"Coldspring Newtown"

 REAL ESTATE AUCTION 

– Online Only Auction –
$60,000 Suggested Opening Bid

Large, Two Level
CONDOMINIUM UNIT
3 Bedrooms ◆ 2.5 Baths ◆ Den
Garage Parking & Storage Unit

Known As
2220 CLOVE TERRACE
Baltimore, MD 21209

BIDDING OPEN:
FRIDAY, MARCH 20, 2020

BIDDING CLOSE:
WEDNESDAY, MARCH 25, 2020
AT 2:00 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:
2220 Clove Terrace is located in the “Coldspring Newtown” planned community, north of Coldspring Lane, west of the Jones Falls Expressway (I-83), east of Greenspring Avenue and south of Northern Parkway.

As described by LiveBaltimore.com:

“Conceived in the 1970s as a “town within a town,” Coldspring Newtown is one of Baltimore’s most innovative planned communities. Residents enjoy manicured lawns, beautiful, mature trees and shrubs, tot lots, an Olympic size swimming pool, tennis courts, walking paths, and bird sanctuary all on pedestrian walkways. Originally proposed as a “community in a park” and occupying approximately 370 acres of rolling, wooded land in northwest Baltimore, Coldspring Newtown was planned to extend from Northern Parkway to Druid Hill Park and from Greenspring Avenue to the Jones Falls Expressway. It was planned to house 12,400 people in 3,780 units with a full range of commercial and community services, as well as parkland and water recreation, to meet most of the everyday needs of the residents. The centrally located town center was to contain a supermarket and more than a dozen other shops and stores, a teen center, a senior center, a library, a post office, and other community facilities grouped around a main plaza south of Cold Spring Lane. An additional 100,000 to 150,000 square feet of public office space was planned for a plaza north of Cold Spring Lane. The town center plazas would be connected by a pedestrian bridge. As it exists today, Coldspring Newtown and The Woodlands comprise approximately 300 homes and provides recreational facilities and access to the Waldorf School of Baltimore which enrolls students from preschool through eighth grade. The new Lower School building at The Waldorf School of Baltimore is adjacent to a vacant pad site where a proposed senior center will be built. The school also has future plans for athletic fields, a community arts center, a library, and a possible high school building. Although these future facilities are to be owned and operated by the school, The Waldorf School and the Coldspring Community (which includes The Woodlands at Coldspring) are building a relationship where the amenities of the neighborhood and the school will be shared in hopes of fulfilling the promise of a unique and rewarding community.”

UNIT:
Circa 1980 contemporary end-unit townhouse condominium unit is located on three levels of a concrete building, above a one-car parking space. According to public tax records, the unit contains 1,552 square feet of living area.

First Floor

• Foyer – ceramic tile, coat closet
• L-Shaped Living/Dining Combination – carpeting, sliding doors to private rear deck
• Kitchen – ceramic tile, electric range/oven, dishwasher, refrigerator
• Half-Bath – vinyl floor
• Den – carpeting, sliding doors to deck

Second Floor

• Master Bedroom – carpeting, dressing room, walk-in closet, en-suite Full Ceramic Tile Bathroom
• Bedroom #2 – carpeting
• Bedroom #3 – carpeting
• Full Bathroom – ceramic tile
• Laundry with washer and dryer

Garage parking space and storage locker in the lower level.

The unit is currently rented for $1,848 per month, on a month-to-month lease. (BRHP Voucher Program)

CONDOMINIUM INFORMATION:
Monthly condominium fee of approximately $389.36 includes pool, exercise room, tennis courts, playground, water and common area maintenance.

Condominium Resale Documents

Coldspring Community Association, Inc. Documents

TAXES:
Published annual real estate taxes are $3,028, based on a full value assessment of $128,333. 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.

TITLE:
The property is sold free and clear of liens. Baltimore City Deed Book 18383, page 299.

SUMMARY TERMS OF SALE:
Please see the contract of sale for complete terms.
A $10,000 deposit, or ten percent (10%) of the Purchase Price (whichever is greater), in cash or cashier’s check to be delivered to the Auctioneer’s office at 6500 Falls Road, Baltimore, MD 21209, or sent by wire transfer, within 24 hours of Wednesday, March 25, 2020 at 2:00 P.M. (the bid closing). 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. All adjustments, including taxes, condominium or homeowner’s association fees, 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 settlement 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 Declarations, Bylaws, Rules and Regulations of the Coldspring Newtown owner’s associations. Purchaser assumes the risk of loss from the date of contract forward. 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.

No Buyer’s Premium