Dockominiums Pros/Cons
 

I'm considering purchasing a dockominium in the Ft. Myers Florida area. What are the Pros and Cons of these. On the surface it appears great-full use of resort facilities, cable,water, electric, fuel at cost, use of pool, restaurant, bar and high/dry storage. Is there anything I should be aware of? How much is insurance?
Thanks for your input!

Re: Dockominiums Pros/Cons
 

T T T

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Robert,
I've got to ask the dumb questions, What is a "dockominium"?
Thanks,
Dean

Re: Dockominiums Pros/Cons
 

ditto

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Its a condo with a boat slip under it .

hope ya get good neighbors :eek:

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It's a rack storage facility that's gone condo. Instead of renting you now own it just like buying a condo. The upside is that you now own an asset with appreciation potential. This one is located next to Sanibel Harbor Resort and they are giving you resort privileges with you membership.
It's a great location and if they deliver everything that's promised it looks to be a nice set up.

Re: Dockominiums Pros/Cons
 

Sales, is right. The facility I'm considering is next to the Sanibel Harbour Resort. I'm surprized more people aren't familiar with "dockominiums". It appears to be a beautiful facility. The way I understand it is: you own the dock space but have the option of rack storage when you are not there, or have the option to rent your dock out. One can also sell the dock-just like a condo.
I'm curious as to 1) how much appreciation to expect? 2) How much $ do similar dockominiums cost?

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Who owns the submerged land under the slip and dock? Is it a submerged land lease from the state of Fl.? I'd ask that Q?

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Sounds a little different than a Texas style dockominium. Above the slip we have a 2 bedroom 2 bath, full kitchen, living room with bigscreen and surround sound. At dock level a full rock face bar and patio area. I know this wouldnt happen in Florida but it is fun to compare. Wish ours was in Florida, It might be if this one sells....Any takers?

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Hawk,
How much do those units go for $ ?? Looks sweet-I wish the units in Fl. came with a "living unit".

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they are going for 60-150k. They are really unbelievable inside. No one expects to go upstairs and find a nice house. Some are up to 1600sq ft inside with 50 ft slips beneath.

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Robert,
The dock spaces at Sanibel Harbor are very limited. They might sell a few slips but I'm pretty sure they are selling the racks and the docks are primarily for temporary use. I'm good friends with the owners there so if you or anyone else is looking for a deal give me I call and I might be able to help you out.
Terry
239-567-5030 x 14

Re: Dockominiums Pros/Cons
 

The same owners of the Sanibel Harbour Fort Myers facilty are doing one here in Sarasota.I bought two slips allready and looking to buy a third.Great concept.Clubhouse,restaurant,Bar,pool,fuel at cost,detailing service,Did I mention bar ? Call ahead,boat's in the water with ice and cold beverages in the cooler,tanks full,turn the key and go.Bring it back and throw them the keys.They clean,flush and rack it.It's the country club of boating. Great investments !! Good appreciation.The new future of boat storage in Florida.

Re: Dockominiums Pros/Cons
 

suncoastpower2, what do they get for a slip there? thx

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excaliberhawk...that is a sweet set up!!! where is it and what are you asking for it? what does you insurance run you a year? what body of water? thx ratman

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ratman- it is on lake texoma, about 1hr north of Dallas. Landlocked!

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I got in early.About $3,500 a foot but have gone up to 4k a foot.Every thirty that sell they raise the price 5k.I am banking on they will be over 5k a foot before they even break ground.Monthly maintenance fees are around $350.00.You can rent the slip and still have club priveleges.

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There was a Marina near me that started the Docominium thing. If I remember right they had a 99 year lease on the docks. The Marina started out real nice with good docks and drystack buildings. They had plans to build a real nice restaurant overlooking the lake with a swimming pool and all the bells and whistles. In the plans they had land that was going to be developed for the use of the dockers and were going to have mooring balls for sail boats.

Well around 10 years later the land was purchased by the county from the investors so a lot of the things that were to be built never happened. Yes they still have the docks at the present time but the vision that they bought the docominiums of the rest of the facility never happened.
They are making a nice park on the property that the public can use at this time but it is not exclusive to the dock holders.

The bad part is that the Port Authority wants to take over the land for their use and shut down the marina/park and this could still happen.

Cordell

Re: Dockominiums Pros/Cons
 

Rack storage in Fort Myers and Naples is disappearing fast. The same scenerio is rampant through the east coast of Florida. Wiggins Pass Marina in north Naples has been closed and the buildings are being demolished to make room for condos. That was a huge facility.

If you do not have waterfront property with a dock your only choice is to ramp, lease or find a dockiminium. I do not think appreciation is a factor to consider in purchasing. Purchasing may be your only future choice to have a dock.

You, however, should perform your due diligence carefully. What criteria do you have to monitor whether the management company is paying the taxes and going to maintain the facility? All you have is surface rights: a piece of floating or fixed wood stuck on pilings in the water.

Not all Dockominiums have pools and other facilities, some are just docks that may have power and water.

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By the way Robert, Sanibel Harbor Resort is a premier facility. Being on the river is nice as well, except when you want to hit the Gulf. Those No Wake zones are a killer.

No one by me ever goes up town. We visit naples, Ft Myers Beach, Sanibel, Captiva, Cabbage Key, Boca Grande.

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!

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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My Marina in Jupiter is turning into dockominiums as well, I guess its the new craze in FL

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Does anyone know of something like this on Marco?

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I will sell you mine with the boat $500.

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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].

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.

That's not a dockominium - it's a homemade bayou houseboat.

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?

Dockominums

Anybody ever had any problems with neighbors raising hell about the boat being LOUD ????

Curious as to what price per foot the rackominiums are going for now? I've seen Sanibel up close; it's a very nice facility.

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........

Weird that this thread sat dormant for two and a half years.

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/

just bought a slip/condo at the port last April...cant beat it. absolutely the best. Great place to rent too....

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!

Great deal in 08 but the 04-05-06 buyers took it in the shorts!

It is a great spot, close to nightlife, close to beach/inlet.

what are the maintenance fee's for? $350 seems real steep...

A few places in Tampa tried to do the condo thing with the rackstorage, but they did not work out, they just went back to renting.

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 .