Current Sales/Purchase Market for Inns and B&Bs?

[GoodScout]

Was assuming that things were pretty slow for people trying to buy or sell a B&B/Inn right now. Then I spoke with an appraiser who was here Thursday on behalf of my bank.
She told me she'd never been busier appraising inns & B&Bs in the Vermont/NewHampshire/Connecticut area.
Said there were a lot of sales taking place. Seems many owners are wanting to get out with Covid shutdowns, and people from the cities are trying to make a lifestyle change and buying an inn in the country makes sense to them.
Only negative was she said a lot of buyers were trying to beat down the sellers, thinking them in a distressed situation.
What are other people hearing from out there?

 

[Morticia]

Lots of lookers, no buyers. I think what is selling is off the beaten track, not in town, but more the ‘farm’ style. Long views, no neighbors, that sort of thing. Around here, anything in the $150-350,000 range is gone in minutes. Prices over that are selling if there is a view or it’s in the middle of nowhere. Buyers are from CA, NY and are buying sight unseen. Most everything I’ve heard of selling recently has gone for way over asking. But not b&b’s. I haven’t seen any sales in months.

 

[InnDeep]

Sounds similar to our situation, although the sellers were retiring for health reasons also and I was looking to go BACK to work after retiring early after being ill. But covid definitely played a role in their decision to get out now. Also in our decision to leave an urban area and head for the rural coast. The owners are also selling their other B&B here this month, so that also seems to bear out your trend.

 

[FHI2426]

We're always for sale if the price is right! Check us out, Flag House Inn, Annapolis MD - we are the ONLY property to win Trip Advisor Traveler's Choice award, given to top 10% properties in the world...

 

[alias annie]

We are retiring 5/1/23 or sooner.... we are working on our exit strategy with hospitality consultant, realtor, and CPA. It's a seller's market in our area right now, so we may move up or retirement date.

 

[GoodScout]

We weren't planning to retire until around 2030. ... but if someone wants to pay us an insane price, hey, technically everything's always for sale, right? ;-)

 

[[email protected]]

I have my B&B/vacation rental property on the market in Northeast Connecticut and the homes in the $200-$400k have multiple offers but the higher priced homes are taking longer to sell. I've had lots of calls and lookers, mostly from New York and Boston buyers, but no offers yet. The ad site is: ctproperty.yolasite.com. Wondering if I need to change the wording on my ad or also market to California? Besides the local MLS, Realtor.com, Zillow, Innshopper and Bedandbreakfastforsale, any ideas where else I can advertise?

 

[Samster]

Flag House, my brother lived in Annapolis and I'm a Maryland girl. You have a lovely inn. Used to go back to MD often to visit him and spent a bit of time in your city. One of my fave spots for an innkeeper break when I had my inn. Since he retired here to SC (and I lost my other brother in that area in 2018), I've had no major reason to visit. I haven't had a decent crab cake in years! But the shrimp is mighty tasty here in the Lowcountry.