"Federal Hill"

 REAL ESTATE AUCTION 

– $160,000 Suggested Opening Bid –

OFFICE-RESIDENTIAL
CONDOMINIUM UNITS
2,050± Sq. Ft. ◆ Zoned OR-2

Sale On Premises
723 S. CHARLES STREET
UNITS 104 & LL4
The Federal Hill Atrium Condominium
Just North of E. Montgomery Street
Baltimore, MD 21230

TUESDAY, OCTOBER 10, 2017
AT 11:00 A.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:
The Federal Hill Atrium Condominium is situated at the southeast corner of Charles and Hughes Streets in the Federal Hill neighborhood of Downtown Baltimore, one block west of the Inner Harbor. The neighborhood is a mixture of residential and commercial land uses, including condominium apartments, townhomes, office buildings and storefronts. The proximity to the Downtown business district and convenient public transportation, make the neighborhood attractive to area residents. Two substantial development projects are being completed on the blocks immediately north of the property. The location has an excellent, accessible location suitable for any number of commercial uses, or as an extremely well located home with access to all of the area’s attractions.

For more information on Federal Hill:

http://livebaltimore.com/neighborhoods/federal-hill

http://www.federalhillonline.com/history.htm

https://en.wikipedia.org/wiki/Federal_Hill,_Baltimore

CONDOMINIUM BUILDING:
The Federal Hill Atrium Condominium is a three story, brick freestanding Colonial-style building, constructed in 1982. The building is configured around a central atrium with access from Charles Street and a rear alley. A public parking lot adjoins the property in the rear. Ample on-street parking surrounds the property. Condominium fees for Unit LL4 are $1.449.46/quarter and Unit 104 are $1,204.99/quarter. Condominium Resale Packages: Unit 104 and Unit LL4

IMPROVEMENT DESCRIPTION:
The subject property is comprised of two condominium units containing a total of 2,050 square feet. The units are connected via an internal stairwell, comprising a two story office suite, situated at the northwest corner of the building. Unit 104 has exposure on both Charles and Hughes Streets. The units are suitable for residential or commercial use, and may be used as a single suite or separated back into separate units.

UNIT 104:
927 square feet – First floor unit. Finishes are drywall, carpet, drop ceiling, ample windows, electric heat pump and central air conditioning. Arranged for two open office areas, conference room and powder room. Two entrances from the street, and one entrance from the central courtyard.

Condo Plat

UNIT LL4:
1,123 square feet – Terrace level unit. Finishes are drywall, carpet, drop ceiling, windows facing the courtyard, electric heat pump and central air conditioning. Arranged for two open office areas, large kitchenette and powder room. Entrance from the central courtyard.

Condo Plat

TAXES:
Published annual real estate taxes are:
Unit 104 – $4,125.28 based on a full value assessment of $174,800
Unit LL4 – $4,125.28 based on a full value assessment of $174,800
Total – $8,250.56

Purchasers may petition for a reduction in the assessment of their property in conjunction with a purchase price substantially less than the currently assessed value of the property. Purchasers are encouraged to contact the Maryland State Department of Assessments & Taxation concerning the appeals process, and may see the following link for helpful information:
http://dat.maryland.gov/realproperty/Pages/Assessment-Appeal-Process.aspx

TITLE:
The units will be sold free and clear of liens.

TERMS OF SALE:
A $15,000 deposit, payable by cashier’s check, will be required of the purchaser at time and place of sale. The deposit shall be increased to 10% of the purchase price within 24 hours at the Auctioneer’s office. 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, condominium fee, 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. Purchaser assumes the risk of loss from the date of contract forward. Purchaser agrees to waive any right of rescission under Maryland Condominium Law, if applicable, having reviewed the condominium declaration and by-laws in advance of the auction. 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.

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