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Why should I consider purchasing a Rackominium(TM) or Dockominium(TM) ?
There are a number of factors affecting recreational boating that contribute to the need to purchase a dockominium. Primarily, this is a case of supply and demand. Boating has soared in popularity, expanded worldwide and larger, more costly vessels are bing constructed. This is placing pressure on the oversubscribed and limited rental market.
Waterfont property is a high demand, limited commodity, small, formerly independent marinas have been purchased by large development companies and turned into residential condominiums. Rental facilities are unable to produce the revenue necessary to justify their use of waterfront property. In addition, hazardous weather has destroyed hundreds of slips and environmental and regulatory/land use restrictions have further reduced the available supply.
What are the advantages of owning your own Dockominium?
Most importantly, ownership will secure a permanent home for your boat and a membership in a community of active boaters. It also allows you to build equity in a rapidly dwindling resource as demand continues to outpace supply.
Are there property taxes?
Yes. Taxes must be paid on your Dockominium like any other real estate that you might own. Please consult with your accountant or tax advisor for complete information on tax advantages and liabilities.
Will you be able to accommodate my boat during construction?
Sure! Construction will be completed in two phases. This allows us to keep at least one storage area available throughout the entire construction process. As an owner in our club, we ensure that your boat will be kept safe and secure duing construction.
Am I allowed to lease my space?
Yes. Our owners can lease their Dockominiums. As an owner, you will maintain all of your membership rights while you are leasing your space. The lessee will have access to the same amentities as an owner at the location where their lease originated. However, a lessee will not receive reciprocal privileges at other YCOA locations.
How much can I sell/lease my space for?
Although we do not manage leasing, we will assist owners on the re-sale process. We will provide you with current market information on salaes pricing and leasing rates. We will also be glad to assist you in the leasing process by providing you with resources to list your unit and provide you with the appropriate documents to properly lease your unit.
What form of ownership is available?
Ownership is a fee-simple title with a warranty deed framing ownership of the slip forever. Similar to owning a condominium, all aspects of common and limited elements are detailed in the association documents provided at closing.
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