51 Mill Street up for auction....

secondcurve · 11-17-2009, 07:48 AM

It is too bad but these folks have been fighting it for over a year now. Hopefully, another good operator moves into the location. The thing that I don't understand is the building is assessed by the town for $800M+ and I seem to recall seeing that they owed $400M +/- against the property. It seems that they should have been able to sell to someone and pay their debts as opposed to going through bankruptcy. I am sure that I am missing something. Anyway, it will be interesting to see what this property goes for in the auction today.

Yosemite Sam · 11-17-2009, 08:14 AM

Quote:

Originally Posted by secondcurve

It is too bad but these folks have been fighting it for over a year now. Hopefully, another good operator moves into the location. The thing that I don't understand is the building is assessed by the town for $800M+ and I seem to recall seeing that they owed $400M +/- against the property. It seems that they should have been able to sell to someone and pay their debts as opposed to going through bankruptcy. I am sure that I am missing something. Anyway, it will be interesting to see what this property goes for in the auction today.

800M ? I don't think so. 800K maybe.
400M ? I don't think so. 400K maybe.

fatlazyless · 11-17-2009, 08:19 AM

Just my two cents but probably, no bidders will come close to the mortgage company's reserve minimum bid, and a tranfer sale will not happen. The lender wants to recoup its' mortgage loan and won't settle for less, hoping for a higher market price sometime in the future.

So, what's the latest? .... oops ... auction is scheduled for 11am...

secondcurve · 11-17-2009, 09:12 PM

Quote:

Originally Posted by Yosemite Sam

800M ? I don't think so. 800K maybe.
400M ? I don't think so. 400K maybe.

M = thousand in a bank

secondcurve · 11-17-2009, 09:14 PM

198 Seat Restaurant

k/a 51 Mill Street

Lakes Region
Wolfeboro, New Hampshire
POSTPONED TO: Wednesday, December 2nd at 11:00 a.m.

REAL ESTATE commercial condominium located at 51 Mill Street, #1 – A 5,114± sq.ft. restaurant on 1.03± acres of land with 144± feet of water frontage on Lake Winnipesaukee’s Back Bay. A full service, first floor restaurant with seating capacity of 198 indoor and 113 seasonal outdoor. Second floor has (2) offices, ¾ bathroom and meeting room. Some or all of the equipment, machinery, furniture and other personal property may be included in the sale. Any included personal property may be offered and sold with the premises as an entirety, in lots, by piece, or in some combination thereof, at the sole discretion of Mortgagee/Secured Party. Formerly known as 51 Mill Street Restaurant and Love’s Quay Restaurant. Zoning is Commercial District C-2, Zone A, Greater Downtown. Assessed Value: $830,800. Town Reference: Tax Map 217, Lot 23, Unit 1.

Inspection: One hour prior to auction, if permitted.

Terms: $25,000 Deposit in cash, certified check or bank check at time and place of sale. The successful bidder will be required to increase their deposit to a total of 10% of the purchase price within 5 days of sale. The balance of the purchase price will be due at closing within 45 days of the auction. Sale is a Foreclosure Auction per order of the Mortgagee and the Secured Party.

Directions: From the intersection of Routes 28 & 109 in Wolfeboro, follow Route 109 northwest approximately ½ mile then right onto Mill Street.
Ref. #9PM-57B

tis · 11-18-2009, 08:26 AM

I am trying to remember how many times this has been postponed now? Quite a few!

Neko · 11-18-2009, 12:13 PM

Was the auction postponed again?

jack1706 · 11-18-2009, 09:25 PM

yup, postponed once again until Dec. 2nd.
another move by the owners to work the system to the fullest... maybe they really want to keep it.
looks that way... oh well...

ripley · 11-18-2009, 11:56 PM

All it takes is one guy to walk into the banks office and say " hey i am interested in buying that property but I can't possibly get my financing in time. If you postpone for 20-30 days i can come in and bid $XXX .. ...what do you think the bank will do ?
Remember the bankers of yesterday, when they would walk around town and were viewed as the most scrupulous people in town ??? Not any more ...just a license to steal these days. In general, bankers are now one step below used car salesmen.

Ripley

secondcurve · 11-19-2009, 09:11 PM

Rip:

In your opinion what do you think the bank is doing that is unscrupulous? My guess is that the auction keeps getting postponed because the borrower is managing to bring the loan current before each auction date.

twoplustwo · 11-22-2009, 12:43 PM

"I'm not dead yet!"

