years"

Examiner Reader said:
I wonder if the property taxes will lower now, they'll fix the city streets and take care of the crime. Did you ever wonder if they jacked the prices up to let the taxes follow.

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6:29 AM MST on Wed., Aug. 29, 2007 re: "Baltimore-area home prices remain stable; analysts predict future decreases"

Dunn said:
Prices have fallen in the City. Very few shells are selling, so it looks like prices have risen.

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