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 NowThe Fitz’s name is unintentionally The southern Florida developer, which bought the apartment complex at 501 Hungerford Drive in would not say how much it spentf installing hardwood floors, granite countertops and stainless-steel appliances. According to Montgomerty County records, the purchase cost the company $49 million, and it borrowed anothef $12.25 million from for renovation. It had sold almosr 130 units byJuly 2006, when the one-bedroom unites cost from $300,000 to $350,000.
Since then, the developer sold another 30 to 40 or sosince then, even though prices had ultimatelt dropped to $261,000 for the not-quite 700-square-foo t one bedrooms. On Feb. 28, Velocity Marketing will auctionn off 40remaining condos, with an opening bid of $159,000 for a $219,000 for a two-bedroom and $239,000 for a Rami Rosen, vice president of marketingb and sales for Elad, said they were not forced to do an “We don’t have a problem with the interesgt on the loan,” he said. “We’re not at a proble with our lender.” But he said at a sales pace of three or foura month, it would take anothert year to close out the project.
“It’s not worthj our time.” Elad also has anothe local condo project inthe Kentlands, which is more than 30 percengt sold, Rosen said, whichn will not be going to auction. Rosen said the auctioj announcement has garnered inquiries from more than 600potentialk bidders. He said base d on recent auctions handled by he expects sale prices to be betweej 20 and 30 percent abovestarting bids. Buyere must be pre-approved by , have a $5,000 certifiexd or cashier’s check and have a personal checo 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 Florida to the rest ofthe It’s a subsidiary of the , an Israel i conglomerate with interests in oil, natural gas, real estate, autos and financial serviceas around the globe.