Dockominiums’ Could Be New Source of Profits in Today’s Market

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‘By Mike Parker

RISMEDIA, March 9, 2007-Years ago, when I first saw advertisements for "condominiums," I thought, "Who would ever buy an apartment?" That is yet another example of my missing a wave. Condos are now as ubiquitous as-well-apartments!

Today, as we all try to think of new ways to make commissions in this changing market, there is a new boating trend that may just be the next wave not to miss. That's why I immediately took interest in what Steeven Knight, CEO and founder of Yacht Clubs of the Americas (www.YCOA.com), is doing and the opportunity he is offering any licensed broker to earn a full seller's commission on what he calls "Dockominiums" and "Rackominiums" operated by that club in many of the most desirable spots in Florida and the Caribbean. (For those new to this, a Dockominium is a wet boat slip, a Rackominium is a dry boat slip where the boat is stored indoors until you call up and ask them to put it in the water for you.)

Yacht Clubs of the Americas (YCOA) has gone condo….with boat slips. They are very similar to Condominiums in the way they are governed, marketed, and sold. Consider these facts:

1. Thus far, slips appreciated at an average of 35% annually for the past eight years, according to Florida State Certified Appraisers;
2. Ownership is not limited to boat owners-in fact fully 15% of YCOA purchasers are pure investors;
3. Dockominiums and Rackominiums are governed by the same Florida laws that regulate condominiums. This means that when sell-out occurs, YCOA turns over the marina debt-free to the owners, allowing them to offer all services at cost, including fuel and food.
4. Yacht Clubs of the Americas has raised over $300 million to build these facilities and they plan to have them from Long Island to Cancun, Mexico. Clearly, this is no lark.
5. Each facility has fine dining, full services and full reciprocal privileges at all YCOA locations in the network of yacht clubs. Each Yacht club contains a repair and service center, swimming pools, a gourmet restaurant and coffee shop, a first-class owners lounge, full concierge service, saunas and 24-hour security

Ranging in price from $140,000 to just under $500,000, these facilities are located in Sanibel Harbour, Naples Harbour, Tampa Harbour, Key West Harbour, Ft. George Harbour, Stuart Harbour and New Smyrna Harbour in Florida, and the Grand Bahama Yacht Club in the Bahamas . (When you're in the Yachting business, you spell harbor with a "u".). Further, marinas are under contract in: in Charleston S.C. and Destin, Florida. This is a growing company that wants to partner with professional real estate agents. A full selling commission of 3% is available to any licensed real estate agent or broker.

With over a million registered boat owners in Florida and with marinas being privatized and reclaimed for prestigious housing and commercial development, this company appears to have an excellent position from which to exploit the growing gap between available boat slips and boat registrations. Slips remain steady at about 700,000 in the state, boat registrations were almost 1.1 million in 2006. YCOA is a private company with no plans to go public as of information provided at presstime.

While housing sales may be down in Florida, Dockominium sales are increasing, according to YCOA. I was one of many who laughed at the idea that any one would buy an apartment for a million dollars or more. I'm not laughing at the idea that many a boat owner would be willing to pay for a Dockominium as demand continues to increase much faster than supply. I'm also not laughing at the concept of real estate people making commissions from a new source. When you see their Web site, neither will you.

If you have a client with a boat and no place to keep it in Florida and the Caribbean, contact YCOA at http://ycoarealtors.com/ to find out more about representing them and selling their Dockominiums and Rackominiums, and/or to request a booklet on the clubs. To see their facilities, visit www.YCOA.com. For questions, contact Christian Schindler, VP Marketing of YCOA at Christian@ycoa.com.

To contact Mike Parker, email mparker@TheBlackwaterCG.com.

RISMedia welcomes your questions and comments. Send your e-mail to realestatemagazinefeedback@rismedia.com.

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