Comments on: Northgate Condo Project Site Goes to the Auction Block http://rethinkcollegepark.net/blog/2010/2312/ Helping imagine a great college town for a great university Fri, 25 Jan 2013 04:03:38 +0000 hourly 1 http://wordpress.org/?v=3.4.2 By: Robert Catlin http://rethinkcollegepark.net/blog/2010/2312/comment-page-1/#comment-185326 Robert Catlin Wed, 05 May 2010 19:17:53 +0000 http://rethinkcollegepark.net/blog/?p=2312#comment-185326 Auction over. The auctioneer started the bidding at $2 million and had no takers among the 4 or 5 parties who were represented there. So the property reverts to the noteholder and a possible sale at a lower price. Hard to see how the property can be worth more that the $1.05 million that was paid for it 4+ years ago. Definitely not worth the $4.2 million that was paid for it in December 2006. With the reduced densities in the upcoming revised Route 1 sector plan, two parties placed values on it of no more than about $750,000. Auction over. The auctioneer started the bidding at $2 million and had no takers among the 4 or 5 parties who were represented there. So the property reverts to the noteholder and a possible sale at a lower price. Hard to see how the property can be worth more that the $1.05 million that was paid for it 4+ years ago. Definitely not worth the $4.2 million that was paid for it in December 2006.

With the reduced densities in the upcoming revised Route 1 sector plan, two parties placed values on it of no more than about $750,000.

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]]> By: Shawn http://rethinkcollegepark.net/blog/2010/2312/comment-page-1/#comment-185182 Shawn Sat, 01 May 2010 19:24:14 +0000 http://rethinkcollegepark.net/blog/?p=2312#comment-185182 Wow from 17 all the way down to 4? Really disappointing. Wow from 17 all the way down to 4? Really disappointing.

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