So, let me get this straight.
1. You built some hideous townhomes that you couldn't sell.
2. You blocked the public sidewalk for over five years.
3. You recently broke ground on new condos (in an alley) at the same location.
4. You apparently didn't pay your mortgage because now the property is going up for auction as a foreclosure on Friday at 2pm.
Uh, what?
Here's the listing:
MISC 02:00 PM 915-935 12th Street, N.E., Washington, DC 20002 (Properties may be sold as individual lots or as an entirety. $25,000 deposit for each lot)
http://client.tidewaterauctions.com/public
17 comments:
...uhhh....I saw that one coming.
How much do they want for the yellow Corvette?
cool. i'm in for $20. who wants to join me in the bidding?
Will be bought by the DCHA and turned into section 8 rentals.
Capitalism at work.
The only real use I can see for them would be overflow dorms for Gallaudet students. I bet they might get raised though in the end. Total overreach by an inexperienced developer (actually makes me feel better and almost appreciative about the big experienced developers in the city).
So how much did Omar Karim make off this and why wasn't I included? You can be sure that A. Scott Bolden is filing a pre-emptive lawsuit as I write this.
Except using these things are overflow dorms would require a reworking of the townhouses wouldn't it? Then again, making it self contained housing with four or five students per townhouse might work.
Has anyone else noticed that the kitchen in the townhouses isn't on the ground level but is instead on the same floor as a bedroom?
To Anon 11:29, there are not enough Section 8 vouchers available from DCHA.
These will be purchased by a private developer, pennies on the dollar.
Unit sale price will be in the range of $450-500k.
how do housing auctions work? do potential home owners ever bid - or is it mainly for developers?
essentially, its really weighted to investors/developers. Cash is king. you need the deposit available just about immediately.
You can bid as a private citizen, but you would need to have financing lined up.
I'm no real estate expert, but the layout of these THs seems ridiculous -- 5 bedrooms and very little living space.
Remember these are pre-fabricated units that were built under very suspect circumstnaces. In addition there is a sign up proudly giving credit to some labor school that helped with them - I'm all for real world practicum, but not with the construction of a home!
You couldn't pay me to buy one of these! There will be an endless amount of structural problems and repairs. They need to demolish it and put the hall of fame in its place!
Prospective buyers should consider hiring competent professionals (either a zoning attorney or a licensed DC architect) to perform a comprehensive zoning analysis on these properties. It is unlikely that the neighborhood would support any zoning relief for a problem property that violates the existing zoning regulations. In addition to any complaints made directly to the Zoning Administrator (which may be forthcoming), any commercial user will be required to obtain a Certificate of Occupancy and will have to demonstrate that the property complies with the Zoning Regulations.
Why are there 2 full bathrooms on the second floor? Are people supposed to shower after they cook?
Greetings--is anyone going to the auction? If so, can you update us with the on-goings and the status?
This is the worst design Ive even seen. I told the owner this to her face! I designed better houses in the 7th grade (im an architect). The facades are hideous, the plans make no sense!, the materials dont match (color) and the end units, a premium!, have no side windows!!!! arghh!!! the living room is on the first floor. the kitchen, a bedroom, and 2 full baths take the 2nd floor! huh!!??
idiot investor with no taste and non-responsible architects who didnt stop her!
booooooooo! knock them down!!!
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