The Colonnade Announces Final Post-Auction Pricing on Remaining Units
The auction of 40 units at The Colonnade at Kentlands took place on October 24th, and the project has just announced pricing for its remaining inventory based on final bids at that auction:
- One-bedrooms: $215,000
- Two-bedrooms: $285,000
- Three-bedrooms: $339,000
Recall that 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). It is considered the more upscale sister project to The Fitz in Rockville, which also held an auction to move 40 of its remaining units earlier this year.
Susan Piracini of Cornerstone Partners, the firm that handled sales and marketing for the auctions at both The Colonnade and The Fitz, told UrbanTurf last month that units at The Fitz auction in February sold at about a 30 percent premium over starting bid prices. Those winning bids then “set the price” for the remaining 15 units at The Fitz, which sold out within a few weeks of the auction.
Starting bids for one-bedrooms at The Colonnade auction were $169,000. The new $215K pricing, which is 27 percent higher than $169K, suggests that the premiums paid by bidders at The Colonnade auction were roughly the same as those at The Fitz.
See other articles related to: dclofts, gaithersburg condos
This article originally published at https://dc.urbanturf.com/articles/blog/the_colonnade_announces_final_post-auction_pricing_on_remaining_units/1479.
Most Popular... This Week • Last 30 Days • Ever
Roadside Development filed a sketch plan with Montgomery County this month for the 30... read »
The Matthew is located on 9th Street, overlooking the iconic Naylor Court and neighbo... read »
Construction continues humming along on several developments on the uppermost stretch... read »
Today, we take a closer look at home insurance.... read »
Unlike other new residential developments in the city, all of the apartments will be ... read »
- A First Look At The 525-Unit Development That Will Incorporate Silver Spring's Tastee Diner
- Nine Stylish Condominiums Debut in Shaw's Iconic Naylor Court
- The 1,600 Units In The Walter Reed/Takoma Development Pipeline
- A Look at What is Covered By Home Insurance
- 8-Unit Project + Restaurant Proposed Along Georgetown Canal
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro