Homeland houses, lots on the block

REAL ESTATE NOTES

July 21, 1991|By Edward Gunts

The Villages at Homeland-East -- once one of the best-selling developments in Baltimore -- will be the latest residential community to go on the auction block this summer. Eighteen unoccupied town houses will be offered for sale July 31.

The town houses and 66 adjoining lots are being auctioned by Loyola Federal Savings and Loan Association, the lender that earlier this year began foreclosure proceedings against the builder, Homeland Acres Limited Partnership.

Atlantic Auctions Inc. is handling the sale, which will begin at 1 p.m. on the premises, off the 400 block of Homeland Avenue.

The sale reflects a trend in which developers and lenders are auctioning residences to accelerate or close out sales. Other recent auctions have involved residences at the Colonnade on University Parkway, the South River Condominiums in Annapolis, and the Washington Square town houses off Aliceanna Street in East Baltimore.

Previously priced from $150,000 to more than $170,000, the two- and three-bedroom town houses at the Villages are expected to sell at auction for less. Auctioneer Andy Stafford declined to estimate what the houses might bring, but he said Loyola is eager to find buyers.

"It's going to be patterned to a large degree," he said, "after the sale we had for the Washington Square town houses," in which 24 homes were sold in less than two hours. "We're especially going to target individual buyers and give them a chance to purchase at below fair market value."

"It's a great opportunity for people. The houses are very attractive and very unusual for Baltimore," said Edward Levin, a trustee for Loyola. "There's no question that the best solution for everyone concerned would be to sell the 18 houses and complete the development. That's what we're trying to do."

Atlantic is holding three open houses to give prospective buyers a chance to inspect the town houses before the auction. They will be held on the premises today from 2 p.m. to 5 p.m.; July 27 from 10 a.m. to 3 p.m., and July 28 from 2 p.m. to 5 p.m.

Designed by Ziger Hoopes and Snead to evoke the character and styling of the older residences in Homeland, the town houses were constructed on a nine-acre parcel previously occupied by a warehouse for Jos. A. Bank Clothiers.

The original development team was headed by Michael Yerman, but he left more than a year ago and the team has most recently been headed by Jack Steffey. According to Mr. Levin, Loyola has the first and second mortgages on the property and claims the developers owe close to $4 million.

The original plans for the community called for 120 town houses. So far, 54 have been built, and 36 have been sold and occupied. Mr. Stafford said the 18 town houses are substantially completed but may need some items, such as carpeting and ovens. Special financing for successful bidders will be available.

According to the auctioneer, the 18 town houses will first be offered individually, with a deposit of $10,000 required for each and the bids reserved. The 66 lots will then be offered as an group. The town houses and lots will then be offered together, and the property will be sold in the manner that brings the highest price.

More information is available from the auctioneer at 752-5300.

* * Union Memorial Hospital has purchased a four-story, seven-unit apartment building at 301 E. University Parkway for $450,000 to house members of its nursing staff.

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