51 Mill Street up for auction....

[Lakesrider]

I think Tuesday? Or was it Thursday?

[Neko]

51 Mill St is scheduled for auction on Tuesday at 11 AM.
I heard that John filed for bankruptcy a week ago.

[Rattlesnake Guy]

One of our favorites. Sad to see it fail.

[secondcurve]

It is too bad but these folks have been fighting it for over a year now. Hopefully, another good operator moves into the location. The thing that I don't understand is the building is assessed by the town for $800M+ and I seem to recall seeing that they owed $400M +/- against the property. It seems that they should have been able to sell to someone and pay their debts as opposed to going through bankruptcy. I am sure that I am missing something. Anyway, it will be interesting to see what this property goes for in the auction today.

[Yosemite Sam]

Originally Posted by secondcurve

It is too bad but these folks have been fighting it for over a year now. Hopefully, another good operator moves into the location. The thing that I don't understand is the building is assessed by the town for $800M+ and I seem to recall seeing that they owed $400M +/- against the property. It seems that they should have been able to sell to someone and pay their debts as opposed to going through bankruptcy. I am sure that I am missing something. Anyway, it will be interesting to see what this property goes for in the auction today.

800M ? I don't think so. 800K maybe.
400M ? I don't think so. 400K maybe.

[fatlazyless]

Just my two cents but probably, no bidders will come close to the mortgage company's reserve minimum bid, and a tranfer sale will not happen. The lender wants to recoup its' mortgage loan and won't settle for less, hoping for a higher market price sometime in the future.

So, what's the latest? .... oops ... auction is scheduled for 11am...

[secondcurve]

Originally Posted by Yosemite Sam

800M ? I don't think so. 800K maybe.
400M ? I don't think so. 400K maybe.

M = thousand in a bank

[secondcurve]

198 Seat Restaurant

k/a 51 Mill Street

Lakes Region
Wolfeboro, New Hampshire
POSTPONED TO: Wednesday, December 2nd at 11:00 a.m.

REAL ESTATE commercial condominium located at 51 Mill Street, #1 – A 5,114± sq.ft. restaurant on 1.03± acres of land with 144± feet of water frontage on Lake Winnipesaukee’s Back Bay. A full service, first floor restaurant with seating capacity of 198 indoor and 113 seasonal outdoor. Second floor has (2) offices, ¾ bathroom and meeting room. Some or all of the equipment, machinery, furniture and other personal property may be included in the sale. Any included personal property may be offered and sold with the premises as an entirety, in lots, by piece, or in some combination thereof, at the sole discretion of Mortgagee/Secured Party. Formerly known as 51 Mill Street Restaurant and Love’s Quay Restaurant. Zoning is Commercial District C-2, Zone A, Greater Downtown. Assessed Value: $830,800. Town Reference: Tax Map 217, Lot 23, Unit 1.

Inspection: One hour prior to auction, if permitted.

Terms: $25,000 Deposit in cash, certified check or bank check at time and place of sale. The successful bidder will be required to increase their deposit to a total of 10% of the purchase price within 5 days of sale. The balance of the purchase price will be due at closing within 45 days of the auction. Sale is a Foreclosure Auction per order of the Mortgagee and the Secured Party.

Directions: From the intersection of Routes 28 & 109 in Wolfeboro, follow Route 109 northwest approximately ½ mile then right onto Mill Street.
Ref. #9PM-57B

[tis]

I am trying to remember how many times this has been postponed now? Quite a few!

[Neko]

Was the auction postponed again?

[jack1706]

yup, postponed once again until Dec. 2nd.
another move by the owners to work the system to the fullest... maybe they really want to keep it.
looks that way... oh well...

[ripley]

All it takes is one guy to walk into the banks office and say " hey i am interested in buying that property but I can't possibly get my financing in time. If you postpone for 20-30 days i can come in and bid $XXX .. ...what do you think the bank will do ?
Remember the bankers of yesterday, when they would walk around town and were viewed as the most scrupulous people in town ??? Not any more ...just a license to steal these days. In general, bankers are now one step below used car salesmen.

Ripley

[secondcurve]

Rip:

In your opinion what do you think the bank is doing that is unscrupulous? My guess is that the auction keeps getting postponed because the borrower is managing to bring the loan current before each auction date.

[twoplustwo]

"I'm not dead yet!" I give them a lot of credit for hanging on as hard and as long as they can. It's easy to drop everything and walk away - staying for the fight takes a lot more cajones.

[jack1706]

give them Alot of credit ????

give them credit if they PAID their mortgage as promised... ( like we all do)

Easy is Not paying.... walking away is the hard part !!!!

[secondcurve]

Jack:

Some people aren't paying their mortgages because they simply can't. Not everyone is a stiff for not paying a loan and not all of the Banks trying to collect loans are bad. The county has experienced a tremendous economic downturn that most didn't anticipate. The folks running 51 Mill Street have given it their all and from my observations they are good people. Let's hope that they pull through and that 2010 moves in the right direction from an economic perspective. Remember, it's time to give thanks.

[jack1706]

I truly hope they can work out a deal with the bank & move on.

