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Upcoming Auction: 40 Units at The Fitz in Rockville

  • February 16th 2009

by Will Smith

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The Fitz, a large condo development in Rockville, will auction off its remaining 40 units amid sluggish demand. The 221-unit project is an apartment conversion located at 501 Hungerford Drive in Rockville (map), about a ten-minute walk from Metro. The auction is to be held at 1pm next Saturday, February 28th at the Bethesda Marriott at 5151 Pooks Hill Road (map). The minimum bid for one-bedrooms is $159,000; for two-bedrooms $219,000.

According to The Washington Business Journal, The Fitz’s developer, Florida-based Elad National Properties, insists that the auction is not the result of financial distress but simply an eagerness to move the units. “We don’t have a problem with the interest on the loan,” Elad’s vice president of marketing and sales Rami Rosen told The Washington Business Journal. But at the current velocity of sales — three or four per month — Elad would have to remain involved with The Fitz for at least another year. “It’s not worth our time,” said Rosen. Elad has been selling the units since 2005 and only 20 sold in 2008, according to DCmud.

For more on the auction, see the DCmud post, The Washington Business Journal article, and The Fitz website (you have to register to get full access to the site).

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/upcoming_auction_40_units_at_the_fitz_in_rockville/544.

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