Kennebunkport

It was announced yesterday that Green Heron Inn in Kennebunkport is Under Contract. I remember when Green Heron had a breakfast restaurant open to the public and we would make sure to get down there early enough for showings to be able to stop in.

GHI is a great property - I'm very happy for the buyers and sellers. The Swan Agency Sotheby's International Realty's Keith Henley is handling the sale.

Buyers are telling us they want properties with year round possibilities, larger owner's quarters with a separate kitchen from the inn's , nice location and financially feasible. GHI fits the bill.

Kennebunkport is a very popular community for Inns and B&Bs with some of the best in Maine located here. December's Christmas Prelude weekend is as busy as some parts of Maine's July 4th. Extended season and close proximity to Boston make Kennebunkport an especially attractive destination for get aways.

Hopefully we'll be sharing another under contract announcement very soon - there is definitely buzz in the Inn/B&B market right now.

Negotiation

Negotiation in the classic diplomatic sense assumes parties more anxious to agree than to disagree. Dean Acheson
I really like this quote. It is so true that in order for a negotiation to be truly successful both sides need to start with the right attitude and both sides have to feel that they won.
A negotiation on an inn sale is particularly complicated as there are two things at work, valuing the business and valuing the home which, in this case, are the same thing.
A large part of the negotiation involves the seller realizing that their business value is the biggest component, this is what banks are going to look at most seriously.
The emotional part of the negotiation kicks in with the living quarters at the inn, are they minimal or are they almost like having a whole additional house? Key here is how much value the current sellers put on this when they were the buyers.
The bottom line is that inn negotiations are different than residential or commercial real estate negotiations. Once again, we see that these unique properties are a hybrid and must be treated by all involved as such.

Increase in Inquiries

We are seeing a definite increase in interest in our Inn/B&B listings. Bear Mountain Inn http://www.bearmountaininnmaineforsale.com/ Captain Lindsey House http://www.captainlindseyhouseforsale.com/ and East Wind Inn http://www.eastwindinnforsale.com/ have ALL had a spike in visits over the last week.

There were several showings this week and my colleague Dana Moos and I finished the negotiation on a pending sale of a high profile, beautiful Inn property in Southern Maine.

I am very encouraged by this level of activity.

Western Lakes

We are planning a tour of inns in the Lakes area of Maine for next week, a favorite! So many think of just coastal Maine and that is SO not all there is to Maine. In fact, it is fun to meet people that don't know anything about the Coast, they are all about the Lakes and Mountains, skiing and summer camp. I'm looking forward to it.

SOLD in Portland

West End Inn in Portland SOLD November 1st.

There are six guestrooms all with private baths - the 2010 income was c: $175,000. The property is year round and sold for $765,000. turnkey.

It is one half of a beautiful duplex townhouse on the corner of Pine and Neal Streets in Portland's coveted West End neighborhood.

The owners/managers use basement rooms as living space.

If you need/want more information on this sale you can email me at kim@swanagency.com.

York Hall - Bath, Maine

It is very difficult in this economic environment to secure financing for a start up but oh.... if it was not. We are still looking into whether an Inn is even a permitted use with this property but it would be pretty fantastic.

In addition to the gracious main home, York Hall, there is a carriage house that currently houses the corporate offices for the owner's business.

Imagining this property as an upscale, amenity filled Inn is not difficult.

East Wind Inn - Tenant's Harbor.

www.eastwindinnforsale.com

Stunning

Views from the new listing we are working on - just amazing, and SOOOOOOO Maine.

Maine Mag October 2011

Bear Mountain Inn Website - for sale

www.bearmountaininnmaineforsale.com

Survey

We are putting together a survey for aspiring innkeepers. So far questions include:

Are you looking for year round or seasonal?

Are you open to location or focused on a region?

How much time have you spent in Maine?

Will you be running the inn or hiring a manager?

More coming....

Bear Mountain

Visited Bear Mountain in Waterford this week - so gorgeous. AND if someone is looking for a venue for weddings and events, this is IT!

Primrose Inn

Working with the income and expense numbers for clients on this beautiful property. Right in town Bar Harbor, great location and the current owners have put a great deal of time, effort and money into the property. A really great opportunity.

Showings Today

Looking forward to showing inns in Bar Harbor to a buyer I have been communicating with for some time. It is important to know what you want, while staying open minded for things that may just hit you.

