Going once, going twice, sold are the words that four lucky homebuyers will hear at 11 a.m. on April 26 as Signature Properties LLC auctions off four new row homes in Butchers Hill, one without reserve.
“It is a great way to sell properties,” Signature Properties, LLC owner Peter Viti said. “Auctioning the properties gives us a way to sell all four at one time.”
Viti said the properties, which have never been occupied, sat on the market for a number of months with a list price of $399,000.
“We really want to move them all at the same time,” Viti said. “This is the first time any of these homes have been offered up for auction.”
The real estate market is in a nationwide slump, according to the National Association of Home Builders in Washington. Buyers are in the driver?s seat. To move inventory, developers have offered everything from finished basements to paying buyers mortgages as an incentive to move inventory and cut losses.
“You will probably see a lot more properties going to auction as developers look to unload excess inventory,” said Larry Ennels, a real estate agent for Coldwell Banker Grempler Realty in Pikesville.
Ashley Custom Homes built the homes for Signature. They are located at 2113, 2115, 2117 and 2119 Fairmont Avenue at the corner of North Duncan.
Unit 2113 will be sold first with no reserve.
“This is the first-ever absolute auction of new homes in Butchers Hill,” said auctioneer Dan Billig, a principal of Baltimore-based A.J. Billig & Company.
The neighborhood was dubbed “Butchers Hill” because of the predominance of butchers living there and because it served as a receiving area for livestock from local farms which were processed there and sold in the Fells Point Market.
“This is one of the most culturally diverse communities in the city,” said Baltimore City real estate agent Jose Rivas, of Re/Max Signature. “This diverse mix makes it one of the most sought-after neighborhoods around.”
The auction will likely draw a number of bidders due to the proximity to Johns Hopkins University Hospital and the East Baltimore Biotechnology Park.
