This development is located on the east side behind the Centre of Salisbury Mall.
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
18 comments:
Any word as to why Ruark didn't or couldn't develop it. I'm not sure how business is for him but some other home contractors have been doing well as if late due to the fact that they have switched from building 300-400k homes to 160-250k homes.
9:32 This is Wicomico County and Salisbury Md. What bank would lend a person money to build a home if they didn't have a job. Plus in Salisbury it takes 2 years to acquire a building permit. Don't even start thinking of taxes. Hell, many people are having to get loans just to pay their Obamacare. Keep voting Democratic people. This is what you get.
I don't understand when so many houses are empty, there is more construction, this development is not the only to have had it surveyed and marked, pipes laid and everything comes to a halt.
Great place for "affordable" housing, to put another nail in the coffin of the mall.
Tom did a great job in attempting to help Salisbury by building inside the city limits with several sub-divisions. However...when the added cost of city taxes and the HOA fee...these townhomes were priced beyond our market buyers. He took one for team Salisbury!
I think the days of cookie cutter/track housing are gone. Between taxes, HOA fees and rules, the novelty has worn off. In Worcester county there are several of these types of unimproved lots, in what was to be a development on the market. In many of the improved developments, 99% if not all of the existing homes for sale are short sales or foreclosures. In the boom these homes were going for nearly $300,000 and if and when they do sell go for not much over $100,000.
If you check out the statistics of who IS buying in Wicomico County, it's not good. The number of retirees continue to climb and the number of young adults buying dwindles - never a good sign for increased retirees who often don't spend as much money in the local economy.
I have never seen so may homes for sale around here,are builders speculating again?
To add to 11:45's comment, the retirees who relocate to this do so mostly because of financial reasons themselves. They needed to sell their homes in suburban Baltimore/DC area and buy one for 1/4 of the price, so they really don't have extra money to spend either.
So here is the problem that most do not want to hear.....Tom Ruark is a Multi Millionaire....Ok I don't feel sorry for him....he just declares bankruptcy and skates away leaving all the subs and banks holding the bag....And he goes home at night and laughs at us all....just to get up and do it all over again....He should have to sell all his personal belongs and other properties to satisfy the debts that he made...He certainly had no problem cashing in on success..
All the while the subs trying to make a living doing honest work get screwed!
And when does "Aydelotte Farms" go on the auction block.
Bankruptcy 2:21? I would like to correct one thing though. The bankruptcy laws have changed significantly with the (GW Bush)-Bankruptcy Abuse Prevention and Consumer Protection Act.
They will watch him like a hawk and seize anything of value. Like for instance if you buy a boat. Unless that boat is used for the purpose of making money to pay back creditors the boat is seized. They can even go back so many years on "gifts" such as if you gave a child a house down payment. Child has to pay it back or house can be seized. They will take your house your car everything. So if you are living in a million dollar home your best bet is to sell it and buy one for $100,000. Same with cars. Sell the Benz and get a Kia.
I know of such a case going on in the next county. Man thought he would be smart and sold a piece of property to a relative for pennies on the dollar. Declared bankruptcy. Everything including the man's house was put into a trustees hands and is being sold. The "fraudulent transferred" property was seized and the relative is out 10's of thousands of dollars.
That's funny, I'm currently having a house built by one of the contractors that's averaging 10+ homes a year, heck they've settled on 5-7 homes in the past 2 months. All in wicomico county.
Remember the million dollar Sassafras Meadows developer reimbursement that Tilghman and Dunn and the rest of the Dream Team pushed through even though the contract had the stipulation that the city would provide reimbursement when the city budget would allow it. one of the boneheaded moves that made Dunn a millionaire (his own words) and brought us a double digit tax increase.
Why build a house for $200k house/ lot/ well/ septic, when you can buy the same thing on 47 locations in the same area for $100k already built?
That's why!
Dumb question, if you ask me, and excuse me, 3:40, but you and nine others have more money than sense!
Most of us intelligent people are looking to escape the 40+ tax increases that have driven our property values into the ground. And the demise of employers in the area for the last 7 years pretty much chokes off your home buyer market if you ever wanted to sell that overpriced POS, and I'm a builder, so I know the numbers.
Happy building!
Where are these 47 homes for 100k that you speak of. For two years I've watched the housing market. Yes I've seen some that were decent but most of the houses currently on the market are 20+ years old, with outdated and inefficient heat pumps, appliances, and utilities. In today's market right now a 20yr old 2000-2200sqft, 3-tab roof, 10-13 SEER heat pump, standard electric water heater, non energy star rated appliances, along with everything else being 20yrs old, 2 car garage, all on an acre of land is going for 220-260k.
I'm having the same NEW house built with all energy star appliances, all CFL/LED lights, 96% two stage furnaces, 95% efficient tankless water heater, with a cap of $2.50/gal on propane, energy star windows and doors, energy saver toilets/faucets, newest high MD standard septic, 1000sqft of hardwood flooring, solid hardwood cabinets, solid surface counter/vanity tops... on an acre of land with a 2 car garage. All of this NEW, and energy efficient and in the middle of the price range that those 20+yr home are selling for. Not to mention I have a mid 3% interest rate. This same house would have sold for 350k 6-8 years ago.
As it is my house is already being appraised at 20k above purchase price. Many jobs may be leaving but I have a career/education in one of the top percentile of growth and need within the country. I don't live in the city or even have a Salisbury address. I also own more than one home in this county and I do understand what you are saying about the property values which actually have gone up since 2009-2010 but not too terribly much. But in the mean time while it's down I have no problem collecting rent from those others un willing to buy a house right now even though you will never see the interest rates this low again (likely).
You can't really say property values have increased as it's based on averages. We are in a neighboring county but last year when we sold one property for over $400,000 then another one for just over 1 million it made the prices seem like they were up that month.
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