Where have all of the wet slips gone?
When these old Florida marinas are purchased by real estate speculators the goal is to maximize the return on investment.
Real estate developers hold a very different view of "marine amenities" than those who use them. Real Estate developers and Condo Associations usually think of the waterfront portion of their properties as necessary evils or "amenities". On one hand they promote the waterfront of these properties as a selling point for investors and condominium buyers and on the other hand they limit the availability of that same waterfront and the rights the buyers have to use the waterfront portions of the same property. "Everyone wants to see the boats, but they only want to see them docked behind some other property".
The result of all this development in the last 15 years is what we refer to as a wet slip shortage. This shortage has caused the congestion seen at boat ramps throughout Florida. Anyone who is less than a multi-millionaire and who also enjoys boating must come to the conclusion that purchasing trailerable boat is the only solution which will allow them to enjoy affordable boating. When a majority of new boaters come to this conclusion it is reasonable to expect the pressure on boat ramps to increase.
As a community of boaters we must find ways to pressure our legislature to find a solution for this every expanding problem. Part of the reason Florida is a destination for the world is our reputation as a boating mecca. Soon this reputation will only be applicable to multi-millionaire yachtsmen who can afford to purchase what amounts to 6 pilings and a cement pier for more money than most boaters make in a lifetime.
The article quoted below shows the amazing state of not only the wet slip shortage but also the ever increasing monetization of dry rack or high and dry storage. Local and State governments must find a solution to allow the citizens of this state to enjoy the natural resources by either building public marinas and boat ramps or legislating that a portion of these dockominiums which are built over or adjacent to State controlled wetlands be set aside for residents of the State at reduced pricing or on a lease basis. Affordable access to our State waters is something we all should fight for, before it is too late.
Capt. Scott (AKA Navmaster)
Boating now gets more expensive with dock speculators as investors moor hopes to boat-slip sales, rentals
By LORI BECKER Palm Beach Post Staff Writer
Sunday, May 20, 2007
Last year, Drew Burris bought four boat slips in Charleston, S.C. He's now looking at picking up a few more in South Florida. No, he doesn't have a fleet of vessels needing homes. But he's banking that a lot of boaters do.
Slip Investing:
• With more Florida boat slips hitting the real estate listings, marina developers are citing annual appreciation rates of 6 percent to 45 percent.
• Wet slips, sold by the foot, are going for $1,500 to $13,000 a foot, with South Florida drawing the highest prices.
• Dry stacks generally are priced based on length, width and height, and can vary from $100,000 to $300,000."It's a great investment play," he said. "I've seen the prices continue to escalate as more and more people move closer to the coast.
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