WBOC-TV 16, Delmarvas News Leader, FOX 21 - Crisfield Condo Sales Slump; Captain's Galley Restaurant Closes

Crisfield Condo Sales Slump; Captain's Galley Restaurant Closes

05/06/2008 9:38 PM ET

CRISFIELD, Md.- Twenty-three condominiums sit along the water in Crisfield. So far only six have been sold.

Developer Jim Shaw is behind the condominium project and also owns one on the second floor. He blames the slow sales on the slumping housing market.

"This is my first project like this, so my timing wasn't very good," Shaw said.

Shaw has slashed prices in order to boost condo sales in Crisfield.

"Our prices are 40 percent discounted from what they were two years ago, year and a half ago, so I think the prices are much more attractive," he said.

Some people in Crisfield do not think the condominium project belongs in their town. People who spoke with WBOC expressed doubt as to whether the condos will ever sell.

Shaw, of course, disagreed.

"A lot of people don't like change, some people do," he said. "It requires a certain type of person looking for a certain type of atmosphere. It's not an Ocean City, it's a small town."

Crisfield is not the only place feeling the pinch of the housing market. Two condominium projects in Salisbury have recently been stalled.

At the bottom of the condominium is the empty Captain's Galley restaurant. It closed on Monday.  Shaw said the operators have not paid rent in a couple of years.  Shaw is now looking for new management and hopes to reopen it in the next month.