BeachHouse Marina Files Bankruptcy???

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BeachHouse Marina Files Bankruptcy???
BeachHouse Marina Files Bankruptcy???
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BeachHouse Marina Files Bankruptcy???
 
 
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Bodie
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PostPosted: Wed May 30, 2012 6:30 pm    Post subject: BeachHouse Marina Files Bankruptcy??? Reply with quote

Saw on the news that Beach House Marina in Surf City has filed for bankruptcy, wonder what that means for the marina,(gas, slip owners ??) saw they are makin the Topsail Belle Dinner Cruise Boat) and Raven pirate boat leave by June 19th.
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czoubek
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PostPosted: Wed May 30, 2012 6:34 pm    Post subject: Reply with quote

I would get my boat out of there asap if it were there. Saw this happen to a friend of mine and his boat was held up in the legal mess for three years. They wouldnt even let him on the property so the boat just sat and got trashed.
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Matador
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PostPosted: Wed May 30, 2012 6:45 pm    Post subject: Reply with quote

News to me but I can believe it in this economy. People just don't have money like they a few years ago and if they do then they are scared to spend it. I know the property adjacent to Beach House is bank owned and available for purchase for 2 or 3 million.
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SteveThePirate
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PostPosted: Wed May 30, 2012 6:51 pm    Post subject: Reply with quote

Theres a ton of boats there too...
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meridius
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PostPosted: Wed May 30, 2012 6:54 pm    Post subject: Reply with quote

Bought by Wells Fargo and they only want to sell it, not operate it. All boats have to move. Second property I've heard of this week bought by Wells Fargo. Funny how they won't loan money to builders, developers, or homeowners but can buy these properties.
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Matador
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PostPosted: Wed May 30, 2012 7:02 pm    Post subject: Reply with quote

meridius wrote:
Bought by Wells Fargo and they only want to sell it, not operate it. All boats have to move. Second property I've heard of this week bought by Wells Fargo. Funny how they won't loan money to builders, developers, or homeowners but can buy these properties.


Don't get me started on banks and loaning money to builders and homeowners. They are killing me as a builder-realtor. That's what happens when government enters banking. If the government had stayed out of the mess we are in then we would be out of the woods by now. Anyway, can't wait to see who purchases Beach House.
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czoubek
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PostPosted: Wed May 30, 2012 7:14 pm    Post subject: Reply with quote

Matador wrote:
meridius wrote:
Bought by Wells Fargo and they only want to sell it, not operate it. All boats have to move. Second property I've heard of this week bought by Wells Fargo. Funny how they won't loan money to builders, developers, or homeowners but can buy these properties.


Don't get me started on banks and loaning money to builders and homeowners. They are killing me as a builder-realtor. That's what happens when government enters banking. If the government had stayed out of the mess we are in then we would be out of the woods by now.


Yup
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Matador
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PostPosted: Wed May 30, 2012 7:21 pm    Post subject: Reply with quote

Not to jack this thread but if the governement had given me moeny at the discount window for less than 1% interest then I would have purchased Beach House and many other things and thus created the JOBS the government can't seem to create. Behold the power of the private sector.
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Masonboro
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PostPosted: Wed May 30, 2012 7:25 pm    Post subject: Reply with quote

The bank had no choice but to buy the unsold slips due to previous owner decisions. I feel bad for all the other slip owners there.  
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PostPosted: Wed May 30, 2012 7:29 pm    Post subject: Reply with quote

Masonboro wrote:
The bank had no choice but to buy the unsold slips due to previous owner decisions. I feel bad for all the other slip owners there.


What happens to the owners of the other slips. Don't they hold deed to the space (like a condo) or is ownership of slips structured differently?
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angus
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PostPosted: Thu May 31, 2012 2:37 pm    Post subject: Reply with quote

Yes and no. you can hold title "deed" but likely it's title to a recorded instrument more like a lease and has no "real" value like in "real" estate.
Condos only have "real" value because specific real estate laws have been written to address the fact that they are real property without real value.
This may sound confusing but real estate is "land" and the improvements made to that land. So since a boat slip has no land it cannot be real estate because there are also no laws written as in the case of a condo to address this. So even though a person may have deed or title to a boat slip defending that title is probably more costly then the property is worth. You might be able to buy title insurance for your boatslip but the exclusion page will make it not worth the cost. In NC a deeded boatslip pretty much only means that as long as the boatslip is there and maintained you have exclusive right to use it.
Sorry if I didn't explain this well. I'm not a realtor or attorney, but I bought a deeded boatslip with my house last year and learned alot about them. My slip is deeded with my house but my title insurance specifically excludes all the coverages you would expect in regard to the slip.
The best defense in protecting your rights are to have a strong owners association with all members on the same page. Unless some bank buys up alot of the voting power and does whatever they want. Knowing all htis I bought the thing anyway, hopefully it will never be a $40k lesson learned.

