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Dockominiums Pros/Cons

Old 12-31-2008, 01:05 PM
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I have been a dockominium owner in Chicago for almost 15 years.
There are good parts and bad. My suggestion to you would be to interview other owners and the board to see what is really happening.
The place where I won Prairie Harbor Yacht club has had its share of ups and downs.
My concerns would be if there was one large owner for the un-purchased slips. (this allows him/her all the voting power for assesments etc...)
Is there a fund for attrition if there is no pre planning it can drive assesments sky high.

Lastly see if there are any lawsuits pending.
We have had our share and it took my initial investment of 60,000 down to 10,000 at one point and is now back to where I started 15 years ago. This doesnt even count when we were in real trouble and the annual dues went from 3800.00 to 7800.00 and are now back to 4000.00


Just some things to think about.
Also my slip is 60' long and I am new to the "go fast " arena and would like to downsize. All the assessments make owning a 40' a much better deal IMHO.

For the record my "dockominium" is a deeded parking space with 999 year lease rights to an assigned slip and the water under it.
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Old 12-31-2008, 02:21 PM
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Well here is my 2 cents, Dockorip-offs are usually just wasting money. I have seen so many of these things go up and the DAMN fees are as much as renting next door, or at teh same place. These things were dreamed up by developers to stick it to people.

On a sour note last year I was going to close on a high end condo in Boynton Beach, had inwater slips on intercostal. Realtor, property manager, even developer said we could buy a slip with the condo, BUUT they arn't seling them yet, I told all of them I want it in writing, WHILE THEY WERE PUTTING IT IN WRITING DEVELLOPER SOLD IT ALL TO LOGGERHEAD MARINA

Hell at closing he still had it in writing, I told him how can he offer what he already sold?????? Needless to say I walked thank god.

WILL
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Old 01-02-2009, 02:24 PM
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One other point

One reason that condo associations have no extra money is that the IRS will tax anything over some "reasonable" maintenance fund.
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Old 01-04-2009, 04:35 PM
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[QUOTE=BAJA WILL;2768291]Well here is my 2 cents, Dockorip-offs are usually just wasting money. I have seen so many of these things go up and the DAMN fees are as much as renting next door, or at teh same place. These things were dreamed up by developers to stick it to people.




Your comment above is why this concept has gone out of favor.
That, and the fact that people buying them many times were purchasing them as an "investment". I have had three people want to sell their slips at the Port Marina this past year, and not one of them were boat owners, or users. They thought they would increase in value, and they would make money re-selling them quickly. Oh Well. Now, they will have to let them go at a huge loss if they want them to sell.

Last edited by marinaseeker; 01-04-2009 at 04:38 PM.
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Old 01-07-2009, 08:24 AM
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Marinaseeker
I've been researching buying a "Dockominium in southeast Fla. i'd be interested in picking your brain about the prospect. How can i get in touch with you? Scott
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Old 01-07-2009, 10:03 AM
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Originally Posted by BRAVEHEART
Marinaseeker
I've been researching buying a "Dockominium in southeast Fla. i'd be interested in picking your brain about the prospect. How can i get in touch with you? Scott
I purchased one last year in Fort Lauderdale. If you have any questions, please feel free to PM me.
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