Red Flag Areas

[ChefDRG]

It's off season in Camden/Rockland - this is when property IS for sale. No one wants to deal with selling when the joint is full. Better questions: how long have they been on the market, how much turnover in ownership is there in the area or at a particular property? If there's a big turnover at one place you're looking I'd say that was a red flag. If the turnover rate in the whole town is high, it might be a tough town. (Average years of ownership in my town is 10, but a couple of places keep getting sold. And 5 places have closed altogether in the 12 years we've been here.)
There are what, 25 inns in Camden alone? Sure there are going to be a few for sale. (BTW, I know of one with gorgeous views. Good numbers. Could be expanded a few months for better numbers.)
We have guests who regularly ask why it seems like everything along the coast is for sale in the summer. (Residential real estate) Because that's when thousands of people are driving by everyday of the week. All those signs are back in the garage now. They'll be hauled out in may again..

Could you message me about that particular inn?
.

Could you message me about that particular inn?

Not to be too nosy, but if you're looking in Camden I'm assuming you have deep pockets. Yes?
.

I don't know how to answer that and not sound like a complete a-hole, but Camden is well within my range, yes.

 

[Morticia]

It's off season in Camden/Rockland - this is when property IS for sale. No one wants to deal with selling when the joint is full. Better questions: how long have they been on the market, how much turnover in ownership is there in the area or at a particular property? If there's a big turnover at one place you're looking I'd say that was a red flag. If the turnover rate in the whole town is high, it might be a tough town. (Average years of ownership in my town is 10, but a couple of places keep getting sold. And 5 places have closed altogether in the 12 years we've been here.)
There are what, 25 inns in Camden alone? Sure there are going to be a few for sale. (BTW, I know of one with gorgeous views. Good numbers. Could be expanded a few months for better numbers.)
We have guests who regularly ask why it seems like everything along the coast is for sale in the summer. (Residential real estate) Because that's when thousands of people are driving by everyday of the week. All those signs are back in the garage now. They'll be hauled out in may again..

Could you message me about that particular inn?
.

Could you message me about that particular inn?

Not to be too nosy, but if you're looking in Camden I'm assuming you have deep pockets. Yes?
.

I don't know how to answer that and not sound like a complete a-hole, but Camden is well within my range, yes.
.

I don't know how to answer that and not sound like a complete a-hole, but Camden is well within my range, yes.

Nothing wrong with saying you've got the money. We get a lot of folks here with big eyes and short pockets. I'll send you a message.

 

[Camge]

Just was visiting Ellsworth Me. And saw a B and B in Surry me. For sale. I has had a restaurant and 9 guestrooms. It is on the water and is listed for $349,000. This is right outside Blue hill and close to Acadia.

 

[Jcam]

It's off season in Camden/Rockland - this is when property IS for sale. No one wants to deal with selling when the joint is full. Better questions: how long have they been on the market, how much turnover in ownership is there in the area or at a particular property? If there's a big turnover at one place you're looking I'd say that was a red flag. If the turnover rate in the whole town is high, it might be a tough town. (Average years of ownership in my town is 10, but a couple of places keep getting sold. And 5 places have closed altogether in the 12 years we've been here.)
There are what, 25 inns in Camden alone? Sure there are going to be a few for sale. (BTW, I know of one with gorgeous views. Good numbers. Could be expanded a few months for better numbers.)
We have guests who regularly ask why it seems like everything along the coast is for sale in the summer. (Residential real estate) Because that's when thousands of people are driving by everyday of the week. All those signs are back in the garage now. They'll be hauled out in may again..

Could you message me about that particular inn?
.

Could you message me about that particular inn?

Not to be too nosy, but if you're looking in Camden I'm assuming you have deep pockets. Yes?
.

