40FT SLIP

I looked into dockominiums what is the advantage and do you get anything by buying one?
 
same as a house the market goes up you make money! Vided probably only paid 75k and now it's worth 100k maybe I have now idea the real value or numbers. Why pay rent if you can afford to own.
 
More likely the opposite of what you said Dave. In case you haven't noticed, the RE market sucks (unless you are buying).
 
The ones I looked at you still have a maintenace fee every year, I don't think its worth to own, but thats just me.
 
Personally I do not think it is a wise investment on the Hudson. By the time you pay it off plus expenses, (water, maintenance, electric, pool) and don't forget the big one, interest on the note which is a mortgage. To keep it for 15-20 years? I can think of better ways to invest my money. And yes a boat is no investment.
 
Well I have been boating for a long time pushing 25 years with my own boats and another 10 before that on my parents boats. If you add up what I have spent on slip fees I could own a ship and some day sell it and at least get back most of my money. I'm not saying this slip is the one to buy I have no idea but the concept seems sound! It the difference between owning or renting you home why not build equity in you slip if you can. Problem is I would hope to outgrow my slip before it would be paid for.
 
Vided what are you saying here?

"1961, size 9, white keds" Are these your walking shoes?
 
Dave, when I moved to Croton, I considered purchasing one of these Dockominiums. The only thing I could not put my arms around is, what is the true value. I think everyone agrees, if you pay $10k or $100k, doesn't matter as long as it appreciates over the long run. With the taxes and maintenance plus assessments (due to damage, capital improvements, etc), the annual savings is offset so you really need to rely on appreciation to make this a wise investment. Unlike realestate, finding comps for these slips is nearly impossible. The closest I saw was something like the Anchorage over at LICC. It's been a while but I seem to recall, if you compare the prices per slip and fees, the comps were apples and oranges.

So, how are you sure the price of these docks will not drop? I believe through practice, others have purchased slips including the owners when there has been a dip. This makes sense for them to preserve the value. However, the whole concept seems like too much of a gamble for me. Perhaps it's just the fear of the unknown. I'd be curious now that there is a track record, how did these slips hold value as compared to say price per foot of marinas and also local real estate?

HMB is a very clean, safe, deep water, well protected marina in a perfect location to maybe the best anchorage on all of the Hudson. And it probably shaves 1/2 mile from my ~1.5 mile commute, lol
Luckily, as a resident, I was able to join CYC as a working member to offset my costs so I went that route instead.
 
Walshie I can't afford it anyway so I won't be on the market anytime soon but I can see the logic.

I just noticed your signature LOL!
 
I agree with Walshie, I think years ago when I heard of this it was something people were trying to make money. I don't think it took off the way they thought and im sure people who bought are having a hard time selling and I would be supprised if there is any profit with the way things are.
 
In florida they have rack storage spots for sale. Twelve years ago they got $100,000.00 for a space. Now the marina is asking $10,000.00 for the same size spot. Not too many takers. People trying to sell have no takers either.
 
It might not be a bad investment if there were no other fee's but I was suprised the fee's are almost as much as renting a slip for the season.
 
quote:
Originally posted by winters remedy

It might not be a bad investment if there were no other fee's but I was suprised the fee's are almost as much as renting a slip for the season.

Click to expand...
In Naples they get $400.00 a month for maintenance and in & out with the forklift on demand. Even if you sold your boat and are trying to sell your spot, they still want $400.00 a month for maintenance. I'll pass.
 
quote:
Originally posted by Audrey II

Vided what are you saying here?

"1961, size 9, white keds" Are these your walking shoes?

Click to expand...


if your asking my opinion, i own the slip.
i've had it for ten yrs, the way i look at it, i paid my rental fee for ten
yrs at 2002 prices, never had to deal with price increases, or changing slips, the people i share the finger with are the best.

by the by ........ it's for rent, $150.00 40' minimum
 
Wow,
$150 per ft for north Hudson seems very steep. Haverstraw's top price for the peninsula is only $134 per ft for 46 and above and this is be before a discount.

Good luck trying to rent.
 
quote:
Originally posted by Starry Night

Wow,
$150 per ft for north Hudson seems very steep. Haverstraw's top price for the peninsula is only $134 per ft for 46 and above and this is be before a discount.

Good luck trying to rent.

Click to expand...

ok, so you'll say $134, and i'll say $140, and you'll say................
:)
 
I'm not sure you can compare our side of the river with Haverstraw / Stony Point area due to land access. On this side of the river there is much less competition for a 40' deep water slip.
 
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