My FL Marina sold - they want me to buy a "Dockominium"
 

So I've had my boat at Naples Marina for, oh, about 5 weeks now. I get a letter saying the marina has been sold to "Yacht Clubs of the Americas" and they're going to be renovating the facility and selling "Dockiminiums".

Before - $450 / month storage for 5 months / year that I have the boat in FL during the winter from PA. Clean, easy, no problems....

After - $138,500 + $250 / month. But they'll knock $8,000 off if I buy within 30 days...

So, anybody know a good, cheap marina around Marco Island that I can keep the boat at for 5 months next winter???

Re: My FL Marina sold - they want me to buy a "Dockominium"
 

Yes!
Cedar Bay Marina on Elkcam Cirlce, Marco Island. Nice people, friendly service, dryrack....blah blah blah...
I've had my boat there for 2 years...no complaints!

www.cedarbaymarina.com

Re: My FL Marina sold - they want me to buy a "Dockominium"
 

CB.. You still going to have the boat in Pittsburgh this summer? Looking forward to running into you on the water.

Re: My FL Marina sold - they want me to buy a "Dockominium"
 

Dude, its happing here in Tampa too...125,000 to 185,000 and 275.00 a month maintence fee.. Only 15 will be wet the others are dry storage. Trailered boats are going to be a premium around here soon. Their eating up the marinas for condos everywhere......Its getting nuts...Soon the ramps will be gone, just watch.

Re: My FL Marina sold - they want me to buy a "Dockominium"
 

HOLY CHIT! Is that the norm for that area? I assume you own the slip now just like a condo? I'm not familar with that type of arrangement. Would the boats mainly be the yacht types at those prices?

Guess that $2300/yr covered slip rental I have to mail in this week aint so bad after all.

Good luck in your search

Re: My FL Marina sold - they want me to buy a "Dockominium"
 

My mom up in Jax said there was an article in the paper called "Disappearing Marinas". These Condo guys are buying up every single piece of land along the water, even if something's there. There was this great restaurant off of Beach Blvd on the east side of the ICW.............SOLD!!! New Condos. They paid 6.5 Mil for 6 acres. :eek:

Re: My FL Marina sold - they want me to buy a "Dockominium"
 

That's what happens when the property is worth more than the business.
Sucks, doesn't it?

Re: My FL Marina sold - they want me to buy a "Dockominium"
 

Rockstrmkr - thanks for the heads up on Cedar Bay - I'll check it out later this week when I'm down in Naples.

Jason - I relocated to State College, PA for work, so I won't be down in Pittsburgh full-time, but I plan on bringing the boat down a few times this summer - mainly June 15-18 for the Fox Chapel Poker Run weekend...I'm going to keep the boat at Lake Raystown this summer...

US1Fountain - Yes, I would own the slip just like a condo - only it wouldn't be a slip - it would be space on a rack! Due to the shallow entry to my marina, there are only 5 or 6 boats over 30' at my place. They could dredge the river, but the big problem is low overhead at the bridges at Route 41...So they'll never get any large cruisers into the marina because of it...

I heard it was happenning elsewhere...Hopefully it doesn't happen to you guys!

Re: My FL Marina sold - they want me to buy a "Dockominium"
 

Happened here to at Gulf Harbor Marina but the prices are not quite that astronomical. They are also having trouble selling them. They switched over probably a year ago or longer and people are just not buying them.

Trailer sales however are up.....:D

Re: My FL Marina sold - they want me to buy a "Dockominium"
 

Naples Marina Has made a fortune in the last ten years and now they are cashing in large with these dockaminiums.It sucks they have you over a barrel and they know it.This is the first i heard of it going to dockaminium.My father keeps his boat there,he will probaly sell it at this point since he doesn't want to deal with the trailer issues.

Re: My FL Marina sold - they want me to buy a "Dockominium"
 

i AM GOING TO START RENTING MY COVERED LIFT FOR $500 PER MONTH

Re: My FL Marina sold - they want me to buy a "Dockominium"
 

Is this the marina that you have to drive by the airport to get to?

Re: My FL Marina sold - they want me to buy a "Dockominium"
 

Damdonzi,

Yep. You have to turn left just south of Naples airport, then wind around the back of the airstrip. But it puts you right at the upper end of Naples Bay when you get under the Rt. 41 bridges...

Re: My FL Marina sold - they want me to buy a "Dockominium"
 

:mad:

Re: My FL Marina sold - they want me to buy a "Dockominium"
 

naplesnews.com
Boaters snatch up dockominiums in Naples yacht club
By Aisling Swift

Friday, March 10, 2006

Dockominiums, a new concept in boat storage and docking, drew 55 buyers Thursday to space at the Naples Marina, which will be razed to make way for the upscale Naples Harbour Yacht Club.

Naples Marina’s sale and conversion from rentals into an upscale yacht club comes as the number of boaters is increasing while Collier County is losing boat docking sites, including Boat Haven and Wiggins Pass Marina.

