The failed Heron Ponds was purchased back from the Bank for $5 Mil yesterday with the understanding that they will bring affordable homes to Delmar, Maryland.
Doug Marshall will be working closely with local Developers to sell of the 1,000 lots still available and bring homes starting at $169,000.00 to $229,000.00, where they belong.
The local market just can't deliver buyers in the $300,000.00 to $350,000.00 range any more and these homes should move quickly over the next two years, they're projecting.
The former Developer was $11,000,000.00 deep in debt with the Bank and lost more than $5,000,000.00 on the deal but you win some and you lose some.
Doug even mentioned we might even see some $159,000.00 homes come onto the market here in Delmar. The bid started and ended at $5,000,000.00 and we will see this development completed hopefully within 2 years time.
11 comments:
So who bought it?
If I could get what my house is assessed at here in Salisbury those houses are looking mighty good about now.
Opps I see they are still in Wicomico county with the highest piggyback tax in the state. I'll have to look a little further north!
This looks like the future of Waller Landing.
I got screwed.
Which bank(s)?
When do all those unsold units in that ugly condo on Riverside Drive in Salisbury go on the block?
It would be nice if it could be developed as a total green development, with all the new energy efficient materials and equipment. Solar street lights, spray foam insulation, energy efficient R410-A hvac systems, rain water collectors, etc...
I can build that home for you, Doug, for $800k! 1200 square feet to call your own, utility free. ('ceptin innernet) You mow the yard in the shade of the solar panels.
If is was in forclosure, then the bank essentially bought the development from itself for an imaginary $5million. It will then, in turn, auction off the 1,000+ lots so the bank and Doug will make a nice turn around on the whole deal. If those 1,000 lots sell for a minimum of $30K each (a very conservative estimate based on current land prices!)... that's $30 MILLION in real estate with no houses inolved. Sure there are risks involved espeically in this market, blah blah blah, but I'm not feeling sorry for the bank here... not one bit!
True comment about the high taxes. Both property and piggyback are unreasonable. What does the taxpayer get for all those taxes?
Nothing that I've seen. And I'm a neighbor. I know.
I will believe the comment about affordable housing in Delmar when I see it.
That is what EVERY developer said to the town when they got their projects approved and then built too expensive of homes for the area and the town just let them do it.
If their code enforcement officer, Mr. Bounds was trained to be a building inspector, the town probably wouldn't have some of the problems they have now.
Instead, Mr. Bounds drives around the town, and around Salisbury trying to look like he's working, but he's not. He will be playing golf during the workday very soon I assure you, but the town will be paying him!
He's one of the worst parts of Delmar and the developments prove that.
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