It's full steam ahead for this new community on Line Road, (Rt. 54) in Delmar, MD. I also hear Mr. Tom Ruark is moving forward with his development here in Wicomico County, some 600 homes. He has permits in hand. The City of Salisbury must be backing these projects since they're the only ones around that seem to have all this excess money, right? Gotta love that Bailout!!!!!!!!!!!
Three Cheers for the Democrats! NOT!
14 comments:
Thats odd, yesterday i heard scuttle-butt about t. ruark filing for bankrupcy.
You have the permits, now they can be auctioned off as resedential building lots, not just farm land.
Ruark has decided not to go forth with another one of their projects which is much smaller than the 600 home one......so i highly doubt thats true. And what 'big' builder isn't having financial issues these days.. they all went and bought all this land when the market was hot and now they can't pay for it.
Yes three cheers for the Democrats! They tried to pass the bailout but failed until they added "$110 Billion in Pork" to the bottom of the bill to get the Republicans to sign on! Let's not bailout to just heal, lets get something in return! That was a kick in the teeth!
Does my heart good to see Ruark and those like him have to sit on the properties. Serves them all right for being greedy and stupid. NO BAILOUT FOR YOU. I can guarantee you, Tom Ruark is far from being bankrupt.
Need to check that out Mr Albero. Those 4 homes that are built there are the same 4 that have been there since begining of summer. 3 of the 4 are models. I had looked at the homes in July. They are having a hell of a time selling the homes and they are also having a hard time with Delmar town council because part of the property is zoned Delmar and part is zoned Wic Co. The builder, Heron Ponds, started with 3 owners in the company and is now down to 1 because of the economy. Something has to be done.
Joe check out how many mechanic liens have been filed on this property. He may build them and may even sell them but will they make it to the settlement table?
They are not having a problem with the Town of Delmar.
Their electrical contractor did stop work out there though due to non payment from the developer. That was reported at one of the town meetings.
This one has moved along better than the development down Old Stage Rd. on the Delaware side of Delmar though. Yorkshire Estates I believe it is.
There hasn't been any work out there for several months! They didn't even finish the townhomes.
anon 9:37 - you're correct. The land is worth bunches more with rezoning and approvals and permits!
Ruark can take a lesson from Mr. Coffin, who overpaid for that land on Levin Dashiell Road that he now wants the County to buy from him (after he has stripped the road frontage) for $13,000 per acre, and Pollitt wants to do the deal.
"Serves them all right for being greedy and stupid." - How is being a successful developer either greedy or stupid? It is hard work and requires smarts beyond what most jobs require. Anon 10:40...what do you do? Bet you couldn't do what Ruark does.
Heron Ponds is far from thriving. A few houses may be built but they are so far from a C.O. (certificate of occupancy) it isn't funny. They would have to complete the infrastructure (sewage/water etc.)just for starters. For example there is no lift station to pump the waste. That would cost at least $250,000 and would have to be done before the "city" would/could turn on the services. That project is a lawyers dream and a homeowners nightmare. Wish it wasn't so because some good people aren't going to get paid anytime soon.
I also heard that Bijan held that auction because he was trying to liquidate inventory to avoid bankruptcy. Greedy and yes, stupid. News flash to all builders - there are not enough people in the area that have jobs that pay well enough to afford to buy any home priced much over $120,000. 3-4 million dollar homes just feed down stream from the turd factory and city taxes to boot? That's just dumb...and greedy. No sympathy. Tom Ruark used to be considered a good builder but ask almost anyone who lives in his more recent construction about the quality.
There still builders out there who do quality work. I hear good things about Malone and Barry Glass. Messick builds a good house but needs to re-learn customer service. Step one would be to fire arrogant/combative/rude office staff.
I'm glad to see the folks in this business dining on some humble pie. I don't begrudge anyone their success or making a dollar, but it got so far out of whack that the whole real estate game became immoral. It is the single biggest reason we are in this mess.
So, yes, greed and stupidity.
If they are incomplete shells that can't be sold it really doesn't matter how much the developer or anyone else says that they are worth. The holding costs and liabilities of these properties will be based on this presumed value.
It would have been far better to keep them in farmland, as right about now farmland is far more valuable than a builders 1/4acre anywhere in this country.
There is 1 home for every singe man woman and child in this country right now.
It will be some time before anyone NEEDS those houses.
Cheap labor is getting harder to find. These homes will sit like the rest. Cheap builders build homes so that the working class can snag a loan and the builder can snag your money. Ruark's subcontractors make 30% less. These type of homes are a big part of the problem. Custom home builders hire the best and the best still have jobs. Its the names that dont deal in mass production of homes that will still be around long after the Ruark's, Esham's and Bijon's. With or without politicians.
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