I don't know how to answer that and not sound like a complete a-hole, but Camden is well within my range, yes.
.

good answer lol

 

[TheBeachHouse]

Financing in progress and the search is on. I've noticed that there are a few areas that have quite a few properties for sale. Does that seem like a red flag to you? I keep searching the area to see if there's something that is making numerous inns hit the market at once but not having much luck. Do you any of you have any knowledge about Rock/Cam, ME area and baseball town, NY? Is it just because there are so many B&B's in those areas to begin with? Or is there something I should know?
Thanks,
DRG

There are two for sale in Rockport, MA. Both are listed as single family homes. One is on Mt. Pleasent and the other is on Marmion Way..

I'd move to Rockport or Cape Cod in a heartbeat. I used to live in MA. It was the first place I lived when I moved to the US from Canada. My son was born in MA. And we are big MA sports fans.
.

Go Pats!

 

[TheBeachHouse]

It's off season in Camden/Rockland - this is when property IS for sale. No one wants to deal with selling when the joint is full. Better questions: how long have they been on the market, how much turnover in ownership is there in the area or at a particular property? If there's a big turnover at one place you're looking I'd say that was a red flag. If the turnover rate in the whole town is high, it might be a tough town. (Average years of ownership in my town is 10, but a couple of places keep getting sold. And 5 places have closed altogether in the 12 years we've been here.)
There are what, 25 inns in Camden alone? Sure there are going to be a few for sale. (BTW, I know of one with gorgeous views. Good numbers. Could be expanded a few months for better numbers.)
We have guests who regularly ask why it seems like everything along the coast is for sale in the summer. (Residential real estate) Because that's when thousands of people are driving by everyday of the week. All those signs are back in the garage now. They'll be hauled out in may again..

Could you message me about that particular inn?
.

Could you message me about that particular inn?

Not to be too nosy, but if you're looking in Camden I'm assuming you have deep pockets. Yes?
.

I don't know how to answer that and not sound like a complete a-hole, but Camden is well within my range, yes.
.

LOL

 

[TheBeachHouse]

Too many businesses for sale in one area is definitely a concern. So is too many businesses in an area not for sale. You need to determine if the market you're considering is over-roomed or under-served. The latter is clearly better.
In my search 5 years ago, I created a scoring system, which included everything from average occupancy to whether area was a 12-month tourism area or a summer-only area. Whether I would want to live in the town accounted for a lot of points, too.
I recommend looking at average rates in your area and occupancy numbers, not just from the property you're considering, but competitors. I discounted one area because I was able to go on OTAs during a peak holiday season and found over a hundred rooms available at prices below the property for sale's average daily rate.
One challenge these days to that strategy is Air. They're going to be your biggest competitor so make sure you look and see how many listings they have and what they're getting. I might have adjusted my offer price for my current property down a little had I taken into account the growth of Air and the number of listings in our area..

I think I'm going to to have to implement your scoring system. I like that. I have some set criteria but I'm very open to location.
So, with all the Air listings...would y'all say it's still worth venturing into this biz? Is it still a thriving industry competing with Air?
.

Many inns list on abnb. We don't but we have our eyes on it.
We have an inn in town that started from scratch and did very well her first year just listing on abnb. She has all licenses and pays all taxes, but only listed there and on our innkeepers' association group marketing.

 

[ChefDRG]

Financing in progress and the search is on. I've noticed that there are a few areas that have quite a few properties for sale. Does that seem like a red flag to you? I keep searching the area to see if there's something that is making numerous inns hit the market at once but not having much luck. Do you any of you have any knowledge about Rock/Cam, ME area and baseball town, NY? Is it just because there are so many B&B's in those areas to begin with? Or is there something I should know?
Thanks,
DRG

There are two for sale in Rockport, MA. Both are listed as single family homes. One is on Mt. Pleasent and the other is on Marmion Way..

I'd move to Rockport or Cape Cod in a heartbeat. I used to live in MA. It was the first place I lived when I moved to the US from Canada. My son was born in MA. And we are big MA sports fans.
.

Go Pats!
.

Yeeeuhhhh! I'm volunteering for the Super Bowl and everyone is all rah rah Texans.
Ummmmm.