I give them a lot of credit for hanging on as hard and as long as they can. It's easy to drop everything and walk away - staying for the fight takes a lot more cajones.

jack1706 · 11-22-2009, 06:26 PM

give them Alot of credit ????

give them credit if they PAID their mortgage as promised... ( like we all do)

Easy is Not paying.... walking away is the hard part !!!!

secondcurve · 11-23-2009, 12:21 AM

Jack:

Some people aren't paying their mortgages because they simply can't. Not everyone is a stiff for not paying a loan and not all of the Banks trying to collect loans are bad. The county has experienced a tremendous economic downturn that most didn't anticipate. The folks running 51 Mill Street have given it their all and from my observations they are good people. Let's hope that they pull through and that 2010 moves in the right direction from an economic perspective. Remember, it's time to give thanks.

jack1706 · 11-23-2009, 09:30 AM

I truly hope they can work out a deal with the bank & move on.

It would be wonderful to see all businesses thriving again in 2010.

Maybe next year will be their banner year & for everyone else too. I am VERY aware of the difficult times right now....

I only wish them well & give an abundance of Thanks everyday...............

food dude · 11-23-2009, 06:56 PM

Quote:

Originally Posted by secondcurve

Jack:

Some people aren't paying their mortgages because they simply can't. Not everyone is a stiff for not paying a loan and not all of the Banks trying to collect loans are bad. The county has experienced a tremendous economic downturn that most didn't anticipate. The folks running 51 Mill Street have given it their all and from my observations they are good people. Let's hope that they pull through and that 2010 moves in the right direction from an economic perspective. Remember, it's time to give thanks.

i agree not everone is a stiff for not paying the bills, however coming from someone who sold them food, these people are. If you cant pay, just be honest instead of playing games. i will give it to the driver, mailed it, heard them all, and this was before the wonderful downturn in the economy

Redwing · 11-25-2009, 12:17 PM

Thank you for offering a different perspective, Food Dude.

Yosemite Sam · 11-25-2009, 01:58 PM

They are still open and I plan on taking a potential client of mine to lunch there next week. They are a little slow, but what the heck, gives me more time to tell him what a good Handyman I am!

If any of you plan on going there, below is coupon that is still good until 11/31/09.

jack1706 · 11-25-2009, 02:56 PM

Glad to see you'll be there Yosemite...

maybe with the revenue they can pay the Food Guy or maybe make a mtg. payment.

And don't forget ... Still have Open Dates for Christmas Party's ... ya think???

JanN · 11-26-2009, 10:30 AM

Good luck to those trying to use the coupon on 11/31!

secondcurve · 12-01-2009, 11:06 PM

Tomorrow is the auction day. It looks like this time it may not be cancelled. I'd be curious to hear if the auctions goes through and if there are any bidders.

198 Seat Restaurant
51 Mill Street

Lakes Region
Wolfeboro, New Hampshire
Wednesday, December 2nd at 11:00 a.m.

REAL ESTATE commercial condominium located at 51 Mill Street, #1 – A 5,114± sq.ft. restaurant on 1.03± acres of land with 144± feet of water frontage on Lake Winnipesaukee’s Back Bay. A full service, first floor restaurant with seating capacity of 198 indoor and 113 seasonal outdoor. Second floor has (2) offices, ¾ bathroom and meeting room. Some or all of the equipment, machinery, furniture and other personal property may be included in the sale. Any included personal property may be offered and sold with the premises as an entirety, in lots, by piece, or in some combination thereof, at the sole discretion of Mortgagee/Secured Party. Formerly known as 51 Mill Street Restaurant and Love’s Quay Restaurant. Zoning is Commercial District C-2, Zone A, Greater Downtown. Assessed Value: $830,800. Town Reference: Tax Map 217, Lot 23, Unit 1.

Inspection: One hour prior to auction, if permitted.

Terms: $25,000 Deposit in cash, certified check or bank check at time and place of sale. The successful bidder will be required to increase their deposit to a total of 10% of the purchase price within 5 days of sale. The balance of the purchase price will be due at closing within 45 days of the auction. Sale is a Foreclosure Auction per order of the Mortgagee and the Secured Party.

