jmunro123
Member
I was wondering what has happened to the Dockominium market in recent years and if there might be some good deals. Particulary somewhere that is warm in January and Feb?
Thoughts.
Thoughts.
Dockominium Market in Florida or somewhere warm in the winter
- Thread starter jmunro123
- Start date
Angry Ranch Hand
New Member
- May 17, 2011
- 177
- Boat Info
- 2011 Cruiser
Raymarine C90, AC / Heat, KVH Sat, Bow thruster, every option sans snowplow
- Engines
- Merc 502 / Bravo III Seacore
Find the location you like most and Google Real Estate.
The prices are down most everyplace.
Newport Beach Cali has some good deals, and if they are down,, most everyplace is down. Even better if you're shrewd and follow the daily listings.
Ya get greedy kids that inherited a property and are flipping them fast.
The above info from an obnoxious Real Estate Lawyer that moors next to us in Catalina. But that's another story.
Buying now is a good time,, though it may take a slight hit in value in the short term, I'd wager in the long run it'll work out nicely.
Fee simple property is the only way to roll IMHO. Forget leases on the dirt/water with ownership of the building in this market.
Go for it all.
The prices are down most everyplace.
Newport Beach Cali has some good deals, and if they are down,, most everyplace is down. Even better if you're shrewd and follow the daily listings.
Ya get greedy kids that inherited a property and are flipping them fast.
The above info from an obnoxious Real Estate Lawyer that moors next to us in Catalina. But that's another story.
Buying now is a good time,, though it may take a slight hit in value in the short term, I'd wager in the long run it'll work out nicely.
Fee simple property is the only way to roll IMHO. Forget leases on the dirt/water with ownership of the building in this market.
Go for it all.
- Oct 6, 2006
- 12,155
- Boat Info
- 1996 450DA
- Engines
- 3116 Caterpillars
Dockominiums in some areas in Florida are a lot more about other factors than price. Owner's associations can be broke and there are no reserves for maintenance. Some slips may be leased then subleased and other owners have no control over who their neighbors are. If the slips are associated with a condo nearby, you may have other factors at play that increase your risk as well. Your biggest risk with a dockominium may be that you are locked in to one location. We found that Florida is a big place and you really don't get to know an area until you spend some time there. For those reasons, I would suggest that you consider leasing a slip until you figure out all the variables and discover all the questions that need answers.
Florida is a little different than most places. Many municipalities own marinas that are clean, neat and well maintained.........that is because the municipality can take the land they need and private marina developers have to buy it. With boat sales off as far as they are and foreclosures as high as they have been, leased slip availability is significantly better than it has been in recent memory.
A final point is that if you have not had a boat in Florida before, and you plan to live in the north and visit the boat in Florida in the winter, it makes sense to locate the boat in a marina that provides on-site service.......believe me, you will have service needs. On-site service isn't usually available in dockominium situation.
Florida is a little different than most places. Many municipalities own marinas that are clean, neat and well maintained.........that is because the municipality can take the land they need and private marina developers have to buy it. With boat sales off as far as they are and foreclosures as high as they have been, leased slip availability is significantly better than it has been in recent memory.
A final point is that if you have not had a boat in Florida before, and you plan to live in the north and visit the boat in Florida in the winter, it makes sense to locate the boat in a marina that provides on-site service.......believe me, you will have service needs. On-site service isn't usually available in dockominium situation.
- Feb 4, 2007
- 7,251
- Boat Info
- 1996 450DA, TNT, Caribe dink w/15hp OB.
- Engines
- 3126 427HP TD transmissions
I've been pricing them all over the place and from what I can tell, owners are losing money on them. It seems like you can lease a slip for less than the cost of ownership right now, the market is that bad.
jmunro123
Member
so does it make sense to buy one now that the market is lower - or just keep leasing?
sea salt
New Member
Taking into consideration what some wise folks have already said in this thread, I would look to enter into a lease with an option to buy. You can structure the option in a multitude of ways, some of which fix the price now, apply some of the lease towards the final purchase price, allow for market adjustment, etc. In this way you can both see if you like the 'neighborhood' and hedge against falling prices before you excercise your option and close on the slip.
Skeetobite
New Member
I've been leasing from individual owners for a couple years now. Every time I think the time is right to buy, the price drops further or more slips go in to foreclosure within one of the two facilities I like. I leased from an owner who hadn't paid his dues = problem with the association and subsequent foreclosure. Be sure to check it out. The last place I was at had an owner of 96 slips foreclosed on. The prices plummeted.
Right now I'm leasing in a marina with an advertised rate of $27 per foot, per month. (who thinks they can get that in this economy?) I have a slip here for just $500 per month plus electric.
I'm in central Florida on the Gulf Coast. Nearly every marina in this area is at or below 50% occupied. At 37', I'm usually the biggest boat on the water any day of the week in the Tampa Bay area, which is nice, but lonely. Tons of smaller fishing boats around, but not much else goes out.
Right now I'm leasing in a marina with an advertised rate of $27 per foot, per month. (who thinks they can get that in this economy?) I have a slip here for just $500 per month plus electric.
I'm in central Florida on the Gulf Coast. Nearly every marina in this area is at or below 50% occupied. At 37', I'm usually the biggest boat on the water any day of the week in the Tampa Bay area, which is nice, but lonely. Tons of smaller fishing boats around, but not much else goes out.
