Seeking tips on BUYING a slip - Page 2 - SailNet Community

   Search Sailnet:

 forums  store  


Quick Menu
Forums           
Articles          
Galleries        
Boat Reviews  
Classifieds     
Search SailNet 
Boat Search (new)

Shop the
SailNet Store
Anchor Locker
Boatbuilding & Repair
Charts
Clothing
Electrical
Electronics
Engine
Hatches and Portlights
Interior And Galley
Maintenance
Marine Electronics
Navigation
Other Items
Plumbing and Pumps
Rigging
Safety
Sailing Hardware
Trailer & Watersports
Clearance Items

Advertise Here






Go Back   SailNet Community > General Interest > General Discussion (sailing related)
 Not a Member? 


Reply
 
LinkBack Thread Tools
  #11  
Old 09-28-2008
Thanks Courtney.
 
Join Date: Sep 2006
Location: IL
Posts: 3,954
Thanks: 1
Thanked 1 Time in 1 Post
Rep Power: 11
T34C has a spectacular aura about T34C has a spectacular aura about T34C has a spectacular aura about
Quote:
Originally Posted by sailingdog View Post
Given what today's market is like, unless you buy it a pretty low price, it is likely that its value will drop before it starts to rise.
Maybe, maybe not. It is hard to translate housing market prices to condo docks. Not really an apples for apples comparison.
Reply With Quote Quick reply to this message Share with Facebook
  #12  
Old 09-28-2008
sailingdog's Avatar
Telstar 28
 
Join Date: Mar 2006
Location: New England
Posts: 43,290
Thanks: 0
Thanked 11 Times in 11 Posts
Rep Power: 13
sailingdog is just really nice sailingdog is just really nice sailingdog is just really nice sailingdog is just really nice sailingdog is just really nice
A lot of the condo dock prices went up in value with their associated condos...and are seriously overvalued now.
__________________
Sailingdog

To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.

Telstar 28
New England

You know what the first rule of sailing is? ...Love. You can learn all the math in the 'verse, but you take
a boat to the sea you don't love, she'll shake you off just as sure as the turning of the worlds. Love keeps
her going when she oughta fall down, tells you she's hurting 'fore she keens. Makes her a home.

—Cpt. Mal Reynolds, Serenity (edited)

If you're new to the Sailnet Forums... please read this
To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
.

Still—DON'T READ THAT POST AGAIN.
Reply With Quote Quick reply to this message Share with Facebook
  #13  
Old 09-28-2008
Junior Member
 
Join Date: Jul 2008
Posts: 4
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 0
joesailer1 is on a distinguished road
when the condo fee is more than a yearly dock rental why would one want a dockominium . Also remember those fees can go up each year. In my area they start out with low fees and then in a few years they sock it to you.
If you can afford it, buy a little dumpy house on the water just to be able to dock your boat!
Reply With Quote Quick reply to this message Share with Facebook
  #14  
Old 09-28-2008
Banned
 
Join Date: Sep 2002
Location: Michigan
Posts: 555
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 0
tommyt is on a distinguished road
This really depends on you and your confidence in the longevity of your involvement in the sport. Questions that I would ask myself would be similar to those when buying a house....because for many this is their summer home. As stated by many, there is really no definite factor to apply.

1. Location, location, location! Convenient to your home, office, favorite sailing area, whatever. Will you get there enough to justify your investment in both the boat and the slip?

2. Do you think you will like your neighbors? Unlike your home, the boat is small and you will spend more time,while in the marina, in the cockpit. Is your slip mate someone you can share the space with, because you own the slip and won't be moving around to find the perfect neighbors.

3. If you have made the commitment to the boat, a depreciating asset as we all know, are you sure you want to lock into one more asset until you find out just how much you love it? Sailing is a great sport, and I cannot imagine not having a boat to use, but I have more friends that think I am nuts than friends that understand the passion. In todays market neither the boat or the slip is a very liguid asset. Unless you are in a very high demand area the slip may take longer to move than the boat.

4. If you make the commitment to the $$$$ for your own slip you have to be also willing to commit to the taxes, utilities, and assessments that go along with it as well. Once in, you are part of a group of equity partners and you vote on everything....and have lots of rules that some of your neighbors love to enforce. Could be good, could be a pain.
We have a private marina in our area and it is very nice. Prices never increased as everyone thought they would, but the average 30' slip is probably about $50K now. A couple of years ago everyone got an assessment for a new wall. Some want floating docks, with an estimate between one and two million split between something like 130 slips.

5. Some of these private marina, condo marinas, have become very successful with close knit relationships that continue at the end of the boating season. Some are just a pain. Be sure what you are getting into.

