Dockominiums Pros/Cons
Gold Member
12-25-2008, 10:48 AM
#32
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?
The maintenance/taxes can also exceed the cost of renting in the same facility. So unless you are a property owner in the area/ at the facility (obviously having your boat nearby your residence is the drive to own a rack/dock). If you are transient, you can rent anywhere........
12-25-2008, 07:06 PM
#34
Registered
Platinum Member
Join Date: Apr 2006
Location: Raystown Lake, Cape Coral
Posts: 46
Likes: 0
Received 0 Likes
on
0 Posts
I am an owner of a dockominium at the Sanibel Harbor Yacht Club. Prices have dropped over the past few years, but I would recommend renting one for a year or two to see if it fits your lifestyle. I currently have mine for rent and would be happy to answer any questions anyone has about owning or renting at SHYC. It's a five-star place, they treat you very well and the service is the main reason I chose this yacht club.
http://www.shycfl.com/
http://www.shycfl.com/
Last edited by Jim382Boat; 12-25-2008 at 07:09 PM.
12-25-2008, 10:23 PM
#35
Platinum Member
Platinum Member
Several units sold in the past 3-4 years and the above scenario is exactly what happened combined with LOWER sale prices. The Port in Lauderdale had some racks selling for 300K and now you can buy in the low 100's..........
The maintenance/taxes can also exceed the cost of renting in the same facility. So unless you are a property owner in the area/ at the facility (obviously having your boat nearby your residence is the drive to own a rack/dock). If you are transient, you can rent anywhere........
The maintenance/taxes can also exceed the cost of renting in the same facility. So unless you are a property owner in the area/ at the facility (obviously having your boat nearby your residence is the drive to own a rack/dock). If you are transient, you can rent anywhere........
12-26-2008, 03:03 PM
#36
Racer
Racer
I bought mine about 10 years ago for $20k. It originally sold for $50k and now is only worth $18k. It is a 50x20 Slip with 2 deeded parking spots, a 20 x 20 grass section with a tree and picknic table. But it is part of a large full service Michigan marina with pool and resturant club house. On 100' deep international fresh water. I wish it was in Flordia!
12-26-2008, 03:12 PM
#37
12-27-2008, 05:06 PM
#40
Registered
Join Date: Mar 2008
Posts: 42
Likes: 0
Received 0 Likes
on
0 Posts
I don't get this thread at all.
The dockominium'rackominium market has all but died. The wet slip market in a premier location has held up a little better then the dry rack slips. Most Rackominium/dockominium facilities have gone back to the rental mode. Many of them are bankrupt, on the verge of bankruptcy or have never even gotten off the ground. Do NOT buy one thinking it will appreciate. You cannot even give a dockominium away at the Mystic Point marina in Aventura. The Dania beach boat club is in bankruptcy. The "high tech" Port Marina in Ft Lauderdale has slips that have been on the market for two years with no luck. The last sale there was a 42'slip that sold for 65k, when the original price just two years ago was 189k. The carrying charges are higher then you can take in if renting out a slip. You will have to pay cash for the slip. You have to figure between $350 to $450 a month for maintenance. Which goes up every year, and you have no control over. Property taxes can be another $200 or so a month. Then what about special assessments? It doesn't make sense .
The dockominium'rackominium market has all but died. The wet slip market in a premier location has held up a little better then the dry rack slips. Most Rackominium/dockominium facilities have gone back to the rental mode. Many of them are bankrupt, on the verge of bankruptcy or have never even gotten off the ground. Do NOT buy one thinking it will appreciate. You cannot even give a dockominium away at the Mystic Point marina in Aventura. The Dania beach boat club is in bankruptcy. The "high tech" Port Marina in Ft Lauderdale has slips that have been on the market for two years with no luck. The last sale there was a 42'slip that sold for 65k, when the original price just two years ago was 189k. The carrying charges are higher then you can take in if renting out a slip. You will have to pay cash for the slip. You have to figure between $350 to $450 a month for maintenance. Which goes up every year, and you have no control over. Property taxes can be another $200 or so a month. Then what about special assessments? It doesn't make sense .
Last edited by marinaseeker; 12-27-2008 at 05:22 PM.
