SPBM

I hope next year they don't even do a so called party and put the money they spent on the pig into new tires for the travel lift. It was a joke. We didn't attend but watched.
 
I didn't even get watch how many people do you think showed up? I was surprised when I saw they actually set up the tent.
 
There were maybe 100 people there throughout the afternoon and into the evening. They had a DJ and as the night went on some comical dancing began. We went and enjoyed cold beer and the DJ. Kind of frustrating that the customers had to bring their own food. We grilled about 50 hot dogs, because if we didn't none of the kids would have eaten anything.

MJK
 
Mike I glad to hear there were that many people I truly heard it was 10 - 20 people but I wasn't sure how accurate this was. I don't think it was handled currently but if people had a good time then who am I to question this.

Wait I just remembered, I'm one of the paying customers that was supposed to be being appreciated this never happened because I was never invited. This was after all a "Customer appreciation party" wasn't it?

I think the overall moral at the marina has had a major downturn this year and I have not felt very welcome there. I think things need to change for their survival. I know times are tough these days but this is when you need to pay the most attention to you customers because they are all you got and replacing them will be hard to do in this economy.
 
It started out very slow. At around 3PM there were only 20 or 30 people milling around. It turns out the pig was not going to be served until 6 PM. We decided to go out to dinner when we found out that the only items we were being served by the marina was the PIG and BEER. There were no hot dogs or hamburgers for the kids, and no soda/water either. They did not even supply the paper plates or plastic forks/knives and napkins. The crew from the marina (Members) who did the cooking did a great job as always, but I am sure they were never thanked for doing it. Next year they should save the money they spent on the pig and beer and invest it into a few feet of boards for the seawall that is falling apart.

I am feeling less and less appreciated at SPBM as they did not advertise this event, and if you have kids it was like they were not even welcome. Plus what happened to the date in August when all the other marinas have this event, and they include hot dogs and soda. I have been at this place for almost the past 20 years and the last few years it is really gone down hill. I hope it gets better soon but I am not counting on it.
 
One of the owners at the "party" made the remark, "O this Marina doesn't make money"
CLUE, you think somethings wrong here.
 
I would love to look at the books - where is all the money going? It is not being reinvested into the place... Maybe the IRS believes that but I do not.
 
I for one thinks everyone should bring there own bottle of Clorox next season for the pool, this way the Marina can save money and spend it on buying hot dogs for the kids at the next BBQ.
 
Wayne I am not sure they wanted Kids at the BBQ. If they did why then only serve beer... I am more insulted that they had this Pig Roast set up this way than I would have been if they never had the "Party" as everyone suspected would happen.
 
I understand and feel the same, so what's the answer?

We get together and buy the Marina..........

I know the members can turn it around
 
How much per person?? It should sell for a loss over what Wayne paid for it since it now needs so much work? Or do we all move somewhere else. There are a lot of things I love about SPBM but then again the list of items we dislike is growing every season...
 
IIRC the current asking price is roughly $9.4 million. Divide that by what, 400 slips approximatively and you get $24k per slip. Not bad but wait the marina is only 60% full and you would be lucky to get 10% to buy in so now your at $400,000.00 per share. That price scares off 50% of the potential investors so figure 10 people with a spare million a piece should do it Wayne

Who's in? The ROR is probably only 40-50 years. ;)
 
He is asking 9.4 M but he paid less than half of that. Plus the place needs a lot more work since none has been done in a while. If the price was 4 M and if 50 people contribute it would be 80K per share. The ROI on that is a lot less time...
 
Rommer, I can find all the bad reasons myself. I say we tell him to keep his original marina and we make a deal for SPBM.

Who knows John, maby if the ownership changes you'll be back for the third time.........
 
I did all of the math 6 years ago and found it to be a loser anyway you look at it.

People at that marina (like others) are not spending money on their boats. Rentals are down, I'm sure service is way down. Service was never a big thing there like at Pennybridge, many users there did a lot of their own fixes.

The only value it MIGHT ever have is the property. In light of our current economic situation and the current politics in town I doubt there will be anything built on that land in my lifetime.

If you think a bank is just going to loan you the money with 10% think again. You need 50% or more real collateral, not just the property and marina, your personal assets, especially if the books can't prove out a profit. The bank are done owning properties and having to pay taxes and upkeep and then try to get rid of them. Before meltdown banks would figure the value of the land/business is equal to 10 years of profits after taxes. I bet the place doesn't clear $100,000 per year.

The boating business is on the down slide plain and simple.
 
Wayne is looking to more than double his money in the 5 years he has owned it.... That is a very good deal - for him... FSBO 9.4 Million ouch...
 
Hope the place doesn't catch fire. Seems to be a bit of that going around.
 
Only at Haverstraw. First the restaurant then the boat. We may not have a lot of water but at least we dont need it to douse the flames. :)

I might as well weigh in on the marina. In all fairness, they put in a new cement dock on D dock a couple of years ago and put a new dock in over at G dock along with a new dock up by the restaurant. I'll give you the sea wall needs repair but so do several of the local marinas. Lastly we all know the shape of the North dock but all those folks were offered slips in the new areas and chose to stay where they are. (I don't understand that) ok and really lastly, I didn't attend the party but I wouldn't leave over not getting a hot dog. Haha. If I recall in years past a lot of folks from other marinas were coming over to our party bad mouthing SPBM while eating the free food.
 
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