The highest profile tax-foreclosure sale in Washtenaw County last year was in Pittsfield Township, where about half of the Wellesley Gardens property found a new owner.

It wasn’t an easy journey: The property - located along Michigan Avenue near US-23 - could accommodate 218 condos in the existing development that was approved for 427 units, making it a large land purchase during a time when builders say large tracts have lost up to 90 percent of their value.

That’s still true: This year, as the county’s first round of tax foreclosure auctions start July 19, the majority are unbuilt lots.

But back to Wellesley Gardens.

The difficult journey part of the tax foreclosure for the county was knowing that it needed to generate enough money to pay the unpaid back taxes, penalties and auction fees associated with the property.

The starting bid was $1.2 million - and it yielded no takers.

So it went up for a second, final online auction at a starting bid of $7,350.

That time it was bid up to $245,000 - a big difference - but the buyer walked away from the deal. So did a backup bidder.

Eventually, after some effort, Treasurer Catherine McClary was able to sell the property to another bidder for $100,000.

The buyer is a civil engineer from Ann Arbor who bought the property as an investment.

Ibraheem Shunnar said he plans to hold onto the property “until the market comes back.”

The housing slowdown raises uncertainty across the region in communities where undeveloped land abuts existing housing.

In Wellesley Gardens, as in many partially built communities, the property comes with approved site plans that could be altered by a developer.

However, Shunnar said he expects any future development to match the original developer’s vision for making it cohesive with the condos that already have been built and occupied.

“Our preference will be to not disturb what we have right now,” Shunnar said.

That will depend on whether a rebounding market can accommodate new condo construction on the property. With room for 218 units, the property will pose construction and financing challenges.

However, Shunnar said he does expect the market to come back.

The question facing him and all other property owners is: When?

“(I have) no timeline,” he said. “I don’t think anyone can tell when things are going to change.”

While Shunnar got a relative bargain on the property, considering the first buyer had committed to a $245,000 purchase price, he also recognizes that its size and loss of value since the market’s peak comes at a price.

“I think it’s high risk,” he said.

But eventually, he expects the property to represent housing opportunities for buyers, much like the rest of Wellesley Gardens.

Once he sees the market rebounding, “I’ll work with the township and community to get something that’s good for everybody.