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Post by fuzzyscorpio on Jul 31, 2006 15:36:16 GMT -5
I took a break and went searching on "sea gull" and came across this post: While I was bored at school today, I logged onto the Oceanside Reality Website. It is in my opinion that these people are ruining Wildwood. Sea Gull Motel $12,000,000 Surf Comber Motel $4,375,000 Russos Resturant $3,000,000 Casa Del Sole Motel $2,300,000Stardust Club $2,200,000 Mango Motel $2,200,000Alton Motel $1,995,000 Fairview Cafe $1,740,000Pizza Palace $1,700,000 Rus Mar Motel $899,900Singapore Motel $12,500,000 Carriage Stop Motel $7,499,000Cozy Crest Motel $4,300,000 Panaromic and Ivanhoe Motels $12,800,000 2nd Street Annies Bar $3,600,000 (Sold without the Name) The Rus Mar is now listed for $699K (a $200K reduction). I saw that first and got all excited, hoping it was a sign of a major cooldown, but the prices of the Carriage Stop, Mango and Fairview Cafe remain the same, and the Casa del Sole's has gone up by $100K. The fact that all of those are still listed seven months later may indicate softening, who knows. Of course with all the typing he had to do, it's possible Wildwood4Life mistranscribed the price of the Rus Mar originally. In any case, I'm surprised it's offered for only $699K in that location. You think we could all pool our piggybanks...?  For some spare change ($130K) you can buy poor ol' Mom's Spaghetti House on the boards  ... Bubbles Bath & Body on Rio Grande Ave is also up for sale (didn't give that much of a shot, did they? a tough retail segment, but maybe they'd be making more money if the place was ever actually OPEN...). $299.9K is the ask on that. The listing pages are at: www.teamoceanside.comGetting back to what started all this for me... I don't see the Sea Gull listed now and I wonder if that means it has been sold. Doowopper mentioned he had seen it in a real estate magazine in June, I believe. Does anyone have an update? |
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Post by Doowopper on Jul 31, 2006 16:09:41 GMT -5
The motel was for sale in the magazine but I could not locate it online, even at the time I originally saw it in the magazine.
The Rus Mar is "cheap" because it is very small. It has around 11 rooms + owners quarter. It's one of those real tiny motels right near the boardwalk that are often forgotten.
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Post by Al Alven on Jul 31, 2006 16:48:47 GMT -5
The Rus Mar is a very small place, but that is prime real estate there. I'm still surprised that it's going for anything under $1 mil... but, then again, I know jack about real estate and such.
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tbear
Junior Member
Posts: 68
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Post by tbear on Jul 31, 2006 18:11:10 GMT -5
For the Rus Mar maybe they just need a good marketing ploy to get people in? Personally I've never heard of it but it sounds like a great locale and a great price to start out at a new profession!
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Post by Rob Ascough on Aug 1, 2006 7:56:51 GMT -5
Hopefully the fact that some of these properties have been listed for a long time means that the market has peaked and is now changing once again. It would be a shame to lose a lot of those properties.
How long has the Stardust Club been for sale? Seems that thing has been available for years, although maybe it just seems that way.
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Post by wildre on Aug 1, 2006 9:21:25 GMT -5
I was talking to a local realtor a few weeks ago......he said The Wildwoods have almost 3 years inventory of "for sales" listed as of a few weeks ago. Is the bottom falling out, I doubt it, price correction time and the old too much supply and less demand as mortgage rates increase.
Just wondering, since they seem to be building more "developments" with 20 or more units as opposed to 4-6 condo buildings. The larger projects offer more amentias, i.e. pools.
Maybe some of these smaller motels don't have the land needed to build these larger complexes? That could be why they're still around...just a thought?
For years in the "off season" many properties have for sale signs on their buildings. They remove them for summer and back up they go...it's almost a tradition.
re
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Post by Rob Ascough on Aug 1, 2006 13:22:20 GMT -5
I dunno, the Satellite was on a small parcel and that turned into a condo complex. Ditto for the Ebb Tide.
