While the Who's Who of Salisbury gathered at the Old Downtown Court House, bidders were few and far between. Actually, there was only ONE! The Bank bought back their $6+ million dollar property for $2,400,000.00 and the strangest part about it was the two Bank Employees, (from the same Bank) were bidding against one and other. It started off at $1,500,000.00 and they brought their own bidding to the closing price. I'm told there's more than $6,000,000.00 invested into the property.
When I arrived I thought, in this economy, what the heck are all these people thinking. Instead, not one of them raised their hand in interest and that includes myself. The word around the Court House was, Barrie Tilghman could force any one of us to tear down the current construction and really screw anyone purchasing it. Therefore, NO ONE BID! There were more than 50 people there allegedly interested in bidding.
That's one hell of a reputation for a Mayor when everyone is so afraid of her that they won't reinvest back into the community in fear she could turn at any moment. It's time for some new leadership Folks and even the thought of Gary Comegys as Mayor brought on the comments, it's nothing but more of the same.
Not one person felt tat property was worth $1,500,000.00 other than the Bank. That's scary! Oh well, when you've got a reputation of Poo River, what can I say.
35 comments:
My God did you see the vulture slumlords circling....salivating at the thought of getting their hands on more property to rent. And to think they said that Debbie Campbell, Terry Cohen, and Tim Spies wanted to get all renters out of the city...
You could turn that into subsidized housing off of the governments dime.
Imagine that; Jaquita the welfare queen having water front views.
Itll turn into time shares this close to o.c.
so if the bank that floated the loan bought it back what does that mean for the developer ?
People wont even buy time shares in OC let alone Salisbury.
The housing/building industry is asking for millions/billions for a bail-out now. You know who just bought those condos?, We did.
The developer is done with the deal.
The loss is really 100% of the loan until the property is re-sold in the secondary market.
Now whomever wants to buy it can make it conditional upon approvals or blessing from the city for whatever they are asking.
I'll bet it goes to a FOB for a song with a sweetheart deal from the city in place before dollar one is spent to finish the project.
If you are I or the average person were to buy the property, it would be condemned by morning and we would be liable for the demolition costs.
Sandbagged
where was john robinson at? hes a millionaire, thats what he told everyone. i didnt see him in any of the photos!
RE: 4:31 Posting
What will happen to the Developer since the Bank bought it back.
I'll tell you exactly what will happen. The Bank bought it back at 2.4 million dollars according to Joe. Now, the Bank will file a collection Suit for issuance of a judgement for the deficiency. . .in this case the difference in the 6 million loaned out and 2.4 million dollars paid at auction. So a good estimate will be a deficiency judgement decree in the amount of 3.6 million dollars + legal expenses or about 4 million dollars.
The Developer who signed the loan documents - the Bank will go after, usually, both Corporate and personal. The Developer will probably file bankruptcy, both, corporate and personal. Then, the Bank will move to secure a judgement against the Developers assets including his personal home and so forth.
Now, with the bailout in place the Regulatory agency - (FDIC) - will probably buy the defaulted loan and issue paper to the Bank. So the Bank walks away like a bandit.
Remember what the Bible says, "A debtor is Servant to the Lender". It's a form of legalized slavery.
Hope I was of some help.
If John Robinson claimed he was a millionaire and you believed him, you're a fool. I should add, being a millionaire today is far different than it was 10, 20 or 30 years ago.
The question to ask is, DO YOU OWE ANYONE ANYTHING ON YOUR HOME, 2ND HOME, CARS, CREDIT CARDS, BUSINESS LOANS, ETC?
Robinson met his biggest challenge when he met me.
What will happen with that property is Barrie Tilghman will have it razed so Jim Perdue can move from the north prong to the south prong, leaving the north prong to be raped, plundered and pillaged by Barrie and her band of thieves.
Stock up on KY North Prongers, the shaft is coming hard and fast.
5:06, you forgot who pays it, like i said earlier its us.
i will take the one on top. watch how it turns out
Condo's make good section 8 housing. Thats what they are doing with them in Crisfield. Since they can't sell them they let people with vouchers rent them. Thats right, we are paying for subsidized housing in condos with tax payers money. The people with the vouchers are living much better than the rest of us. I'm sure this will make Obama happy, another form of income redistribution.
This property has become a toxic asset on a toxic river. It's gonna be a Federal Project soon enough. First the building will become a TARP project, then the river will become a SUPERFUND site
No tax payers will be paying much longer.
Our economy is going bust because of many projects such as this one.
Besides how much is your dollar worth.
what would you do if you lived there anyway.
Oh honey , i love our new place on the river. can we go out after dinner and count terds, and then go down to brew river and count terds.
face it you live in a shit hole of a town that is indeed a failure, if you are in charge of salisbury what are you in charge of?
This is the best damn form of media I've ever seen.
Never, and I mean never, has this County and City had this type of in-depth detailed coverage.
This media really does have a 'no holds barred' mentality.
SBYnews is the Best of the Best in my estimation.
