Unlike other areas of the country we do not use cost per s.f. as a measure of pricing around here. Rather we use a comparitive market analysis method which is based on the recent sales in the area where you are looking.
In a varied market like Annapolis you are going to find a wide range of pricing including waterfront and water privileged, townhomes and condos. If you are focusing in on an area and would like some general guidance I'd be happy to assist you.