It would be wonderful to see all businesses thriving again in 2010.

Maybe next year will be their banner year & for everyone else too. I am VERY aware of the difficult times right now....

I only wish them well & give an abundance of Thanks everyday...............

[food dude]

Originally Posted by secondcurve

Jack:

Some people aren't paying their mortgages because they simply can't. Not everyone is a stiff for not paying a loan and not all of the Banks trying to collect loans are bad. The county has experienced a tremendous economic downturn that most didn't anticipate. The folks running 51 Mill Street have given it their all and from my observations they are good people. Let's hope that they pull through and that 2010 moves in the right direction from an economic perspective. Remember, it's time to give thanks.

i agree not everone is a stiff for not paying the bills, however coming from someone who sold them food, these people are. If you cant pay, just be honest instead of playing games. i will give it to the driver, mailed it, heard them all, and this was before the wonderful downturn in the economy

[Redwing]

Thank you for offering a different perspective, Food Dude.

[Yosemite Sam]

They are still open and I plan on taking a potential client of mine to lunch there next week. They are a little slow, but what the heck, gives me more time to tell him what a good Handyman I am!

If any of you plan on going there, below is coupon that is still good until 11/31/09.

[jack1706]

Glad to see you'll be there Yosemite...

maybe with the revenue they can pay the Food Guy or maybe make a mtg. payment.

And don't forget ... Still have Open Dates for Christmas Party's ... ya think???

[Bigstan]

Originally Posted by food dude

i will give it to the driver, mailed it, heard them all, and this was before the wonderful downturn in the economy

What? That means what exactly? If you wish to bash at least be eloquent about it.....

[upthesaukee]

So next Monday, Nov 30th, we can look at that coupon and all join in for a chorus of that Garth Brooks song: "And tomorrow never comes".

Or relive our childhood days, learning the number of days in the month:
30 days has Sept, Apr, June, and Nov; all the rest have 31 except Feb which has 28, and this just in: November now has 31.

Boy is this ever going to mess up the number of days til Christmas...

[Yosemite Sam]

Originally Posted by upthesaukee

So next Monday, Nov 30th, we can look at that coupon and all join in for a chorus of that Garth Brooks song: "And tomorrow never comes".

Or relive our childhood days, learning the number of days in the month:
30 days has Sept, Apr, June, and Nov; all the rest have 31 except Feb which has 28, and this just in: November now has 31.

Boy is this ever going to mess up the number of days til Christmas...

Good pickup upthesaukee!
I completly missed that the date was wrong. Funny how some things just don't register until someone points the error out to you.
The coupon said 31 and I never gave it a second thought.

[JanN]

Good luck to those trying to use the coupon on 11/31!

[secondcurve]

Tomorrow is the auction day. It looks like this time it may not be cancelled. I'd be curious to hear if the auctions goes through and if there are any bidders.


198 Seat Restaurant
51 Mill Street

Lakes Region
Wolfeboro, New Hampshire
Wednesday, December 2nd at 11:00 a.m.

REAL ESTATE commercial condominium located at 51 Mill Street, #1 – A 5,114± sq.ft. restaurant on 1.03± acres of land with 144± feet of water frontage on Lake Winnipesaukee’s Back Bay. A full service, first floor restaurant with seating capacity of 198 indoor and 113 seasonal outdoor. Second floor has (2) offices, ¾ bathroom and meeting room. Some or all of the equipment, machinery, furniture and other personal property may be included in the sale. Any included personal property may be offered and sold with the premises as an entirety, in lots, by piece, or in some combination thereof, at the sole discretion of Mortgagee/Secured Party. Formerly known as 51 Mill Street Restaurant and Love’s Quay Restaurant. Zoning is Commercial District C-2, Zone A, Greater Downtown. Assessed Value: $830,800. Town Reference: Tax Map 217, Lot 23, Unit 1.

Inspection: One hour prior to auction, if permitted.

Terms: $25,000 Deposit in cash, certified check or bank check at time and place of sale. The successful bidder will be required to increase their deposit to a total of 10% of the purchase price within 5 days of sale. The balance of the purchase price will be due at closing within 45 days of the auction. Sale is a Foreclosure Auction per order of the Mortgagee and the Secured Party.

Directions: From the intersection of Routes 28 & 109 in Wolfeboro, follow Route 109 northwest approximately ½ mile then right onto Mill Street.
Ref. #9PM-57B

[jack1706]

Well, 51 Mill sold this am. to the highest bidder

Word is they are from Pinecone Cafe >>>.

That would be great...

[Neko]

That is to bad, John and Kathy but a lot of hard work into that place.
Do you know when it will close if it has not done so already

[secondcurve]

It is too bad for the current owners as they are nice people who ran a good business. Of positive note is the fact that the Pine Cone Cafe is an excellent restaurant. Hopefully, the new owners will be able to replicate the success of the Pine Cone in Wolfeboro. Time will tell.

[jack1706]

they have to close within 45 days.....

[Neko]

Has 51 Mill St closed yet?

[gokart-mozart]

Originally Posted by Neko

Has 51 Mill St closed yet?