Is 7:51 correct? I had never heard that the Crisfield condos were becoming Section 8 housing. That is unbelievable! So I guess those in the Somers Cove projects could "move on up" to waterfront. Isn't America wonderful or what?
Letter to the editor.
Joe, is there anyway you can do a piece on the Daily Crime story so you are your loyal readers can throw a wrench in this "I Love Me" fluff piece project. Someone needs to contact these people to let them know what a crappy project this really is.
-------------------
City's Station 16 project could appear in review
The new fire headquarters was submitted for the nomination by Davis Bowen and Friedel, the architectural firm responsible for its design.
"I think this confirms everything that we have known about this wonderful facility -- that it has been an innovative design building and filled a real need for the community," said Mayor Barrie Parsons Tilghman. "I am thrilled."
"It is very, very nice to see all the hard work of the groups involved in the fire department and the professionals who designed and engineered and constructed it recognized in such an important and prestigious way," Tilghman said.
Should the fire station be named as a Building of America project in the publication, the write-up will also be available on the group's Web site, www.construction reviews.com......
Joe,
Gordo's Exxon Busted!
Nine places fail alcohol check
SALISBURY -- Nine places failed a Wicomico County Alcohol Task Force compliance check Thursday. Officials said 39 licensed establishments were checked, and nine had failed, including:
Tiger Mart, 2403 N. Salisbury Blvd., Salisbury.
I almost spit out my lunch, laughing out loud at "Poo River." Effin good stuff.
I have heard the same rumor about housing Section 8 people in the Crisfield condos but I cannot believe it until I see concrete proof.You cannot tell me that the people who spent a fortune buying their condo are going to just lay down and let the government move people from the projects in next door....and actually they do not need to "move up" to get a water view...a large number of units in the Crisfield projects ARE within spitting distance of the marina....what other city in America is crazy enough to build public housing on waterfront property?????
There was a time, not so long ago, when no one wanted to live on the water front. They reserved that area for those deemed less desireable. Now everyone wants to live on the water front and move those that have been there for ages out. What is wrong with people? Can't make up their minds to save their soul. One day it's not good enough for the upper crust, now it's to good for the lower crust. Get a grip and be happy with what you have. Stop taking everything away from people just to suit your greedy selves.
We lived right across the street for years and no one had any problem with it. Why now? You build it and we will come. Oh no he didnt say that did he?
Look at how many units are on that small piece of land.
Does anyone else thing that the zoning laws need to change in this city. The high density zoning is nothing more than benificial for the developers and slum lords to get rich. Who wants to live in such a congested area.
I have a question for the next Mayor, possibly Jim Ireton, do you plan on doing anything about the zoning laws. We need less homes on a lot and much bigger lots. Someone please make Salisbury a desirable place to live.
To Anonymous 7:04 p.m. who commented on "that thing" in Donnie Williams' ear, "how gay is that", if I made that comment I would certainly want to be anonymous, I wouldn't want to show ignorance. So you will know, that is a Verizon ear piece for hands free cell telephoning. Got Me!
Mr. Williams, I apologize personally to you Sir and ask your forgiveness?
I truly thought I had deleted/rejected that comment as I felt it was completely inappropriate I will remove it immediately.
Joe
It's sad to realise that so many of you think you're better than the rest of the world.
Because someone holds a Section 8 voucher doesn't mean that they are bad people. They don't earn as much money as you do. That's the primary difference.
And a little lesson on Section 8 vouchers: A property owner can choose to accept a voucher or not. So, bluojthetomtom, if the report about the Crisfiled condos is correct, it's the owners of the condos that are accepting the Section 8 vouchers, not the government forcing it on them.
Secondly, those units are unrented. There is a shortage of decent, affordable housing. Since Section 8 vouchers have limits as to the rent that can be charged, the rents on those units are no higher than any other.
And are you saying that because someone is poor they should not have a waterfront view. Really? Why don't we just go ahead and build a city of lepers to send them to, then all of you who think you are better quality folks can rub shoulders and talk about how perfect the world is.
And while you are doing that, you ought to check your faith. I'm not aware of any religion that bashes poor people like you all do.
If poor people are so bad, why don't you call for the shutdown of organizations like The Salvation Army or Goodwill.
Instead of putting your token dollar in the red kettle, why don't you take off your annonymos hat, get on your soap box and tell the whole mall how bad poor people are!
Come on people, our society will never progress if we can't learn to be empathetic for others. We don't have to agree with their lifestyle choices. Just try to understand that not everyone has had the same upbringing, education and good fortune as you.
I get the impression that there are some of you who think a blog is a place to trash, bash, people; just get ugly. But then again it might be a good place to vent anger; if it were not here, it's no telling how much more crime we would have from people just venting their ugliness. Why can't we all just "get along" and treat one another like you want to be treated. Is that too much to ask?
Anon 1:58
With all due respect,you don't know sh*t about me....I was raised by a poor single divorced mother who somehow managed to raise her kids WITHOUT relying on Section 8 and she actually managed to buy us a house of our OWN!.She worked a FT job all week long and while all the single mothers getting entitlements partied all weekend in their new clothes,my Mom spent her weekends cleaning rich peoples homes so that her kids had a good example of work ethic to look up to and so that she could provide for us herself.
