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VetteLT193
02-17-2010, 08:41 AM
Anyone ever done or researched condo rack storage? The basic idea is you buy your 'condo' which is a rack storage spot and you pay a monthly maintenance fee which includes the forklift, building maintenance, etc. plus a clubhouse the case of the one I'm looking at.

I am literally just looking at this point trying to learn more about this setup

justleft
02-17-2010, 06:34 PM
Interesting idea. Pull the condo out and choose what floor and view you want.
Then pay based on your desires.

I know. But it would be a cool idea but they would need a really big forklift !!

realbold
02-17-2010, 06:38 PM
Nobody will ever put my boat in a rack.

Ghost
02-17-2010, 07:16 PM
Anyone ever done or researched condo rack storage? The basic idea is you buy your 'condo' which is a rack storage spot and you pay a monthly maintenance fee which includes the forklift, building maintenance, etc. plus a clubhouse the case of the one I'm looking at.

I am literally just looking at this point trying to learn more about this setup

I would look VERY closely in this market at the finances of the condo. What sort of debtload, legal obligations, limitations on fee adjustments (including inflation based adjustments, etc.) While I think this is a great concept, the thought of tying up a bunch of cash right now rather than paying as you go with no commitment seems particularly chancy right now.

FWIW,

Mike

handfulz28
02-17-2010, 08:10 PM
Ask what the market is for resale. You don't want a situation like a timeshare=no resale market.

The arrive and drive aspect can be very convenient, especially with a couple tikes to bring along. But there's always tradeoffs. I hated having to remember to call in before 4pm to make sure they put the boat in the water so I could go on a last minute evening cruise. And coming back after they put the forklifts away meant tying up two or three deep and hoping nobody tracked all over your boat. Don't forget to reserve a work rack ahead of time, if they offer that. Busy days at the ramp will also be busy days at the marina.

zelatore
02-17-2010, 08:33 PM
Ask what the market is for resale. You don't want a situation like a timeshare=no resale market.

The arrive and drive aspect can be very convenient, especially with a couple tikes to bring along. But there's always tradeoffs. I hated having to remember to call in before 4pm to make sure they put the boat in the water so I could go on a last minute evening cruise. And coming back after they put the forklifts away meant tying up two or three deep and hoping nobody tracked all over your boat. Don't forget to reserve a work rack ahead of time, if they offer that. Busy days at the ramp will also be busy days at the marina.


WHAT??? Are you telling me they lied when they sold me my timeshare and it's not really an appreciating asset???

But back to the topic at hand...

I like the idea for boats that might otherwise have to stay in the water, either due to size or because you don't want to tow something that far or because you don't have the room to store it or whatever. Rack storage saves a lot of maintenance vs. a boat stored in the water. Especially salt water.

BUT - as Handfull mentioned, there are plenty of drawbacks. I personally would have a tough time with the idea (note, possibly not with the reality, but with the idea) that I didn't have instant access to my boat at any time. I've also heard a number of horror stories about boats being covered in bird crap, or oil from a leaky boat above them in the rack, or whatever. Occasionally, even a story about one being dropped.

Unless this is a Special Limited Time Offer, you might try renting month to month and see how you like it first.

Phil S
02-17-2010, 10:52 PM
I would look VERY closely in this market at the finances of the condo. What sort of debtload, legal obligations, limitations on fee adjustments (including inflation based adjustments, etc.) While I think this is a great concept, the thought of tying up a bunch of cash right now rather than paying as you go with no commitment seems particularly chancy right now.

FWIW,

Mike

Very sage advice....condo-wise....

Phil S
02-17-2010, 10:54 PM
Ask what the market is for resale. You don't want a situation like a timeshare=no resale market.

The arrive and drive aspect can be very convenient, especially with a couple tikes to bring along. But there's always tradeoffs. I hated having to remember to call in before 4pm to make sure they put the boat in the water so I could go on a last minute evening cruise. And coming back after they put the forklifts away meant tying up two or three deep and hoping nobody tracked all over your boat. Don't forget to reserve a work rack ahead of time, if they offer that. Busy days at the ramp will also be busy days at the marina.


Also very sage advice....condo-wise...

Never owned one personally, but have heard many, many pitfalls of ownership along the way...

