Monday, February 09, 2009

Rockville Condo Auction: The Fitz Calls it Quits

Rockville condos for saleApparently 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 real estate 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.


Anonymous said...

what's up with colonnade at kentlands?

Anonymous said...

The failure of this property proves the axiom that the most important thing in real estate is location, even in the hottest of markets (2005 - 2007). Sited at a crossroads at busy 355, residents are unable to safety walk to the nearby town center, live adjacent to mangy strip shopping and abut both CSX and Metro railroad tracks. Ugh.

Anonymous said...

This place was a steaming pile from day one. First, as said, the location sucks. Second, it was built as an apartment. All of the stainless, glass, marble, and brass can't make up for all-wood-frame construction. This was built as an apartment (30-40 year design life) then SOLD when they figured out they could get suckers to "OWN." People who condo'ed this place were dummies, people who bought them are even dumber-er.
Dont worry folks, real estate always goes up in value. Its a fact, I heard a Realtor tell someone! Its GOT to be true!

LED*Waves on Feb 17, 2009, 9:03:00 AM said...

Seems like either you study history or you are doomed to repeat it

Anonymous said...

I know. I have heard other things about this. Didn't they bust a prostitution ring there. I thought that I heard about that.
Passed by it many times.
Location sucks.

Anonymous said...

what did they sell for at auction?

Anonymous said...

1 beds for as low as $170k
2 beds for as low as $265k
2 beds+den for around $300k
3 beds for $330k

Anonymous said...

This place totally sucks. I am renting here, SOOOOOO glad that I didn't buy. The woman at the management office is a bitch and seems like the kind of chick that hangs out with really ghetto dudes all of the time. Read the first review, as of now... the one I wrote is there yet:

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