Hideaway Marina

[robertjr]

Anyone know whats going on? Wasn't it going to auction? or is it on the market? how much? could be profitable........................rjr.....................

 

[JupiterSunsation]

PM "Cashbar" on here........he has all the details. Short story is the place is valued by the county for 3.2mm, bank has a 1st mtg. for 4+mm plus liens and other issues.

Auction is in a few weeks. The place could make money but the new Aquamania building is hurricane rated (Hideaway is a steel building), closer to the ICW, has Fastboats.com selling boats out of the outbuilding, is very serious competition that Hideaway hasn't had in the past and is significantly closer to the inlet.

 

[Cash Bar]

I have all the details.

Jupiter is correct about the competition, but it is MUCH more expensive.

Also, the county only values the LAND.

 

[sledge]

Also, the county only values the LAND.

You sure?
http://www.bcpa.net/RecInfo.asp?URL_Folio=494306430010

Not that I would put much "value" in the values developed by our fancy appraisal system...

 

[Cash Bar]

True, it's run by idiots at the county. However, the appraisal does not allow for number of racks, or anything related to business revenues.

Plus, that zoning is VERY rare in the area.

 

[JupiterSunsation]

You sure?
http://www.bcpa.net/RecInfo.asp?URL_Folio=494306430010

Not that I would put much "value" in the values developed by our fancy appraisal system...

1.45mm for land, 1.8mm for a steel building for a total of 3.25mm. I suspect the land value is low and the building value is way too high but they still want 73K a year in taxes!

 

[JupiterSunsation]

True, it's run by idiots at the county. However, the appraisal does not allow for number of racks, or anything related to business revenues.

Plus, that zoning is VERY rare in the area.

Zoning is so rare that building probably couldn't be built today under today's codes for parking, hurricanes or even bathrooms/handicap issues......

The rack business I suspect has a direct relationship to boat sales. Lots of new boat sales fuels the demand for storage however when boat sales dwindle so does the demand to store them.

For the right operator that place could be thriving again.....remember it was a big Cigarette dealer and later Outerlimits/Sunsation. I believe they sold more 43 Sunsations than anyone at one point. The service manager Joe has been there over 20 years through 4-5 different owners and is a highly rated Mercury shop.

 

[Cash Bar]

All true.

The "REAL" numbers are skewed as it's being run by a receiver at bare bones revenue. Including having the service dept handcuffed by the receivers ablility to control.