 

[TheBeachHouse]

Financing in progress and the search is on. I've noticed that there are a few areas that have quite a few properties for sale. Does that seem like a red flag to you? I keep searching the area to see if there's something that is making numerous inns hit the market at once but not having much luck. Do you any of you have any knowledge about Rock/Cam, ME area and baseball town, NY? Is it just because there are so many B&B's in those areas to begin with? Or is there something I should know?
Thanks,
DRG

There are two for sale in Rockport, MA. Both are listed as single family homes. One is on Mt. Pleasent and the other is on Marmion Way..

I'd move to Rockport or Cape Cod in a heartbeat. I used to live in MA. It was the first place I lived when I moved to the US from Canada. My son was born in MA. And we are big MA sports fans.
.

Go Pats!
.

Yeeeuhhhh! I'm volunteering for the Super Bowl and everyone is all rah rah Texans.
Ummmmm.
.

That may change in a couple days.
A friend of mine volunteered at the SB last year and got a picture of TB12!!! I couldn't believe she was in the same room as him! He was waiting to go on as one of the honored SB MVPs of the past 50 years.

 

[ChefDRG]

Financing in progress and the search is on. I've noticed that there are a few areas that have quite a few properties for sale. Does that seem like a red flag to you? I keep searching the area to see if there's something that is making numerous inns hit the market at once but not having much luck. Do you any of you have any knowledge about Rock/Cam, ME area and baseball town, NY? Is it just because there are so many B&B's in those areas to begin with? Or is there something I should know?
Thanks,
DRG

There are two for sale in Rockport, MA. Both are listed as single family homes. One is on Mt. Pleasent and the other is on Marmion Way..

I'd move to Rockport or Cape Cod in a heartbeat. I used to live in MA. It was the first place I lived when I moved to the US from Canada. My son was born in MA. And we are big MA sports fans.
.

Go Pats!
.

Yeeeuhhhh! I'm volunteering for the Super Bowl and everyone is all rah rah Texans.
Ummmmm.
.

That may change in a couple days.
A friend of mine volunteered at the SB last year and got a picture of TB12!!! I couldn't believe she was in the same room as him! He was waiting to go on as one of the honored SB MVPs of the past 50 years.
.

I should be so lucky! Love my Tom.

 

[TheBeachHouse]

Financing in progress and the search is on. I've noticed that there are a few areas that have quite a few properties for sale. Does that seem like a red flag to you? I keep searching the area to see if there's something that is making numerous inns hit the market at once but not having much luck. Do you any of you have any knowledge about Rock/Cam, ME area and baseball town, NY? Is it just because there are so many B&B's in those areas to begin with? Or is there something I should know?
Thanks,
DRG

There are two for sale in Rockport, MA. Both are listed as single family homes. One is on Mt. Pleasent and the other is on Marmion Way..

I'd move to Rockport or Cape Cod in a heartbeat. I used to live in MA. It was the first place I lived when I moved to the US from Canada. My son was born in MA. And we are big MA sports fans.
.

Go Pats!
.

Yeeeuhhhh! I'm volunteering for the Super Bowl and everyone is all rah rah Texans.
Ummmmm.
.

That may change in a couple days.
A friend of mine volunteered at the SB last year and got a picture of TB12!!! I couldn't believe she was in the same room as him! He was waiting to go on as one of the honored SB MVPs of the past 50 years.
.

I should be so lucky! Love my Tom.

.

I had a very sad moment when I realized I was old enough to be his mother. But I got over it!

 

[Silverspoon]

Financing in progress and the search is on. I've noticed that there are a few areas that have quite a few properties for sale. Does that seem like a red flag to you? I keep searching the area to see if there's something that is making numerous inns hit the market at once but not having much luck. Do you any of you have any knowledge about Rock/Cam, ME area and baseball town, NY? Is it just because there are so many B&B's in those areas to begin with? Or is there something I should know?
Thanks,
DRG

There are two for sale in Rockport, MA. Both are listed as single family homes. One is on Mt. Pleasent and the other is on Marmion Way..

