Old enough to know better
Join Date: Dec 2006
Location: Beacon, NY
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Re: Hauled Out & Marina Closes, What Happens?
Lou no rumors, but a couple of unrelated conversations that taken together make you start thinking what-if...
I threw out a what-if question to figure out where I would stand if the what-if happened.
Of course there are now rumors, and perhaps people will extrapolate who you are talking about, avoid them and that will push them over the financial cliff thus causing said bankruptcy. Self fulfilling prophecy.
See all it takes is a rumor, they can start a run on a bank, or in this case a marina.
I still think if it happens, the banks have no interest in making it easy to get your boat out, and I doubt they would operate the property as a marina, as that is not there expertise. Beyond that the property is likely worth more as a development site. It is likely to be sold to a developer to make into condos. All of the foreclosures I have seen lately have shown banks don't seem to care at all about the properties value. They often don't even do proper winterization and cutting the grass is a luxury.