Rackominium

[Meandering]

There are 230 boat slips or docks that have individual electric, water, cable and condoimium amenities (pool, clubhouse, valet, etc.)...granted there is no structure or bedroom/bathroom. Similar concept as if your appraising a mobile home on a pad with similar connections, I'm not appraising the boat, just the slip?

Justify all you want.

But when the state comes calling, please come here and justify it some more.

mobile homes on pads, with wheels are vehicles. As a CR in PA, neither a CR or a CG can appraise a vehicle.

Your dock is floating according to your post.

Where in your definition of REAL ESTATE does it say that REAL ESTATE IS MOVEABLE?


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[Pilgrum]

Yep! Come asking for advice then argue when good advice is given.
Please pay attention to the advice you have been given. Don't put your license in jeapordy. And get a good laugh when the AMC says 'Well, the last appraiser was ok with it'.
Move on.

 

[Mike Kennedy]

One Florida Example, scroll down to "What is a Rackominium">>

http://www.allstarmarineus.com/boat...alesused-boats-all-star-marine-usKey-LargoBoa


http://www.boattrader.com/listing/2011-Rackominium-Dry-Racks,Storage-One-Moth-F--100899123

Rackominium Investing - Florida

http://www.nuwireinvestor.com/articles/boat-slips-as-investments-51167.aspx

 

[Pilgrum]

So the "Floating Dock" Isn't a Rackomimium.
Still not real estate.
There are many floating homes in the San Francisco area. Maybe someone from that area can/will chime in.

 

[Mike Kennedy]

There are 230 boat slips or docks that have individual electric, water, cable and condoimium amenities (pool, clubhouse, valet, etc.)...granted there is no structure or bedroom/bathroom. Similar concept as if your appraising a mobile home on a pad with similar connections, I'm not appraising the boat, just the slip?

Do yourself a major favor, LISTEN to and heed the warning from Mr. Klahr.

 

[JohnCreaser]

I don't disagree with what is being said, I just see both sides and just looking for more clarification than you can't do it. I did find this about dockominiums...opinions?

What is a Dockominium?

Dockominiums are individually owned wet slips for sailboats and cruisers. They can be found for any size boat or vessel and can be constructed as a simple fixed pier to luxury indoor, climate controlled, high security facilities with many amenities.

The concept is much the same as a condominium except that it is a home for your boat and based upon a deeded title to the basin bottom and in some instances may be based upon a basin bottom that is leased from the government or a municipality. These slips and racks are located in highly landscaped, well-lighted and gated marinas, each with a complete amenity package


What form of ownership is available? FEE SIMPLE

Ownership of deep-water dockage is in fee simple title with a warranty deed framing ownership of the submerged land and air rights associated with the slip forever. Similar to owning a condominium, all aspects of common and limited common elements are detailed in the association documents provided prior to purchase.

 

[Howard Klahr]

John

You can rationalize all you want. All I am trying to do is impart information to help you conform to the state requirements. Obviously you are free to do as wish. But in front of the state board a boat slip does not equate to 1 - 4 family residential. Notwithstanding, you still must meet the competency rule and inquiring about what residential form to use in regards to an appraisal of a boat slip does not help convey an appropriate level of competency. Just saying. Best of luck.

 

[Mike Kennedy]

A rackominium is, per the links above which are assumed credible, not a Dockominium.

IF any appraiser does not possess the experience, knowledge, and expertise in a particular property type , REGARDLESS of license - he/she is obligated to inform the client AT the time of assignment, take proper steps outlined in the USPAP to gain that knowledge, AND stipulate the lack of experience and those steps taken to gain it - in a completed appraisal report (written or oral).

Recommend "must type it up and submit the report by 5pm" - likely does not afford the OP sufficient time to become Competent.

IF the OP HAS prior experience and expertise in the OP property type - he should feel free to disregard THIS opinion. IF that was the case, IMO, this Thread discussion would likely have been unnecessary.

Carry on....

 

[Meandering]

So let's go with this stupidness.

Dockominiums are individually owned wet slips for sailboats and cruisers. They can be found for any size boat or vessel and can be constructed as a simple fixed pier (Hint: attached to the land) to luxury indoor, climate controlled, high security facilities with many amenities.

The concept is much the same as a condominium except that it is a home for your boat and based upon a deeded title to the basin bottom (Hint: Highest and best use of underwater land is? Residential?) and in some instances may be based upon a basin bottom that is leased from the government or a municipality. These slips and racks are located in highly landscaped, well-lighted and gated marinas, each with a complete amenity package


What form of ownership is available? FEE SIMPLE (To the bottom of the bay, idiot)

Ownership of deep-water dockage is in fee simple title with a warranty deed framing ownership of the submerged land and air rights associated with the slip forever. (What part of this is 1-4 residential or available to be 1-4 residential?) v Similar to owning a condominium, all aspects of common and limited common elements are detailed in the association documents provided prior to purchase.

This is exactly the lack of training and understanding of the basic definitions pertaining to appraising we see from AMCs. Do yourself a major favor and purchase and use the Dictionary of Real Estate.

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[JohnCreaser]

This is a dockominium and not a rackominium and was a mistype. I agree Mike that one would need to be competent and must stipulate, etc. etc. Yes those links are just articles and if credible would help justify it being appraised. I agree as well on the other side as this wouldn't fall under the scope of license. Outside of the competency rule who is allowed to appraise dockominiums and what form would they use to produce such value?