Directions: From the intersection of Routes 28 & 109 in Wolfeboro, follow Route 109 northwest approximately ½ mile then right onto Mill Street.
Ref. #9PM-57B

jack1706 · 12-02-2009, 01:10 PM

Well, 51 Mill sold this am. to the highest bidder

Word is they are from Pinecone Cafe >>>.

That would be great...

Bigstan · 11-25-2009, 11:58 PM

Quote:

Originally Posted by food dude

i will give it to the driver, mailed it, heard them all, and this was before the wonderful downturn in the economy

What? That means what exactly? If you wish to bash at least be eloquent about it.....

upthesaukee · 11-26-2009, 12:12 AM

So next Monday, Nov 30th, we can look at that coupon and all join in for a chorus of that Garth Brooks song: "And tomorrow never comes".

Or relive our childhood days, learning the number of days in the month:
30 days has Sept, Apr, June, and Nov; all the rest have 31 except Feb which has 28, and this just in: November now has 31.

Boy is this ever going to mess up the number of days til Christmas...

Yosemite Sam · 11-26-2009, 10:17 AM

Quote:

Originally Posted by upthesaukee

So next Monday, Nov 30th, we can look at that coupon and all join in for a chorus of that Garth Brooks song: "And tomorrow never comes".

Or relive our childhood days, learning the number of days in the month:
30 days has Sept, Apr, June, and Nov; all the rest have 31 except Feb which has 28, and this just in: November now has 31.

Boy is this ever going to mess up the number of days til Christmas...

Good pickup upthesaukee!

I completly missed that the date was wrong. Funny how some things just don't register until someone points the error out to you.
The coupon said 31 and I never gave it a second thought.

11-17-2009, 08:19 AM	#3
fatlazyless Senior Member Join Date: Apr 2004 Posts: 8,836 Blog Entries: 1 Thanks: 302 Thanked 1,033 Times in 752 Posts	Just my two cents but probably, no bidders will come close to the mortgage company's reserve minimum bid, and a tranfer sale will not happen. The lender wants to recoup its' mortgage loan and won't settle for less, hoping for a higher market price sometime in the future. So, what's the latest? .... oops ... auction is scheduled for 11am... __________________ ... down and out, liv'n that Walmart side of the lake!

11-17-2009, 09:14 PM	#5
secondcurve Senior Member Join Date: Jan 2005 Posts: 2,127 Thanks: 1,343 Thanked 564 Times in 291 Posts	Postponed Again!!!!! 198 Seat Restaurant k/a 51 Mill Street Lakes Region Wolfeboro, New Hampshire POSTPONED TO: Wednesday, December 2nd at 11:00 a.m. REAL ESTATE commercial condominium located at 51 Mill Street, #1 – A 5,114± sq.ft. restaurant on 1.03± acres of land with 144± feet of water frontage on Lake Winnipesaukee’s Back Bay. A full service, first floor restaurant with seating capacity of 198 indoor and 113 seasonal outdoor. Second floor has (2) offices, ¾ bathroom and meeting room. Some or all of the equipment, machinery, furniture and other personal property may be included in the sale. Any included personal property may be offered and sold with the premises as an entirety, in lots, by piece, or in some combination thereof, at the sole discretion of Mortgagee/Secured Party. Formerly known as 51 Mill Street Restaurant and Love’s Quay Restaurant. Zoning is Commercial District C-2, Zone A, Greater Downtown. Assessed Value: $830,800. Town Reference: Tax Map 217, Lot 23, Unit 1. Inspection: One hour prior to auction, if permitted. Terms: $25,000 Deposit in cash, certified check or bank check at time and place of sale. The successful bidder will be required to increase their deposit to a total of 10% of the purchase price within 5 days of sale. The balance of the purchase price will be due at closing within 45 days of the auction. Sale is a Foreclosure Auction per order of the Mortgagee and the Secured Party. Directions: From the intersection of Routes 28 & 109 in Wolfeboro, follow Route 109 northwest approximately ½ mile then right onto Mill Street. Ref. #9PM-57B

11-18-2009, 09:25 PM	#8
jack1706 Senior Member Join Date: Jul 2008 Location: Ft.Laud.,Fl & Winter Harbor Posts: 150 Thanks: 40 Thanked 19 Times in 17 Posts	postponed. yup, postponed once again until Dec. 2nd. another move by the owners to work the system to the fullest... maybe they really want to keep it. looks that way... oh well...

