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Does anyone know if the property is zoned so that it could be operated as a luxury resort?
The property was originally a camp facility so it may have some unique zoning. However the owner was a serious car collector and the town denied him the ability to build a showcase garage facility there so I'd guess they are going to be picky about what they allow.
Even earning $1,000 a night per bedroom (12 bedrooms) would be 12k a night, lets go crazy and say it is fully rented for 4 months (summer)....1.44mm in revenue. That would cover the place for the year BUT won't service the debt very much.
IMO, turning it into a super upscale resort is the only viable option but there would have to be a significant tax abatement for the resort to turn a profit.
Almost complete reliance on property taxes to support state and local governments and school districts in NH is the real problem.
IMO, turning it into a super upscale resort is the only viable option but there would have to be a significant tax abatement for the resort to turn a profit.
Almost complete reliance on property taxes to support state and local governments and school districts in NH is the real problem.
Nah, converting those 3 structures (2 mansions and a party barn) to a resort would simply throw good money after bad. Just think of stuff like parking, kitchen remodel (commercial kitchen), fire sprinklers, ADA requirements, separate a/c thermostats. I think there are 6 boat house garages and another 12+ regular garages that offer very little value to the "resort" yet are already built.
The biggest "glitch" is "super upscale resort" in New Hampshire! This isn't the Hamptons or Palm Beach!
The Bahre's built these as opulent NASCAR hangouts (they formerly owned the track nearby). So after events they would have team owners/drivers hang out at the mansions. I'm sure it was written off as business expenses but now that they have sold the track they don't need the houses.
The tax bills will drop whenever they sell since they are "over appraised" currently. I believe the asking prices now are less than the assessed values.
At some point the conversation will be had to further subdivide the lots and simply put in more smaller/cheaper homes on the land. You probably can sell 4-5 2mm houses faster than one 9mm house.
The biggest "glitch" is "super upscale resort" in New Hampshire! This isn't the Hamptons or Palm Beach!
There are lots of wealthy people in greater Boston who might enjoy the pampering at a super upscale resort and Lake Winni isn't that far away.
I'm thinking of the upscale Glendorn Resort in Bradford, PA, which is in the middle of nowhere, but they draw guests from all over. The resort was originally the home of an early oil baron.
I understand that this property, as well as similar properties around the lake, are being marketed to wealthy Chinese. If you google, you can probably find some business magazine articles about this trend.
I understand that this property, as well as similar properties around the lake, are being marketed to wealthy Chinese. If you google, you can probably find some business magazine articles about this trend.
The Chinese only buy super upscale properties where they can turn a profit. Example: The Ritz Carlton Laguna Niguel in Dana Point, CA.
The Chinese only buy super upscale properties where they can turn a profit. Example: The Ritz Carlton Laguna Niguel in Dana Point, CA.
I would say they would look for liquidity also, being able to sell the property quickly. NH doesn't offer huge profits and liquidity.
I read an article on Vancouver real estate and the Chinese could move money out of the country and it was a non taxable "investment" if they bought real estate. Once the real estate got sold and as long as they didn't bring the cash back to China then it was tax free to them. This loophole was a big problem for China and caused a frenzy of buying in parts of Canada since the purchase was just a holding vehicle for the tax free cash.
There are lots of wealthy people in greater Boston who might enjoy the pampering at a super upscale resort and Lake Winni isn't that far away.
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I think that there might be many people who would be willing to pay upwards of $1,500 a night (or about $10,000 a week) for an "Austenland" or some kind of "Downton Abbey" type of experience.
I personally would not want to pay that much for just a "weekend getaway", but for a honeymoon or maybe a 25th anniversary stay -- yes, I would consider it, at least.
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