Ginsburg Makes the news

Problem is the "new owners" under the Ginsburg formula will be mainly slips for owners. It would drastically cut what is now available to the public.
 
I dont know about that Judy. Im sure they will be available to them 1st but I would think there will still be a large number available to the public. Nothing like a full marina to help make the payments.
 
Your right Butch a full marina would be a nice income but SPBM is not a huge marina. I would think in order to offer slips to condo owners plus still have plenty for public use they would have to expand.
 
Don't be surprised if they do dockominiums instead af a traditional marina. That's what Half Moon Bay is but then again, that was a new build-out (no marina before) so they needed to sell slips ahead of time to help with costs.
 
Aside from the depth issues at Stony Point one of the key issues is the deteriorating infrastructure. Dock replacement keeps getting put off due to rising taxes, the sea wall is riddled with holes and as Jonathan mentioned heavy rains causes raw sewage to flow all over the grounds and backup into the bathrooms.

IMHO, docominiums would be the only way to go in terms of trying to preserve what is left of the physical plant. Now would you spend 50-100k for a slip that has 3' or less of water at low tide? (That's being generous as I have seen photos of NO water at low tide, ie boats sitting in the mud!)

Sure looks like the current ownership is trying to sell because they are aware that they are on a sinking ship. On the other hand with a little more silting in Stony Point Bay would make a great golf course to go along with the course side condos...
 
John,
The line is getting longer of people on you know who's "out" list..............Now it seems the club is on the list.....
 
Even if they build condo's and allow us to stay for wet storage, where are we going to keep our boats on the "hard" during the winter. I can not take my boat home with me.... The other good news is that I am sure the boat yards all have some enviromental issues that would need a lot of costly clean up before he can build. The thought however still has me a bit on edge.....
 
I had heard Bill Price kicked the Yacht club out. Something about them not getting his personal approval before sending out the club newsletter. King Price strikes again!

Another dumb move if you ask me, now he will have to return the club dues that he collects every year and never gives to the club. Roughly another $14K of business lost. Hey after the winter storage business being down what looks like over 50% I can't wait to see what the rates for the 08 season are!
 
In a sad sort of way your right Mike. It's like watching a train wreck. We really loved the place and it sucks to watch it being destroyed. Under new management we might even consider going back but that's just not likely to happen.

BTW - for newer people reading this, my tag line is based on actual statements made directly to me by one of the owners during "happier" times. Something I'll just never forget.
 
John, you might want to add quotes to your tag line.

I know what you mean, it's a shame, but it would be poetic justice if the clowns running the place into the ground lost all their money, and someone that knows how to run a marina took over.
 
John I am not sure where your heard that about the club, but the last newsletter we received should not have made anyone get their panties twisted. Things have been changing a lot however, and as I now understand it the "Members" taking over the club house/bar has been placed on hold. Every day is becoming more of an adventure. We just want to have a great place to boat and be with friends.
 
The way they are driving business away, pretty soon you should be able to purchase it pretty cheap!
 
I doubt it Mike. Any property on the water is valuable. What amazes me is what they were able to do by the Rinaldi Blvd exit off rt. 9 in Poughkeepsie. The Hudson Point development is huge. If you think about them selling for between 400 and 600k, the profit they can make on them even after spending a couple million on the marina is large.
 
The marina is only worth the money they are asking for it, if you can build condos on it. If you paid what they are asking and kept it a marina in it's present configuration, you will never ever make your investment back.

I did the math and it's not pretty. Even at half the asking price you would have a tough time with a return on your investment.

Jonathan
 
John
I've looked at a couple of marinas for sale on the river in that light and it all comes back the same. If you want to keep it going as a marina you might as well leave your money in the bank at 4%.
 
quote:
Originally posted by Victorias Secret

John I am not sure where your heard that about the club, but the last newsletter we received should not have made anyone get their panties twisted. Things have been changing a lot however, and as I now understand it the "Members" taking over the club house/bar has been placed on hold. Every day is becoming more of an adventure. We just want to have a great place to boat and be with friends.

Click to expand...


The story has been confirm by one of the yacht club officers.

While it is possible Price will reverse himself I'm not holding my breath.
 
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