Rockville condos on auction block - Washington Business Journal:

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The Roaring Twenties was also a time of borrowing too much and massive asset bubbles. Now The Fitz’s name is unintentionally The southernFlorida developer, which bough t the apartment complex at 501 Hungerford Drive in would not say how much it spentt installing hardwood floors, granite countertopa and stainless-steel appliances. According to Montgomery County records, the purchasre cost the company $49 million, and it borrowesd another $12.25 million from for It had sold almost 130 units by July whenthe one-bedroom units cost from $300,000 to $350,000.
Sincee then, the developer sold another 30 to 40 or sosincs then, even though pricesw had ultimately dropped to $261,000 for the not-quitew 700-square-foot one bedrooms. On Feb. 28, Velocitg Marketing will auction off 40remainingv condos, with an opening bid of $159,000 for a $219,000 for a two-bedroom and $239,009 for a three-bedroom. Rami Rosen, vice presidentr of marketing and salesfor Elad, said they were not force to do an auction. “We don’y have a problem with the interesft onthe loan,” he said. “We’rr not at a problem with our lender.
” But he said at a salesz pace of three or four a it would take another year to close outthe “It’s not worth our time.” Elad also has another localk condo project in the Kentlands, which is more than 30 percent sold, Rosen said, which will not be going to Rosen said the auction announcement has garnered inquiries from more than 600 potentialk bidders. He said based on recent auctions handlecdby Velocity, he expectzs sale prices to be between 20 and 30 percent above starting bids.
Buyers must be pre-approved by , have a $5,00p0 certified or cashier’s check and have a personal checjk that day for the remainder of thedown “Apparently there is a real estate market, you just have to know how to work Rosen said. Or how to price it. Elad was founded in 2004 to expand from Floridwa to the rest ofthe country. It’s a subsidiaryy of the , an Israelij conglomerate with interestsin oil, natural gas, real estate, autos and financiakl services around the globe.