Condo Moorage aka buying a slip - Page 2 - SailNet Community
Reply
 
LinkBack Thread Tools
post #11 of 22 Old 09-01-2010
Senior Member
 
dhays's Avatar
 
Join Date: Jul 2010
Location: University Place, WA
Posts: 627
Thanks: 0
Thanked 2 Times in 2 Posts
Rep Power: 5
 
Quote:
Originally Posted by merlinislander View Post
at first i thought you were crazy, i looked at a 30' slip on lake union and they wanted 250k. i figured i'd have to stay there something like 70 years before it made sense over renting at shilshole marina. but 20-30k in belingham? that sounds awesome!
The problem is that it isn't in Bellingham, but at Semiahmoo near Blaine. While the marina is in Drayton Harbor, you are right on the Strait of Georgia. While this is convenient to the San Juans, it can be pretty exposed with some pretty rough weather.

47*20'11.7" N
122*35'20.8" W
S/V Legacy, Catalina 400 MkII, Hull #328
My Blog on
To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
dhays is offline  
Quote Quick Reply Share with Facebook
Sponsored Links
Advertisement
 
post #12 of 22 Old 09-01-2010
Senior Member
 
Join Date: Jan 2010
Location: Boston, MA
Posts: 525
Thanks: 2
Thanked 1 Time in 1 Post
Rep Power: 6
 
Wow, I'm reading these numbers like $9 or $14/foot and my eyes are bugging out... are these per month, per season, or per year? I'm paying $168/foot for the summer season and $40/foot for the winter season! I wish I could buy a 40 foot slip for $30k, it would pay for itself in about 4 years.
rmeador is offline  
Quote Quick Reply Share with Facebook
post #13 of 22 Old 09-02-2010
Senior Member
 
dhays's Avatar
 
Join Date: Jul 2010
Location: University Place, WA
Posts: 627
Thanks: 0
Thanked 2 Times in 2 Posts
Rep Power: 5
 
Quote:
Originally Posted by rmeador View Post
Wow, I'm reading these numbers like $9 or $14/foot and my eyes are bugging out... are these per month, per season, or per year? I'm paying $168/foot for the summer season and $40/foot for the winter season! I wish I could buy a 40 foot slip for $30k, it would pay for itself in about 4 years.
Remember that in the PNW, we only have one season, wet. So $9.00/ft is per month, all year round.

47*20'11.7" N
122*35'20.8" W
S/V Legacy, Catalina 400 MkII, Hull #328
My Blog on
To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
dhays is offline  
Quote Quick Reply Share with Facebook
post #14 of 22 Old 09-02-2010
Senior Member
 
denverd0n's Avatar
 
Join Date: Jun 2008
Location: Tampa, FL
Posts: 1,003
Thanks: 0
Thanked 24 Times in 24 Posts
Rep Power: 8
 
Quote:
Originally Posted by rmeador
Wow, I'm reading these numbers like $9 or $14/foot and my eyes are bugging out... are these per month, per season, or per year?
In the Tampa Bay area that would be the price per month. On top of that you would add taxes, charges for water and electric, and a live-aboard fee (if you live aboard).

So, does your $168/foot for the summer season cover the WHOLE season? Or is that a monthly fee for the duration of the summer season?
denverd0n is offline  
Quote Quick Reply Share with Facebook
post #15 of 22 Old 09-02-2010
Senior Member
 
Join Date: Jan 2010
Location: Boston, MA
Posts: 525
Thanks: 2
Thanked 1 Time in 1 Post
Rep Power: 6
 
The $168/foot is for the entire summer season, which is 6 months. It includes water and electricity. There is an extra $90/month liveaboard fee at my marina in the summer. The winter fee of $40/foot is for the entire winter, includes water (always available at the slip year round) but not electricity (because many liveaboards use space heaters they meter electric separately), and there is no liveaboard fee in the winter.
rmeador is offline  
Quote Quick Reply Share with Facebook
post #16 of 22 Old 09-02-2010
Senior Member
 
casioqv's Avatar
 
Join Date: Jun 2009
Location: Riverside, CA
Posts: 410
Thanks: 1
Thanked 2 Times in 2 Posts
Rep Power: 7
 
I don't understand why "Condo Slips" are so expensive. On my local mountain lake (Big Bear) they go for $40k+/year plus $400/year association fees.

I can rent a mooring buoy for $700/year (seven month season). If I bought a Condo Slip for $40k, it wouldn't pay for itself compared to renting for 133 years!
casioqv is offline  
Quote Quick Reply Share with Facebook
post #17 of 22 Old 09-02-2010
Senior Member
 
Join Date: Jan 2010
Location: Boston, MA
Posts: 525
Thanks: 2
Thanked 1 Time in 1 Post
Rep Power: 6
 
casioqv, you're forgetting the slip itself is an asset. If you can buy it today for $40k, you can probably sell it later for more, in which case your net cost is even less than the $400/yr association fee. If, as in the current economy, prices are actually lower when you sell it, if you're not loosing too much money you're potentially still ahead of the $700/yr rent price. Plus you get a slip in stead of a mooring, which has value to some people.

