Sandy Point Going Condo!

[Rinkerguy]

This appears to purely be about the family not being able to maintain the property as a hotel. No local help available and nobody in the family willing to take over.

[eyenotall777]

As of this morning, I have viewed that Sandy Point has been listed again for $12m

[camp guy]

When this all came up a while ago there was a lot of talk about the environmental impact and what to do about septic system issues in light of the Lake being so close on one side and the steep uphill terrain so close on the other side, not to mention a VERY busy State highway running between the two. I followed it all for a while, then stopped.
What is the status of all that at this point? I am guessing septic system design engineers, soil scientists, highway engineers, and any other type of environmental activist are all having an interest in this project. The price looks like a lot of money, but when you turn all these professionals loose, each with their own ideas, $12 million doesn't last very long.

[codeman671]

Sandy Point is showing as pending sale online.

[tis]

Originally Posted by camp guy

When this all came up a while ago there was a lot of talk about the environmental impact and what to do about septic system issues in light of the Lake being so close on one side and the steep uphill terrain so close on the other side, not to mention a VERY busy State highway running between the two. I followed it all for a while, then stopped.
What is the status of all that at this point? I am guessing septic system design engineers, soil scientists, highway engineers, and any other type of environmental activist are all having an interest in this project. The price looks like a lot of money, but when you turn all these professionals loose, each with their own ideas, $12 million doesn't last very long.

Isn't Alton on the pipeline to Franklin?

[Slickcraft]

Originally Posted by tis

Isn't Alton on the pipeline to Franklin?

Unfortunately no. A long time ago a town meeting voted to de fund a capital reserve fund that was for a pump station near the Gilford town line. Probably funded something else instead. Very short sighted.

Alan

[Rinkerguy]

Sandy point is under an agreement with Vacanza. We will see if the sale goes through. Vacanza seems to be buying up little parts of Alton Bay over the past year or so

[ghfromaltonbay]

Vacanza has scheduled a meeting with the present leasees at Sandy Point as part of their due diligence. They want to know if the present tenants are interested in continuing to lease. Will be interesting to see how the present lease amounts will increase. If they buy for $12M, how much would they need to raise rents to make it profitable?

[TheTimeTraveler]

Originally Posted by ghfromaltonbay

Vacanza has scheduled a meeting with the present leasees at Sandy Point as part of their due diligence. They want to know if the present tenants are interested in continuing to lease. Will be interesting to see how the present lease amounts will increase. If they buy for $12M, how much would they need to raise rents to make it profitable?

Well, their debt service would be about a million dollars per year. Not sure how many units there are there but that's a starting point.

I'm guessing the rents would have to be substantially increased.

I think the more important question may be how to upgrade the septic system to modern day codes. I think that would be a real issue (especially if the restaurant were to start running again).

[Rinkerguy]

Originally Posted by ghfromaltonbay

Vacanza has scheduled a meeting with the present leasees at Sandy Point as part of their due diligence. They want to know if the present tenants are interested in continuing to lease. Will be interesting to see how the present lease amounts will increase. If they buy for $12M, how much would they need to raise rents to make it profitable?

Let’s understand the prospective buyers are in the real estate business. They own properties all around NH and MA and could have most or all of the funds to cover the purchase. No way they’re going to pay asking price. Then it’s how much or little improvements they will make? But given this is a dated, run down property with more issues than just septic that need updating. Irregardless costs to either seasonal and/or renters are sure to increase significantly once the sale closes. The Sandy Point legacy is quickly coming to an end.

[TiltonBB]

This is the latest information:

It is with great pleasure, we Joe and Janet Boccelli, introduce ourselves as prospective purchasers of the Sandy Point Resort.
We have been working on this transaction for a number of months with the goal of closing in October. Unlike many suitors who aimed to demolish the existing improvements and/or develop condominiums, our intent is to update the existing improvements and maintain the legacy property as a premiere lakefront rental destination for generations to come. Like all transactions of this type, the contractual confidentiality requirements often cause people to pause, wonder and speculate about the future. Unfortunately, certain social media posts have been brought to our attention that distribute misinformation about the transaction, our history and goals. We hope this post will help until we close on this beautiful property
Due to the acquisition cost and the cost of anticipated improvements, rental rates will increase. It is premature to set those rates until the transaction closes.
We, along with our 3 children had an informal meet and greet yesterday with the current Seasonal Lessees of Sandy Point and thank the Ouellette Family for being so gracious for allowing us this opportunity to meet with the current residents.
We want to thank the current residents of Sandy Point for their kindness and candor as well.
Looking forward to another 100 years from one family to another.
All the best,
Joe, Janet

[Rinkerguy]

Lots of questions, no answers at the weekend meeting. Read between the lines and current leasee can expect costs to increase significantly and possibly a shorter lease. Considering the original seasonal price for Vacanza NH cabins in town were above $15,000 and were not lakefront. Who knows where the new cost will land, with all the improvements that have to be done.

Supposedly they have an approved septic plan with no indication of removing beds seems a little sketchy. Considering previous buyers were turned down.

It will be interesting to see what changes when the sale closes sometime in mid October after the current leases end.

[BroadHopper]

Originally Posted by tis

Isn't Alton on the pipeline to Franklin?

The pipeline ran out of money before Ames Farm. The pipeline was originally schedule to use the Railroad right of way to Alton.

I was told if the govt decide to extend the pipeline, it would be tough as the town of Alton has allowed construction on the ROW. Gilford was smart and kept the ROW in case of expansion. Back in the 80's neighbors had to move existing construction and landscaping off the ROW to facilitate the pipeline. It's going to be tough to do in Alton. There is a certain lawyer just before Ames Farm who will fight tooth and nail to avoid the pipeline through his property. (Some may remember his fight with Ames Farm.)

[tis]

Originally Posted by BroadHopper

The pipeline ran out of money before Ames Farm. The pipeline was originally schedule to use the Railroad right of way to Alton.

I was told if the govt decide to extend the pipeline, it would be tough as the town of Alton has allowed construction on the ROW. Gilford was smart and kept the ROW in case of expansion. Back in the 80's neighbors had to move existing construction and landscaping off the ROW to facilitate the pipeline. It's going to be tough to do in Alton. There is a certain lawyer just before Ames Farm who will fight tooth and nail to avoid the pipeline through his property. (Some may remember his fight with Ames Farm.)

So that's what happened. I remember hearing about the certain lawyer who wouldn't allow launching. And doesn't the railroad own some of the ROW also?