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. |
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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...
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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...
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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) |
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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. |
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