That's right Ladies & Gentlemen, there has been a sale. ONE SALE for ONE UNIT. Oh, and it gets even better too. While the current owner of this property is in the middle of a divorce with his Wife, she allegedly demanded that she get one of the units in the divorce settlement deal and he's gone ahead and assigned one of the units to her.
So the very first sale is complete but no money transferred hands, just title. LOL Looks like the River Front Condos are a complete FLOP and one woman has the entire place to herself. If the ex husband is smart he sold her on the fact that the Condo was worth $400,000.00 to $500,000.00. There's a SUCKER born every day!
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
16 comments:
Now thats a smart woman! Hardhead
Two great features of this condo:
1. The noise from Brew River
2. The odor from the Perdue plant
Where can you buy a unit -- for your mother-in-law, of course.
I heard recently that the owners were very depressed because they only think they have 5 units sold in this complex. These guys thought they were going to get rich selling these condo's on a stinking ditch and they were granted numerous special exceptions and tax breaks from the Mare. The people on Riverside drive did not want this development and it was forced down their throats. The city leaders need to do something about these high density, get rich quick schemes forced on the public. This area is already to congested and can not handle the high density.
Does anyone know what is going on with the luxury condo's across the ditch in the ghetto?
Our city leaders are morally bankrupt!!
Since they can't sell what they have built already, I seriously doubt we'll see many more built until the economy gets better.
With a nation hundreds of billions of dollars in debt, a small city in debt $71,000,000 and having borrowed 90% of what they are allowed, it could be a tough market for years to come.
If Salisbury had a serious crisis emergency, the remaining $18 million we are allowed to borrow isn't much concidering we have an annual $80 million budget. Is the worst yet to come?
Taxpayers of Salisbury are paying over $2 million dollars a year in interest on the borrowed money, while at the same time giving away future tax revenue to developers. A recipe for bankruptcy.
I'm sorry, those stupid condos look so out of place on Riverside Drive. First, you have Donnie Williams' condos there, which has people packed on top of each other like sardines. One good fart from a unit will be heard by all the others. Then, you have RiverPlace, that is parked right on top of that civil engineering firm. That is about the most ignorant thing I've seen built in a good long time. When you drive down Riverside, it looks like OC.
Finally, you have those condos on the west side. Shouldn't those developers have to put up/in a certain amount of low income housing? Again, pricing the poor out of the city. On the upside, Shanie can't run if she lives outside the city!
On a clear day you can watch drug deals go down at Wright's Market,The Mayor walking downtown in her short shorts and the fireman wash equipment at the new firehouse!
If the area gets "gentrified" and such perhaps Perdue will open a "factory outlet store" on Fitzwater Street.
"There's a SUCKER born every day!"
That's a fact, and on some days more than one.
Maryland legal records (on the Internet) indicate that one unit in this condo has been sold and settled, about a month ago -- a 1,600 sq. ft. space on the 5th floor that has a tax assessed value of $415,000 (about $260/sq. ft.). The deed states that a husband and wife paid $494,370 for it -- that's about $50/sq. ft. more than the assessed value, or almost $310/sq. ft.
Street talk is that some of the units may soon be rented to generate funds to carry the construction loan -- the kiss of death in a project of the "upscale" sort, especially if they get some students at SU (the 4 to 2 rule does not apply to this project).
Joe better do some more homework on this subject the owner wasn't married the woman metioned in your post
Marriage, Common Law, what's the difference? YOU, (especially) know that it was part of the settlement agreement when these two broke up. You're NOT going to bring me to producing names because I'm NOT interested in airing their dirty laundry.
There is a Sucker born every minute...P.T. Barnum
What's happened on that traffic "roundabout" that the City Engineer wanted these developers to fund at the Carroll Street/Mill Street intersection?
Since this is the tallest residential structure in the City of Salisbury how much is the developer donating for the new ladder truck for the SFD?
"Taxpayers of Salisbury are paying over $2 million dollars a year in interest on the borrowed money, while at the same time giving away future tax revenue to developers. A recipe for bankruptcy."
This is the recipe all across America, and certainly in Delmarva.
The formula is simple. Speculators (they call themselves "Developers" which sounds rather highbrow, doesn't it?) finance the election of compliant city officials. City official promote "growth" (which actually is speculation), the few do very well, the taxpayers have to live with the sprawl, crime, traffic, and higher taxes.
It seems to be the American way. That's all we produce any more: "growth."
ARE YOU KIDDING ME? Why do you think they're sending out donation envelopes? Comegys wants a bite out of every apple, remember?
The developers of this project have been "extremely" successful in their respective businesses for many years - including condo development - I venture to say they will wait out the slump and end up smelling like a rose - it amazes me when "envy" of someone else's success can actually drive people to wish failure upon someone's business venture - I say Salisbury should be thankful to someone who is willing to invest in a previously and still very much so "dead" city center - what have you done with your real estate investment downtown Joe to make the center city a better place? If you have done something, it certainly is not as noticable as what these gentlemen did!
Here's a newsflash for some of your less informed readership - these guys are already rich - many times over.
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