"Upton"

RESALE DUE TO BUYER DEFAULT

$5,000 OPENING BID

UPTON

THREE STORY
SHELL TOWNHOME

Known As:
541 W. LAFAYETTE AVENUE
Off Pennsylvania Ave
Baltimore City, Maryland 21217

BIDDING OPENS:
MONDAY, JANUARY 29, 2024

BIDDING CLOSES:
WEDNESDAY, JANUARY 31, 2024
AT 12:30 P.M.

NOTE: The information contained herein has been obtained from sources deemed reliable and is believed to be accurate. However, no express or implied warranty is made or may be inferred from any such representation. Dimensions, square footage and acreage contained herein are more or less. Prospective purchasers are encouraged to perform their own due diligence, in advance of the auction, regarding the permitted uses of the property.

LOCATION:
541 W. Lafayette Avenue is located in the Upton neighborhood of West Baltimore City. Surrounding neighborhoods include Reservoir Hill, Madison Park and Penn North. Upton, also known as Historic Marble Hill, is one of Baltimore’s earliest African-American neighborhoods. Known for it’s well preserved architectural details and sparkling marble stoops, it has ties to famous African Americans such as Thurgood Marshall and Clarence Mitchell. The property is proximate to Franklin-Mulberry Expressway, one of Baltimore’s major east/west thoroughfares, and within a mile of I-83, a major north/south highway. The area has received significant investment including a recent $100 million mixed-use community development project known as Reservoir Square, formerly Madison Park North. The new community will feature 120 new townhomes, 200 apartments, approximately 100,000 SF of office space, community improvements and more. Restaurants, retail and various entertainment options are available throughout a one mile radius of the home. Grocery stores, parks and recreation centers are nearby as well. Residents of the area have access to public transportation including the Upton Metro station located four blocks away. Major employers in the area include Maryland Institute College of Art (MICA), The University of Baltimore and University of Maryland, Baltimore.

For more information, please see:
Upton – livebaltimore.com
Reservoir Square – reservoirsquare.com

SITE:
Rectangular lot – 15’6″ x 80′, more or less. Plat

Zoning R-8, residential

All public utilities

IMPROVEMENTS:
Three story shell townhome, constructed in 1920, comprising 2,139 square feet of living area and 777 square feet of basement space, according to public tax records. The home is in shell condition and believed to be vacant.

TITLE:
$140 annual ground rent; Sold free and clear of all liens. Baltimore City Deed Book XAC 3220, folio 484.

TAXES:
Published annual real estate taxes are $204.54, based on a full value assessment of $8,667.

SUMMARY TERMS OF SALE:
Please see the contract of sale for complete terms.
A $3,000 deposit, or ten percent (10%) of the Purchase Price (whichever is greater), in a cashier’s check to be delivered to the Auctioneer’s office at 6500 Falls Road, Baltimore, MD 21209, or sent by wire transfer, by January 31, 2024 at 4:00 P.M. Deposit funds shall be held by A. J. Billig & Co., LLC. Balance to be paid in cash at settlement, which shall take place within 45 days. If payment of the deposit or balance does not take place within the specified time, the deposit shall be forfeited and the property may be resold at the risk and expense of the Purchaser. Interest to be charged on the unpaid purchase money, at the rate of 12% per annum, from date of contract to date of settlement. All adjustments, including taxes, ground rent and all other public charges and assessments payable on a monthly or annual basis, and sanitary and/or metropolitan district charges, if any, to be adjusted for the current year to date of contract and assumed thereafter by the Purchaser. The property will be sold in “AS IS” condition, and subject to easements, agreements, restrictions or covenants of record affecting same, if any. The Property will be sold subject to Baltimore City violation notices, if any. Purchaser assumes the risk of loss from the date of contract forward. The Purchaser waives and releases the Seller, the Auctioneers, and their respective agents, successors and assigns from any and all claims the Purchaser and/or its successors and assigns may now have or may have in the future relating to the condition of the property, including but not limited to the environmental condition thereof. The Purchaser agrees to waive the right of inspection for lead paint, as provided under current Federal and State law. If the Seller is unable to convey good and marketable title, the Purchaser’s sole remedy in law or equity shall be limited to the refund of the deposit. Upon refund of the deposit this sale shall be null and void and of no effect, and the Purchaser shall have no further claim against the Seller or Auctioneers. Recordation costs, transfer taxes and all costs incidental to settlement to be paid by the Purchaser except where otherwise mandated by local, State or Federal law. Time is of the essence. A 5% or $1,500 buyer’s premium, whichever is greater, will be added to the final bid price.