Any News on Fairwinds Marina?

[Spot77]

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.

[reds]

Originally Posted by Spot77

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

[5th Tuition]

Good Place for Condo's
5th (Marty)

[B-Faithful]

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.

[garlien]

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...

[B-Faithful]

http://www.fairwindsmarina.com/sale.htm

[garlien]

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...

[Barefoot]

Originally Posted by B-Faithful

Can't be condos due to zoning.

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

[5th Tuition]

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

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

5th (Marty)

[reds]

Originally Posted by 5th Tuition

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

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

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.