"Reservoir Hill"

A $5,000 deposit, or 10% of the purchase price (whichever is greater), payable by cashier’s check or wire transfer, will be required of the purchaser by 4:00 P.M. on the day of the auction at the Auctioneer’s office, 6500 Falls Road, Baltimore, MD 21209. When you register for an online auction, a “ping” will be placed on your credit card and immediately voided, you will not be charged the deposit amount. A 5% or $1,500 buyer’s premium, whichever is greater, will be added to the final bid price. For complete Terms Of Sale, see the Summary Terms Of Sale at the bottom of this page or see the Sample Contract.

Starting Bid: $35,000

RESERVOIR HILL

TWO STORY
BRICK TOWNHOME

Known As:
1115 WHITELOCK STREET
Off McCulloh Street
Baltimore City, MD 21217

ONLINE BIDDING OPENS:
MONDAY, NOVEMBER 14, 2022

ONLINE BIDDING CLOSES:
TUESDAY, NOVEMBER 15, 2022 AT 11:15 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:
1115 Whitelock Street is located in the Reservoir Hill neighborhood of Baltimore City. Surrounding neighborhoods include Penn North, Bolton Hill and Druid Heights. The neighborhood is immediately south of Druid Hill Park, which has recently been the center of a $290 million redevelopment. The redevelopment is reshaping and modernizing the park and lake with walking paths, bridges, boat ramps and public swimming areas. Such investment is believed to spark economic development in the community as well. Reservoir Hill is home to local coffee shops such as Dovecote, close to popular restaurants such as Clavel and JBGBs and proximate to many of Baltimore’s cultural hubs. Within the neighborhood are several small community parks, playgrounds, basketball courts and community gardens. Commuters have convenient access to major thoroughfares, including I-83 for north/south travel and North Avenue for east/west travel. Major employers in the area include MICA, Johns Hopkins University and Coppin State University.

For more information, please see:
Reservoir Hill – livebaltimore.com
Druid Lake Redevelopment Plan – www.bizjournals.com

SITE:
Lot – 16’9″ x 50′, more or less. Plat

All public utilities

Zoned R-8, Residential

IMPROVEMENTS:
Two story townhome – constructed in 1900, comprising 1,180 square feet of living area and 590 square feet of basement space, according to public tax records. The home is believed to be arranged as living room, dining room, kitchen, on first floor; three bedrooms and bath on second floor; basement. Home is believed to be vacant.

OPPORTUNITY ZONES:
The property falls within one of Baltimore’s opportunity zone areas. According to the Baltimore Development Corporation,”The program provides a federal tax incentive for investors, who invest in real estate projects and operating businesses located in designated low-income communities through deferral and partial tax reductions of reinvested capital gains, and forgiveness of tax on new capital gains.”

For more information about opportunity zones click the link below:
Opportunity Zones – baltimoredevelopment.com

TITLE:
$69.75 annual ground rent payable in semi-annual installments on 01/01 and 07/01; sold free and clear of liens. Baltimore City Deed Book FMC 7695 , folio 611.

TAXES:
Published annual real estate taxes are $2,784.80, based on a full value assessment of $118,000.

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: Assessment Appeal Process – dat.maryland.gov

SUMMARY TERMS OF SALE:
Please see the contract of sale for complete terms.
A $5,000 deposit, or 10% of the purchase price (whichever is greater), payable by cashier’s check or wire transfer, will be required of the purchaser by 4:00 P.M. on the day of the auction at the Auctioneer’s office, 6500 Falls Road, Baltimore, MD 21209. 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.