Ah....almost predictable. Balfour snapped up in the worst of financial times since 1929. Declining international markets, frustrated capital in the hands of people who would wish for more than the miniscule returns from banks at today's pre-tax rates, and from stock portfolios rife with horror stories, deadfalls, losses, and outright wipeouts due to everything fro markets receding and worse, outright deception. When you look at that enchanting, newer castle property, at the price it was suggest that it was being offered for, the replacement approach to value report would have cried out "bargain" and the uniqueness of the history and location and "experience" there, would be sure to attract someone with those pent up anxious dollars. Lots of people could in this world, easily run through their economic security checklist and a qualified investment analysis, and deduce that is was a safe place to park anxious capital in this continuing worldwide economic drama. If not a Scot or a Norwegian (first choices due to history) I hope the new owners are from Europe or further afar, to take the direction of management in a new direction. I thought perhaps that our Royce had showed up there with some of that Texas oil money! Europe is big (economy, population) and yet very tight insofar as distances and the size of the tiny countries there. Thus, Orkney could apparently, attract more tourists from closer to home, albeit other countries like France and Germany and Italy. A farm we were considering there, was snapped up by an Italian chap who allegedly just wants to duck hunt in Orkney. As costs of air fare and general long-distance moves for tourists begin to climb away from many people, flitting around between Scotland and mainland Europe will be, or should be, more affordable and desirable as this meltdown plays out. Hoards of people here fly on a regular from Toronto to Florida to golf for a few days, as part of their routine....like washing the car or going to a hockey game. To hop from France to Glasgow or Edinburgh is what....a few hundred miles at best? By comparison, we here like many, drive further to our cottage on Manitoulin....five hours with two Tim Horton's coffee stops. When we started this string about Balfour, I had asked about the price, and indeed, compared to other properties of this type, it seemed cheap. In our part of the country, people will pay as much for an upper end cottage (google Muskoka cottages) to visit on weekends in the summer and falltime. It would be interesting to know if the Scottish government make it difficult in terms of laws, red tape and taxation, for a foreign corporation to buy a wee business property like that. This current world marketplace experience put Balfour Castle right in the column marked "Vulnerable" and as suspected, someone very quickly grabbed it and is cheering. In short form, it is a safe place for capital, given that the government wont victimize foreigners with "tax shock" which for example England is famous for. So much in life, and especially so crucially in business, boils down to timing. Ten years from now, this sale of that wonderful rocky seaside abode, will look like a virtual gift. Ah....the fortunes of the fortunate. Aren't they indeed privileged? Cheers all....Stephen On Apr 23, 2009, at 6:59 AM, Sian Thomas wrote: > Someone was recently asking about Balfour Castle on Shapinsay. > Apparently the Castle is a hive of activity at present with workmen > all > over the place. I haven't heard what the new owners intentions > are, but > they are clearly spending a lot of money on the place, and putting > money > into the local economy (local workmen, local supplies to a certain > extent) so it's looking positive for the future of the castle at any > rate. I believe the new owners have also bought back the Gatehouse > which was used as a bar but has been out of use for some time. So > clearly their intentions are serious! > > regards > Sian > Graemsay > http://sianthom.blogspot.com/ >> > > _______________________________________ > Orcadia Group Photo Album > http://tinyurl.com/28bx9x > ------------------------------- > To unsubscribe from the list, please send an email to ORCADIA- > request@rootsweb.com with the word 'unsubscribe' without the quotes > in the subject and the body of the message >