Dockominiums Pros/Cons
07-28-2005, 07:37 AM
#21
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Re: Dockominiums Pros/Cons
What makes Sanibel Harbor a great location is that it's not on the River, it's on San Carlos Bay.
All you have to do is turn left, idle under the causeway and it's open water from there. NO SPEED ZONES!
All you have to do is turn left, idle under the causeway and it's open water from there. NO SPEED ZONES!
07-28-2005, 10:09 AM
#22
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Re: Dockominiums Pros/Cons
Thanks for all the info! My brother was there this week checking it out, I believe he spoke with April. I'm headed there shortly and will be seriously considering a purchase.
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07-29-2005, 08:35 AM
#26
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Re: Dockominiums Pros/Cons
this is the new craze in Florida. I would like to get involved but need to sell my current wet slip in Aventura. 40 X 13.50 in gated marina right on the bay. If anyone is looking in the Miami area please contact me at [email protected].
12-24-2008, 12:41 PM
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There are many, many kinds of Dockominiums and there are also Rackominiums. Some of these arangements include a specified slip while others inlude temporary access to a slip after unracking or before racking the watercraft.
A condominium with a dock underneath (a water-level boat garage) is just a condominium - not a dockominium.
This is a growing trend in Florida, North and South Carolina, California, and other major watercraft usage states. Some states (such as Wisconsin) have judged dockominiums as a violation of the Public Trust Doctrine.
Obtaining the correct insurance and providing proof of coverage to the Dockominium Association (Marina management) is sometimes quite problematic because of the many different forms of dockominium ownership (fee simple, condominium, lease hold, and equity yacht clubs) and types of structures that might be involved (naked slip, slip with dock, covered dock slip, etc).
You will need to discuss your insurance needs with an extremely knowledgable insurance agent -- one who specializes in these kinds of properties would be best -- and you should seek the advice of a lawyer who is knowledgable in this area before signing any purchase paperwork so that you are sure that what you expect that you are getting is indeed what you end up buying.
BTW, I am an insurance agent researching this area for my employer. I am not looking for clients to advise in this matter.
A condominium with a dock underneath (a water-level boat garage) is just a condominium - not a dockominium.
This is a growing trend in Florida, North and South Carolina, California, and other major watercraft usage states. Some states (such as Wisconsin) have judged dockominiums as a violation of the Public Trust Doctrine.
Obtaining the correct insurance and providing proof of coverage to the Dockominium Association (Marina management) is sometimes quite problematic because of the many different forms of dockominium ownership (fee simple, condominium, lease hold, and equity yacht clubs) and types of structures that might be involved (naked slip, slip with dock, covered dock slip, etc).
You will need to discuss your insurance needs with an extremely knowledgable insurance agent -- one who specializes in these kinds of properties would be best -- and you should seek the advice of a lawyer who is knowledgable in this area before signing any purchase paperwork so that you are sure that what you expect that you are getting is indeed what you end up buying.
BTW, I am an insurance agent researching this area for my employer. I am not looking for clients to advise in this matter.
Last edited by ke6seh; 12-24-2008 at 12:44 PM.
12-24-2008, 02:56 PM
#29
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If it is like a "Condo" do the individual owners end up the ownership of the entire facility? If that is the situation, is the current business profitable and at what capacity utilization? If the business doesn't work long term, the owners could end up with significantly increased maintenance fees, major increases in insurance after a big storm, and ongoing assessments to keep it all going.
Anyway you you look at it, it is another FL property that could be under financial stress for the next 3-5 years.
Have you considered a yearly lease or lease with an option to buy from an existing owner?
Anyway you you look at it, it is another FL property that could be under financial stress for the next 3-5 years.
Have you considered a yearly lease or lease with an option to buy from an existing owner?
