Tuesday, December 22, 2009

MOTIVATED SELLER, Mountain Village Farm B&B, Maine

This is Mountain Village Farm Bed and Breakfast, in Kingfield, Maine. Just 15 minutes to SKI Sugarloaf guests can enjoy a day on the slopes and come back to the lovely rural setting of this restored property. Ski or snowmobile from the inn's property, enjoy a bubbly soak in a jetted tub or relax in front of the wood burning living room fireplace. All 6 guest rooms have recently renovated private baths and are quite spacious and well appointed.

Quaint, comfortable nooks...

Beautiful mountain views from the 7 acre lot...

The large breakfast/great room/kitchen...

A classic cottage style guest room...

Wood burning fireplace in the guest living room...

Adorable geese, ducks, chickens (farm fresh chicken eggs) with lots of room in two huge barns for all sorts of farm animals...

And a small retail gallery for additional revenue streams.

This is a fantastic opportunity for a buyer to get into the business for a very good price while interest rates are still reasonably low. Contact me for more details.

Additional Property Photos on Flickr

Offered at $515,000 by a motivated seller.

Sunday, December 6, 2009

CRAIGNAIR INN is under contract!

A wonderful pair of aspiring innkeepers is now under contract to purchase the Craignair Inn in St. George across from Clark's Island, Maine. They will be taking over a very substantial business and well maintained property that's been welcoming guests since 1947.

The inn enjoys a beautiful and serene waterfront spot down a winding mid-coast peninsula, just 15 minutes to Rockland. A 40 seat restaurant in the main inn has been serving locals and guests for many years and the new innkeepers intend on keeping with tradition!

Saturday, December 5, 2009

NEW LISTING! The Lake House Bed and Breakfast and Restaurant in Waterford, Maine

Where the mountains meet the lakes...

Located just an hour from Portland in Waterford, Maine in the foothills of New England's White Mountains. Built in the 1790's, Lake House Bed and Breakfast is surrounded by white clapboard houses, all of which are listed on the National Registry of Historic Places. Enjoy the cry of the loons on Lake Keoka from the second floor porch. Savor the peacefulness of the surroundings while relaxing on the Waterford Village Common. The Lake House has evolved from tavern to gracious inn, one that is also renowned for its restaurant. Lake House has been featured in Bon Appetit, Downeast MagazineFood & Wine, Yankee Magazine, Travel & Leisure, Country Inns and Diversion. The large manicured lawn is a perfect spot for an outdoor wedding or event.

Features at a glance:
10 guest rooms: 7 rooms, 2 suites, 1 cottage. TV, WiFi, A/C, hardwood floors, some fireplaces and jetted tubs, two dining rooms, 1 formal, 1 more casual, 40 seat restaurant with spacious commercial kitchen, plenty of storage. Owners quarters offer 2 bedrooms, living room, spacious full bath. Buyers could use the detached cottage as owners quarters and convert the current owners quarters to a guest suite. This property offers options and plenty of space. There's a very large garage/storage area and a small shed. Just an hour from Portland, 20 minutes to Sunday River Ski Resort, two steps from Lake Keoke, snowmobile trails nearby and plenty to do and see in the area. A wonderful opportunity to own a beautiful idyllic New England Bed and Breakfast in the Western Lakes and Mountains region of the beautiful state of Maine.

Offered at $850,000 Flickr Property Photos

Contact me for more details.

Wednesday, December 2, 2009

Another reason to search for a property based on your available cash...

There are times when your agent might be aware of certain sellers who are willing to offer partial owner financing if they have to. So if you told your agent your price range is $700,000 - your agent should discuss with you what this means. In reality, this means you'd have to put down a minimum of 20-25% for a commercial loan. You might be thinking that you can put 10% down as you might on a residential loan. So your available cash might really be $70,000 but your agent thinks you will have at least $140,000. Big difference. So it's imperative to be honest with your agent and start with the cash you have on hand (or after your house sells) to put down on a property.

But don't get discouraged, yet. If your agent knows that there's a property on the market for $700,000 and the owner is willing to take back a second mortgage to bring you up to the required downpayment, you might have just found your property. Had you limited your search to the set dollar amount, you may not have been able to buy what you wanted. I've seen this time and time again. Using this method will best help you in the end.

Monday, November 30, 2009

Buyers and Aspiring Innkeepers - Start your search with your AVAILABLE CASH

The very first thing you should discuss with your agent is your available cash, not how much you want to spend on a property. There are a couple very important reasons why:
  • Some of you aren't aware that you will have to put down 25% for a business loan. You're not just buying a home, you're buying a business. So you can't assume you'll be able to put down as little as a residential loan would allow, unless...
  • If you are able to get an SBA loan (Small Business Administration), then you might be able to put as little as 10% (or less) down, but only if the business' performance meets the criteria set forth by SBA.

