Sun Sentinel: ‘Dockominiums’ making a comeback in South Florida November 14, 2014
By Doreen Hemlock
November 14, 2014
Before the Great Recession, some South Florida developers were selling storage units for boats just like condominiums.
The financial crisis stymied that, as demand for boats and storage shrunk.
Now, with the economy recovering, sales of “dockominiums” are making a comeback.
A Dania Beach marina held a grand opening this month, offering its covered dry-racks on land for prices between $35,000 and $90,000 each plus monthly maintenance fees, said sales agent Ginger Hornaday.
And The Bluffs Marina in Jupiter reports 17 slips on water sold so far this year, an improvement from last year. It now sells a 60-foot wet-slip for $148,000.
“When real estate markets heat up, it always comes around,” South Florida marina owner Andrew Sturner, chief executive of Aqua Marine Partners, said of “dockominium” sales.
The new Dania Beach offerings show the uptick in South Florida, home to a large concentration of pleasure boats, marine industries and private boat docks.
This summer, an investor group bought the North Bryan Road marina out of receivership. They added a tiki bar, upgraded a social room and brought in new management to encourage sales of “rack-ominiums” in what they call the Dania Beach Boat Club.