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#220210 - 30 August 12 1:43 pm - America/Chicago Auction for El Chiclero Inn in Boom Starts at US$100K
LanSluder Offline

**

Registered: 04 May 04
Posts: 8109
Loc: USA/Belize
FYI an auction company sent me this notice today on the online auction of El Chiclero in Burrell Boom, with the opening bid set at US$100,000. El Chiclero was offered for sale for several years for around US$1 million. Sadly, the owners, an elderly couple, at one point suffered a home invasion.

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Online Real Estate Auction - Turnkey 6-Unit Belize Inn
Nominal Opening Bid Starts at : $100,000
El Chiclero Inn, Burrell Boom Village, BZ
Open Public Inspection: 1-4pm, Sunday, September 9, 2012
Auctions: 11am EDT, Sat Sep 22 until 12:00pm EDT Fri Sep 28
Bid live from anywhere at auctionnetwork.com
Six-room hotel with two apartments and 50-seat restaurant in Central
Belize is a turnkey business opportunity for new owners. Furnishings and
equipment will convey with this property in Central Belize. This is a
unique business opportunity or could be a large private home to enjoy
the Belize peaceful and laid-back lifestyle. The structure was built in
1990-91 and designed for 200 mph hurricane force winds and 6.5 Richter
scale earthquakes in the village of Burrell Boom.
El Chiclero Inn is located within walking distance to the historic
Belize Old River in Burrell Boom Village and minutes from the Baboon
Sanctuary, Mayan Ruins (Altun Ha) and the jungles of Central America.
This quaint village of 1,200 in eco-friendly Belize is just 20 minutes
from the Caribbean Sea, 11 miles from the International airport and 18
miles from downtown Belize
To bid on El Chiclero Inn through Auction Network, a bid deposit of
$25,000 is required. The bid deposit must be received by Thursday,
September 27, 2012. Please contact Shelly Fraley at 800.986.9320 to make
wiring arrangements. Go to www.williamsauction.com or call 800-801-8003
for more information
Buyer's Premium (Buyer's Fee in WI) May Apply.

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#220237 - 31 August 12 10:29 am - America/Chicago Re: Auction for El Chiclero Inn in Boom Starts at US$100K [Re: LanSluder]
Belizelenny Offline

**

Registered: 23 March 05
Posts: 978
Loc: Corozal
Auction on the 9th, no money till the 27th. Not the kinda auction I have been to or purchased property at.

Just another way of trying to sell.
_________________________
Mark "Lenny" Leonard, Realtor & Relocation Specialist
Retire in Belize Corozal - pfbz.com
Cerros Sands - cerrossands.com
Paradise Development Ltd - Construction, Development & Off Grid Technologies

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#220240 - 31 August 12 11:05 am - America/Chicago Re: Auction for El Chiclero Inn in Boom Starts at US$100K [Re: Belizelenny]
sigmund Offline

*

Registered: 12 August 09
Posts: 680
Loc: corozal
Originally Posted By: Belizelenny
Auction on the 9th, no money till the 27th. Not the kinda auction I have been to or purchased property at.

Just another way of trying to sell.


No Lenny. It states the public inspection is Sept.9th - not the auction. And yes, an auction is another way of trying to sell. I have purchased 2 properties at auction thru Allsops of London (properties in Ireland) - and they always gave me ten days after auction winning bid in order to arrange my final payment - not unusual whatsoever.

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#220244 - 31 August 12 11:50 am - America/Chicago Re: Auction for El Chiclero Inn in Boom Starts at US$100K [Re: sigmund]
corozal dave Offline

**

Registered: 27 October 03
Posts: 1050
Loc: Toronto/Corozal
I went to the auction site just to take a look around. I ended up watching a few auctions. I watched as a 10,229 sq.ft, 7 bedroom, 10.5 washroom, mansion auctioned off for $405,000.00, in Tennessee. In another, a 2200 sq.ft. 3 bedroom, went for $39,000.00

For that price in Toronto, you'd get a starter home or a fixer upper. I had no idea how bad property values have suffered in the States. In Canada, housing prices just keep going up, been a lot of years since they went down.

I will be following the auction of the El Chiclero Inn
_________________________
Statistics are like bikinis. What they reveal is suggestive, but what they conceal is vital. ~Aaron Levenstein



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#220246 - 31 August 12 12:12 pm - America/Chicago Re: Auction for El Chiclero Inn in Boom Starts at US$100K [Re: LanSluder]
Belizelenny Offline

**

Registered: 23 March 05
Posts: 978
Loc: Corozal
The auctions I went to in the US were Tax Sales and Trustee sales.

"Commission" sale auctions are another breed. I see they are auctioning from the 22nd to the 28th.
_________________________
Mark "Lenny" Leonard, Realtor & Relocation Specialist
Retire in Belize Corozal - pfbz.com
Cerros Sands - cerrossands.com
Paradise Development Ltd - Construction, Development & Off Grid Technologies

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#220260 - 31 August 12 8:39 pm - America/Chicago Re: Auction for El Chiclero Inn in Boom Starts at US$100K [Re: LanSluder]
LanSluder Offline

**

Registered: 04 May 04
Posts: 8109
Loc: USA/Belize
I don't know anything about the auction company. Just passing on what they sent out to a bunch of different media and other outlets. It looks like it's some kind of international on-line auction company, very different from a local auction house or a tax or foreclosure sale.

