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  #1  
Old 07-05-2006, 12:53 PM
Maria Cahn's Avatar
Maria Cahn Maria Cahn is offline
 
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Location: Huntingtown, MD
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Exclamation Boat Slip

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!!!
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Old 07-05-2006, 01:24 PM
Denis DeSaix Denis DeSaix is offline
 
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Quote:
Originally Posted by Maria Cahn
The management company is telling us the lender wants to consider the slip a condo. ???
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  
Old 07-05-2006, 01:46 PM
Mountain Man Mountain Man is offline
 
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I thought boat slips were leased, not owned in fee simple???
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  #4  
Old 07-05-2006, 01:57 PM
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Bobby Bucks Bobby Bucks is offline
 
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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 Iím 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 Iím not surprised. If the lender is requesting you consider it a condominium they arenít concerned with your liability. I would suggest calling a local marina which sells them and ask what type of ownership the boat slip is.
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Last edited by Bobby Bucks : 07-05-2006 at 01:59 PM.
  #5  
Old 07-05-2006, 02:27 PM
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CANative CANative is offline
 
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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?
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  #6  
Old 07-05-2006, 02:43 PM
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Chris Colston Chris Colston is offline
 
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"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.
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Old 07-05-2006, 02:51 PM
Mountain Man Mountain Man is offline
 
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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... Iíve been looking for other venues as Iím starting to see excessive inventory with longer marketing times.
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Old 07-05-2006, 03:07 PM
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Chris Colston Chris Colston is offline
 
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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?
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  #9  
Old 07-05-2006, 03:10 PM
John Hassler John Hassler is offline
 
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Thry these folks. Maybe they can help with comp data.

DockSlip.com
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  #10  
Old 07-05-2006, 05:35 PM
Lorie Miller Lorie Miller is offline
 
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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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