At the end of the thought process I think that unless I already had experience with the marina, and its occupants and managers, I would rent for at least a year to make certain I was not investing in the wrong neighborhood. Your and your families involvement with the boat and the sport may depend on it.
Reply With Quote Quick reply to this message Share with Facebook
  #15  
Old 09-28-2008
PrinceBuster's Avatar
son of a son of a sailor
 
Join Date: Sep 2008
Posts: 40
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 0
PrinceBuster is on a distinguished road
Quote:
Originally Posted by sailingdog View Post
Given what today's market is like, unless you buy it a pretty low price, it is likely that its value will drop before it starts to rise.
No doubt, sailingdog. That's why I'm trying to identify what consitutues a "low price," especially given our current economy.

Here are the specifics of what I'm looking at:

Two sellers are asking almost the same price for slips the size I need--$23K. Rentals for these slips are running about $2200/yr, so it's a shade more than than 10X rent. Condo fees are around $1300/yr and taxes run around $100/yr. So, after the capital investment I'm only saving $800/yr, but I'll have an asset that should hold value, and possibly appreciate if/when the economy turns around.

Other factors, positive and negative:
  • I won't pay the asking price. This is a buyers market.
  • Slip fees will increase, mine won't (the condo fee will, but hopefully slower)
  • I really like the marina; amenities, sailing area it's in, the general vibe, and it's proximity to my home is pretty good (not ideal but better than any other similarly priced rental slips).
  • As pointed out, it does become an illiquid asset (but an asset, nonetheless, unlike rent).
  • Also as pointed out, should I get neighbors who I'm not fond of, I'm stuck. The same is true if, for whatever reason, I find that I don't like the marina as much as I thought I would.

I really appreciate all the input. I've been sailing for many years but am new to being an owner, so your tips and comments are really very helpful.

Thanks.

Last edited by PrinceBuster; 09-28-2008 at 09:36 PM.
Reply With Quote Quick reply to this message Share with Facebook
  #16  
Old 09-29-2008
Thanks Courtney.
 
Join Date: Sep 2006
Location: IL
Posts: 3,954
Thanks: 1
Thanked 1 Time in 1 Post
Rep Power: 11
T34C has a spectacular aura about T34C has a spectacular aura about T34C has a spectacular aura about
Quote:
Originally Posted by sailingdog View Post
A lot of the condo dock prices went up in value with their associated condos...and are seriously overvalued now.
I'm sure you are right, however its not clear if we are talking about a dock AT a condo complex, or a dock that IS a condo complex. Where I'm at there are some dockaminum (sp) deals that can be purchased and are not associated with condos, they are just dock complexes. This allows the pricing to fluxuate more on the suplly and demand of the dock itself and not be subject to the fluxuation of realastate.
Reply With Quote Quick reply to this message Share with Facebook
  #17  
Old 09-30-2008
PrinceBuster's Avatar
son of a son of a sailor
 
Join Date: Sep 2008
Posts: 40
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 0
PrinceBuster is on a distinguished road
Quote:
Originally Posted by T34C View Post
I'm sure you are right, however its not clear if we are talking about a dock AT a condo complex, or a dock that IS a condo complex. Where I'm at there are some dockaminum (sp) deals that can be purchased and are not associated with condos, they are just dock complexes. This allows the pricing to fluctuate more on the supply and demand of the dock itself and not be subject to the fluctuation of real estate.
Ah, good point.

For clarification, this is just a "dockominium" setup that I'm looking at -- nothing but a slip (not tied to any condo).
Reply With Quote Quick reply to this message Share with Facebook
  #18  
Old 09-30-2008
Boasun's Avatar
Senior Member
 
Join Date: Feb 2007
Location: New Orleans, LA
Posts: 3,069
Thanks: 1
Thanked 0 Times in 0 Posts
Rep Power: 9
Boasun will become famous soon enough Boasun will become famous soon enough
With the gobal warming you could buy property near the coast line and wait for the Oceans to rise as predicted.

I know, I know, But I just had to say it.
__________________
1600 Ton Master, 2nd Mate Unlimited Tonnage

To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
Maritime Instructor
To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.

S/V Rapture
Reply With Quote Quick reply to this message Share with Facebook
Reply

Quick Reply
Message:
Options

By choosing to post the reply above you agree to the rules you agreed to when joining Sailnet.
Click Here to view those rules.

Register Now

In order to be able to post messages on the SailNet Community forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.
Please note: After entering 3 characters a list of Usernames already in use will appear and the list will disappear once a valid Username is entered.
User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.
Password:
Confirm Password:
Email Address
Please enter a valid email address for yourself.
Email Address:

Log-in

Human Verification

In order to verify that you are a human and not a spam bot, please enter the answer into the following box below based on the instructions contained in the graphic.




Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools

 
Posting Rules
You may post new threads
You may post replies
You may post attachments
You may edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On



All times are GMT -4. The time now is 04:00 AM.

Add to My Yahoo!         
Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2014, vBulletin Solutions, Inc.
SEO by vBSEO 3.6.1
(c) Marine.com LLC 2000-2012

The SailNet.com store is owned and operated by a company independent of the SailNet.com forum. You are now leaving the SailNet forum. Click OK to continue or Cancel to return to the SailNet forum.