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Business Journal PO Box 510 Salisbury, MD 21803-0510
The Regional Chamber Newsletter
Vol. 13 No. 9
Dedicated to the Principles of Free Enterprise
April 2010
Commercial Real Estate downturn is not as pronounced in Wicomico T By Lynn R. Parks
Tournament The 11th Annual Salisbury Festival Kick-Off Golf Tournament is Wednesday, April 21. Page 10
HONORS The Salisbury Area Chamber of Commerce is honoring its past presidents. Page 4
TOP 100 Four area women are named to Top 100 Women list in the state of Maryland.
Page 19
Security How can members of the community work together to make Salisbury safer and more secure?
Page 27
he outlook for commercial real estate in the United States is bleak. A report issued in February by the Congressional Oversight Panel predicts a “wave of commercial real estate losses over the next four years.” And that wave of losses “could jeopardize the stability of many banks, particularly community banks,” it adds. The Congressional Oversight Panel report isn’t the only warning about commercial real estate. Federal Reserve chairman Ben Bernanke told Congress in February that commercial real estate “remains the greatest credit issue we have.”
But the picture in Wicomico County isn’t as bad as the national picture, several real estate agents say. “On the national level, there’s a lot of doom and gloom,” said 16-year agent Roger Sansom, who is a broker with Long and Foster. “But I’m not seeing that on the Eastern Shore.” “Salisbury never has the highs that other, larger markets have,” added Bradley Gillis, certified commercial investment member (CCIM) and senior advisor with Sperry Van Ness – Miller Commercial Real Estate. “But on the other hand, we don’t see the lows here that other markets nationally see.” In its February report, the Congressional Oversight Panel predicts that
throughout the United States, starting next year and going through 2014, $1.4 trillion in commercial real estate loans that were made over the last decade will require refinancing. Commercial properties include land for development, stores and restaurants, office space, industrial facilities and hotels and apartments. The problem is that nearly half of those properties are “under water,” meaning that the borrower owes more on the loan that the property is worth, raising the risk of default. The loans most likely to fail are those that were made at the height of the real estate bubble, the panel said. Continued to page 24
28th Annual Salisbury Festival April 23-25 In partnership with Comcast and the City of Salisbury, the Salisbury Area Chamber of Commerce will hold the 28th Annual Salisbury Festival on April 23-25. Held in Downtown Salisbury and Riverwalk Park, this event is expected to draw over 25,000 visitors and is the largest event of its kind in the City of Salisbury. The primary goal of this family-oriented event is to support local non-profit organizations by helping them raise money and promote their cause, and to highlight the Salisbury community in the spring. Comcast has again partnered with the Chamber to celebrate the Salisbury community and the local traditions through the Festival, and as one of the 2010 corporate sponsors, they will help deliver another exciting weekend of family fun and entertainment. For years, Comcast has provided Salisbury Continued to page 10
The Wheels That Heal Car Club returns with their popular classic car show on Saturday, April 24, from 9 a.m. to 3 p.m., on Main Street. Photo by Fotojoe Photography
Salisbury Area Chamber of Commerce Patrons
www.salisburyarea.com