robert roman
Bob Roman
Common Bill, this guy potentially has everything to lose regardless if he cashes out or borrows. Carwash or whatever works best when it serves the needs of the community.
Can the needs of a community with only 2,500 people with two existing washes be so strong that it would justify re-establishing a wash that has gone into foreclosure? Tough call based on speculation alone. Again, he should dig "very" deep so he avoids tripping over a quarter to pick up a dime. Moreover, even if the land is worth the liquidation price, useful for another purpose, he will most likely need to re-visit zoning, blow the building away and then build something new.
As for experts, some are also right. Case in point. I recently completed a retail market study of a community in Florida. The party who engaged me was interested in buying an existing self-service and redeveloping it as an express exterior. The study area has over 90,000 people and over a dozen carwashes. Over half of these washes are now listed for sale with brokers and most are not worth spit as compared to the asking price. I know for a fact that most of these washes were not reviewed by an independent analyst. Each one was, build it and they will come.
Are any of these washes a diamond in the rough? Maybe. However, Florida now ranks dead last in the U.S. in terms of employment, personal income growth, foreclosures and real gross product (state). Making the right decision in this environment requires more than an un-educated guess.
Can the needs of a community with only 2,500 people with two existing washes be so strong that it would justify re-establishing a wash that has gone into foreclosure? Tough call based on speculation alone. Again, he should dig "very" deep so he avoids tripping over a quarter to pick up a dime. Moreover, even if the land is worth the liquidation price, useful for another purpose, he will most likely need to re-visit zoning, blow the building away and then build something new.
As for experts, some are also right. Case in point. I recently completed a retail market study of a community in Florida. The party who engaged me was interested in buying an existing self-service and redeveloping it as an express exterior. The study area has over 90,000 people and over a dozen carwashes. Over half of these washes are now listed for sale with brokers and most are not worth spit as compared to the asking price. I know for a fact that most of these washes were not reviewed by an independent analyst. Each one was, build it and they will come.
Are any of these washes a diamond in the rough? Maybe. However, Florida now ranks dead last in the U.S. in terms of employment, personal income growth, foreclosures and real gross product (state). Making the right decision in this environment requires more than an un-educated guess.