Premium waterfront space is being snapped up for condos and hotels, leaving fewer spaces for boaters.

Many renters at Naples Marina, where slips go for about $350 to $400 monthly, received letters Wednesday telling them they’d have first dibs and a $5,000 discount if they opted to purchase space at the full-service yacht club for 30 days.

Before discounting, dry dock storage will sell for $121,500 for a 10-by-10-by-30-foot space, up to $157,000 for a 10-by-12-by-45-foot unit at the marina on North Road, near Naples Municipal Airport off Airport-Pulling Road.

For Alan Fletke, who had shopped around only to find prices in the $200,000-$265,000 range to store his 30-foot Monterey cruiser, paying $123,000 was a steal for an 11-by-11-by-30-foot space.

“I think down the road, if you ever go to sell the boat, it’s a plus,” said Fletke, who owns a home nearby in River Reach and had rented space at Naples Marina for 1 1/2 years. “It will be an advantage to selling.”

Fletke still hasn’t received his letter in the mail, but purchased space Tuesday after a marina employee told him the marina was being sold. Fletke was the first buyer.

The 30-year Naples resident had just sold a home in Port Royal and had cash to buy the spot. But purchasers need only to put 20 percent down and a bank will finance the rest.

On top of the purchase price, members will pay $225 monthly in dues. Amenities will include a full-time dockmaster and staff, gourmet delicatessen and coffee shop, unlimited in-out service, boat washing and engine flush outs, a pool, waterfront tiki hut and barbecue area, owner’s lounge, showers and restrooms, 24-hour security, and all fuel, beverages and food at wholesale cost.

Lee County entrepreneur Steeven Knight and a group of investors purchased the marina from Jim Jentgen. The club will join six others, so far, in a dockominium plan that allows boaters to use space at the other sites. Yacht Clubs of the Americas concept has reciprocal locations in Sanibel, Sarasota, Tampa, New Smyrna, Key West and Stuart.

The concept is described on its Web site, www.ycoa.com, which has renderings of the marinas that the investors purchased.

“You show up and everything is done for you,” Knight said, adding that boaters only need to make a phone call. “All your provisions are in your cooler. All your sandwiches are in Ziploc bags. You basically step on your boat and off you go for a day of boating.”

Tipping won’t be allowed. Knight said his research showed that boaters spend about three hours in preparation before and after an average three-hour trip, so having others do the preparations and washing down would enable boaters to spend the full six hours on the water.

So far, Knight said, there have been $40 million in presales at Sanibel Harbour Yacht Club, which is scheduled to open next month at Punta Rassa, near the mouth of the Caloosahatchee River. Sarasota Harbour Yacht Club is being dredged and is in the planning stages, but has totaled $25 million in presales.

Thursday was the day newspaper and radio ads publicizing Naples Harbour Yacht Club began and by mid-afternoon, 35 units had been sold, a number that increased to 55 by day’s end.

“We have people who buy and they’re strictly investors,” Knight said. “The availability for dry storage is being lost every year. We are preserving access to the waterway for life. ... It’s a capital investment that clearly shows a return of 25 to 30 percent. That’s a very good return on an investment.”

Knight said renters will be given ample notice and the club will be built in two phases, which will take about 14 months.

“We won’t run renters away until it’s absolutely necessary,” Knight said.

The current marina has 740 spaces. The new club is offering about 680 private, secure dry and wet boat storage spaces, but that could decrease if more large spaces are purchased, Knight said.

Instead of leasing, members of the club’s association will own their units, just as they do when they purchase a condo or other property.

“This concept is sweeping the country right now,” Knight said. “Our level of service will be what sets us apart.”

Peter McLaughlin, Knight’s partner in the Naples club, said about two-thirds of the buyers were existing customers and the rest saw the ad in the newspaper or heard it on the radio.

“There were several people searching for boats, but didn’t have a place to put them,” McLaughlin said, adding that buyers bought space Thursday and then drove off to finish purchasing their boats.

© 2006 Naples Daily News and NDN Productions. Published in Naples, Florida, USA by the E.W. Scripps Co.

Re: My FL Marina sold - they want me to buy a "Dockominium"
 

Sounds like a cool investment if you have the money.

Re: My FL Marina sold - they want me to buy a "Dockominium"
 

“You show up and everything is done for you,” Knight said, adding that boaters only need to make a phone call. “All your provisions are in your cooler. All your sandwiches are in Ziploc bags. You basically step on your boat and off you go for a day of boating.”

No thanks, I wouldn't, (personally) be comfortable in having somebody else prep my boat for me to go boating, especially when I have my family along. The old adage comes into play for me, "If you want it done right, do it yourself"! :eek:
Dean

Re: My FL Marina sold - they want me to buy a "Dockominium"
 

Marinas around me just close up and give you no warning. Ask
hi-perf2000 it happened to him

Re: My FL Marina sold - they want me to buy a "Dockominium"
 

Craig.. Thats cool.. Let me know when you get into town with it. Raystown has some good boating. Its also pretty popular with the diving community. You can dive down and swim around the town that was submerged when they flooded the valley.

