Purchasing a slip

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BoatCrazy

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Ok, I know this topic has been discussed a few times on this site recently in different forums within BE.

Some say real positive things about purchasing a slip, and some are saying its a bad investment. Just like real estate, I am sure it depends on location, as well as the ammenities that come along with the marina.

Some own slips to rent out, and others own slips just so they dont have to pay "rent"

I am familiar with real estate and how that works with purchasing, but a slip. Now thats a whole new ballgame for me.

There is an interesting thread in the HRCC forum about this. Many different views, and those views seem to differ from those in the LICC.

I have never been in a position till now, to find a place to keep my boat. I thought it would be easy, not the case. I have always had water front property, but after Sandy, I got rid of it, that was the final straw.

Anyways. What is the financial gains of purchasing a slip?

If the beam of the slip is 16ft, if the bulkhead needs fixing, who is responsible? The slip owner or the marina? Now, if its the slip owner??

If you park behind your boat, do you own that parking spot? Where exactly does your "ownership" end?

Curious as to what everyone has to say
 
Those questions can only be answered in the title deed.
 
Bruce, thats why I am asking those who own, to share what exactly they own.
 
I have a dock at my house but I know a number of people who bought Dockominiums.
Typically you buy the slip and pay seperately for Power and the taxes on the land under your slip. The monthly charges go to maintenence and upkeep. There is usually an assesment for capital repairs. Sometimes the insurance is included in the monthly but others bill for it seperately.

Read the deed and rules closely!! Some are good deals an d others disasters. Some you own the land under the boat others not. Caveot Emptor.
 
Most dockominiums operate exactly the same as any residential Condominium Corp.

Read the declaration documents carefully as all that is in there.

In my case I own the water lot and all docks, fingers and seawalls are common property.
If an owner rips out a cleat, power tower or dings a dock he is responsible for the cost of repair
as done by the Condo Property manager or a designated contractor. You do not fix it yourself.
If the whole thing needs replacement or repair due to age or storm damage that is a Condo expense
either from budget, reserve fund or general assessment.

Look at the financials and find out about any contemplated repairs, dredging or upgrades that may
trigger an assessment or fee increase that will not reflect added value.

Originally I bought 2 slips and rented one out for the last 8 years.
The rent was about double what my occupancy cost of condo fees and taxes were so I lived approx. free.
Last Fall I sold my extra slip for the same amount as I paid in total for both of them eight years ago.

The only reason I did this was because I am getting ready to market a brand new dockominium and want to
get in on the ground floor of this one with two more slips. The new ones will allow year round liveaboard
and I can get two seasons of rent from each instead of one.
 
Although a little off topic, I was wondering why do you stay in NY? If you have sold your property and your business, there are places farther south the are not nearly in the path, so to speak, and would still allow you waterfront at a reasonable price. I understand if you still have a lot of ties to the area but for me, if I did not have a job or business to keep me in NY I would be on the first train out of looking for boating a property farther south.
 
Good question John. There is no place id rather live then on Long Island. I still have 14 properties on the island that are rentals. So that keeps me pretty busy. Plus my two nephews are here and I cant move away from those little guys. The fiancee is in school getting her doctoral degree, so shes tied down here as well.

Im not going to buy a slip for my 17 footer. Doesnt make sense. If I had a larger boat (going to start looking again), then yeah it might pay to buy..
 
I own the land behind my slip.
I own the 2 outside poles
I own my finger pier.
All inside poles are marinas responsibility.
They take care of bulkhead, concrete, water, electric, and ice damage.
I pay electric
I pay taxes on slip of $650
I pay common charges of $1600
Taxes are tax deductible so my carry cost per year is $2k.
They can assess for special things. They assessed all slips $200 for new bathrooms a few years back.
 
Dave what is the average price of a slip that would fit a 40+ footer?
 
You can't own water. So not sure about that. I am guessing it is considere common area and marina owns it
AYC is about location and beam more than length. A slip that can hold your typically 40' with say ay 14' beam can run from $35k to $60k based on location.
 
