Up for auction: Undeveloped land in Baltimore area
In the market for an entire subdivision or three?
A trio of sites in the Baltimore region -- already named, but not yet to the point of construction -- are scheduled for auction next week as part of the bankruptcy liquidation proceedings of a local builder:
o Rose Hill Estates in Rosedale, which is about 6.7 acres of land at 7800 Philadelphia Road and has a "suggested opening bid" of $200,000. There are already three single-family homes on the land.
o Arbor Ridge in Arbutus, nearly 35 acres at 5301 Keech Road that now has one house and three barns. Suggested opening bid: $350,000.
o Shadowbrook in Elkridge, a 23-acre site next to Patapsco Valley State Park in the 6400 block of Elibank Drive. Suggested opening bid: $400,000.
The auctioneer is Sheldon Good & Co., which says the subdivisions are being sold "absolute," meaning the highest bidder won't be told, "Thanks, but that's not good enough." (The suggested opening bids for both Rose Hill Estates and Shadowbrook are less than the average price for a single home in their respective counties.)
The auction is scheduled for 1 p.m. next Thursday -- May 19 -- at the BWI Airport Marriott, 1743 W. Nursery Road in Linthicum Heights, with registration beginning an hour before.
On the one hand, it's not an easy time to be building new homes, as the bankruptcy that forced this auction suggests. On the other, we've had reports that land prices have remained fairly strong in the area. So it could be interesting to see how it all plays out.
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Comments
Any word on the auction results for the May 2011 auction of the 3?
Posted by: s quartey | July 18, 2011 5:31 PM
Alas, I couldn't make it, so I don't know what happened. Anyone attend?
Posted by: Jamie Smith Hopkins | July 19, 2011 7:29 AM