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| Author: | jnizi [ Sun Sep 21, 2008 9:43 pm ] |
| Post subject: | Dockominium |
The marina we moved to this summer is selling slips as a "Dockominium". Does anyone have any experience with this type of purchase? This appears to be a ground floor opportunity in a very well run marina. We have been slip renters for the last few years and this is a new concept for our area. I see there are quite a few such properties elsewhere in the country. Just wondering if anyone else has any opinions or cautions. Any responses would be helpful. 
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| Author: | millhaven_nice_guy [ Mon Sep 22, 2008 12:24 pm ] |
| Post subject: | Re: Dockominium |
What are some rough details of the arrangement? I assume they will want some of your cash upfront plus a monthly fee for "dock fees"? What is the benefit of such an arrangement? Arounfd here, once you have a slip, as long as you pay up you will always have a slip! Sounds like a way to grab some cash from eager " investors" that are promises of large pay-offs in the end? It's not like your buying land...just the use of a dock. I would guess that you should stick with renting but I could be wrong. |
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| Author: | pwrplay [ Mon Sep 22, 2008 1:05 pm ] |
| Post subject: | Re: Dockominium |
I wouldn't touch this deal no matter how good it looks. It really sounds like a cash grab. After all all you are really purchasing is a dock by the sounds of it with no real tangible asset that warrants being called a "condo". A dock is just a device that allows you to get to your boat from land to a point on the dock where your boat is tied up. When you play slip fees , you are just paying to use the dock and to store you boat on this dock and the marina owner is responsible for it. Now, if you bought a dockominium, and then you decided to sell you boat to someone that has no intention of slipping in your "dockominium" or you wanted to move to another lake or marina, I guess you would have to try and sell it. Who would sell it and profit or loss from it? you or the marina? Also what if the marina becomes in disarray in years to come, what would be the value of such a "dockominium"? How would you determine such value for a bunch of wood that rots over the years and has no real appreciable value. How would insure your "dockominium"? Who is responsible for what repairs..etc..etc.. Way too many issues to deal with, much easier to rent a slip and then just cancel when you want to leave that marina to go to another marina. But thats just my opinion. |
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| Author: | Jim_R [ Tue Sep 23, 2008 11:39 am ] |
| Post subject: | Re: Dockominium |
What next dock time shares? I would look very closely at the maintenance fees associated with the dock o minium. Could be all you are doing is handing over a chunk of cash now for 'reduced' rental fees, that over time will get right back up to where you started at. I assume you'd get the same slip every year - might be nice if you have a choice one. Of course could be bad news if you upgrade to a boat too big for the 'owned' slip. Also make it tougher to move around should you have an issue with your slip (or perhaps slip neighbors). |
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| Author: | rberm [ Fri Sep 26, 2008 11:09 pm ] |
| Post subject: | Re: Dockominium |
The marina I am in is a dockominium. They are actually in high demand here in NJ. The marina is run by an owners association thus the upkeep is always impeccable. You have a deed to your specific slip, you also pay realestate tax. This is a portion of the overall tax that the property pays. In my marina several people own multiple slips and rent them out. There is actually a waiting list to get into the marina. I guess you decide what the demand for slips in your area is and how nice the marina is to begin with. I know the value of the slips at my marina have gone up substantially from when they were originally sold some 15-20 years ago. a slip big enough for a 40' boat and 14' beam will cost you around $35,000.00 if it ever comes available. Hope this helps your decision. |
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| Author: | pwrplay [ Sat Sep 27, 2008 7:37 am ] |
| Post subject: | Re: Dockominium |
rberm, Thanks for the input. So what happens when you want to upgrade to a bigger boat? I guess you would have to wait until a bigger slip becomes available for sale and then put your current one up for sale.? |
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| Author: | rberm [ Sun Sep 28, 2008 11:50 am ] |
| Post subject: | Re: Dockominium |
Either that or a buy a bigger slip to begin with if you are thinking of up grading to a larger boat at some time. |
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