"Coldspring Newtown"

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% buyer’s premium 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 and see the Sample Contract.

– OPENING BID: $40,000 –

COLDSPRING NEWTOWN

GARDEN STYLE
CONDOMINIUM UNIT
– 2 Bedrooms ✧ 1.5 Baths ✧ Covered Parking –

Known As:
2302 PENNYROYAL TERRACE
Off Strawflower Lane
Baltimore City, MD 21209

BIDDING OPENS:
WEDNESDAY, JUNE 7, 2023

BIDDING CLOSES:
FRIDAY, JUNE 9, 2023 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:
2302 Pennyroyal Terrace is located in the Coldspring Newtown neighborhood of northwest Baltimore City. The planned community of Coldspring Newtown was conceived in the 1970’s by famed architect Moshe Safdie, “as a community in a park and a town within a town,” according to the Coldspring Newtown Community Association website. The unit is located in the first phase of the community, which consists of 124 residences with enclosed parking and a separation of vehicular and pedestrian traffic. Community amenities include a pool and tennis club, children’s labyrinth, ball fields, bird sanctuary and more. The Coldspring Newtown community is located next to Cylburn Arboretum, one of Baltimore’s greatest hidden treasures. At the Arboretum, visitors can enjoy an escape of city life by walking through the 200 acre urban oasis that is lined with hundreds of specimen trees, plant collections, gardens and wooded trails. Grocery stores, retail shops, restaurants and entertainment options are all located within a mile of the unit. Public transportation options, including bus lines and light rail, are within a half mile of the unit. Major employers in the area include Sinai Hospital, Loyola University and various other colleges and schools.

For more information, please see
Coldspring Newtown Community Association – www.coldspringcommunity.com
Coldspring – livebaltimore.com

IMPROVEMENTS:
Top floor condominium unit with two bedrooms, one and one half baths and assigned parking. According to public tax records, the condominium unit contains 987 square feet of living area. The unit has a split level living area, dining area, kitchen, in-unit washer/dryer and balcony. The unit is currently vacant and requires cosmetic updates.

Plat

CONDOMINIUM FEES:
Monthly condominium fees are $317.89 and include water, twice-weekly trash pick up, landscaping and exterior maintenance. Yearly community association fees are $348.50 and $90 for the community pool for a total of $438.50.

Condo Resale Package:

• Coldspring Community Association Inc.
• Coldspring Stage 1A

TITLE:
In fee simple; sold free and clear of liens. Baltimore City Deed Book SEB 1910, page 331.

TAXES:
Published annual real estate taxes are $2,234.92 based on a full value assessment of $94,700.

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 REFER TO THE CONTRACT FOR THE COMPLETE TERMS OF SALE:
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. 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, condominium fees, homeowner association fees, 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, and subject to the Declaration and By-Laws of the Coldspring Community Association, Inc. and the Coldspring Stage 1-A Condominium Association. 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. The Purchaser agrees to waive any right of rescission under Maryland Condominium and Homeowner Association Laws, having reviewed the resale packages prior to the auction and execution of the contract of sale. 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% buyer’s premium will be added to the final bid price.