Back to Basics on Auction Block

[ellsaf]

That is good news. I am hoping they will reopen to the accomodations I would like to bring 2 or 3 kids from the city for an overnight stay and short hikes and would love to have that type of overnight experience with them.

[Rock]

Kim's brother is in the process of working something out with the bank.

The auction is not what we expected and the bank was not giving the property away, which is what we didn't want to happen to begin with.

It’s between the family and the bank now and that’s how it should be.

[ellsaf]

Anyone have an update as to what happened with this on the 20th?

[ellsaf]

I wish them the best and here's hoping the property will be purchased and used by someone with the same caring and inspiring intentions that Kim seemed to have.

[Rock]

After some discussion and research, Kim’s family decided to take another route. It was an honorable idea and for those who were willing to contribute, thanks. They will keep the forum posted on what happens and people still may be able to help in the long run, if everything goes well.

[chairrock]

Sounds like a good deal for 15 acres and all that.I t seems like its on a dead end quiet road too.

[redhawk]

Yep

[ellsaf]

Is there a year round house on the property?

[redhawk]

There are no longer any yurts on the property. the house and the tree house, the lean-to, the Sauna and the cook shack that Kim had put in.

If everything fell into place I would be available to manage it on premises if that was what people were looking to do.

Hawk

[Pumpkin QAAD]

The best I could tell is that the property is 15 acres with several buildings and Yerts.

I think the easy part would be forming a non-profit entity and buying the property. How this place was run after that would be very difficult to implement. Especially if there wasn't someone living there like I assume Kim was.

[Kevin]

I'm in. What can I do to help out?

Come up with a lot of money and flatten the tires of all the real estate prospects in the area.

I don't mean to sound all doomsday about this, but I'd rather be prepared emotionally for this reality than be broad-sided by it. A serious group of buyers need to have serious cash in-hand to walk away with this. It's my understanding that there's a lot of acreage and I know there's several good structures on that land already. Add to that a decent location with an established reputation, and you have the formula for some resale value. The fact it was 'let-go' is no indication of it's actual worth.

[Little Rickie]

I'm in. What can I do to help out?

[Kevin]

Anyway, I hope that the property can somehow be acquired to maintain Kim's legacy.

So do I.

There's one item that hasn't been mentioned and I think for sake of driving interest by the 'right' people this needs to be said:

Let's not forget there's property investment companies that seek out opportunities like this and will likely be attending the auction. I'm sure Kim's land alone is worth more than what we're looking to pony-up. These investors will have a lot more capital than us to work with. Unfortunately there's a good chance that the future of Kim's property is predetermined. I'd push that $60,000 figure a little higher if more than one of such companies show. Anyone know what the exact last-assessed value of the property was?

[DuctTape]

Committee of 40 running a business? lol

Property ownership as a not-for-profit is a little tricky. There's a lot available online through NYS and the Fed websites regarding how they view and tax assets. For the most part a 501c3 is exempt (after paying a fee to the Fed up-front to get that certification).

If all the people who donated or put up money/time/expertise were considered shareholders it could run like a business.

Maybe a not-for profit is not the right direction. What about a religious exemption and make the land a "church"? LOL

Anyway, I hope that the property can somehow be acquired to maintain Kim's legacy.

[redhawk]

Quick question of clarification - it appears to me that the money due for the property will be satisfied with the winning bid, assuming the lender doesn't bid the $56,000 due. So, if someone bid $30,000 and it sold for that and the bank was okay, do they actually get the entire property for $30,000?? (no strings attached?)

Yep!! and the creditor writes off the loss on their taxes. Happens all the time with foreclosures and some bankruptcies. It's not uncommon for creditors to get back pennies on the dollar.