Washtenaw County Treasurer, Ann Arbor, MI Puts Tax-Foreclosed Wellesley Gardens, a 33 Acre Undeveloped Condominium Complex, on the Auction Block

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A planned 427-unit condo complex in Pittsfield Township halts when builder abandons project ultimately sending Phase-II of unfinished units into foreclosure and up for bids online

“This is the deal of the century, “ said Matt Baker, CEO, Bid4Assets, Inc.

Washtenaw County Treasurer Catherine McClary, today announced a tax-foreclosure auction of 33 acres in Wellesley Gardens condominiums in Pittsfield Township, representing 218 undeveloped units of the Phase-II project. The undeveloped condominium complex, located on the south side of Ann Arbor, Michigan, but with lower township taxes, will go on the online auction block October 26-28, 2010, with a starting bid of $7,350.

Bid4Assets, a leading online real estate auction site will be the county’s exclusive partner in handling the auction. The condominium complex can be previewed online at http://www.Bid4Assets.com/WG11.

Wellesley Gardens was a planned 400+ unit condominium complex originally constructed in the early 2000’s in Pittsfield Township, Michigan when the condo market was booming. Phase-I of the project was successfully completed with about half of the condominiums currently occupied. Shortly after the completion of Phase-I, the developer left 218 undeveloped units, turnkey ready for construction. The developer began Phase-II, completing a $2 million clubhouse that stands alone, surrounded by the undeveloped plats.

This project is a dream come true for a residential developer or builder. The 33 acres is zoned for 218 units and comes complete with blueprints, building permits, utilities and communications infrastructure already in place. The land has been approved and parceled with some slabs already poured. “All approvals are in place for development of the condominiums,” according to the Township Supervisor, Mandy Grewal.

“Wellesley Gardens is a beautifully constructed residential condominium complex with a $2 million recreational center already completed. With bidding starting at $7,350, we are hoping that an interested residential builder or developer can step in to complete Phase-II and build out the remainder of the community, “said Catherine McClary, Washtenaw County Treasurer.

“This is the deal of the century, “ said Matt Baker, CEO, Bid4Assets, Inc. “There is no minimum reserve price set on this auction so the highest bidder could end up paying pennies on the dollar for a property that has been valued at well over $4 million dollars.”

The minimum bid starts at $7,350. For additional information on the online auction and to preview Wellesley Gardens, please visit please http://www.Bid4Assets.com/WG11. For those individuals who are unable to access the Internet, they can contact Bid4Assets toll-free at 1-877-4ASSETS to request and off-line bid form.

About Bid4Assets, Inc.
Bid4Assets, Inc. (http://www.bid4assets.com) is one of the first to market and most successful online real estate auction sites operating today. Since its inception in 1999, Bid4Assets has sold more than 63,000 properties worldwide. The company auctions distressed assets for financial institutions, private individuals and a growing list of federal and state government agencies. Among them the U.S. Marshals Service, the Department of the Treasury and multiple counties nationwide. Bid4Assets is a privately held company located in Silver Spring, Maryland.

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JENNY LYNCH

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