Town-house auction planned for Feb. 22

REAL ESTATE NOTES

January 26, 1992|By Edward Gunts

Fourteen unsold residences and adjacent land at the Villages at Homeland, a 9-acre town-house community in North Baltimore, will go on the auction block Feb. 22 in a foreclosure sale on behalf of Loyola Federal Savings and Loan Association.

U.S. Bankruptcy Court Judge James Schneider ruled this month that the auction could proceed, despite a request by the developers that they be allowed to retain control of the property.

Homeland Acres Limited Partnership, a group headed by builder Jack Steffey, filed last summer for protection from creditors under Chapter 11 of the U.S. Bankruptcy Code, after Loyola Federal initiated foreclosure proceedings. Loyola claimed in court documents that Homeland Acres owed close to $4 million at that time, and the filing helped the builder temporarily avert a previously scheduled auction of the houses.

Located off the 400 block of Homeland Avenue, the 120-unit community was one of the fastest selling developments in Baltimore before the recession slowed sales in 1990. Prices ranged from $150,000 to $170,000 for the two- and three-bedroom houses.

Andy Stafford, an auctioneer with Atlantic, said his company will hold open houses Feb. 8, 9, 15 and 16 to enable prospective buyers to inspect the houses. He said more than 100 people toured the property last summer before the previous auction was canceled.

Another auction

Also scheduled for auction is Greystone, a four-story building in Ellicott City that has been partially converted to 20 apartments. Atlantic Auctions is handling the sale, which also includes 28 finished town house lots at New Cut Road and College Avenue in Ellicott City.

Scheduled to be held tomorrow at noon, the auction is a foreclosure sale on behalf of Second National Federal Savings Bank. Second National initiated foreclosure proceedings last year against the Greystone Associates Partnership, which acquired the property in 1990 and began restoring it for residential use.

The four-story stone building dates from the first half of the 19th century, when it was built to house a private academy for men. A Catholic order purchased the school in 1857 and renamed it Rock Hill College. The college was destroyed by fire in 1923, but a combined elementary and high school for Ellicott City was built within its 18-inch-thick stone walls by 1926. That school closed in 1976, after another school opened on Roundhill Road. The interior of the stone building was burned out again in 1982, and it languished for nearly a decade until the reconstruction work began.

Atlantic is also selling at auction 298 town-house lots off Old Eastern Avenue in Baltimore County at noon Tuesday. The auction is a foreclosure sale on behalf of NationsBank.

Around the region:

* Harkins Builders Inc. of Silver Spring has signed a contract with New Parkchester Cooperative Inc. in the amount of $5.25 million to rehabilitate the Parkchester Apartments in Washington. Construction began earlier this month. McDonald-Williams of Washington is the architect.

* Richard Purvis, president of Coldwell Banker Baltimore/Washington, has been inducted into the Northern Virginia Association of Realtors Inc. Hall of Fame.

* Patricia J. Payne, deputy secretary of Maryland's Department of Housing and Community Development, will be the guest speaker at a meeting of Commercial Real Estate Women, Feb. 6 starting at 8 a.m. in the 22nd floor conference room at the Redwood Tower, 217 E. Redwood St. The cost: $5.50 per person. More information is available from Donna Creedon at 410-327-1770.

* Tuesday is the day for the joint meeting of the local chapters of the Associated General Contractors of American and the American Subcontractors Association. The meeting starts at 6 p.m. at the Quality Inn in Towson, 1015 York Road.

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