Association Forum - Are dockominiums a problem for you ?

Assn Members Area · Join

Home.

Association Forum

Ships Store

Cruising

Racing

Technical Tips

Photo Gallery - New

Boat Search - Updated

Manuals & Brochures

Swap Meet

Links

Officer Flag Line & Staff

Bylaws & Constitution

Members Area

Join the Association

Notice:
The advice given on this site is based upon individual or quoted experience, yours may differ.
The Officers, Staff and members of this site only provide information based upon the concept that anyone utilizing this information does so at their own risk and holds harmless all contributors to this site.

Association Forum

Username:	Password:
Save Password
Forgot your Password?

All Forums

Catalina/Capri 25/250 Sailor's Forums

General Sailing Forum

Are dockominiums a problem for you ?

New Topic

Topic Locked

Printer Friendly

Author

Topic

jbkayaker
Captain

Member Avatar

USA
299 Posts

Initially Posted - 03/30/2010 : 10:10:12

The trend along the Carolina coast is to convert marinas to "dockominiums" which are the dock equivalent of condominiums. You get the "opportunity" to pay $70,000 or more to own your dock or slip. Here's an example:
http://www.bohicketwetslips.com/docs/Summer-Sale-Bohicket-Wet-Slips.pdf
Apparently this phenomena is to a large extent being driven by regulators who make it difficult to put in new marinas or docks. That drives up demand for existing docks. Hopefully the regulators will be forced to back off before too many years. If that happens the dockominium prices will collapse.

Here is a lengthy discussion of the legal aspects of dockominiums:
http://www.law.sc.edu/environmental/papers/200611/elsc/eadon.pdf

Jim Butler

Edited by - on

Dave5041
Former Mainsheet Editor

Members Avatar

USA
3758 Posts

Response Posted - 03/30/2010 : 11:10:07

It is growing in development areas and is money driven. Outdated tax laws that tax realestate on best use value instead of current use puts marinas out of business. Developers and realestate organizations of course oppose any change since they make millions by buying marinas, prime waterfront, and building condos and adding dock-o-miniums so they can claim that they are still providing water access. It takes a public effort to force taxing at current use and input when a Planned Unit Development is proposed. A waterfront preservation act is a good thing to push your state legislators towards.

Edited by - on

islander
Master Marine Consultant

Members Avatar

USA
4024 Posts

Response Posted - 03/30/2010 : 12:25:22

Two years ago my family run marina was sold to an investment co. http://www.viningsmarine.com/ This co. is buying up small marinas up and down the east coast and mid west. I think they are up to 16 now. They also have dockominiums for sale. The first thing they did was to raise the rates ($85ft to $115ft) go from reg. length to LOA ( this made my 25ft into a 28ft) No bottom prep or painting by owners and you can have electric for $9ft.

. When they took over there was all sorts of promises for improvements but very little has happened over the past two years. I suppose that the improvements would take away from the investors. Its very sad to see things go this way. To those of you that still have cheap slips or state run marinas, A word of warning, There are storm clouds brewing on the horizon.

Edited by - islander on 03/30/2010 12:38:35

Voyager
Master Marine Consultant

Members Avatar

USA
5397 Posts

Response Posted - 03/30/2010 : 16:55:50

Not to get overly political on the forum [I must be violating a bylaw somewhere]

but it behooves us to write our state reps and senators to pass laws preventing these kinds of conversions from happening. I am on a "sportsman's" email list and receive about 20 emails a week about fishing, hunting, watersports, etc.

The organizer/emailer provides us with an enormous amount of information on how we can contact our state reps and senators, and how to track bills under consideration in the committees, and when they come to the house or senate for a vote, and how each of the reps voted on the particular bill.

You also can get email addresses for each reps' office, so you can let them know what you're thinking and why.

I have used several of these tools in the past. I may not have influenced any of the outcomes, but I have advocated within certain local groups to let their voices be heard. We have a powerful tool (email and the internet), we need to learn to use it to make our representatives aware of what we want them to do.

Edited by - Voyager on 03/30/2010 16:57:36

bigelowp
Master Marine Consultant

Members Avatar

USA
1787 Posts

Response Posted - 03/30/2010 : 18:38:04

My Yacht Club is organized similar to a condominium and we all have equity stakes. The good news is the costs are relatively low, the bad news is capital gains if and when I ever sell. I think it all depends on the track record of whomever is organizing teh dockominium. If done right you should make a profit over the years and have lower per foot cost overall. If not, well, it could be expensive!

Edited by - on

jbkayaker
Captain

Members Avatar

USA
299 Posts

Response Posted - 03/31/2010 : 06:52:10

The bad news is capital gains ? When I buy stocks or mutual funds I fervently hope for capital gains.

Edited by - on

Topic

New Topic

Topic Locked

Printer Friendly

Jump To:

Association Forum

Notice: The advice given on this site is based upon individual or quoted experience, yours may differ.
The Officers, Staff and members of this site only provide information based upon the concept that anyone utilizing this information does so at their own risk and holds harmless all contributors to this site.