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Topic: Debating on buying Drive-In

Dennis Benjamin
Phenomenal Film Handler

Posts: 1445
From: Denton, MD
Registered: Feb 2002

posted 01-26-2010 12:51 PM

quote: Steve Greeno
It has been 20 years since I have been in the business (my last movie was "Ghost") but I still have it in my blood and a real desire to do it again. I have a full time job so I don't have to worry about making a living off of it.

Man, has it been that long? I remember the week that "Ghost" came out. I am feeling really old right now. As a matter of fact, when I watched the football game on Sunday, Brett Favre looked pretty damn old, he's 40 and I'm 38. Yeah, I'm old...Anyways....

Steve - I wish you luck with your Drive-In. I tried to get into that business a few years back. The property values had sky-rocketed because most of the old Drive-Ins were on major highways. One property I looked at (Shore Drive-In in Ocean City, Maryland) sold for 6 million dollars. The others all sold for outrageous amounts too.

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Timothy Eiler
Expert Film Handler

Posts: 126
From: Litchfield , Minnesota, USA
Registered: Mar 2000

posted 01-26-2010 03:28 PM

If is does not have city water and sewer. Find out if you will be needing to do any kind upgrade the well or septic. This can get expensive

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John Wilson
Film God

Posts: 5438
From: Sydney, Australia.
Registered: Dec 1999

posted 01-26-2010 03:48 PM

I wouldn't worry about the speakers either. Nice thought, but not necessary at all. You'd do better with FM transmission anyway. The posts should stay though as a guide to pack the lot.

That would have been a pretty cool tour to have been on.

[thumbsup]

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John Wilson
Film God

Posts: 5438
From: Sydney, Australia.
Registered: Dec 1999

posted 01-26-2010 05:33 PM

Cinematour photos from 2002

I'm guessing the current owners came in after this. It looks great in these pics.

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Steve Greeno
Film Handler

Posts: 15
From: Frankfort, In. USA
Registered: May 2008

posted 01-26-2010 09:11 PM

Thanks for your replies, I appreciate your thoughts.

I am glad you are looking at it as the glass half full. I want to very much do this but everyone else around me is telling me not to. At least not at the price they are asking.

I think I will set on it a few weeks and see who else looks at it. If it sells then fine, if not it may make the situation better for me as it gets closer to spring. I do have a newer pair of 35mm Simplex's that are in storage and would work well in this booth.

John, you are correct on the photos. These were taken before the current owners purchased it in 2003. They are still getting the business which is a good sign. How long that will last, I do not know.

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John Wilson
Film God

Posts: 5438
From: Sydney, Australia.
Registered: Dec 1999

posted 01-26-2010 09:13 PM

$150k? Man, if that was near me I'd jump at it. Those pics from 2002 show how it can look again. Very nice.

For years in one of our southern suburbs a man ran an independent DI much like the one you have there. The Cafe was in a garage and he ran from a concrete booth with Kalee machines, 2K spools and president arcs. Big screen.

Now, if THAT was still around I'd jump at it. Doubt it would be anything near $150k though...more like $6 million+ . [Eek!]

There are houses there now in its place. [Frown]

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John Wilson
Film God

Posts: 5438
From: Sydney, Australia.
Registered: Dec 1999

posted 02-16-2010 03:35 PM

Any news?

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Steve Greeno
Film Handler

Posts: 15
From: Frankfort, In. USA
Registered: May 2008

posted 02-19-2010 08:12 AM

I had spoken with the Realtor about my thoughts on the drive-in and told him that I do not believe this is a turnkey operation. The place is going to take some money and elbow grease to get going. He told me that was the same concerns everyone else had that had looked at the property. I told him that I am still interested but not at the price they are wanting. They don't even know if they will be able to open the place in the spring if it doesn't sell. So, I asked the Realtor to get with the owners to see if they will reconsider their price. I figured I would wait it out a while and as it gets closer to spring, maybe they will be more willing to drop the price down some.

The Realtor had left for Arizona for two weeks and plans on being back in the office on Feb. 22nd. He will then contact them and then get back with me.

