Guy and Sheridan, a Tampa Bay area couple, are boaters.
But, they say prime boat slips are hard to come by. They made an offer on a slip on Harbor Island for a $100,000 last year, but did not close the deal fast enough. "Between the time we had a verbal agreement and the time we bought it, it went up thirty percent," says Guy. But now their $130,000 investment, less than a year later, is valued at just under $150,000.
They hope to sell this slip and buy another one. "Besides just having a great time, we have made a great investment," says Sheridan. Guy agrees, "This compared to other cities in Florida is very low priced." This is prime waterfront real estate in Florida and even in the boom of 2005, premieres boat docks and wet slips bucked appreciation trends of traditional single-family homes.
"It's reported by state certified appraisers and deck investment over the last eight consecutive years has gone up about thirty-five percent per year," says Steven McKnight, CEO and founder of Yacht Clubs of the Americas. He says hotels and condo developments are wiping out some marinas, making boat slips appreciated more. "We're losing somewhere to around 2,500 slips a year,” he says.
Knight is building a new multi-million dollar marina in South Tampa. Here, slip ownership not only gives you the real estate, but a full membership to a country club lifestyle. This includes a restaurant, pool, workout facility, and access to all of the Yacht Club of the Americas marinas. Knight explains his operation, "You would show up and your boat would be wiped down, your boat would be fueled, sandwiches would be loaded in your cooler, lemons cut, you would step on your boat and go out for a day of boating."
But the slip will cost you as much as a house. Knight says, "Your average investment here will be about $125,000." There is also a $300 a month maintenance fee. "You need to be in a place that protects your boat," says Frank Maggio, owner of the $50 million Nautico Marina in St. Petersburg, another premiere development. "We have 140+ wet slips and 327 high-and-dry racks," he adds.
At Nautico, the location is key; it's one of the closest marinas to the Gulf. It will also include boat concierge service, a pool, restaurant, fitness facility, and a boat barn that is wind rated to 140 mph to protect your boat during hurricanes. "Wet slips start at about the 190's, 180's, 170's depending on the size. Racks start in the 50,000's and go all the way up to 200,000 depending on the size of your boat," explains Maggio.
There are also monthly dues of $220. Those prices might seem outrageous for a boat slip, but some boat owners and investors think it's a bargain, considering slips in rare prime marinas between Sarasota, Naples, Miami, and the Keys. They can go from between $500 thousand to $1 million. "Unlike the boat, this has a tendency, because it's real estate, to keep its value," Maggio says. And for investors, you don't even have to own a boat. Maggio advises, "You can buy a dock here, put it in the rental pool, like you would a condo to rent out, and then our management team will help find a tenant for your dock, and there is income that comes from that."
