Appraising A Deeded Boat Slip

[BlueDog007]

Deeded boat slips are very common in our area, however, I have never appraised one........yet. I just rec'd my first request for such appraisal. I will have sufficient comparables, however, need to know which form to use. I would assume that I need to use the vacant land form. Not sure. Again, I am familiar with boat slips and how to put this together, however, any additional comments that you may have in completing this report is appreciated. Especially those items that I may not have thought about.

Thanks. RB

 

[Wendy]

I'd say the new AI form or a narrative would be best.

 

[Ms. Janet]

Does the boat slip include the ownership rights of the real estate?

 

[Oregon Doug]

Which form?? Why are you looking for a "form" to use.

I appraised a number of "deeded" & "condo" boat slips down in the San Francisco Bay area back in the early '80's - you don't need no stinkin' form - you got MS Word, or some other word processing program. Write a narrative - that's your "form".

Oregon Doug

 

[BlueDog007]

Doug-

I hear ya! It's not the early 80's anymore bud!

The lender has requested the vacant land form. I do not believe there are any problems with this.....does anyone? Any HELP is much appreciated.

 

[Fred]

Why not put land on a land form?

 

[Carnivore]

Why not put land on a land form?

Very true! Now, all Ric has to do is figure out if the deeded boat slip is actually real estate that belongs to the BORROWER or is it a leased fee with certain and definable rights of use. Something like that.

We have many condo's at Lake Norman that have a boat slip deeded to the individual units. We also have many condo developements that have only leased boat slips.

One subdivision of detached SFR has homes that include a deeded boat slip in the marina. In other words, the improvement, boat slip, conveys if the house is sold, but, the slip is actually on land owned by the HOA. I only know of boat slips that have covenents preventing leasing and sub-leasing. I am sure there are slips that exist without retrictive covenents to leasing.

 

[Richard Carlsen]

Make sure you check the box that asks if there is any dampness.

 

[jay trotta]

Short Form narrative, used it on the ones we did;

what does the Deed specify as "ownership rights" ?

Riprarian rights ? Defined ?

Don't know if a "Land Form" would be misleading - where's the Land ?

 

[Ray Miller]

Narrative format.

You are the appraiser not the lender. You decide what form it is to go on to be correct.

I would have a problem with doing it on the land form.

Do they own the land under the water? If so how much? Do they own the land to get to the slip, if not is there an easement accross someone else land? It is just a slip, could it be personal property if they don't own the land or lease the land? If they lease th land is the boat slip a fixture or not?

Narrative format.

As for its not the 80's any more, I think he was using that as a point in time. I can't see how there would be any difference in appraising a boat slip in the 80's as in this year, except for value difference.

So if I got called back to appraise the horse operation in YellowStone National Park that I did in the 70's, no doubt I would not appraise it the same way today. I don't think so.