40 New Condos Going to Auction at The Colonnade at Kentlands

by Will Smith

The Colonnade at Kentlands

The Colonnade at Kentlands has just announced that 40 of its remaining units will be auctioned off on Saturday, October 24th.

The Colonnade is a rental-conversion project that delivered in late 2005. Located in the heart of the new urbanism community The Kentlands in Gaithersburg, Maryland, The Colonnade is about 12 minutes northwest of Rockville and 40 minutes from downtown DC (map).

The 40 condos include one, two, and three-bedrooms and range in size from 770 to 1,500 square feet. The minimum bid is $169,000 for the most affordable units and $285,000 for the most expensive. Models are available for viewing most days between now and the auction.


The Colonnade is considered a more upscale sister project to The Fitz in Rockville, which also held an auction to move 40 of its remaining units earlier this year. That auction was considered a big success, according to Susan Piracini of Cornerstone Partners, the firm that handled sales and marketing for the auction and is also handling it for The Colonnade. All 40 condos were sold at the auction, and the project’s remaining inventory of about 15 units sold out within a few weeks after that.

Thanks to the auction, The Fitz was the fourth fastest-selling project across the DC metropolitan area during the first half of this year, according to the ranking we published today, The Top 20 Fastest Selling Condos.

Piracini said that the condos at The Fitz auction sold for about 30 percent above the minimum bid, on average. That number was still about 25 percent lower than the market-rate price the condos had been selling for prior to the auction, and it became the new price at which the remaining 15 units were sold. (Condo auctions are a way for developers to not only sell a lot of units, but also quickly figure out what the market actually considers them to be worth.)

While the dynamics of every auction are different, potential bidders for a condo at The Colonnade should bear this 30 percent figure in mind as a rough benchmark for how high to bid.

To register for the auction, visit The Colonnade website. Following are some photos of the project.

Model living room
Model kitchen
Fitness center
Theater room
Wine tasting room
Max’s, a pub for residents

See other articles related to: gaithersburg condos, dclofts

This article originally published at http://dc.urbanturf.com/articles/blog/40_new_condos_going_to_auction_at_the_colonnade_at_kentlands/1370


  1. Concentrist said at 6:00 pm on Thursday October 1, 2009:

    Nice building, but, terribly situated IMHO.  You have a gas station on one side, the backside of a shopping plaza including the loading docks of Kmart and Giant on another, then a major road in front of the building.

  1. Craig said at 10:55 am on Friday October 2, 2009:

    Anyone care to comment on what the rent would be on an equivalent 1 bdrm in the kentlands?

  1. Jaredd said at 11:10 am on Friday October 2, 2009:

    The location is just plain weird.  It was built on top of a site that was a department store and about half of its parking lot leaving it now adjacent to a Famous Dave’s.  But at least it’ll get a walkability score much higher than your average suburban condo.

  1. Lynn Sabe said at 5:46 pm on Sunday October 11, 2009:

    Do not buy at the Kentlands Colonnade. I lived there for one year and the units are built so poorly. I could hear all bathroom noises (hairdryer, toilet, clearing throat, bathroom fan, etc.) from the guy above and his walking on carpet sounded liked an elephant. A friend on the top floor heard lots of noises from unit below. Please no matter how cheap the price, it is not worth it! The garage gate is often broken and not secure.  Some units are very dark and do not get sunlight. The halls are not climate controlled. All sides of the buildings have problems with outside noise, even Arch Place. Famous Dave’s parking lot is a hangout for teenagers in the middle of the night. Giant delivery trucks are an issue on the Giant side. Trash compactor in garage is very loud and can be heard from far away.

  1. HARRY CHAN said at 1:42 pm on Monday October 19, 2009:

    I appreciate all the candid comments the folks have made about the Colonnade.

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