City of Salisbury Goes Corporate Raider?

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Title : City of Salisbury Goes Corporate Raider?
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By Thornton Crowe

"If you're not inside, you're outside..." -- Gordon Gekko

Sounds about right doesn't it, especially when you look at the massive undervalued real estate the City has let go to drinking buddies over the last decade or so. $5K and a cocktail can buy you a nice chunk of property in Downtown Salisbury as we saw with the sale of the Feldman's building -- hence, making our corrupt little hamlet and an even more sketchier place to be.

At around the time of the old Firehouse sale, a quieter building sale occurred, involving another $5K firesale nearby. As you will see from SDAT record, this building was also purchased by Devreco, LLC in 2013 from the Wicomico 91 AF & AM Lodge (the former Freemasons' headquarters).

Mind you, this office building is estimated at $133.6K value, sporting 3,024 sq. feet. right across the street from the government buildings. (Just a bit too obvious!) It leads one to wonder, given its close proximity to the courthouses, didn't some enterprising attorney pick this $5K gem up and rent out space to his/her legal eagle friends?

It really does beg the questions of how one goes about scoring one of these sweet deals and does everyone have the same luxury of buying high dollar real estate in Salisbury at bargain basement pricing?

Getting back to the firehouse fire sale...

From many discussions with Salisbury News editor, Joe Albero, it seems the City is rather selective about whom they offer these blue light flash sale pricing. For example, he put in a bid to purchase the old Firehouse, which stood vacant for well over two years, for $200K+ and the offer was flatly rejected. Yet, the City opted to sell it for well under his offer ($85K). A nice price considering this is yet another historic structure built in 1920, sporting 7,680 sq. ft.

The explanation given to Albero for said rejection was, it was to be used for entertainment/art purposes. Hmm, didn't I hear something recently about the Daily Times moving in once Headquarters Live closes? So much for that dandy entertainment clause unless you consider fake news pimping some form of pulp fiction entertainment.

Both were bought by Devrco so it would seem this outfit has a special enough relationship to warrant these basement acquisitions where virtually all others potential buyers are locked out for one reason or another. Word to the wise: If you're looking for free market, folks, downtown is not a good venue of choice because both properties, like Feldman's, could've commanded much more than received - even as former (or current) asbestos jungles and mold death traps.

"It's a zero-sum game: somebody wins, somebody loses..." -- Gordon Gekko

So just whose losing on this real estate heist by the City?

You can just bet you do, of course! Salisbury's City government has chosen to sell you down the unswimmable river for less than even a song. And for what? All because they drink with these future buyers? Just being a fellow barstool warmers hardly constitutes a thorough explanation of this fodder, but what other could it be?

"Money is never made or spent, it's merely transferred -- and that's the reality behind the illusion..." -- Gordon Gekko

Could there be there's a deeper plot afoot with these cheap pricing gimmicks? Why hasn't voters demanded answers from the former Mayor and City Council members (present and former)? Does local government still hold some backroom interest in these properties that's kept off-the-books and out of public sight?

This holds all the trademarks of some quasi-Gekko insider trading while citizens are taking big smash mouth hits, covering negative margin calls while the City sits back, smelling like a rose in spite of the putrid stench of corruption.

As pro corporate raiders, government types are always grossly inept and way too obvious. The art of subterfuge is simply lost on them! Therefore, maybe they should spend less time trying to be Gordon Gekko and start spending more time serving the people who elected them!

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