Safe Harbor, Southern Marinas and now REIT’s

Blueone

Blueone

Well-Known Member
SILVER Sponsor
Jan 24, 2007
13,819
Lake Erie, Ohio
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2004 420 Sundancer
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Cummins 6CTA 450's
We have been at two marinas the last 3 years both owned by Safe Harbor...who seems to be on a rampage to buy marinas. This year we are leaving and going to Bay Point Resort and Marina that was bought last July by Southern Marinas.. who now in turn sold its entire portfolio to a unnamed REIT a week ago... with interest rates at near zero I get the investment in real estate but what does an REIT know about running marinas?.... I have a feeling these large investment firms buying these marinas is not going to end well.

https://southernmarinas.com/news-so...io-and-announces-search-for-new-acquisitions/
 
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Blueone said:
We have been at two marinas the last 3 years both owned by Safe Harbor...who seems to be on a rampage to buy marinas. This year we are leaving and going to Bay Point Resort and Marina that was bought last July by Southern Marinas.. who now in turn sold its entire portfolio to a Unnamed REIT a week ago... with interest rates at near zero I get the investment in real estate but what does a REIT know about running marinas?.... I have a feeling these large investment firms buying these marinas is not going to end well.

https://southernmarinas.com/news-so...io-and-announces-search-for-new-acquisitions/
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Well at least you could buy into the REIT and get some of your money back. :)
 
I'm still waiting to see if my Safe Harbor black card will get me a night or two free in a single-wide of my choice since their last deal with Sun Communities. It's not all downside, @Blueone :):)
 
Stee6043 said:
I'm still waiting to see if my Safe Harbor black card will get me a night or two free in a single-wide of my choice since their last deal with Sun Communities. It's not all downside, @Blueone :):)
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I used my Black card to scrape my windshield this winter...it worked great... but thats all I am expecting from it ...but I like the way you think :)
 
with malls/retail dying and the fear that there won't be a mass return to office/office buildings as employees work from home successfully, the REITs are looking for new places to put money........right now marinas are full and charging $$$$ - just wait till the worm turns (as it always does)
 
So check out MarineMax and Hinkleys, seems to be similar, but not a REIT. MarineMax has aquired some 20 or so jusr recently, and Hinkleys is all over.

Our marina used to be Halls Marina, now sold and now Savannah Bend Marina/MarineMax. Hinkleysis directly across from us.

Savannah Bend just got a new GM and I here they are going to spruce things up a bit, hope they don't raise the rates. Thier business model seems to be dry storage and some kind of boat club thing I think (boats look alike, no VHF, just a small GPS), with wet slips being the lower priority. Theirs is like 140 racks indoors and maybe 20 or so wet slips avaialble. Other two docks are for weekend boaters.

Just another holding company, key to success is hiring the right folks with the right expertise. I've worked for a few and most don't understand that. Bean counters rule (I say that most affectionately) and the bottom line is what matters on the P&L, not making the employees successful so they in turn can make the company successful.

Can you say "Monopoly"?
 
I heard yesterday safe harbor is buying the marina we store at (bay harbor) in bay city mi. Cant wait to get my contract for this winter.
 
1956olds said:
I heard yesterday safe harbor is buying the marina we store at (bay harbor) in bay city mi. Cant wait to get my contract for this winter.
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They don’t raise prices right away... but it does depend on how well your marina is doing
 
I heard that the golf coarse at Bay Point is going to be turned into condos by the new company that was the Southern marinas idea. Maybe with the new acquisition they will not build condos where the golf course is now. Sad to see if that happens was there for over 20 years. A trailer on the beach and a boat in the marina. Played that eight hole course many times
.
 
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DougLas said:
I heard that the golf coarse at Bay Point is going to be turned into condos by the new company. Sad to see that happen was there for over 20 years. A trailer on the beach and a boat in the marina. Played that eight hole course alot really enjoyed it.
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I moved there this year. Yes they are developing the land the golf course is on and it seems the trailer storage area as well.
It is amazing how quickly the greens get taken over by weeds and grasses...never seen that before. Makes you appreciate how much effort and money must go in to maintaining a golf course
 
well without the golf course amenities shouldnt your rent go down?
 
Go figure,when our power had a problem two seasons ago it didnt get fixed untill spring,when the big boats power had problems they immediatly brought in a huge generator for them and dug up all the way across the marina to lay new lines for them. I have been asking for a new spigot for 5 seasons,hasnt happened yet,mabey they will come clean my platform a couple times a week for me...LOL...
 
Southern Marinas just completed purchase of Harbor Town marina in Merritt Island Fl; where my boat is slipped. Several months ago, they sold their portfolio to a REIT and now are in the process of building a new portfolio of marina properties. The business plan has always been a mystery to me but it finally clicked when they announced the sale of their entire portfolio. Just received new yearly contract; pricing raised slightly but not too bad and insurance requirements changed. All in all, not a lot of change for another year. I do hope they continue the upgrades and repairs here but I'm skeptical now that I understand the business plan....
 
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My marina was privately owned and it was great, then Safe Harbor bought it out and nothing really changed. Now in the third year of SH and thing are still going well. The upside to this is with the Black Card we get twelve nights free stay at any SH marina and there are lot's of them on the bay.
 
Our marina is city owned but privately operated and is generally considered a dumpster fire in terms of management protocols. Many of us bat around the possible pros and cons to the city selling it to one of the national chains. There are a few Safe Harbor managed marinas in the bay area and so far, I have not heard horror stories about them. Most of us pray for the status quo in the spirit of "the devil you know'.
 
Carpediem44DB said:
Our marina is city owned but privately operated and is generally considered a dumpster fire in terms of management protocols. Many of us bat around the possible pros and cons to the city selling it to one of the national chains. There are a few Safe Harbor managed marinas in the bay area and so far, I have not heard horror stories about them. Most of us pray for the status quo in the spirit of "the devil you know'.
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One of my aerospace mentors years ago quipped, "change is bad". I have matured to the fact it holds true.
 
SKybolt said:
My marina was privately owned and it was great, then Safe Harbor bought it out and nothing really changed. Now in the third year of SH and thing are still going well. The upside to this is with the Black Card we get twelve nights free stay at any SH marina and there are lot's of them on the bay.
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Hearsay here, not admissible in court. But heard Great Oak has degraded since SH bought it. Aint been there myself lately. Reviews on the website talk of green slime in the pool this year.
 
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