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Post by fuzzyscorpio on Aug 1, 2006 21:14:04 GMT -5
The Rus Mar is "cheap" because it is very small. It has around 11 rooms + owners quarter. It does have a really small footprint, you're right. The ad says it only has 8 units. So maybe it isn't all that attractive to developers, especially if developers and officials are mainly interested in constructing high-rises in that area near the convention center. I think there is some kind of regulation concerning the ratio of height to footprint that might preclude a high-rise on that lot. Perhaps it would be worth more if it were offered in combination with the other little motel next door, I think that's the Sea Ray?  |
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Post by fuzzyscorpio on Aug 1, 2006 22:26:43 GMT -5
I was talking to a local realtor a few weeks ago......he said The Wildwoods have almost 3 years inventory of "for sales" listed as of a few weeks ago. Wow... Sadly, that makes sense. Ouch. Apparently there is not much incentive for people to buy the small motels and renovate, expand, etc. I wish town officials would invent one. So many of these properties were constructed of cinderblock, which you'd think would give them "good bones" as the realtors say. "Practically indestructible" according to a mechanical engineer I know. |
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Post by thelastresort on Aug 2, 2006 6:50:52 GMT -5
Amazing difference in prices! I assume the "sea gull" price is for that whole side of the block, including the unit across from the Sea Side diner? The white motel part alone does not seem worth $12 mil.
Also, I wonder if the price of the Rus-Mar being so low is actually a "positive" sign against condo development? What I mean is, it is limited in its ability to be a motel (no pool, only a few rooms, old, etc.). So it seems prime for someone to buy it (the property alone is worth $600K), tear it down and put up maybe 9 condo units (3 per floor). BUT...condos have not been selling like they used to, so noone wants to make this investment and be stuck holding the bag, unable to sell the condos.
Just a theory? similar to Wildre's above.
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Post by Doowopper on Aug 2, 2006 8:24:13 GMT -5
The only way to make the Rus Mar a real good motel would probably be to sell it along with the Sea Ray, knock both down, and then build a bigger motel with a pool. However, if the Rus Mar keeps their prices cheap, and their rooms modern and spotless they could still do quite well. There are many families who don't need a pool, I know we have never used any places pool.
A small motel like the Rus Mar could be successful if they market clean modern rooms for low rates. This way a family could stay in town much longer with just some sacrafices (ie: pool, no huge suite)
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Post by Rob Ascough on Aug 2, 2006 8:42:15 GMT -5
Also, I wonder if the price of the Rus-Mar being so low is actually a "positive" sign against condo development? What I mean is, it is limited in its ability to be a motel (no pool, only a few rooms, old, etc.). So it seems prime for someone to buy it (the property alone is worth $600K), tear it down and put up maybe 9 condo units (3 per floor). BUT...condos have not been selling like they used to, so noone wants to make this investment and be stuck holding the bag, unable to sell the condos. I'm hoping that's the case. Maybe more motel owners would stick around if they found their properties were no longer worth what they once were to developers? This would be the perfect time for someone to come up with a plan to offer low interest loans to motel owners to upgrade their properties and make them viable businesses for the future. |
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Post by thelastresort on Aug 2, 2006 11:23:16 GMT -5
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Post by thelastresort on Aug 2, 2006 11:29:38 GMT -5
AHA! Never mind, I was searching "Wildwood Crest", not "Wildwood". so sorry.
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Post by wildre on Aug 2, 2006 11:29:57 GMT -5
You were looking under condos, you need to look under commerical.
Glad you got it!
re
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... Bubbles Bath & Body on Rio Grande Ave is also up for sale (didn't give that much of a shot, did they? a tough retail segment, but maybe they'd be making more money if the place was ever actually OPEN...). $299.9K is the ask on that.
