Buy a piece of an island in Chesapeake BayLooking for your...

REAL ESTATE WATCH

July 21, 1996

Buy a piece of an island in Chesapeake Bay

Looking for your own island, or at least a chunk of one? Next month you could get your chance when the 89-acre Pitchcroft property on Smith Island in the Chesapeake Bay goes on the auction block.

The property, in the island town of Ewell, is the former site of a historic summer home destroyed by fire about six years ago.

The land is listed for sale for $500,000 with Moore, Warfield and Glick, Realtors. But the owners have agreed to sell at auction, setting a minimum bid of $200,000, said Jerry Mueller, auctioneer with the realty company.

The property has waterfront on three sides, including frontage on Tangier Sound. It has sewer capacity and a zoning designation of maritime/residential/commercial, Mueller said.

The auction is scheduled for 4 p.m. Aug. 10 on the dock at Crisfield, across from Smith Island. A ferry will take potential buyers to the island.

Crestar plan allows CD to be down payment

Crestar Mortgage Corp. has launched the Crestar 100 Pledge Asset Mortgage, a program that allows homebuyers to use a certificate of deposit in lieu of a down payment.

The certificate can be pledged by the borrower or by a family member such as a parent, grandparent, sibling, aunt or uncle.

Crestar 100 allows the borrower to receive the maximum interest deduction for tax purposes while continuing to earn interest on the pledged CD.

Pub Date: 7/21/96

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