Last edited by rmeador; 09-02-2010 at 03:50 PM. Reason: spelling
rmeador is offline  
Quote Quick Reply Share with Facebook
post #18 of 22 Old 09-02-2010
Senior Member
 
casioqv's Avatar
 
Join Date: Jun 2009
Location: Riverside, CA
Posts: 410
Thanks: 1
Thanked 2 Times in 2 Posts
Rep Power: 7
 
Quote:
Originally Posted by rmeador View Post
casioqv, you're forgetting the slip itself is an asset.
I realize that, but the association fee is a total loss, and it's more than half the price of renting.

With a regular house or condo the prices are such that a normal monthly rent amount will fully purchase the house in 15-30 years, while the buyer is still potentially alive.

With these dock-ominium slips priced so high relative to renting, you can never come out ahead until you sell it- and then only if you're lucky and it's retained it's value. If the place has become less popular/mis-managed/poorly maintained/etc. it could potentially lose all it's value.

It's hard to imagine any scenario where you wouldn't have greater profit potential and less risk renting the slip, and choosing a better investment for the money you would have spent to purchase one.
casioqv is offline  
Quote Quick Reply Share with Facebook
post #19 of 22 Old 09-02-2011
Junior Member
 
Join Date: Sep 2011
Posts: 1
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 0
 
A few years back, I bought a 50-foot covered moorage in a condo slip on the southwest shore of Lake Washington, in Seattle (Parkshore Marina). Monthly condo dues are about $100 (versus over $500 to rent a covered 50-foot slip elsewhere). Plus, the slip has appreciated enough since 2005 that if I sold it, I'd recoup all my condo dues paid to date, plus make a nice little profit.

My feeling is that if you can find a condo slip to buy, do it (at least for the Pacific Northwest). How many new marinas are opening each year? Do you have any idea how hard it is to get all the permits to build a marina? It took the developers of the Elliott Bay Marina over 20 years; and environmental laws, rules and regulations have only gotten harsher since that was finished. In 2003, there was a severe storm and the City of Seattle marina at Rainier Beach was severely damaged; the City didn't rebuild it but tore it out and made a salmon preserve. That took about 70 moorages off the market, and you can bet it will happen again at other marinas that suffer major damage (think boathouse fires - they let them rebuild the Seattle Yacht Club docks, but that may not happen again).

Things to be careful about - as one poster noted, read and understand the condo CCR's - Covenants, Conditions and Restrictions. Also find out if there are any underlying contingencies that could result in your losing your slip. For example, the Duwamish Yacht Club slips are subject to a contingent sale contract under which the Delta Marine shipyard, just upriver, can execute a right to purchase the entire marina some time in the 2020's. I don't know the details, and whether they'll have to pay market value to each slip owner, but it scares me enough to keep me from buying there. And as you get closer to the buyout trigger date, I think prices will go down and down.

Also, the Newport Shores Marina in Bellevue, although you "buy" the slip, you actually buy some sort of funky 75-year license to use that originated in 1978 - meaning you lose your slip in 2053. As you get closer and closer to that date, you lose resale value. Also, ownership at Newport Shores requires that you join the Newport Shores Yacht Club, with a $2,000 initiation fee and monthly dues of $50.

Another thing to be sure of is that any marina you buy in owns the land under the docks - some rent it from the Washington Department of Natural Resources - and you could get kicked out if the DNR decides not to renew a lease, for whatever politically-popular environmental reason.

As to Semiahmoo, I'd be very careful if that marina's on tribal land. You won't own anything, except a license to use or a lease. For example, the community of Shelter Bay, near LaConner, is on the Swinomish Reservation. The homeowners own their homes, but the land below is subject to a master lease that expires in 2044. If not renewed, the lease provides that the homeowners may remove (but not destroy) their homes, but the land reverts to the tribe at that time. I don't know whether Semiahmoo is on tribal land (I've seen references that it's "traditional Lummi land" and further references that the Upper Skagit Tribe has invested in the development, but I don't know if the land can be held in fee-simple.

In sum, I know I've been happy owning my slip, and think that it was a good investment. Another possibility to consider, if it's within the realm of reason, is buying a waterfront house with a dock. Given what's happened recently with real estate prices, this may be an viable alternative.
waterguy183 is offline  
Quote Quick Reply Share with Facebook
post #20 of 22 Old 09-02-2011
Junior Member
 
aeventyr60's Avatar
 
Join Date: Jun 2011
Location: Andaman Sea
Posts: 2,344
Thanks: 25
Thanked 63 Times in 60 Posts
Rep Power: 5
 
Location, location, location....There is a good reason it's cheap. Have had friends out there, far from most things you's want in a community.


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



"Your dreams minus your doubts equals your net worth"

Life is a short journey, filled with emptiness and pain. Get all the sailing and booty you can.
aeventyr60 is online now  
Quote Quick Reply Share with Facebook
Reply

Quick Reply
Message:
Options

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:
OR

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
Show Printable Version Show Printable Version
Email this Page Email this Page



Similar Threads
Thread Thread Starter Forum Replies Last Post
Condo Moorage aka buying a slip hangupndrive Living Aboard 2 08-16-2010 12:00 AM

Posting Rules  
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Trackbacks are On
Pingbacks are On
Refbacks are On

 
For the best viewing experience please update your browser to Google Chrome