Joe:
One thing is for certain in-and-around Salisbury - everything is Available.
Take ride up Snow Hill Road - passing by Holloway's Funneral home and look on the left, and right, - (Jack's Religious Gift Shop, Super Soda, Shore Appliance Building, Used Car Dealer Building) - and there are many others.
Go down Mt. Hermon Road just across from Toltecca - (Old Prudential Bldg., Former Convenience Store, Former GMAC Building, Former Rite Aid, and hordes of others). I have never seen so many commercial buildings Available and I have lived here all my life.
This area should definately qualify for Economic Disaster assistance.
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
23 comments:
Check out the Northwood area -- many vacant buildings
True, but on the flip side some stuff is starting to sell and lease. If you look at the Sperry Van Ness agent's announcements in facebook or in the Chamber of Commerce newsletter on deals that are leasing and closing, there are a good number of commercial properties are going under contract or lease, both here and in the larger eastern shore area in general.
The market appears to be coming up a bit after bottoming out. The caveat is that most (not all) of the deals that are getting done are the ones that are bargain priced. People holding out for 2007 and 2008 prices are the one's left holding the bag.
so, economic bailout is bad unless you benifit from it?
To 9:58
What do you mean the market appears to be coming up a bit. Are you a leasing agent or realtor?
There is alot more Available properties now than there was 4 or 5 months ago. The observer is right that virtually everything is Available. What is going on around here. I thing the public should take a ride and look around Town for themselves as seeing is believing. There are hordes and hordes of vacant structures. This is not a figment of my imagination - the shear magnitude of vacancies speaks volumns about our dismal economy. It looks like a desolate wasteland - commercially.
sure everythings forsale. if you can find people silly enough to pay the over inflated prices attached to them. buy now get burned.
To 9:58
It is the overall anti-business climate of our State. Most of Maryland's citizenry is on some kind of assistance - (WIC, welfare, unemployment, section - 8, disability, etc.)
It is easier to go out of business than to stay in business in Maryland. The end result - you are seeing it with the multitude of commercial vancancies.
To the various "anonymouses". The specific Salisbury market (as opposed to the state) is upticking in general by about 3%-5%. It's not much, but it's a start. While RE signs come and go there are not "tons" more commercial RE signs out than there were 5 months ago.
Prices have gotten to the level that real world deals are starting to get done. There are a lot of large lease and sale deals that are being negotiated right now, and if you follow the regional and local business news some very large and medium sized deals have closed in the Northwood industrial area over the past few weeks.
I think the more important issue is that because of the economy people are afraid to try and spend the money to lease the available buildings. I happen to know the asking price for a couple of the buildings mentioned here and feel that the price is pretty reasonable for the size and location. It is just a matter of people being too scared to take a chance at launching a new business venture or moving from their current locations.
You people seem to forget that there are more buildings in the area then in the past but the number of business has not increased at the same rate. Remember when the Centre opened and the Salisbury Mall lost most of the retailers. It was vacant. Was the economy weak or was there just more available space on the market?
Obviously 9:58 is a Spery Van Ness agent.
I think that businesses are like these darn ants that have invaded my house these past weeks, I get rid of them in the bathroom and they move to another room. Some business are like that. For example, go on the new road to the mall Beaglin Park Drive to Zion Rd. Take a look on that road. I see lots of new activity there. Houses being built and some little strip malls. I am sure they will house a drug store, laudromat, hopefully a little Starbucks, and whatever else people will need it that little community. So yep, I do think things are moving along in Salisbury, just not in the old places. We just pick up and move like my ants.
11:11
sir,
reasonable price's for size and location. if the present owner can't afford it how's someone else going to make a go at it plus the add cost of the building. not going to happen my friend.
Response to 11:35
I agree with you 100% . . 9:58 is a Spery Van Ness agent.
Obviously - he's going to try and put a positive spin on things.
I'm not a fool - the vast numbers of vacancies speak for itself.
The commercial market will bottom out this year.
To 12:28 - re "I'm not a fool". I'm curious, do you consider all the public announcements about the various new sales and leases being done in the area to be "spin" or lies of some sort? These are facts on the ground.
Properties come and go. There's a lot on the market, but it's hardly the "OMG! The sky is falling" level some peope are being drama queens about. Short of some issue like environmental contamination being involved there is almost always a point where a buyer and seller can come together.
One large issue is the "pretend and extend" strategy that many banks are using to not have to close on large borrowers in default. This is preventing some properties from coming to the market. If the economy recovers fast enough this strategy may work, but it's a dice roll by the banks.
1:35 . . you hit the nail on the head.
There is a looming crisis in commercial real estate. The banks have been given a temporary reprieve by the massive federal bailout.
That being said - they will inevitably have to foreclose sooner or latter. The financial system will not allow the mess to linger.
This is why under the present circumstances noone really knows the true valuation of property. Basically, its a case of what you can get for it . . .not what its worth.
federal assistance money will never get to the people who need the favorable interst rates,because through the banks the consumers whom need the resources will be raped.its the american way.banks will not allow the govt to marginalize them.
3:35
Re "This is why under the present circumstances noone really knows the true valuation of property. Basically, its a case of what you can get for it . . .not what its worth."
In terms of real property transactions "what it's worth" at any given point in time is pretty much going to be defined by "what you can get for it". These concepts are pretty much reciprocal from a value analysis perspective.
Reference 1:35
You had better review our US history. History is repleat with instances whereby the government and special interest has deceived our people.
Just because the Chamber and Realtors say so doesn't necessarily make it so. You obviously have an vested interest in propagating. I tend to agree with 11:35 and 12:38
Re 4:07
"You had better review our US history. History is repleat with instances whereby the government and special interest has deceived our people.
Just because the Chamber and Realtors say so doesn't necessarily make it so. You obviously have an vested interest in propagating"
I can't make heads or tails of this nonsense you posted. This has nothing to do with the Chamber or the Board of Realtors. These are deals that have been *done*. If they are sales they are on the tax info database after a few weeks. These are hard facts you can verify through public accessible databases.
Now, if your contention is that the government is somehow making up real estate deals in the interest of making it look like there is activity and recovery going on that's an issue for you and whoever is dispensing your psychiatric medication.
6:25 Posting
Must be a liberal for sure. They always play on emotionalism.
there alot of vacate building,one because yes they are building new buildings everywhere.there will be buildings coming up soon on the other end of beaglin park close to the church and guess who "sperry van ness" owns that.we opened a speciality shop one year ago today and believe me its been tough.this was a risk we took because my boyfriends job downsized in dec 2008 after several attempts to find a job we open our own .we are still here thank god.our biggest problem though as been competition with the internet.believe it or not the net is putting alot of small business owner out in the cold.so when buying anything think about it first ,is it something you could get at a local business and actually help our community?
Re - Must be a liberal for sure. They always play on emotionalism.
6:58 PM
Do you live full time on the Bizzaro planet? The 6:25 PM response had nothing to do with liberal or conservative anything. It was about logic and hard facts (normally "conservative" values) in response to paranoid gibbering, and lunatic arm waving about the local Chamber of Commerce and Board of Realtors being in some diabolical conspiracy to "propagate".
Post a Comment