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CaptinAcademy

I got an email from an Austin realtor today, I suppose because I used to have my boat at their storage, Bluff's Landing are offering slips, for sale, starting at $75k...

Cashing out?

Generating Cash for something else?
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Steve-O
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My biggest worry is that my wife (when I'm dead) will sell my fishing gear for what I said I paid for it. ~Koos Brandt

Rebecca of Sunnybrookfarm · Full Grown Flour Bluffian Joined: 01 May 2008 Posts: 3855

I think they're trying to cash out at least some before they go upside down and the bank gets it back....which is the way they're headed with kicking out the Laguna Reef restaurant and the locals that kept them going through the winter...
becky
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Rxfire · Posted: Wed Jan 31, 2024 3:09 pm Post subject:

At $300/month, it would pay off in about 21 years... But I remember the staff there telling me that the lifts failed at a rate of about "1 or 2 per year", and "made a hell of a noise when they broke". So I guess if you buy one, you fix it. And how would the deed read? Do you get an easement, too? Liveaboards OK?
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"In your guts you know he's nuts"

CaptinAcademy · Posted: Wed Jan 31, 2024 6:48 pm Post subject:

I think the slips were renting for twice that last I heard.
Also there was language about an HOA as well written in there.
Nope, don't ask me how I know about that.. Confused

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Steve-O
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My biggest worry is that my wife (when I'm dead) will sell my fishing gear for what I said I paid for it. ~Koos Brandt

ziacatcher · Posted: Wed Jan 31, 2024 9:17 pm Post subject:

All the houses in the area that they bought and were renting out there now for sale

Rxfire · Posted: Thu Feb 01, 2024 4:29 am Post subject:

Here is one of those houses:

https://www.realtor.com/realestateandhomes-detail/111-Caribbean-Dr_Corpus-Christi_TX_78418_M84306-13675?from=srp-map

I think they missed their "window of opportunity" when interest rates went up. Now that interest rates are up, maybe they want to put their money in CD's and collect interest money.
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"In your guts you know he's nuts"

Rebecca of Sunnybrookfarm · Full Grown Flour Bluffian Joined: 01 May 2008 Posts: 3855

they need to get Laguna Reef cranked up again and get people down there....they didn't realize that the restaurant was the glue that held that place together...
becky
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Rxfire · Posted: Fri Feb 02, 2024 1:13 pm Post subject:

Excellent observation, it was not obvious, but you are right.
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"In your guts you know he's nuts"

Central Scrutinizer · Posted: Fri Feb 02, 2024 2:36 pm Post subject:

BayFly · Posted: Fri Feb 02, 2024 4:55 pm Post subject:

From what I read in their offering the boat slips are being sold on a condominium scheme, where as a buyer would pay a monthly fee to afford the up keep of the facilities, possibly including the individual lifts. If you think about it there is a lot more then lifts, but roof, supports, etc. including keeping the bottom clear and dredged out, not to mention keeping the floating grass maintained and clear of the ramps. The lifts are a source of income, but also a maintenance problem which the condo scheme shifts to others.
I don't think the old Laguna Reef was necessarily so important to their success, but the substantial investment in the rehabbed restaurant and the failure thereof probably put a real crimp in their net proceeds. At least from my point of view. Rolling Eyes

This is the offering I received with limited details on what one would be buying:https://bluffslanding.kurbgroup.com/?utm_campaignid=20906462145&utm_adgroupid=158223264220&utm_targetid&utm_network=d&utm_device=c&utm_keyword&utm_matchtype&utm_placement=www.thehulltruth.com&utm_adposition&utm_source=Display%20Ad&utm_campaign=Bluffs%20Landing&utm_adgroup=Dynamic&ad-track=true&gclid=EAIaIQobChMIhIHagqLqgwMVhZVbCh3Dug9-EAEYASAAEgIOT_D_BwE

Rxfire · Posted: Sat Feb 03, 2024 5:34 am Post subject:

The restaurant was working OK. But then they raised the rent. And they raised the boat launch fee. In effect, they are raising the rent again on the boat slips now. The restaurant is closed. I think the Landing (their other, mostly sandwiches, dinery across the street from the marina) is still open (but I am not sure), and the lodging is open. They should raise their lodging fees, since they are reasonable now, and that would be the nail in the coffin. "Sell" the boat slips, then go bankrupt? What ever happened to the deal to buy the street (mostly Wyndale Street) in front of the marina? I monitored the Planning Commission listings for a while, but never saw it come up on the agenda.
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"In your guts you know he's nuts"