Apparently four years is enough. Facing what could be more than half a decade of shilling condos in Rockville, the Fitz is calling it quits, and has called in the auctioneers to finish the job. Developers of The Fitz have announced their intention to auction the 40 remaining condos on February 28th, ending sales of the 221-unit condominium that began in early 2005 when the project was converted from an apartment building.
Developed originally by Archstone in 2004, the apartment building was purchased by Florida-based Elad in 2005, with sales beginning the same year. Prices that once started in the low $300's for one-bedroom units will be auctioned with an opening bid of $169,900. Pity the buyers that paid in the high $400's for a two-bedroom, two-bath back in 2005.
Representatives of the developer, which is marketing and selling the units itself, report selling 20 condos in 2008, leaving a two-year inventory at 2008 sales levels, a prospect which must have made even the most Pollyanna of real estate agents gulp. Bidders will need an $85,000 earnest money deposit to earn the keys to their new unit.
"The Fitz at Rockville Town Center," located at 501 Hungerford Drive, just outside the geography it takes its name from, was the first condo developed in the then-emerging neighborhood. The Fitz includes a cyber cafe, gas fireplaces, cinema lounge, fitness facility, and "resort-style" outdoor pool, and is walking distance to the Metro. Elad also converted the nearby Colonnade at Kentlands from apartments into condominiums.