Pier 19 Country Store still for sale

[Just Wonderin]

I’m just wondering if the selling price of the Pier 19 Country Store will be adjusted, now that the town of Tuftonboro has completed its town-wide reassessment.
The store was originally listed for sale for $3,500,000 but the town has just determined its value to be $1,357,400.

[Mr. V]

Originally Posted by Just Wonderin

I’m just wondering if the selling price of the Pier 19 Country Store will be adjusted, now that the town of Tuftonboro has completed its town-wide reassessment.
The store was originally listed for sale for $3,500,000 but the town has just determined its value to be $1,357,400.

Wouldn't that be their opinion as to the value of the land and building only, and not the "business" itself, e.g. goodwill, etc.?

[VitaBene]

Originally Posted by Just Wonderin

I’m just wondering if the selling price of the Pier 19 Country Store will be adjusted, now that the town of Tuftonboro has completed its town-wide reassessment.
The store was originally listed for sale for $3,500,000 but the town has just determined its value to be $1,357,400.

They assessed the RE not the business

[TheTimeTraveler]

I really don't think that Pier 19 is in any hurry to sell. I think it's been on the market since 2024 and I don't believe there has been any price reductions.......

[LIforrelaxin]

So I just did a brief bit of reading... While the store is for sale.... If the store earnings I saw are accurate, it is for sale for the right price..... In short if they don't get what they have requested, they will keep on running the business.

It isn't the first time the business at that location has been in the same state.... The investment didn't work out as expected.... it isn't bad but if it can be sold there are likely better investments for the money....

That is just my opinion... Honestly now that the docks have been gated, and the amount of docking available for the public has been reduced.... it isn't as attractive of a location as it once was....

[nj2nh]

Originally Posted by Mr. V

Wouldn't that be their opinion as to the value of the land and building only, and not the "business" itself, e.g. goodwill, etc.?

Sent from my iPhone using Winnipesaukee Forum mobile app

[nj2nh]

In addition to the real estate evaluation, there would be the price of the business. Plus, an owner can list a property/business for whatever they want. Whether it seeks is a different story. There is a home in Wolfeboro that has been on and off the market for a few years. It started at over $12M. Then it was $10M. Now it is just under $11M.


Sent from my iPhone using Winnipesaukee Forum mobile app

[FlyingScot]

Originally Posted by nj2nh

In addition to the real estate evaluation, there would be the price of the business. Plus, an owner can list a property/business for whatever they want. Whether it seeks is a different story. There is a home in Wolfeboro that has been on and off the market for a few years. It started at over $12M. Then it was $10M. Now it is just under $11M.


Sent from my iPhone using Winnipesaukee Forum mobile app

No, without the real estate, the value of the business is zero, and with the business active, the other value of the real estate is zero, so you cannot add the real estate value to the value of the business. Best case, you could add those two things together and then subtract the annual rent value from the annual profit, thus reducing the value of the business significantly, but that's a finer point.

[Just Wonderin]

The town had the property valued at just under $1.4M and Pier 19 Convenience Store just sold for $2.3M, valuing the business at approx $900k. The store was originally listed for $3.5M.