Just waiting at this point right now. I will get back on here with an update once he gets back.

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Jonathan M. Crist
Jedi Master Film Handler

Posts: 531
From: Hershey, PA, USA
Registered: Apr 2000

posted 02-19-2010 09:00 AM

Why do you need to wait for the realator? Why not contact the Seller directly and negotiate directly with them?

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Steve Greeno
Film Handler

Posts: 15
From: Frankfort, In. USA
Registered: May 2008

posted 02-19-2010 07:34 PM

I just rather let the Realtor handle everything. He's getting paid for it. Plus, I am not in a big hurry. If someone else comes along and buys it, so be it. However, if no one is biting then I may be in a better position to negotiate. I have found in the past that if I get anxious about something, I usually burn myself.

quote: Dennis Benjamin
Steve - I wish you luck with your Drive-In. I tried to get into that business a few years back. The property values had sky-rocketed because most of the old Drive-Ins were on major highways. One property I looked at (Shore Drive-In in Ocean City, Maryland) sold for 6 million dollars. The others all sold for outrageous amounts too.

I think this is one reason why this drive-in had survived. It is located in a very small town in between two bigger towns. There isn't any type of development happening anytime soon where it is located. However, the two bigger towns, which one is to the north and the other to the south, both had their own drive-in at one time. Both have since been long gone.

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David Kilderry
Master Film Handler

Posts: 355
From: Melbourne Australia
Registered: Sep 1999

posted 02-24-2010 12:32 AM

Steve,

Ours re-opened 8 years ago. It was a lot of hard work as it was far from turn-key. Screens were built, snack bar and ticket box refurbed, fencing done, new ramps and asphalt after struggling on with gravel, etc, etc.

It expanded to three screens a year later and the business has solidly improved over that time (without raising our adult ticket price since 2002).

There are many ingredients required to run a successful drive-in in 2010. If you have always wanted to do it, then go for it. I did not want to get to retirement age and think I should have done it.

We are in a city of almost 4 million people however with no other drive-ins for more than around 40 minutes in any direction. I should also point out that we operate all year, 7 days per week. We were surrounded by 4 multi-plexes, but 2 have since closed.

When I think back 20 years ago, there was so much more opportunity to get into one, it is even tougher now.

Good luck.

David

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Steve Greeno
Film Handler

Posts: 15
From: Frankfort, In. USA
Registered: May 2008

posted 03-30-2010 09:41 PM

Well it looks like the Drive-In deal is a no go. I spoke with the Realtor today and he said the owners were going to try and open it up in a few weeks. It didn't sound too promising when he said "try". Nobody else was jumping on the opportunity to buy it and I guess they weren't willing to drop the price.

I actually can't see how this place will stand another season without any improvements but we will just wait and see what happens.

This may work out even better yet.

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John Wilson
Film God

Posts: 5438
From: Sydney, Australia.
Registered: Dec 1999

posted 03-30-2010 10:07 PM

That's too bad (for now) Steve. I was sure when I saw you'd posted I'd click on it and say it was yours. [Frown]

Still...as you say , they will 'try' and run it. You may need to step in and rescue them in the end.

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Steve Greeno
Film Handler

Posts: 15
From: Frankfort, In. USA
Registered: May 2008

posted 03-30-2010 10:18 PM

quote:
That's too bad (for now) Steve. I was sure when I saw you'd posted I'd click on it and say it was yours. [Frown]

Still...as you say , they will 'try' and run it. You may need to step in and rescue them in the end.

Thanks John!
I believe if it was meant to be, it will happen. If not, maybe another theater somewhere else someday.

I look at it this way. It has been on the market since December 2009 and nobody is biting at it. They will either have to make it work or give it up.

I will just give my card to the bank that financed it and let them know to give me a call if it ever gets dumped into their lap. Everything I have financed including my home is through this same bank.

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Mike Frese
Master Film Handler

Posts: 465
From: Holts Summit, MO
Registered: Jun 2007

posted 04-03-2010 10:14 AM

4 mos for a commerical property is not very long. There so few potential buyers for commercial property.

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