--Property A is listed at $500,000, gross income is $50,000

--Property B is listed at $1,000,000, gross income is $200,000

--The buyer has $125,000 available cash.

--The downpayment for Property A will be $125,000 (25%, sometimes 30%)

--The downpayment for Property B with an SBA loan could potentially be $100,000 if SBA determines they could loan you 90% or $900,000.

In all likelihood, Property B offers a much better cash flow than Property A, whose deficit would have to be subsidized by the buyer's cash on hand until they could increase the business income. But the buyer has already put down their available cash for the downpayment thus leaving zero cash to carry the business . That said, not all properties are strong performing businesses. But it's certainly worth discussing with your agent to find the best scenario for you.

Wednesday, November 25, 2009

Price reduction for Mountain Village Inn, as a private residence

Spacious Cape Cod with 4-7 bedrooms, 7 1/2 baths, on 7 acres with a small farm, 2 large barns, a perfect spot for horseback riding, and just 15 minutes to Ski Sugarloaf.


Great Room/Kitchen

Living Room

Front Exterior

Rear Exterior

The view

Mountain Village Inn is also being offered as a private residence for $499,000 ($515,000 for the inn). Situated on 7 acres with a small farm, two large antique barns, great lot for horseback riding, close to Ski Sugarloaf. There are 4-7 spacious bedrooms, 6 baths, living room with wood burning fireplace, large kitchen/open great room, this home is in excellent condition and was renovated (baths included) about 5 years ago. This is a great opportunity at a great price.

Additional Photos on Flickr

Residential vs. Bed and Breakfast - what's the best use for Kismet Inn & Spa?

There isn't always a clear answer - everyone's needs are different. The seller has just reduced the price on this Victorian mansion as a residential listing to $995,000. If purchased as a bed and breakfast, completely furnished (including trade name, website, etc.) it's being offered at $1,175,000. The home is just a gorgeous example of a modernized and fully renovated Painted Lady Victorian.

Step inside and you feel the energy of both the vibrant and soothing colors. The foyer is done in a Marigold yellow which feels sunny inside even on a gray day. One parlor is a beautiful shade of red, the other a pale lavender. The dining room is a soft lichen green, hardwood floors throughout. Step into the kitchen and there's a tumbled marble tile floor (laid in two patterns) with white walls, black granite counters and warm red Kennebec cabinetry. The art studio is white with hardwood floors, allowing the artwork to act as the focal point.

The bedrooms are decorated in varying shades of vibrant off-prime colors: muted chartreuse, kiwi, soft moss green, soft grey, with fabrics in complementary shades of pumpkin, reds, oranges and whites. Baths are all either steam showers with heated stone floors or deep tiled soaking tubs, also with heated floors.

Offered as a turnkey bed and breakfast spa or beautifully renovated and maintained private residence, in the heart of downtown Bath but on a quiet side street across from the park.

Private residence $975,000
Bed and Breakfast $1,175,000

View additional photos on Flickr

Friday, November 13, 2009

Mountain Village Farm Bed and Breakfast at the gateway to SKI Sugarloaf...

This is Mountain Village Farm Bed and Breakfast in Kingfield, Maine. Located on Route 27 just 15 miles from SKI Sugarloaf USA. This property offers the B&B goer a unique experience, with farm fresh eggs at breakfast and beautiful mountain views.

The house is an 1850's Cape Cod with a shingle roof and classic dormer windows. There are 6 guest rooms with private baths, a living room with fireplace, a large cafe/great room with picture windows that's open to the spacious kitchen. New 8 zone heating system, energy star replacement windows, newly enclosed front porch, various garden beds and other wonderful details.

Just 15 miles to SKI Sugarloaf USA - Kingfield is the gateway to the mountain...

There are two very large barns built with antique hemlock (which are worth some money if the buyer prefers not to utilize the barns). Currently the inn raises chickens offering guests fresh eggs used for breakfast (which I realized after staying at the inn the other night that fresh eggs are a vivid shade of yellow as compared with the pale commercially produced eggs).

There's a small building currently being used as an art gallery which gives the buyer a great opportunity at an additional revenue stream for whatever a creative mind can conjure up.

The property is across the street from a snowmobile trailhead and the barns would make a great place for guests to keep their riding equipment. If there were bike tour groups in the summer, the barns would be a great place for guests to keep their cycling equipment, motorcycles, etc. There are so many uses for the barns - possibly horse stabling for the equine enthusiast.

View additional photos on Flickr

The property is offered at $515,000 and includes 7 acres. There is an option to purchase an additional 10 acres. Contact me for more details.