Forrest
02-18-2010, 09:23 AM
Anyone ever done or researched condo rack storage? The basic idea is you buy your 'condo' which is a rack storage spot and you pay a monthly maintenance fee which includes the forklift, building maintenance, etc. plus a clubhouse the case of the one I'm looking at.
I am literally just looking at this point trying to learn more about this setup

Bob,

If you are talking about the boat condominium in Carrabelle, the price of a resale should be fairly cheap in comparison to the price that they initially sold for about six years ago. I'm sure that a few people in that area would love to unload theirs just to get out from under the monthly maintenance fees and to get back some of their original investment. That entire costal area is still deep in real estate recession, but you just can't the location for boating around Dog Island, St George Island, and Apalachicola.

silverghost
02-18-2010, 09:56 AM
I have heard of folks getting kicked-out for not using enough marina services.
ie: not buying enough gas, not getting enough lifts in & out, not enough repair services, bottom washing etc. Marinas want very active cusomers. In some cases you are charged for these extra services weather you use the boat or not !
With the forklift there's always the risk of bottom damage, chunks taken out of the boat. Saw several boats were foklift had punched through trasom.
One case where idiot forklift diver flipped forlift, boat, and & all into the bay!
While your boat is on the rack many operations don't want your boat's trailer sitting on their property.
You must then find storage for the trailer also.

VetteLT193
02-18-2010, 10:25 AM
Bob,
If you are talking about the boat condominium in Carrabelle, the price of a resale should be fairly cheap in comparison to the price that they initially sold for about six years ago. I'm sure that a few people in that area would love to unload theirs just to get out from under the monthly maintenance fees and to get back some of their original investment. That entire costal area is still deep in real estate recession, but you just can't the location for boating around Dog Island, St George Island, and Apalachicola.

Do you know what they were going for? I found a pre-owned one. Guy asking 11k. I am literally just starting research to see if it would be an option and I have no clue if that is a good price, bad price, or other.

Lots of good points so far keep them coming if anyone thinks of anything else!

BUIZILLA
02-18-2010, 10:28 AM
there were some down here that sold for 135k 3 years ago that can be had now for 30-40k

pretty expensive for 2 slabs of cyprus

VetteLT193
02-18-2010, 10:33 AM
there were some down here that sold for 135k 3 years ago that can be had now for 30-40k

pretty expensive for 2 slabs of cyprus

135k! Holy Crap!

Even 30-40k is a holy crap price.

Craig S
02-18-2010, 11:12 AM
a. It would have to be a really hot market (same holds true for any condo kinda thing).

B. Ditto, Realbold. Not my boats. As long as I can afford it. Sometimes I want to just go look at the boat. Or sit next to it and drink a beer. Peek under the sheets. Here in Texas, many are giant sheds with exposed sides.

handfulz28
02-18-2010, 11:29 AM
Guy asking 11k.

Any idea what he paid? You'll understand the loss that everybody takes on these. What are the monthly fixed costs, and are there incidentals? It comes down to the classic lease vs buy analysis. Also, as an owner, you could possibly be on the hook for any financial shortfalls...think "special assessment" when other owners stop paying their monthlies. Worst case thought: what might you be on the hook for if there's storm damage and the insurance doesn't cover it? A renter walks away....an owner..."special assessment"...

Anything that flies, floats or f***s....you're better off renting....:angel:

VetteLT193
02-18-2010, 11:57 AM
I just looked up his sale and a bunch of other sales in there. He paid in the mid 50's for it (WOW). and he isn't one of the high ones. Low 100's for some.

Sounds like he wants out

Cuda
02-18-2010, 08:13 PM
You might want to ask some of the residents of S Florida what happened to their boats after a hurricane. Their "condos" too for that matter.

Ghost
02-18-2010, 09:20 PM
Any idea what he paid? You'll understand the loss that everybody takes on these. What are the monthly fixed costs, and are there incidentals? It comes down to the classic lease vs buy analysis. Also, as an owner, you could possibly be on the hook for any financial shortfalls...think "special assessment" when other owners stop paying their monthlies. Worst case thought: what might you be on the hook for if there's storm damage and the insurance doesn't cover it? A renter walks away....an owner..."special assessment"...

Anything that flies, floats or f***s....you're better off renting....:angel:

I love that quote. A reason to say it comes up surprisingly often.

One more thought, continuing Handfulz's note. What are the liabilities you have as a part owner? If someone gets hurt and sues for zillions, are your liabilities limited to forfeiture of your ownership stake? Are they even that much? Or more? (If you find out that one, I'm interested in the result.)