11-22-2009, 12:43 PM	#11
twoplustwo Senior Member Join Date: Dec 2007 Location: Moultonborough Posts: 456 Thanks: 51 Thanked 39 Times in 21 Posts	51 is like a Monty Python movie "I'm not dead yet!" I give them a lot of credit for hanging on as hard and as long as they can. It's easy to drop everything and walk away - staying for the fight takes a lot more cajones.

11-25-2009, 01:58 PM	#17
Yosemite Sam Senior Member Join Date: Sep 2009 Location: Lakes Region Posts: 395 Thanks: 81 Thanked 95 Times in 56 Posts	They are still open and I plan on taking a potential client of mine to lunch there next week. They are a little slow, but what the heck, gives me more time to tell him what a good Handyman I am! If any of you plan on going there, below is coupon that is still good until 11/31/09. Attached Images

11-17-2009, 07:48 AM	#1
secondcurve Senior Member Join Date: Jan 2005 Posts: 2,127 Thanks: 1,343 Thanked 564 Times in 291 Posts	It is too bad but these folks have been fighting it for over a year now. Hopefully, another good operator moves into the location. The thing that I don't understand is the building is assessed by the town for $800M+ and I seem to recall seeing that they owed $400M +/- against the property. It seems that they should have been able to sell to someone and pay their debts as opposed to going through bankruptcy. I am sure that I am missing something. Anyway, it will be interesting to see what this property goes for in the auction today.

The Following User Says Thank You to Yosemite Sam For This Useful Post:
jmen24 (11-17-2009)

The Following User Says Thank You to secondcurve For This Useful Post:
christo1 (11-20-2009)

11-18-2009, 08:26 AM	#6
tis Senior Member Join Date: Jan 2006 Posts: 6,810 Thanks: 759 Thanked 1,469 Times in 1,025 Posts	I am trying to remember how many times this has been postponed now? Quite a few!

11-18-2009, 12:13 PM	#7
Neko Senior Member Join Date: May 2008 Posts: 102 Thanks: 2 Thanked 6 Times in 6 Posts	Was the auction postponed again?

11-18-2009, 11:56 PM	#9
ripley Senior Member Join Date: Aug 2009 Posts: 55 Thanks: 0 Thanked 3 Times in 2 Posts	All it takes is one guy to walk into the banks office and say " hey i am interested in buying that property but I can't possibly get my financing in time. If you postpone for 20-30 days i can come in and bid $XXX .. ...what do you think the bank will do ? Remember the bankers of yesterday, when they would walk around town and were viewed as the most scrupulous people in town ??? Not any more ...just a license to steal these days. In general, bankers are now one step below used car salesmen. Ripley

11-19-2009, 09:11 PM	#10
secondcurve Senior Member Join Date: Jan 2005 Posts: 2,127 Thanks: 1,343 Thanked 564 Times in 291 Posts	Rip: In your opinion what do you think the bank is doing that is unscrupulous? My guess is that the auction keeps getting postponed because the borrower is managing to bring the loan current before each auction date.

The Following 4 Users Say Thank You to secondcurve For This Useful Post:
Argie's Wife (11-20-2009), BroadHopper (11-26-2009), Pineedles (11-19-2009), robmac (11-22-2009)

11-22-2009, 06:26 PM	#12
jack1706 Senior Member Join Date: Jul 2008 Location: Ft.Laud.,Fl & Winter Harbor Posts: 150 Thanks: 40 Thanked 19 Times in 17 Posts	give them Alot of credit ???? give them credit if they PAID their mortgage as promised... ( like we all do) Easy is Not paying.... walking away is the hard part !!!!

11-23-2009, 12:21 AM	#13
secondcurve Senior Member Join Date: Jan 2005 Posts: 2,127 Thanks: 1,343 Thanked 564 Times in 291 Posts	Jack: Some people aren't paying their mortgages because they simply can't. Not everyone is a stiff for not paying a loan and not all of the Banks trying to collect loans are bad. The county has experienced a tremendous economic downturn that most didn't anticipate. The folks running 51 Mill Street have given it their all and from my observations they are good people. Let's hope that they pull through and that 2010 moves in the right direction from an economic perspective. Remember, it's time to give thanks.

