For almost 2 years Potomac Residents have watched 2 new homes fall into disrepair at the intersection of River Road and Congressional Parkway and Bronson Drive. At the beginning of August contractors started showing up at this property cleaning it up and making it look presentable. FINALLY, someone trying to market the property!The auction sign went up announcing the property would be auctioned on Thursday, 9/17. Yesterday, with competitive bidding the property sold at auction for $4.79 Million.
This was one of 3 homes that went into foreclosure formally owned by Bollywood entrepreneur Vijay Taneja. Mr. Taneja was convicted of mortgage fraud and all of his assets ordered liquidated. An identical home was auctioned off in Fairfax last year.
There is still lots of work to be completed in this home. I was shocked that it sold for as much as it did. Although large, the lot is a challenge, it is close to a main road, and it still needs over $1mm of work to finish properly.
The city paper blog did a fabulous post regarding the auction and home. You can link to it here.
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I thought the bank had completed the required work and that only a small portion of the basement floor remained to be finished.
ReplyDeleteIs it true that the home is being re-sold (after the auction) again to another buyer?
ReplyDeleteI am not sure if this home is now being re-sold. I will try and research and report back.
ReplyDeleteI saw this home before the auction..very nice I was wondering who the builder was and is it the same builder who built the one in Virginia?..I also saw that one too they were a little bit(not much though) different..Just wondering if the owner used the same builder..
ReplyDeleteYes - It was the same builder that did this - the one next door and the Virginia properties.
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