Upcoming Auction: 40 Units at The Fitz in Rockville

by Will Smith

Upcoming Auction: 40 Units at The Fitz in Rockville

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.com/articles/blog/upcoming_auction_40_units_at_the_fitz_in_rockville/544


  1. John said at 6:27 pm on Tuesday March 3, 2009:

    Does anyone have information about how the auction went for the Fitz units? Prices etc…

  1. Will Smith said at 11:52 pm on Tuesday March 3, 2009:

    Hi John,

    Unfortunately we were not able to attend the auction. We called the folks at The Fitz for an update as to how the auction went and whether any specifics (winning bids, etc.) would be posted publicly. To the first question, the woman said the auction was “totally successful” (surprise surprise). To the second question, she said that they did plan on publishing information but that it would take a long time because it’s a ton of work. The only thing she would say specifically was that all 40 of the units sold.

  1. Scott said at 9:45 pm on Wednesday March 4, 2009:

    1 Bedroom Units went for up to $200,000
    2 Bedroom Units went for up to $300,000
    2 Bedroom Lofts went for up to $330,000
    3 Bedroom Units went for up to $330,000

    They have additional units on sale in a post-auction sale.  That may be the reason for the delay.

  1. F the Fitz said at 4:16 pm on Friday May 15, 2009:

    This place totally sucks and I am glad that I am only renting and I didn’t buy here.  I hope you didn’t buy here…  It will only take you a few months (or weeks) to figure out how f-n bad this place is run and the PM is rude and dumb.

Join the discussion

UrbanTurf now requires registration in order to post comments. Register here, or login below if you are already registered.

Click here if you forgot your password.

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. Visit guides.urbanturf.com or start browsing below!

Northern Virginia

Profiles of 14 neighborhoods across Northern Virginia

Looking to Give People A Reason to Stay Past 6pm
Happily Straddling the Line Between City and Suburb
Columbia Pike
Arlington’s Neglected Stepchild is Getting a Makeover
Crystal City
Turning Lemons into Lemonade
Lyon Village
Developing An Air of Exclusivity?
Hitting Its Growth Spurt
An Urban Village Hitting Its Stride
Del Ray
Virginia’s Small Town Near the Big City
Eisenhower Avenue
The Vibrancy Might Take a Few Years
The Quiet Neighborhood By the Beltway
Old Town
Mayberry By The Potomac
132 Commerical-Free Acres
Downtown Falls Church
Staying the Same in the Midst of Change
Tysons Corner
Radical Change Could Be On The Way

See more Northern Virginia »


Profiles of 14 neighborhoods in suburban Maryland

Small-Town Living in the State Capital
Bedroom Community Gets Buzzing Cache
Cabin John
In With The New While Maintaining the Old
Chevy Chase
Affluence, Green Lawns and Pricey Homes
Downtown Silver Spring
Experiencing a Resurgence After a Bumpy History
A Suburb on Steroids
Rockville Town Square
Despite the Dynamism, Still Somewhat Generic
Takoma Park
More Than a Little Bit Quirky
A Foodie Magnet on the Verge of Change
Capitol Heights
Kudzu, Front Porches and Crime
Glass Half Full or Half Empty?
Mount Rainier
Artists, Affordable Homes and A Silo Full of Corn
National Harbor
A Development Rises Next to the Potomac
Riverdale Park
A Town Looking For Its Identity

See more Maryland »

Northwest DC

30+ neighborhood profiles for the city's biggest quadrant

16th Street Heights
DC's Sleeper Neighborhood
Where (Almost) Everyone Knows Your Name
AU Park
One of DC’s Last Frontiers Before the Suburbs
DC’s Northern Neighborhood on the Cusp
DC’s 535 House Neighborhood
Cathedral Heights
Do You Know Where That Is?
Chevy Chase DC
Not to Be Confused With the Other Chevy Chase
Cleveland Park
Coming Back After A Rough Year
Columbia Heights
DC’s Most Diverse Neighborhood, But For How Long?
An Island of Serenity East of the Park
Dupont Circle
The Best of DC (For a Price)
Foggy Bottom & West End
Where the Institutional Meets the International
Forest Hills
Ambassadors and Adventurous Architecture
Fort Totten
Five Years Could Make a Big Difference
Foxhall Village
350 Homes Just West of Georgetown
Friendship Heights
A Shopping Mecca With a Few Places to Live
History, Hoyas and H&M
Glover Park
One of DC’s Preppier and More Family-Friendly Neighborhoods
A Posh View From Embassy Row
LeDroit Park
A Quiet Enclave in the Middle of the City
Logan Circle
Trendy Now, But Not By Accident
Mount Pleasant
Sought-After Homes Surround Main Street in Transition
Mount Vernon Triangle
From Seedy to Sought-After
The Long, Skinny Neighborhood at the City’s Northwest Edge
Park View
It’s Not Petworth
Penn Quarter/Chinatown
DC’s Go-Go-Go Neighborhood
Getting a Vibrancy of Its Own
The Duke’s Former Stomping Ground
Shepherd Park
DC’s Garden of Diversity
Spring Valley
A Suburb With a DC Zip Code
Not To Be Confused With Takoma Park
Not Quite Like Its Neighbors
U Street Corridor
The Difference a Decade Makes
Woodley Park
Deceptively Residential
Adams Morgan
No Longer DC’s Hippest Neighborhood, But Still Loved by Residents

See more Northwest DC »

Southwest DC

The little quadrant that could

Southwest Waterfront
A Neighborhood Where A Change Is Gonna Come

See more Southwest DC »

Northeast DC

Profiles of 10 neighborhoods in NE

New Development Could Shake Up Pastoral Peace
A Little Bit of Country Just Inside the District’s Borders
Not to Be Confused With Bloomingdale
H Street
A Place To Party, and To Settle Down
The Northeast Neighborhood That Few Know About
Michigan Park
A Newsletter-On-Your-Doorstep Community
Evolving from a Brand to a Neighborhood
Ripe for Investment Right About Now
The Difference 5 Years Makes
Big Houses, A Dusty Commercial Strip and Potential

See more Northeast DC »

Southeast DC

6 neighborhoods from Capitol Hill to East of the River

Capitol Riverfront
Still Growing
Hill East
Capitol Hill’s Lesser Known Neighbor
Congress Heights
Gradually Rising
Notable for Its Neighborliness
Historic Anacostia
Future Promise Breeds Cautious Optimism
Eastern Market
A More European Way of Living

See more Southeast DC »

Upcoming Seminars ▾