The Following 2 Users Say Thank You to secondcurve For This Useful Post:
GFP (11-23-2009), twoplustwo (11-23-2009)

11-23-2009, 09:30 AM	#14
jack1706 Senior Member Join Date: Jul 2008 Location: Ft.Laud.,Fl & Winter Harbor Posts: 150 Thanks: 40 Thanked 19 Times in 17 Posts	I truly hope they can work out a deal with the bank & move on. It would be wonderful to see all businesses thriving again in 2010. Maybe next year will be their banner year & for everyone else too. I am VERY aware of the difficult times right now.... I only wish them well & give an abundance of Thanks everyday...............

11-25-2009, 12:17 PM	#16
Redwing Deceased Member Join Date: Feb 2006 Location: New Haven, Connecticut and summer resident of Moultonborough, NH since 1952 Posts: 216 Thanks: 324 Thanked 43 Times in 27 Posts	Thank you for offering a different perspective, Food Dude.

11-25-2009, 02:56 PM	#18
jack1706 Senior Member Join Date: Jul 2008 Location: Ft.Laud.,Fl & Winter Harbor Posts: 150 Thanks: 40 Thanked 19 Times in 17 Posts	Glad to see you'll be there Yosemite... maybe with the revenue they can pay the Food Guy or maybe make a mtg. payment. And don't forget ... Still have Open Dates for Christmas Party's ... ya think???

11-26-2009, 10:30 AM	#19
JanN Member Join Date: Apr 2004 Posts: 43 Thanks: 174 Thanked 20 Times in 11 Posts	Good luck to those trying to use the coupon on 11/31!

12-01-2009, 11:06 PM	#20
secondcurve Senior Member Join Date: Jan 2005 Posts: 2,127 Thanks: 1,343 Thanked 564 Times in 291 Posts	Tomorrow is the auction day. It looks like this time it may not be cancelled. I'd be curious to hear if the auctions goes through and if there are any bidders. 198 Seat Restaurant 51 Mill Street Lakes Region Wolfeboro, New Hampshire Wednesday, December 2nd at 11:00 a.m. REAL ESTATE commercial condominium located at 51 Mill Street, #1 – A 5,114± sq.ft. restaurant on 1.03± acres of land with 144± feet of water frontage on Lake Winnipesaukee’s Back Bay. A full service, first floor restaurant with seating capacity of 198 indoor and 113 seasonal outdoor. Second floor has (2) offices, ¾ bathroom and meeting room. Some or all of the equipment, machinery, furniture and other personal property may be included in the sale. Any included personal property may be offered and sold with the premises as an entirety, in lots, by piece, or in some combination thereof, at the sole discretion of Mortgagee/Secured Party. Formerly known as 51 Mill Street Restaurant and Love’s Quay Restaurant. Zoning is Commercial District C-2, Zone A, Greater Downtown. Assessed Value: $830,800. Town Reference: Tax Map 217, Lot 23, Unit 1. Inspection: One hour prior to auction, if permitted. Terms: $25,000 Deposit in cash, certified check or bank check at time and place of sale. The successful bidder will be required to increase their deposit to a total of 10% of the purchase price within 5 days of sale. The balance of the purchase price will be due at closing within 45 days of the auction. Sale is a Foreclosure Auction per order of the Mortgagee and the Secured Party. Directions: From the intersection of Routes 28 & 109 in Wolfeboro, follow Route 109 northwest approximately ½ mile then right onto Mill Street. Ref. #9PM-57B

12-02-2009, 01:10 PM	#21
jack1706 Senior Member Join Date: Jul 2008 Location: Ft.Laud.,Fl & Winter Harbor Posts: 150 Thanks: 40 Thanked 19 Times in 17 Posts	Sold Well, 51 Mill sold this am. to the highest bidder Word is they are from Pinecone Cafe >>>. That would be great...

The Following User Says Thank You to jack1706 For This Useful Post:
secondcurve (12-02-2009)

11-26-2009, 12:12 AM	#23
upthesaukee Senior Member Join Date: Jan 2003 Location: Alton Bay Posts: 5,607 Blog Entries: 2 Thanks: 2,477 Thanked 1,984 Times in 1,084 Posts	A coupon with an expiration that never comes. So next Monday, Nov 30th, we can look at that coupon and all join in for a chorus of that Garth Brooks song: "And tomorrow never comes". Or relive our childhood days, learning the number of days in the month: 30 days has Sept, Apr, June, and Nov; all the rest have 31 except Feb which has 28, and this just in: November now has 31. Boy is this ever going to mess up the number of days til Christmas... __________________ I Live Here... I am always UPTHESAUKEE !!!!