This is a problem that is probably going to happen around the rivers here. They keep putting condos on the waterfronts and driving property values up. Now they are talking about possibly putting a casino on the waterfront. One suggested location is just upriver from our marina. If that happens, bye bye marina. :(

The marina That I have my lift at is talking about going condo in a couple years.Who owns there own slip on here?.Can you write it off like a vacation home?Thanks

that is the new thing going on in Florida, dockominiums are taking over.....I am considering a dry storage deal in Broward County as an investment.....who here is looking for dry storage space in Broward County? Thie demand or need for dry storage is going to determine my decision whether to go into the deal.

Thats how I am looking at it.I am renting the slip now(I own the lift) so if I own the slip its not like dead money also its not as much as you guys are paying in Florida

what would travis macgee/doc ford think of this,everything down here is going condo and boatiminium,but nothing is selling,yet they keep building,getting ready to knock down about a mile of n.roosevelt blvd to build more condos(waterfront views ,but no dockage.)

Maximo Marine in south St Pete is doing the same thing, they have been booting all the boats out to start construction the last couple of weeks. A lot of people are pretty pi$$ed about the whole thing.

I have a good friend looking into this dock-o-minium investment thingy... what he doesn't understand, nor has gotten a straight answer for, is when you buy a slip for $300,000 and then you MUST pay a monthly maintenance fee?? fee for what?? the manatee's to clean your pilings?? nobody seem's to be able to answer that one... also, if your buying the bay bottom beneath the slip, do you do it on high tide?? or low tide? are there property taxes assessed on the bay bottom?? if you have a 40' slip and a 46' boat, who's property are you encroaching on, if it sticks out?

JH

For that kind of money you can almost buy waterfront property on Marco Island!

The fee is like having that condo and the membership/owner association :Whatever: fees.
Like a condo... nothing hanging off the pier or docksides (like on balconies) and when I looked at them it usually meant using "their" lending institution since most banks don't quiet understand loaning money to buy a spot of water.
They usually want some kind of dirt to be involved.

Give them all another year when the banks take them all back. The banks will be giving them away.The projects around here are mostly stagnant . i think Naples Marina borrowed somewhere around 90 million for their project . .They could not wait to kick my dad out of there and tell him he would be begging to buy a slip later.Good Luck.People with a 60 thousand dollar boat are not going to buy a 160 thousand dollar slip.The speculators who bought into them will be dropping like flies.

Slip Ownership
 

Slip ownership is in vogue. There is still a market, believe it or not, in flipping slips for profit as well. The Sundance Marine property, owned by Joe Clawges, at the end of the 15th street canal in Lauderdale, is being presold now, and will be called "The Harborage Club". They are listing at $110,000 to $165,000 each, depending on the size slip you need. My friend(and neighbor) Brien Mastriana, is developing "The Sails", at the foot of the 17th Street bridge in Lauderdale, that will also include slips for sale. There is...and always will be...a market for this in South Florida.

not if it is just a well. you write your boat off as a second home.

Here is a good link http://www.boatslips4sale.com/boatsl...racks_faqs.htm

I was a little in the dark on this subject:)

Funny, I was just talking to somone about the slip situation, and mentioned that my friends are saying I was a dumbarse for not buying that slip I was looking at in Cocoplum Yacht Club a few years ago for 40k..

Here's todays prices :eek: :eek:

If you own a small motor yacht and cruise to other locations. Slip ownership along with yacht club type membership. Is a pretty good deal. My parents club: "list of reciprocal clubs give access to private facilities throughout Canada and around the world. Accommodations at competitive rates are available in some reciprocal Clubs, including New York, Chicago, Boston, Washington, San Francisco, London (England)."

Parents don't have a slip, just the membership. Most of these slips come with onshore club type facilities. Your 80 or so MY becomes a moving condo. The real advantage just like my parents yacht club membership, you can use other places facilities. Can also see how a sport boater does not have the same appeal.

The link above gave some good info for sure. Are the property taxes on these as high as they are on all forms of real estate in FL?

Prices are not as high in NJ as in Florida,I currently have my lift in a 30 ft slip told him I might be interested but I want a 40 ft slip so if I get the 38 Lightning I don't have to move my lift.He is talking 60-80 k might do it if it happens.Would cost me 50k for a dually to tow the 38 and I am spoiled with a lift.You will use the boat even if you just have 20 mins.Thanks for all the replies

Geesh....I'll just stick to my $200 per month slip rental that includes, Water, Garbage, Cable, Wireless and 50 amp! Not to mention the 100 feet of maintained lawn in front of my dock. :cool-smiley-011: You fella's have fun in FLA!

The monthly maintenence fee would cover Taxes, Insurance, Maintenence, Salaries for the employees, etc. This fee normally starts out on the low side. You can expect increases every year. That being said, I know of a dockominium in south Florida that has doubled in price in 4 years!