Upcoming Auction: 40 Units at The Fitz in Rockville

• February 16, 2009

by Will Smith

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).

4 Comments

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.