Quote:
Originally Posted by Rinkerguy
Property was under agreement for originally $10.5MM, septic estimate ballooned to over $1.5MM.
Best long term guess is the new owners renovate, rejuvenate and revitalize the property and flip it in 5-10 years selling it as lakeside condos and double their investment.
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When the property was previously put on the market in 2021, two prospective buyers wanted to go condo. Their plans were nixed as the septic is a shared system by about 50 units. They both backed out. Unless the new septic involves giving each camp their own system, I doubt going condo would now be allowed. Besides the sale price, the septic, and renovations to all 50 units, that is some cost! Wonder how much the rent will increase to cover these upgrades. All leasees have to totally empty their camps by Oct. 30 to make way for renovations. Even patio furniture and grills have to be removed. But the leasees were invited (for a fee of course) to store their furnishings at the storage facility on MT Major Highway. Guess who just happens to own the storage facility. These people have DEEP pockets.