• Mobile App For Android Now Online!

    Download it here. The app is searchable in the Google Play Store under Sailboat Owners.

    Sorry iPhone/iPad users, we are still waiting on Apple. :(

    Click the X in the upper right corner to make this go away

Dockominiums

Mar 31, 2012
116
Nord Cantieri 38 St Marys
Hello All,

My wife and I are considering purchasing a slip in a dockominium type marina. The monthly maintenance fee appears to be quite reasonable when compared to long term dock fees in the standard public marina. The docks are less than 3 years old after being rebuilt after a hurricane.

I'm just wondering about any gotchas that might be lurking.
 
Jun 7, 2004
338
Oday 28 East Tawas
Sounds like it's a salt water marina so water levels should be stable. Other than usual inflationary factors to raise expenses it is a good deal usually. Keep in mind if your slip mate is a problem you're stuck with him or her. Nothing like full volume music at 2:00 am to take the snap, crackle and pop out of your visit to the boat.
 
Mar 20, 2015
1,764
Catalina 22 New Style SHSC, Lake Winnipeg
What the Heck is a dockominium ?

I was first suspecting it was a new term for boats that don't leave the dock.
 
Feb 21, 2013
365
Hunter 46 Point Richmond, CA
As I understand a dockominium is a converted marina that sells the slips to individuals or investors, handled by a management company, or homeowners organization, or both. You can buy your dock with a mortgage, in the same way you would any property, and pay real-estate taxes, and a monthly maintenance fee. The fee generally includes services that vary from marina to marina, but can include water, cable, Wi-Fi, electricity, and laundry.
 
  • Like
Likes: Leeward Rail
Jan 1, 2006
4,491
Slickcraft 26 Greenport, NY
I don't have a warning but I do have a question. When you buy this, will you have an equity interest in the property? If for some reason the marina failed, or for whatever reason the property would be sold, do you get your portion of the profit? And I guess the other half of the question is are you responsible for your portion of the debt? How is the insurance handled? If you haven't already I would read the contract carefully. We have an HOA agreement here and there's some twists and turns in it. Few of them favor the homeowner.
 
  • Like
Likes: Leeward Rail
Jan 19, 2010
379
Catalina 34 Casco Bay
We considered a dockominium years ago. I was located in a former Liberty Ship graving dock. Because the floor was concrete, it was reclaimed land and could be owned. If what you are looking at has a natural surface below, it is very possible the the land under the slip belongs to the state via a submerged land act. This the usual type of law that says the state owns from the low water mark out. So, you may or may not have a " lease" of the land under the boat. Your ownership might be strictly limited to the dock. We decided to pass on the ownership as HOAs were greater than actual marina fees.
 
  • Like
Likes: Rick D
Jan 1, 2006
4,491
Slickcraft 26 Greenport, NY
On the East End of LI some of the bay bottom was granted to individuals by King James (The I don't even know what.) Some of those rights were passed down over the years, and sold or re-sold. Some were confiscated by the New American republic and awarded to revolutionary supporters. To say it's complicated is a terrible understatement. Challenges to those rights often go to court and last for years. So I guess it's prudent to see who owns the bottom and what rights they have over it. And to see what you are actually buying.
 
  • Like
Likes: Leeward Rail
Oct 26, 2010
892
Hunter 40.5 Beaufort, SC
What are each slipowner's responsiblity for repair or replacement in the event of another Hurricane. Is there a "common" insurance policy that is paid out of annual slip owner's fee? What is the deducible for a hurricane? If a number of the slip owner's fail to pay their deductible who pays to repair/replace their portion. What is the projected "surplus" retained for major replacement/repair that will or may be required very few years. If a slipowner fails to secure his/her boat properly and it damages somebody elses slip who pays? Not knocking it but just some things I'd want pinned down before I laid out a chunk of money in a fixed asset rather than "rental" of a slip.
 
  • Like
Likes: Leeward Rail
Dec 25, 2000
4,213
Hunter Passage 42 Shelter Bay, WA
Around here some call it a condo slip. Keep in mind that those capital expenses in the marina related to dock damage, dock repairs, breakwater repairs, get passed along directly to the slip owners.