The first thing to do is to talk about the overall business, the environment, the available financing etc. Then focus in on a few properties to see if they meet your needs. It is similar to matchmaking. Know your non-negotiables. For me, it is location, potential for growth and condition. I WANT to totally renovate design wise, so the wallpaper, bedding, furniture to me is nothing. I really could not care less how the rooms are decorated. The room in the photo here had a queen bed, a princess canopy in pinks and blues and white furniture - not even done transforming this. For me, that is the fun part. You need to figure out what is important to you.

After the first day of discussing these things, seeing some actual properties for sale, take the time to think things through then regroup and focus.

Furnishings List

As I prepare the Inventory list, or personal property list, or bill of sale - all the same thing really - for the contract for the West End Inn, it occurs to me that innkeepers should have a list of each room and what furniture and artwork it contains. This is important for many reasons, not just a sale.

From the number of pillows to the towels, the size of the bed to the number of lamps, if we know at all times what the rooms and the common rooms have, we know what they need and we can draw a cleaner line between what belongs with the inn and which items from our personal collections are living in the rooms temporarily.

Good to know... for so many reasons.

UNDER CONTRACT

The ink is barely dry on the final signing of the Purchase & Sale Agreement on West End Inn in Portland. The intended use is as a B&B though several potential buyers considered using this great Townhouse property as a single family home. The location is one of my favorite neighborhoods in Maine, (along with Ocean Point in Boothbay and Schooner Head in Bar Harbor) - people and dog friendly and the architecture is beyond fantastic.

Due diligence period starts today.

Cycles

Everything in real estate, as in the economy, is cyclical. Ever since selling my first B&B in 1986, the cycles have happened again and again. One interesting phenomonon is the supply of inns on the market. Bar Harbor has had very few inns available, frustrating buyers with little choice. It appears that the 2011 inventory is going to bring back a strong supply including the Primrose Inn, Acadia Hotel, Inn at Bay Ledge which are new to the market already. It has been a good year in Bar Harbor - never a bad time to sell.

Now, will the demand be there? I think it will be. Generally, after a few years of frustrating economic news, people interested in the hospitality industry realize that this is the way to buy a beautiful property and a home. Never is the hybrid moniker more evident regarding the Inn business than at times like these.

We are going to see an active fall market and we may very well be back to the days where buyers are visiting Maine all winter to get their 2012 new lifestyles set. Here we go again.

Captain Lindsey House in Rockland

As an inn broker AND an inn owner, I have very specific things that I look for in an inn. Captain Lindsey fits the bill for what I think is not only a great property for the innkeeping lifestyle, but also as a solid business.

Rockland is one of Maine's art towns with galleries, museums and some of the best restaurants in the State. The vibrant downtown is alive with fun shopping and plenty of opportunities to stroll and peruse. The Inn is strategically located for guests to leave their cars and enjoy the towns many attractions.

There are plans drawn up by the current owners for a large expansion to the property also.

Visit the site at http://www.captainlindseyhouse.com/. We'll have the for sale website finished soon and will post. http://www.captainlindseyhouseforsale.com

Acadia Hotel - Bar Harbor

Took pictures today of the innkeeper's quarters at Acadia Hotel today to get the marketing pacakge ready with listing broker, Pat Coston. These quarters are among the best in Maine. Check out the kitchen! Then take a look at http://www.barharborinnforsale.com/ for more pics and info.

West End Inn - Portland

We are in what should be the final stage of negotiations on West End Inn in Portland. Portland is very popular right now with all of the attention the city is getting for livability, arts and one of the best restaurant cities in America.

Inn Brokerage

After several years of managing the original and most successful Inn/B&B brokerage in Maine - at The Swan Agency Sotheby's International Realty - I am returning to the active brokerage of these incredible properties.

There is no arguing that the last few years have been a challenge to all as we struggle to continue working and positioning our businesses in a very challenging economy. When the going gets tough, the tough get going and I am very proud of the work that our Company has done. Both inn owners, buyers and brokers have had this challenge and many have rose to meet it.

I am excited about working directly with clients again, albeit with a larger support staff than I had when I started this niche marketing focus with my first sale in 1986.... I was 12 :-)

As an inn owner myself these days, I know the struggles, concerns, hopes and dreams of both buyers and sellers and am excited to start playing personal matchmaker again for this dynamic hybrid of the business community.