During the hot market of the late 2005s and early 2006s, when properties were selling to crowds lined up around the blocks, marina owners were enamored with turning rental slips into "dockominiums" for sale - often at $5,000 per foot or higher - and then, of course, you'd have the maintenance fees. Some marina owners even booted the rentals out.
In St Petersburg both Nautico and Maximo Marina (with common ownership) finally threw in the towel and returned the deposits they had, and are now seeking renters for their slips. It will be interesting to see how many displaced boat owners want to return, now that they've moved and made other arrangements.
The Renaissance Vinoy Resort in downtown St Petersburg has been rebuilding their marina since the old one was damaged by the hurricanes, Some of the slips are transient, reserved for hotel guests. Others were rented by members of the Vinoy Club. Happy to see the new marina finished, the Vinoy Club owners were offered not a new rental agreement, but a purchase of marina club interest (i.e. a 99 year lease) at $5,000 per foot. Few have jumped at the offer, and some have moved from their "temporary" dockage to the new city-owned docks at the St Petersburg Municipal Marina, which are available for rent, not purchase.
Sharon - Intriguing idea but I guess I am not surprised at the outcome. There are a couple of other east coast cities with marinas, as I recall, that tried this but no go.
Jeff
I just returned from Naples for an overnight stay at this new hotel that also had many empty and new condos with large boat slips...I wonder if this is the same situation.
Jeff - if the market of 2005 continued, they probably would have been a success.
Neal - I think much of Florida is suffering with the same symptoms.
Bill - if we aren't learning we're on the way to the grave.