I imagine some real estate attorney on here can clarify this. My attorney told me in 30 years no one had ever questioned him about the fact that deeded boatslip was nothing more than an exclusinve right to use or what amounts to a lease.
  
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Matador
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PostPosted: Thu May 31, 2012 2:50 pm    Post subject: Reply with quote

That's where I was confused. When someone says they have a deeded slip it is really a misrepresentation compared to what people think a traditional deed represents (real property). If that is the case then why would anyone ever purchase a slip b/c clear title can't be conveyed (as the title company points out via the "exception"). Thanks, I learned something today.
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aftergolf
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PostPosted: Thu May 31, 2012 3:32 pm    Post subject: Reply with quote

I don't know for sure, but I believe it depends on if there are riparian rights to the deeded slip. Some marina's convey those rights to the owners, and some may not. If you have riparian rights you then would own the mud/dirt under the water, therefore would have a claim to the slip.
Again, I am not an attorney, but is what I learned when I bought my slip at Harbour Village in Hampstead.
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knot right
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PostPosted: Thu May 31, 2012 3:38 pm    Post subject: Reply with quote

The drystack boat slips at Beach House Yacht Club are deeded in the same manner as a lot that you would build a house on, except it is airspace within the units.

Beach House Yacht Club and Beach House Marina are now two separate entities and have been for a while. The dry stack (Beach House Yacht Club) operates as an owners association with a five member board and management company. At a recent auction 93 slips were auctioned with 50 being sold to individuals and 43 being purchased by the bank.

In a separate auction held the same day, Beach House Marina, (fuel docks, larger wet slips, @ 4 acres of land), was purchased by Wells Fargo. They have decided to close Beach House Marina on June 19. Beach House Yacht Club Owners Association (drystack) will continue to function as normal. The boats in the dry stack will remain, the only boats affected will be a few in water slips that the bank now owns.

The fuel dock will be closed June 19 and we'll be left with harbour village and New River, both non ethanol so plan ahead for that one.

It has been a rough couple of years in the boating industry and my only hope is that whomever purchases the marina will do something that benefits the entire community. Just wanted to clear the air and if anyone has questions feel free to give us a call.

Ray Brittain,
Beach House Yacht Club
  
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Bodie
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PostPosted: Thu May 31, 2012 6:44 pm    Post subject: Reply with quote

Ray,

thanks for answering or questions. I have a few more.

THe auction that was held that day, was it for a new building of drystack slips or was it for existing slips in the current building.

Are they going to build a new building?

So can we expect a fire sale on gas june 19th with yall trying to empty the tank before its closed??

I hope everything works out for ya'll and things turn around in the future.

Good Luck
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PostPosted: Fri Jun 01, 2012 7:59 am    Post subject: Reply with quote

There's an article in today's Jacksonville Daily News with Wells Fargo's response. I looked into moving my boat there in March and was told then that the bank planned to close it and they couldn't rent any wetslips as the bank would probably try to sell the land and wetslips.  
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knot right
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PostPosted: Fri Jun 01, 2012 11:03 am    Post subject: Reply with quote

Bodie,

the auction was for the unsold slips in the existing buildings. It would be up to the owners association to build more stacks and I don't see that happening. Our focus will soon be on building a clubhouse /office.
  
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aftergolf
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PostPosted: Fri Jun 01, 2012 11:05 am    Post subject: Reply with quote

I must not understand what happened. If WF bought the marina and land, where would you build a building? Is there other land associated with the dry stack that was not part of the foreclosure?
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Bodie
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PostPosted: Fri Jun 01, 2012 11:45 am    Post subject: Reply with quote

I really feel sorry for the people who actually lived in the wetslips fulltime. Especially if they were only given 3 weeks to move to another slip. Especailly this time of year when most slips have been taken. I would hate to lose the Belle and Raven (its cool to hear the pirate ship cannons in the afternoon attacking the Belle) the newspaper said he is thinking about Alabama and Georgia offers.

I think they should move belle and raven over to the Surf City Park and dock them near the polic boat or at the end of those dock jut outs. THey could rent the space from the town and the town could use the money to improve and add to the park. It would give the boats better exposure and probably improve their buisness and give the town some money towards the park.
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