Monday, November 24, 2008

Have I got a deal for you!

You know, I'm sure someone thought, "If they can sell waterfront condos in Crisfield, imagine what we could get in Salisbury!"

SALISBURY — The six-story Residences at Rivers Edge was auctioned Monday for $2.4 million, sold to the Washington-area bank that had lent money for construction of the riverfront project.

The 2 p.m. auction on the front steps of the Wicomico County Courthouse ended speculation over who would acquire the partially built, mid-rise residential condominium community on Fitzwater Street that became a victim of foreclosure.

Easton developer J. Michael Crosby was not visible among the estimated 50 spectators at the bidding. In April, Crosby's company was forced to stop construction at the structure on the Wicomico River after a dispute with Sandy Spring Bank, his lender. Sandy Spring, the highest bidder Monday, eventually ended its relationship with Crosby, forcing the foreclosure.

And when you name your development after a bad Crispin Glover movie about a bunch of teens who hide the murder of a classmate that also 4 Slayer songs on the soundtrack, you're just inviting bad karma.

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