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We stayed a night in September and had a really nice time. Lakebay is well sheltered (hence the "lake") and the moorage was fine. The folks who ran the restaurant there were really nice. The place is very laid back - was nice for a relaxing evening and quick access to stroll around Penrose point state park.
The buildings were pretty run down and I've heard they have been condemned at times. Definitely check whether they're open before planning a trip around this place.
Also, lakebay is very shallow outside the channel. Beware at low tide.