Section 8 was meant to give a temporary helping hand to those who needed it,but the most of the people who really are in need of it languish on waiting lists because once someone gets used to free rent,they never want to leave.If they are as poor as you and other bleeding hearts believe they are,then how can they afford Baby Phat and Hilfiger coats in the winter?My husband and I both work and I havent bought a new winter coat in years!How do they drive almost new cars?I have actually seen Lincoln Navigators in project parking lots.EXplain that sweetie.
And while you are feeling brave,why not attack the people here who have made vulgar comments like the one about "Jaquita"?I never made a racist comment like that because I am not prejudiced against people of color,I am prejudiced against anyone who thinks the world owes them a living-white or black! But you will attack me for thinking its stupid to waste valuable real estate on public housing?
Furthermore,I worked briefly cleaning rentals for a Salisbury landlord who once told me personally that Section 8 tenants were a fricking nightmare because when they finally exhausted all their rent court appeals,he would go in to take posession and find drug packaging,smoking devices and lottery tickets everywhere-yet they could not pay $20 a month in rent!Go to rent court sometime and see how many subsdized tenants are hundreds of dollars behind on rent because they balk at paying even the smallest amounts.They use the "I have kids-pity me" routine and the judge gives them MONTHS of free rent and the landlord has to just suck it up until they decide to leave,knowing they are going to trash his property before he gets it back!
And to the one who said the city should not "take away" the public housing from where it is...get some pride!It isn't yours to begin with,its public housing-if you want a place where you never have to move or be uprooted,then get off your butt and make your own home!
Joe,I am so sorry this comment is so long but I am sick to death of all these whiny people who think I am some nameless faceless "rich" person.My husband and I live week to week but guess what? WE are living off our own sweat and labor,not someone elses,and we can proudly say what little we have that we EARNED!
Totmom,
I did not profess to know anything about you. Nor did I "attack" you. As I said in my post, I think that folks on this blog need to step back and take a look at the way they are talking and treating their neighbors (yes, we all share Salisbury and that makes us neighbors.).
I was simply correcting your erroneous conjecture that the "government move[d] people from the projects in next door".
As a side note, as you all complain about the housing subsidies these poor people are receiving, don't forget that you as middle class homeowners are getting the largest housing subsidy of all, the mortgage interest deduction. The U. S. is one of only four countries in the world (Sweeden, the Netherlands, Switzerland and the U.S.) that allows the deduction. By far, the deduction, and yes, it's a subsidy whether you like it or not, costs the Federal government more than all other housing programs combined. So when you all claim to be paying into the system and not getting anything back remember that.
I think you read me wrong. I am quite conservative and don't like to see capable people getting undeserved handouts. But I also understand that there are many who are less fortunate than you and I.
Are there folks receiving Section 8 and driving Navigators? Yes. Are there public housing residents who are wearing designer clothes? Yes. Are these people the rule? No.
I have seen hundreds of affordable houisng properties all over the country and I can tell you that expensive cars and designer clothes are not the norm.
What you are doing is stereotyping. We all know that stereotyping can get us in trouble.
I also didn't acuse you of being racist. I do beleive the comment about "Juaquita" was unconscionable and Joe, you really should delete that comment, it's over the top, even for your vocal user base.
I just want to caution all of you elitists. On any given day, especially in this economy, you could lose your job, your retirement fund or whatever safety net you think you might have.
Happy Thanksgiving.
"The word around the Court House was, Barrie Tilghman could force any one of us to tear down the current construction and really screw anyone purchasing it." - That's ridiculous. She would only do that if you bought it...and you can't afford it. And, the community would support her doing it to you!!
You're exactly right, I couldn't afford it.
When the Mayor will FINE her own Church $14,000.00 in Late Fees, I knew better than to bid on this project, as did everyone else.
Oh, Barrie, "The Whons Are Circling." Only she would get that one, right Barrie. Now you know I have someone on the inside but you can't figure out who it is.
"As a side note, as you all complain about the housing subsidies these poor people are receiving, don't forget that you as middle class homeowners are getting the largest housing subsidy of all, the mortgage interest deduction."
Sorry but you are wrong on that one-I am not a homeowner,nor am I middle class by any stretch of imagination.We rent the private home we have lived in for 5 years because our credit is destroyed by medical bills.We own two vehicles that are 10 and 14 yrs old and we have no assets beyond my jewelry and our meager household checking account.I am not the exception,these days I AM THE NORM!The only tax deduction we are able to take is for the expenses of our PT daycare.Until the economy went into the toilet,I was a stay at home Mom,but now I work PT to help keep the wolves away from the door.I am no elitist and believe me we do not live the life of Riley here.Were it not for my solid upbringing,morals(no babies before marriage!) and strong work ethic,I might be in the projects somewhere,but thank God I am not.
Post a Comment