Any News on Fairwinds Marina?
 

Fairwinds is up for sale...not sure of the current asking price.


Anybody keep their boat there or launch there?

I've noticed they are selling off a lot of abandoned boats that they put liens on in order to get the yard cleaned up. And they've been having a lot more of their "50% off" sales this year.

"Fairwinds is up for sale...not sure of the current asking price."

Rumor has it, it's 4+ million

Good Place for Condo's:D
5th (Marty)

I know someone who inquired a little. Can't be condos due to zoning. The person also said it will probably require upwards of a million dollars in environmental clean up.

LJ Marina is for sale too.

Wow
 

1 million for the cleanup alone...That means a new owner would take on a lot of liability as well...From someone potentially seeking part of the new deal...Sounds like a mess...

I can think of an almost unlimited number of things that would be better to invest 4.5 million in...Heck a 6% investment rate would pay more than $250,000 a year in profit...

Wouldn't be the first time zoning got changed...

Condo's
30 units at $500,000 would give you $15,000,000:eek:

Buy the place for 4 mil.
Clean up 1 mil.
Build units 5 mil
----------------------
cost 10 mil


Profit 5 mil
and, you can still rent over 100 slips for an annual profit

Maybe even put in a small resturant.

Hey; I've got to talk to Capt. John:D

5th (Marty)

The neighbors are one factor in a zoning change. Make it appealing to them and they won't oppose a change.

Another factor is traffic. Reduce the volume and it also makes a zoning change appealing.

A big downside factor is sewer allocation. I doubt that property has the allocation for 30 units or a restaurant. Acquiring allocation is a deep pocket venture in itself.

OK; I'll make it senior housing and make it mandatory they all wear adult diapers:D

5th (Marty)

Water front topless donut shop :D:D

Be interesting to see how long the seller stays firm on 4.5 million.

Bet it ends up going for far less then that.

I would be curious to see what kind of cash flow that place is generating. Unless a zoning change can be had, any potential buyer's valuation will be based on existing cash flow and not potential. I agree with Mike....I can think of a few better places to park $4.5 million:rolleyes:.

7 to 10 years ago.....

It would depend on whether a person was a developer or an investor.

A developer would shoot for the property's highest possible use for return on investment. 50 to 100% return (or more). Out and gone in the shortest time possible.

An investor would look at existing cash flow and needed repairs to judge the value.

It's all speculation because of the family's situation. If no one is pushing for a sale, they probably can afford to sit on it, until they get their price.

If someone is pushing, the price will come down

****tttt.. that asking price will fall like the Berlin Wall...

Just ask Captain Zed.... That place went for a song.....