Phone disconnected today.

[bumble71]

Does anyone really know if the pinecone really bought 51??

[Neko]

I talked to several people this wekend and they all said that the people who own the Pine cone did in fact purchase 51 Mill st.

[Chubbs]

Any idea as to when we should expect a re-open?

[Heaven]

Whenever it is I hope they leave themselves time to clean up the kitchen : ( yuk

[tis]

I heard a couple of rumors, rumors only, too. That they did indeed purchase it and that they will not bring their pizza to Wolfeboro. They want to keep that in Tuftonboro, I suppose to keep customers there. I also heard they want to make it more family style than it has been in the past.

[camp guy]

Family friendly would be a good thing - emphasize table service with affordable comfort food, some specials, and quiet music. If the bar takes over and the music is techno loud, then history will repeat itself and 51 Mill Street will again be on the block.

[Redsoxlover]

I went to Pine Cone for breakfast on Sunday and the owner confirmed the purchase, they are renovating and didn't have a firm date to reopen. They are also in the process of changing some rooms over at Pine Cone for takeout area.

[secondcurve]

This will be an interesting test for the "Pine Cone Restauranteurs". They did an excellent job of identifying an underserved market in Melvin Village and delivering a well positioned product to meet the need. However, I think Wolfeboro will be more of a challenge given the competition. Does anyone know what they paid for the Wolfeboro real estate?

[jack1706]

They paid $405,000.00 plus about $100,000. in debt not paid previously by the old owners, taxes, water bill etc.

[secondcurve]

That seems like a lot of real estate for $505,000. If they put down $100,000 and term the balance out for 20-years their P&I payments are only $1,675 a month, give or take. It certainly seems doable. Here is wishing the new owners lots of luck.

[Yosemite Sam]

Originally Posted by secondcurve

That seems like a lot of real estate for $505,000. If they put down $100,000 and term the balance out for 20-years their P&I payments are only $1,675 a month, give or take. It certainly seems doable. Here is wishing the new owners lots of luck.

Can you show me how you calculated that?

The monthly payments seem kind of low for that amount of money and for 20 years.

[BroadHopper]

Originally Posted by camp guy

Family friendly would be a good thing - emphasize table service with affordable comfort food, some specials, and quiet music. If the bar takes over and the music is techno loud, then history will repeat itself and 51 Mill Street will again be on the block.

I like the Black Cat in Laconia. They feature local musicians on Saturday night. A big hit with the older, local crowd. Last Saturday night they feature 'Newfound Bluegrass'. A funky bluegrass band with country and other assorted soft music. There was a good crowd and Mike, the owner, is a local favorite from the Crazy Gringo.

The new owners should check this out. Apply similar atmosphere in Wolfeboro and it will be a hit with the older crowd. Let Garfield's take care of the tourists and the 'Green something' at the docks take care of the rowdy crowd.

I miss the ol' Wolfe Tavern.

[Neko]

I came up with the follow amount.
$404,000.00
5% interest
30 years
$2,174.00 P&I

[Yosemite Sam]

Originally Posted by Neko

I came up with the follow amount.
$404,000.00
5% interest
30 years
$2,174.00 P&I

That is what I got also.

For 20 years at 5% I got $2666.00 P&I

[BroadHopper]

as well as borrowing a little more for improvements. I'm sure it will be a lot more per month.

Speaking from experience as an accountant.

[jack1706]

Neko, let me know where you can borrow @ 5%.. most banks aren't even lending Business or Commercial period.

I sure hope they find the money & get help... because it is really , really , hard to borrow !!!!

[SIKSUKR]

5% is the going rate for residential loans.

[Neko]

Yes 5% is a residential rate. I was just using that as an EXAMPLE.
It was not a rate that I got from any bank.

[tis]

That's what I heard happened to Bittersweet aka, The Barn Door. They bid on it at auction but then couldn't get the loan.

[BroadHopper]

are extremely hard to get. I tried to purchase the Arlberg Inn in Gilford. I couldn't get a loan.

It was a blessing in disguise. I found out later the the town of Gilford will not give me a permit until I hook up to the sewer. I had to pay to hook up down the hill in front of entance to the old Mt Rowe skis area. I asked 'What about Gunstock???' They replied 'Political'.

[secondcurve]

Originally Posted by Yosemite Sam

Can you show me how you calculated that?

The monthly payments seem kind of low for that amount of money and for 20 years.

My calculator malfunctioned! That had to be the problem as the only other explanation is operator error and surely that couldn't have occurred!!! Sorry for the confusion!

Regardless of the monthly payments, $505,000 seems like a pretty good price for that real estate.

[Yosemite Sam]

Originally Posted by secondcurve

My calculator malfunctioned! That had to be the problem as the only other explanation is operator error and surely that couldn't have occurred!!! Sorry for the confusion!

Regardless of the monthly payments, $505,000 seems like a pretty good price for that real estate.

That's OK and yes they did get a good deal.

I wish the new owners success in their new venture!

[Grady223]

on when they are planning on opening? Will it be soon or will they wait until spring?