If you go by the official figures, the number of bed and breakfasts has gone down by 25% over the last decade. Their layout is such that they are easily convertible to a private residence. The most recent example is of Jeanne and Lou Genovese who bought two and a half acres in North Fork wine country in Cutchogue and built a 4,340 square foot house with six bedrooms, five and a half baths and a broad front porch and became inn keepers.
The wing with three guest suites was called Vintage Bed & Breakfast Inn with each suite named after a wine and decorated accordingly. Genoveses had made the move in order to be stay home parents. With their children grown up and in high school their requirements are different now and have decided to move on. The property has been listed both residentially and commercially for $995,000. It is being handled by Suzi Chase, an associate broker with Daniel Gale Sotheby’s International Realty.
One of the reasons for declining number of bed and breakfast is that residential real estate on the East End is more valuable than as a business. Then they also fit in very well as vacation homes because what people require is a large home with multiple bathrooms. Lou Genovese confirmed that her bed and breakfast was definitely profitable but she was unable to quote a figure as they were doing everything themselves.
Via: Nytimes
