Sandy Point Beach Resort end of an era

[Rinkerguy]

A letter has been sent to the current lease holder at Sandy Point announcing an intended closing date of 10/7 on the sale to members of the Boccelli family. With the purchase price and capital expenditures planned for the property, this is the end of an era of the last “AFFORDABLE” family run, family friendly resort on the lake.

[thinkxingu]

Originally Posted by Rinkerguy

A letter has been sent to the current lease holder at Sandy Point announcing an intended closing date of 10/7 on the sale to members of the Boccelli family. With the purchase price and capital expenditures planned for the property, this is the end of an era of the last “AFFORDABLE” family run, family friendly resort on the lake.

What updates will they be planning to make, and how much might they justify the increased prices?

For example, if there were a septic upgrade that removed guest number limitations, that might be a good thing.

Tennis courts that only a few might use, on the other hand, might not be a great value.

Sent from my SM-S931U using Tapatalk

[camp guy]

Although I have no facts and figures to support my statement, I have a feeling that once the real nitty-gritty of repurposing Sandy Point is displayed, the cost figures will skyrocket, with the end result being that participation in Sandy Point will be only available to the rich. The upgrade to the septic system alone is bound to cost a LOT of money. I hope the buyers have very deep pockets.

[ghfromaltonbay]

Originally Posted by camp guy

Although I have no facts and figures to support my statement, I have a feeling that once the real nitty-gritty of repurposing Sandy Point is displayed, the cost figures will skyrocket, with the end result being that participation in Sandy Point will be only available to the rich. The upgrade to the septic system alone is bound to cost a LOT of money. I hope the buyers have very deep pockets.

The leasees were told the upgrade of the septic will cost $500,000. The asking price for the property is $12 million. There are approximately 50 units, so do the math. None of us will be able to afford to rent there. The buyers do have deep pockets. Just check their website Vacanzanh.com. They have bought almost every cottage colony, motels, several lake front houses and storage facilities in Alton Bay. Only Bayside and Lakehurst cottages are still family owned. They also bought the Lakeview Inn at the Weirs. Megabucks! Every place they have bought has seen doubling of the rents after renovations were done. From what I was told by those who met with the new owners, they seem to be discouraging the present arrangement of seasonal renters and want to rent by the week thru their site on VRBO. Truly the end of an era.

[Winilyme]

Originally Posted by ghfromaltonbay

The leasees were told the upgrade of the septic will cost $500,000. The asking price for the property is $12 million. There are approximately 50 units, so do the math. None of us will be able to afford to rent there. The buyers do have deep pockets. Just check their website Vacanza.com. They have bought almost every cottage colony, motels, lake front houses and storage facilities in Alton Bay. Only Bayside and Lakehurst cottages are still family owned. They also bought the Lakeview Inn at the Weirs. Megabucks! Every place they have bought has seen doubling of the rents after renovations were done. From what I was told by those who met with the new owners, they seem to be discouraging the present arrangement of seasonal renters and want to rent by the week thru their site on VRBO. Truly the end of an era.

I believe that website would be vacanzanh.com.

[Trail Goer]

Originally Posted by ghfromaltonbay

The leasees were told the upgrade of the septic will cost $500,000. The asking price for the property is $12 million. There are approximately 50 units, so do the math. None of us will be able to afford to rent there. The buyers do have deep pockets. Just check their website Vacanzanh.com. They have bought almost every cottage colony, motels, several lake front houses and storage facilities in Alton Bay. Only Bayside and Lakehurst cottages are still family owned. They also bought the Lakeview Inn at the Weirs. Megabucks! Every place they have bought has seen doubling of the rents after renovations were done. From what I was told by those who met with the new owners, they seem to be discouraging the present arrangement of seasonal renters and want to rent by the week thru their site on VRBO. Truly the end of an era.

The dream of owning a home in this country is diminishing by the day, when businesses start to buy up property like this. I'm convinced this is what drove up the market in the first place, individual home buyers are competing against corporate America and wall street for home ownership; it's very sad. I know towns like Conway, NH tried to stop it, but the NH Supreme Court ruled in favor of the homeowners and said what the town was trying to do was unconstitutional.
https://www.forbes.com/sites/rogerva...-out-of-reach/

[Biggd]

Originally Posted by Trail Goer

The dream of owning a home in this country is diminishing by the day, when businesses start to buy up property like this. I'm convinced this is what drove up the market in the first place, individual home buyers are competing against corporate America and wall street for home ownership; it's very sad. I know towns like Conway, NH tried to stop it, but the NH Supreme Court ruled in favor of the homeowners and said what the town was trying to do was unconstitutional.
https://www.forbes.com/sites/rogerva...-out-of-reach/

No one wants government overreach until things are out of their control, esp in NH.

[Mr. V]

Supply and demand, let the market act as it will and set the price... "all the traffic will bear" is a fundamental tenet of our capitalist system.

[Rinkerguy]

Property was under agreement for originally $10.5MM, septic estimate ballooned to over $1.5MM. Which in its self is amazing as no other prospective buyer ever got that far. New buyers posted intention to re-open restaurant and recently listed their Laconia inn & cottage for sale $2.5MM. Certainly reinforced the deep pocket. Hoewever the sale of Sandy Point did not close on 10/7 as planned, now scheduled for later this week.
Not done til it’s done

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.

[ghfromaltonbay]

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.

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.

[TiltonBB]

The process for getting approval for a project involving the sale of 10 or more condos is extremely long and unnecessarily cumbersome. Once you go through the local Planning Board you need to apply to the NH Attorney General for approval. The attorneys in that office are extremely detail oriented and some of the items they pick up on, and question, seem insignificant and the requested changes accomplish nothing. All the process does is create delay and increase the legal cost to the applicant which ultimately affects the sale price of the units. You can sell 9 units, or less, without the Attorney General's scrutiny and that is much easier.

[Rinkerguy]

Well I guess we will see if the Boccelli’s can continue the legacy of Sandy Point. They closed on it today and at the end of the month if not sooner they will start the upgrades and weather they can bring back the restaurant and the property is still to be seen. Big shoes to fill

Seasonal lease rates have more than doubled, plus tenants are responsible for electricity, propane, cable. Dock rates for boats and jet ski are “Market Competitive”, where boats used to be around $1K. Many of the current leasees are not returning, so there will be units available for weekly or seasonal rental. Just do your research beforehand. Buyer beware