I'd move to Rockport or Cape Cod in a heartbeat. I used to live in MA. It was the first place I lived when I moved to the US from Canada. My son was born in MA. And we are big MA sports fans.
.

Have you checked out the inns for sale on the Cape?
.

It's definitely on my list! I'm looking Carolinas to Maine, although I've been given a good lead in GA worth checking out. Any suggestions?
.

This one has been on the market for a number of years so the owners may be flexible in their pricing. Lovely inn on outer cape in a town that has a moritorium on additional lodging establishments. Sorry for the long link..I am on my iPad and can't figur out how to transform it
https://www.google.com/search?sclient=tablet-gws&site=&source=hp&q=whalewalk+inn+for+sale+sotheby%27s&oq=wh&gs_l=tablet-gws.1.1.35i39k1l2j0.6128.6921.0.10026.3.3.0.0.0.0.270.550.0j2j1.3.0....0...1c.1.64.tablet-gws..0.2.424.0..0i131k1.71HKep8cNtI

 

[ChefDRG]

Financing in progress and the search is on. I've noticed that there are a few areas that have quite a few properties for sale. Does that seem like a red flag to you? I keep searching the area to see if there's something that is making numerous inns hit the market at once but not having much luck. Do you any of you have any knowledge about Rock/Cam, ME area and baseball town, NY? Is it just because there are so many B&B's in those areas to begin with? Or is there something I should know?
Thanks,
DRG

There are two for sale in Rockport, MA. Both are listed as single family homes. One is on Mt. Pleasent and the other is on Marmion Way..

I'd move to Rockport or Cape Cod in a heartbeat. I used to live in MA. It was the first place I lived when I moved to the US from Canada. My son was born in MA. And we are big MA sports fans.
.

Go Pats!
.

Yeeeuhhhh! I'm volunteering for the Super Bowl and everyone is all rah rah Texans.
Ummmmm.
.

That may change in a couple days.
A friend of mine volunteered at the SB last year and got a picture of TB12!!! I couldn't believe she was in the same room as him! He was waiting to go on as one of the honored SB MVPs of the past 50 years.
.

I should be so lucky! Love my Tom.

.

I had a very sad moment when I realized I was old enough to be his mother. But I got over it!
.

And what a proud mother you would be

 

[ChefDRG]

Financing in progress and the search is on. I've noticed that there are a few areas that have quite a few properties for sale. Does that seem like a red flag to you? I keep searching the area to see if there's something that is making numerous inns hit the market at once but not having much luck. Do you any of you have any knowledge about Rock/Cam, ME area and baseball town, NY? Is it just because there are so many B&B's in those areas to begin with? Or is there something I should know?
Thanks,
DRG

There are two for sale in Rockport, MA. Both are listed as single family homes. One is on Mt. Pleasent and the other is on Marmion Way..

I'd move to Rockport or Cape Cod in a heartbeat. I used to live in MA. It was the first place I lived when I moved to the US from Canada. My son was born in MA. And we are big MA sports fans.
.

Have you checked out the inns for sale on the Cape?
.

It's definitely on my list! I'm looking Carolinas to Maine, although I've been given a good lead in GA worth checking out. Any suggestions?
.

This one has been on the market for a number of years so the owners may be flexible in their pricing. Lovely inn on outer cape in a town that has a moritorium on additional lodging establishments. Sorry for the long link..I am on my iPad and can't figur out how to transform it
https://www.google.com/search?sclient=tablet-gws&site=&source=hp&q=whalewalk+inn+for+sale+sotheby%27s&oq=wh&gs_l=tablet-gws.1.1.35i39k1l2j0.6128.6921.0.10026.3.3.0.0.0.0.270.550.0j2j1.3.0....0...1c.1.64.tablet-gws..0.2.424.0..0i131k1.71HKep8cNtI
.

