The brash drive to sell out the Belt's Landing condominium development in Fells Point in a single weekend came down to a simple verdict yesterday: Close, but no cigar.
Developer/liquidators Joel Gamel, Elliott Sharaby and partners had only four of the 92 condominiums and town houses they took over last month left unsold yesterday, Mr. Gamel said. And they had backup orders for dozens of units in case buyers backed out of their contracts or can't get financing.
"We knew it was possible to sell out in a weekend, but realistically we thought it might take three weekends," Mr. Gamel said. The partners said last week they had sold about 40 units before the weekend's sales blitz, leaving about 52 unsold.
The new owners' prime selling point was price.
The partners bought the property from South Charles Realty Corp., another affiliate of Maryland National parent MNC Financial Inc., last month for $4.2 million. They say they have put about $2 million into improvements.
Maryland National Bank absorbed about a $17 million loss on the resale of the property after repossessing Belt's Landing from its original developers. Before the bank took over the project, only one of Belt's Landing's 102 units had sold. Maryland National sold nine at auction in March, leaving 92 for Mr. Gamel and his partners.
The new team was able to cut prices by two-thirds or more from the original asking prices. The remaining units range from
$96,000 to $178,000.
Mr. Gamel said the company hopes to conclude the project within about three months.