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Boat Slip

Discussion in 'Urgent - Help Needed' started by Maria Cahn, Jul 5, 2006.

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  1. Maria Cahn

    Maria Cahn New Member

    0
    Oct 14, 2005
    Professional Status:
    Licensed Appraiser
    State:
    Maryland
    Have a request to appraise a boat slip. The request came through a management company, so I cannot contact the lender directly. The management company is telling us the lender wants to consider the slip a condo. ??? - Cannot find any form in our appraisal software for a boat slip, and it seemed strange to put a boat slip on a condo form. Any info? Thank you!!!
     
  2. Denis DeSaix

    Denis DeSaix Elite Member

    62
    May 16, 2005
    Professional Status:
    Certified General Appraiser
    State:
    California
    Well, this is a new one?
    While the slip may be on some kind of "condominium" ownership, it certainly isn't a residential "condo".

    We have plenty of boaters on this forum who will know for sure, but my guess is that if the ownership of the slip is "condo", it is a commercial appraisal, not a residential one.

    Good luck.
     
  3. Mountain Man

    Mountain Man Elite Member

    13
    Jan 15, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Georgia
    I thought boat slips were leased, not owned in fee simple???
     
  4. Bobby Bucks

    Bobby Bucks Elite Member

    50
    Jan 27, 2002
    Professional Status:
    Real Estate Agent or Broker
    State:
    North Dakota
    It might be helpful to post your location. Is it actually a boataminium? Is it a wet slip or dry slip?If this boat slip is the kind I’m assuming it is, it is not real estate and to use a condominium form would not be wise. I noticed that an AMC ordered the appraisal and I’m not surprised. If the lender is requesting you consider it a condominium they aren’t concerned with your liability. I would suggest calling a local marina which sells them and ask what type of ownership the boat slip is.
     
    Last edited: Jul 5, 2006
  5. CANative

    CANative Elite Member

    68
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    I'll bet you the reason they are talking about condominiums is that the boat slip is an optional amentity to units in a water oriented condo project. And boat slip probably refers to the the right to use a space in the marina rather than any physical improvements.

    There is a PUD in Lake County where I work where boat slips can be purchased when they become available. They usually sell for about $20,000 outside of the contract.

    How would one appraise a parking space in a high-rise in New York?
     
  6. Chris Colston

    Chris Colston Elite Member

    0
    Jul 24, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    "Condominium" style boat slips are very popular in Florida. They typically are connected with a condominium project, however, you own the slip (with a deed) and can sell the rights to the slip separately from the condo unit. You can also sell the condo unit and retain ownership of the boat slip.

    Some boat slip condos are just that, a private marina sells the slip space and the docks, marina amenities are declared "common area" with condo docs filed and fees charged. There are some where the boats are "house boats" or live-aboards and people live there just like in "mobile" or manufactured home condo parks.

    Appraisal theory works as it it does for a residential condo unit, however the report would have to a narrative as I'm not aware of a particular form. I'm also not aware of who lends on them.
     
  7. Mountain Man

    Mountain Man Elite Member

    13
    Jan 15, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Georgia
    If they are deeded individually, and can be bought and sold freely, seems to me that lenders would be missing the boat to not offer financing. Pun intended. LOL
    Thanks Chris... I’ve been looking for other venues as I’m starting to see excessive inventory with longer marketing times. :)
     
  8. Chris Colston

    Chris Colston Elite Member

    0
    Jul 24, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    Well we can always say the pilings are driven into the "ground", it's just the ground is below the "draft" or "draw"needed to tie up the boat. So if you live aboard, you have certain "water rights" for the where the boat floats like air rights in a condo box "apartment". Fun concept, huh?
     
  9. John Hassler

    John Hassler Senior Member

    0
    Jul 23, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Thry these folks. Maybe they can help with comp data.

    DockSlip.com
     
  10. Lorie Miller

    Lorie Miller Sophomore Member

    0
    May 27, 2003
    Professional Status:
    Appraiser Trainee
    State:
    Florida
    Here in the Florida Keys, we see quite a few boat slip sales. The newest trend is to purchase a parcel of open waterfront or canal front land and sell the existing boat slips. Condo docs are created for common areas such as bathrooms, parking etc. Local banks are accepting land appraisal reports.
     
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