Is there a big jump for a larger beam? I'm just trying to figure what it would cost for me for my current boat and one I might consider on a few years.
 
Submerged land can be owned in FL if it was titled earlier for some reason such as an old land grant or is it is a dredged and filled area where the original, titled, low land became new submerged land . It largely depend on state law. Everything else is state owned and leased or not depending on who ownes it.

The reason you are concerned is that in FL the DEP decided it needed more revenue and since all submerged land belonged to the state it should charge rent. Knowing individual home owners, voters, would be pissed they only charge commercial operations such as marinas and YCs,. Later they added condos and of course oodles of regulations and fees even for private homes.

Can private home be farbehind??
 
Dave,
Your I. Haverstraw, why do you care about Lindenhurst.
Bigger beam slips will range from $45k to as high as $75k based on location and demand.
We have a few slips that have their own private 3 sided land slip which are up there and may be worth more
 
Nice explanation/info. :)

quote:
Originally posted by The Other Gary

Most dockominiums operate exactly the same as any residential Condominium Corp.

Read the declaration documents carefully as all that is in there.

In my case I own the water lot and all docks, fingers and seawalls are common property.
If an owner rips out a cleat, power tower or dings a dock he is responsible for the cost of repair
as done by the Condo Property manager or a designated contractor. You do not fix it yourself.
If the whole thing needs replacement or repair due to age or storm damage that is a Condo expense
either from budget, reserve fund or general assessment.

Look at the financials and find out about any contemplated repairs, dredging or upgrades that may
trigger an assessment or fee increase that will not reflect added value.

Originally I bought 2 slips and rented one out for the last 8 years.
The rent was about double what my occupancy cost of condo fees and taxes were so I lived approx. free.
Last Fall I sold my extra slip for the same amount as I paid in total for both of them eight years ago.

The only reason I did this was because I am getting ready to market a brand new dockominium and want to
get in on the ground floor of this one with two more slips. The new ones will allow year round liveaboard
and I can get two seasons of rent from each instead of one.

Click to expand...
 
Buying decision is similar to any real estate. Is there a cost or other benefit to owning and giving up the freedom to move easily? In most places there is not likely to be any appreciation for a while so it become a cash flow vs flexibility issue.
If I were back on LI I would want to move around and with your new boat there are so many places off LI to explore you might want to try a slip out east before deciding on a permanent place. Driving an hour might just be better than boating that same distance over and over.
 
The ownership of the land underwater is a huge concideration in your buying decision.
Private fee simple ownership is desired as you know what you have.
Some Dockominiums are built on deeded hard ground with undewater land leased from the State or Province.
There is no guarantee that the renewal will not double costs or will occur at all unless specified in the land lease.
Read everything and pay a Lawyer to venture an opinion.
As a lease approaches renewal the values may actually drop.
The dockominium I own is on deeded land and deeded bottom. We have a deeded right of way over other private bottom to the Harbour Entrance, which is public, and currently getting a 9 million dollar seawall renovation with public funding.

This whole Bay was deeded to a private company in 1852, fifteen years before Canada got indepenance from Britain yet
it still took us over 14 years of court battles to get a Federal Court decision that firmed ownership of the bottom in the eyes of the City and Province. Only then did we build the dockominium.
These are solid values, other offerings will have other rules or conditions so read, investigate and buy based on knowledge.
 
quote:
Originally posted by CurrentSea

Dave,
Your I. Haverstraw, why do you care about Lindenhurst.
Bigger beam slips will range from $45k to as high as $75k based on location and demand.
We have a few slips that have their own private 3 sided land slip which are up there and may be worth more

Click to expand...


I don't care so much about Lindenhurst as I do a gauge for other locations. Yes I'm in Haverstraw for at least a few more years then I will considers other options. Once both kids are out of my home I will no longer feel tied to being close to home. I would seriously consider moving out to the sound more likely the CT side. I love the sound so much to do and explore. This said all my friends are on the Hudson so it would be hard to make such a move anytime soon.
 
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