I do know the property. It's a nice piece of real estate but in an odd location for a hotel. It has been for sale for years. Originally I think the owners, a retired physician and his wife, were asking US$1.6 million (may be wrong about the exact amount), then dropped the price to US$1 million. As I say they were unfortunaately victims a year or two ago of a terrible home invasion and robbery.

Have no idea what it's actually worth, but like a lot of hotels in Belize if the sales price were based on revenue and profit like most hospitality industry properties are it wouldn't bring a huge amount. With just six rooms and a restaurant in an off-the-beaten path location it couldn't generate a lot of cash flow or profit.

Hope it does sell.

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#220282 - 01 September 12 8:00 am - America/Chicago Re: Auction for El Chiclero Inn in Boom Starts at US$100K [Re: LanSluder]
Breezy Offline

**

Registered: 06 November 08
Posts: 868
Loc: Ladyville
The property would make a great bed and breakfast place.

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#220287 - 01 September 12 10:12 am - America/Chicago Re: Auction for El Chiclero Inn in Boom Starts at US$100K [Re: LanSluder]
Dave Bunk Offline

**

Registered: 02 September 05
Posts: 4907
Loc: Mine Hill NJ
Unfortunately the place is very run down as the owners have not been able to keep up. The last time we had dinner there years ago on a sat night we were the only ones in the place and the owners wife sat and talked our ears off all night. I was hoping for a nice quiet night out with my wife which did not happen. And the place looked bad. Will require lots of capital invested to bring it back to life and it still is not in a good area like near the river. Even the resorts nearby on the river itself have a very hard time making a go of it.

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#220296 - 01 September 12 3:50 pm - America/Chicago Re: Auction for El Chiclero Inn in Boom Starts at US$100K [Re: LanSluder]
horsefl Offline

**

Registered: 27 April 11
Posts: 161
Loc: Corozal
I agree with Breezy, B &B or private home with rentals. We stayed there for 2 weeks , the place was in better condition than a lot of other hotels we have visited in Belize. The negative IS the area, there is nothing around and nothing to do nearby unless the horse track is racing . We had our horses in quarantine a few miles away so it was a convenient location for us. It is a short ride to the INTL airport but as a destination it has little to offer. BUT as an investment if you can get it cheap it could be lucrative. If we were staying in BZ we would bid on it as I think there will be little auction action. IS the auction absolute?

The guest rooms were in good condition, comfortable US double beds, basic furnishings but all rooms need new AC units, they must be originals and blow more hot air than cool. The pool was empty as we were the only guests the whole time we were there. The elderly couple do all the work themselves and probably do run off customers chatting with them . We found them entertaining. Him cantankerous , her Chatty Cathy!

The set up is good for either a large private residence or monthly rentals. The whole main floor could be converted into a cool private residence. Rent out the upper level apts and rooms. The 6 guest rooms are good size rooms. Plenty of room to add a small kitchenette. The upper level is caged for security and each room and apt had a room key as well as a cage key.

Side yard is walled and there is room to park several vehicles behind a lockable gate, and park 2 more under the carport. Laundry area is also under the carport.

Doc, a former US dentist, told us he had invested over $1 mil building his dream there. He used to do a better business a few years back but as Dave remarked few go there now.

Forget reviving the hotel business and think private residences and apt/seasonal or monthly room rentals. You would make more income with monthly rental rather than daily. If we were staying in BZ we would bid, think this will be a low action auction. As a RE Broker in US I see lots of possiblities. It is a concrete structure needing painting to spruce it up and renergize the building. Lower level conversion to living quarters would be minimal costs , add showers to bathrooms, and add one wall to make bar area into a living area and make dining into one huge bedroom or 2 large ones.

I smell money if this auction goes as I expect it will.


Edited by horsefl (01 September 12 4:00 pm - America/Chicago)
_________________________
The greatness of a nation and its moral progress can be judged by the way it treats its animals... I hold that the more helpless the creature... the more entitled to protection.... from the cruelty of humankind.
Mahatma Ghandi

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#220306 - 02 September 12 7:30 am - America/Chicago Re: Auction for El Chiclero Inn in Boom Starts at US$100K [Re: LanSluder]
Wealth_Ships Offline

***

Registered: 06 May 11
Posts: 303
Loc: Placencia, Belize
The Black Orchid Inn is right in that area, on the river, and in much better condition. Their food is really good and very reasonably priced. I'd stay there before El Chiclero any day of the week.

I agree with Horsefl - monthly rentals would be the way to go with this property, however, finding long-term tenants who want to live in Burrell Boom could be an extreme challenge, with the prison right down the road and a lack of basic necessities nearby.
_________________________
Sharon Hiebing-Tzib

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