Baltimore’s real estate industry has been battling the effects of the 2008 financial crisis that hit most countries in the world. The real estate crisis had adverse impact in Baltimore. According to recent data, the area is slowly recovering from the shocks of the crisis.
One of the leading indicators that the industry is doing well is the constant drop in the number of foreclosures in the Baltimore metro region. Last April, the number of foreclosures fell by more than 7 percent. This improvement signifies that more people are paying their mortgages. Moreover, the price of houses in the city is also rising. Based on the data collected in Baltimore and five surrounding counties, between April 2015 and 2016, the average price of homes hit the highest median price of $243,000 since 2008. This value represents a rise of 6 percent.
The return of real estate boom in Baltimore has been spurred by two main factors: change of regulations and hardworking businessmen. The metropolis has been working towards ensuring that the regulations in the real estate are more consumer friendly. These efforts have resulted in lesser foreclosures than in other states. Moreover, shrewd businessmen such as Todd Lubar have labored to market properties in Baltimore. This situation has encouraged investors from the region and outside to purchase properties, a move that has seen the rise of the median price of different properties.
In an article on Hackronym, Todd Lubar is a revered real estate developer. The businessman has established a successful career in the sector, which stretches back to 1995 when he graduated from the Syracuse University with a speech communication degree. Todd first entered the industry as a loans originator. He worked for Crestar Mortgage Corporation. Lubar gained adequate knowledge and experience on conservative mortgage banking. While at the company, he noticed the importance of networking. To this end, he began creating his network, which is made up of financial planners, real estate agents, CPAs, and insurance agents. This network has played a crucial role in enhancing Todd’s businesses and career.
After working for four years at Crestar, Todd Lubar joined Legacy Financial group in an equity position. The real estate developer accepted this challenging position to help him accumulate additional experience. He was charged with the duty of brokering loans to outside investors and lending money to real estate developers and homeowners. Later, he founded Legendary Properties LLC. The new residential development company focused on purchasing, rehabilitating, and selling residential properties. The company has a financial branch known as Legendary Financial. Through this company, Todd has enabled many people to secure loans.
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