Dockominiums

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fizerocks

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Looking for everyone who currently owns their own slip on the East coast. I want to know if you feel it was worth the purchase price and if your community allows you to rent out your slip when your not using it. Also, does your community have a website that I can look at to view what is available and any pricing information.

We are wanting to relocate at some point to the east where we can boat year round. My thoughts are if the price was right to buy now and rent it out until we move.

Thanks for any input.
 
We thought about buying a 36 foot slip a few years ago at 35k, but decided to rent instead. The current marina owners do not sell slips, but the original marina owners sold a few during the startup about 25 years ago. These original slip owners (or their survivors) have been reselling their slips for a bit more than was originally paid.

If we became LTL (life-time-lease) holders, we factored in other fees and surcharges. Depending upon slip size and seasonal or full-time liveaboards, the annual fee could be as high as $2,000-3,000. Apparently these fees cover marina expenses such as use of facilities, like heads, showers, laundry, parking, swimming pool, minimum utility usage, etc. We also considered the interest paid on our loan, if financed, and what that money could earn invested elsewhere - such as in appreciating real estate.

Since our summer rent is 4k and winter storage 1.5k, we didn't feel there was much of a savings and didn't want to limit ourselves to dock location or max vessel size. As it turned out, we switched slips three time for various reasons while moving through different boats. There really wasn't much appreciation in the market value of slips within the ten years we were renting - but obviously, the slips do sell for at least as much as they originally sold for.

If you're absolutely certain your boat size will not increase, or don't care about incompatible slip mates (read - party animals), then it's probably a wise choice.

Steve
 
This won't help much as far as the east coast, but we are getting ready to buy a rackominium in St. Petersburg, Fl. It's still under contruction and they are doing precontruction pricing. We have found no slips available for rent or sale with security. We did find a 35 ft. covered slip in Clearwater for $150,000.00 but we have a 40 ft. The rackominium for a 40" by 14" by 18" sells for $161,000.00. It will give us complete weather and water protection, twelve cameras, and a security guard. This is a gated community with 300 high and drys and 250 wet slips. The marina is the first phase with two high rise condos to follow within two year. We live in Indiana and this appears to be the best way to protect the boat and have a place to opperate the boat until retirement.
 
On the West coast I bought my 46' slip for $17,500. Yes, I can rent it out if i want to.

Dave

Faster now but still steady
 
Sounds like somebody needs to figure out a way to buy slips in the PNW, ship them to Florida, and sell for an outrageous profit!
 
I looked into this on the Texas gulf coast. There are a few places selling slips. All of those I researched will allow you to rent it out. Prices range from $12K-40K depending on the size of the slip. One of the larger ones is in Clear Lake (near Houston) and is called Portofino Harbor. If you google that you'll find it. Last time I checked they had some 45' slips for around $30K, and 35' slips for less than $20K. Thats the piling length, you can typically get away with another 3-5' of length. Its an open uncovered slip, but a nice marina with full time security and lots of liveaboards. Very protected water too.

We actually went one step further. We have a contract to buy a waterfront house w/65' of bulkhead just a few hundrew feet from the intracoastal for less than some of the Florida dockominiums charge for a yacht sized slip.

-Dave
'04 320 Sundancer
 
We bought our dockominium just this winter in Mystic CT. We have been waiting for one to open up for over four years. It's a 40' slip with a finger pier, dock box, cable tv, wireless internet, picnic area, fish cleaning area, very clean shower and bath, our own boat lift, secure fenced in parking area. Bought it for 30K and it seems like a no brainer to me. Summer and winter rent was costing me over 5K per year now my yearly cost is about $500. Doesn't take long to add up to 30K and I have no interest in owning a boat larger than 40'and yes you can rent it out.
 
Denis-

That is a great price. I recently saw a slip advertised for sale over in the Stonington Dockominiums for closer to $95K.

What marina are you in?

Dan
 
I just bought a 55'x20' in an upper scale yacht club, covered with dock fingers,cable,telephone,elect and water,on the upper mississippi, also with the price of rent around here it was a no brainer,they have a beauteful clubhouse with a with a resterant that offers steak and lobster,helicopter pad, swimming pool and gated comunity,$50,000.00
 
Bought mine north of Boston for $35,000 in 1986. Annual fee until recently was under $1,000. Rentals would run $150-175 per foot year round for my 36. Purchase note was paid off 10 years ago and I can sell the remaining 78 years for more than I paid.

Yes, I can rent it and if I let the marina do it, they keep 10%.

The real key is whether you are happy with the area and the limitation on the size of boat.

Gene
 
I bought a rack in 1998 for under $30,000 in NC that would accomodate anything up to 30'. We have moved out of state and rent it for $4000 (5% handling fee to marina) a year and have to pay $1200 in annual membership dues. Probably going to sell it this spring. The asking price will be at least $150,000 and our marina manager thinks it will sell in less than a week.
 
I own 2 slips, second one just bought this year. My thoughts are it is nice to have something that is boat related that appreciates. :)

Walter
 
I personally would never buy a slip. It's just one more boating related thing that you'll have to sell one day - and we all know how easy it is to sell boating related stuff!

For some people, it makes sense, not for me.
 
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