I had that one bookmarked. I need to go back to it to research the area a little more. Thanks!!

 

[TheBeachHouse]

Financing in progress and the search is on. I've noticed that there are a few areas that have quite a few properties for sale. Does that seem like a red flag to you? I keep searching the area to see if there's something that is making numerous inns hit the market at once but not having much luck. Do you any of you have any knowledge about Rock/Cam, ME area and baseball town, NY? Is it just because there are so many B&B's in those areas to begin with? Or is there something I should know?
Thanks,
DRG

There are two for sale in Rockport, MA. Both are listed as single family homes. One is on Mt. Pleasent and the other is on Marmion Way..

I'd move to Rockport or Cape Cod in a heartbeat. I used to live in MA. It was the first place I lived when I moved to the US from Canada. My son was born in MA. And we are big MA sports fans.
.

Go Pats!
.

Yeeeuhhhh! I'm volunteering for the Super Bowl and everyone is all rah rah Texans.
Ummmmm.
.

That may change in a couple days.
A friend of mine volunteered at the SB last year and got a picture of TB12!!! I couldn't believe she was in the same room as him! He was waiting to go on as one of the honored SB MVPs of the past 50 years.
.

I should be so lucky! Love my Tom.

.

I had a very sad moment when I realized I was old enough to be his mother. But I got over it!
.

And what a proud mother you would be
.

 

[Hillbilly]

I read somewhere not to long ago that the life expectancy of an Innkeeper is less than 6 years. Then they put the For Sale sign up! I can't remember where I read that. I do believer it. A lot of Innkeeper have come and gone in our town. It's not an easy job and not for the weak!

 

[EmptyNest]

I read somewhere not to long ago that the life expectancy of an Innkeeper is less than 6 years. Then they put the For Sale sign up! I can't remember where I read that. I do believer it. A lot of Innkeeper have come and gone in our town. It's not an easy job and not for the weak!.

We had planned for 10 but could only do 7 so kudos to all of you who have hung in there so long. You deserve a big pat on the back.

 

[Morticia]

I read somewhere not to long ago that the life expectancy of an Innkeeper is less than 6 years. Then they put the For Sale sign up! I can't remember where I read that. I do believer it. A lot of Innkeeper have come and gone in our town. It's not an easy job and not for the weak!.

We had planned for 10 but could only do 7 so kudos to all of you who have hung in there so long. You deserve a big pat on the back.
.

We had planned for 10 but could only do 7 so kudos to all of you who have hung in there so long. You deserve a big pat on the back.

12 and counting...
I think it's like being married - once you get past the '7 year itch' you can roll along having seen pretty much everything.
Then again, I've got an entire apartment to myself. We need that distance from the guests and each other. If he had your garage space I'd never see him!

 

[Zoe]

My Inn is for sale in Camden. I know all the Inns that are for sale and I am comfortable saying that I think it is is just retirement that is making people sell. We have all been in this for a long time. The market finally looks like it is coming back and it is a good time to test the waters. Camden is a great town, it is not only a good destination town to buy in, it is a good year round community. The hiking, kayaking, opera house and harbor are fun assets to living here. I enjoy living near the center of town. I can walk everywhere. I am selling because my kids are bigger now and I would like to travel with them before they are off to college. Airbnb is a disruptor, but it is also an opportunity for Camden. There are few hotels and having such a strong third party agent sell your rooms is helpful. There are alot of rentals, but the zoning only allows 6 night minimums. Eventually the enforcement will catch up with them.

 

[JimBoone]

I read somewhere not to long ago that the life expectancy of an Innkeeper is less than 6 years. Then they put the For Sale sign up! I can't remember where I read that. I do believer it. A lot of Innkeeper have come and gone in our town. It's not an easy job and not for the weak!.

Okay I'm odd, still enjoy (most times) after 25 years.
Perhaps others are more financially successful than I, but if the inn runs the owner and the owner is not enjoying the business on a personal level are there changes that could be made, a compromise between wealth and happiness?