Florida Marina Slip Sells For $4 Million
Part of the expense of a yacht isn't just the initial output it's also the upkeep and the all important slip. But finding the right slip can get pretty expensive especially for megayachts. Recently a megayacht slip sold for a record $4 million at Key Largo's Ocean Reef Club. The $4 million slip on the T-Dock can accommodate yachts up to 165 feet in length. The new sale price is double the previous record sale at Ocean Reef for $2 million. Considering how in the tank Florida real estate has been recently that's a pretty amazing figure.
Ocean Reef Club's 175-slip marina has 24-hour security and is located near the Gulf Stream and North America's only living coral reef. The posh club has a variety of condos and home for sale for prices that sail up to over $20 million. The private community offers amenities like a private air strip, two championship golf courses, medical center, academy, chapel, cultural center and five restaurants. More slips as well as homes are listed through Russell Post Properties.
Reader Comments (Page 1 of 1)
nick May 8th 2009 6:19PM
incredible location and given the scarcity of these size slips, it's worth it if you have the boat and want to be there. but "located near North America's only living coral reef" is totally inaccurate.
bangelav May 9th 2009 11:37PM
Interesting, slightly puzzling as well. Someone really must have wanted a slip there badly to pay that kind of money in this economic climate. Yes , it is a great location, a great size slip, and a great club with panache and a name associated with old money and elite members. This sale has garnered quite a bit of publicity of late for the Ocean Reef Club. But, we do not know the details or the circumstances of this transaction, or what, if anything else could be involved. So at the moment we can look at this as a one off location and slip, a one off high-end club facility, and a one -off selling price.
The only absolute I can tell everyone is what is happening in my little niche of the world (Dade & Broward County, FL) with Dockominium and Rackominium prices.
I have a 75' slip at the Waterways(Loggerhead) in Aventura for an asking price of 195k...Prior sales in 06'/07 for a 75' slip was in the neighborhood of 395k.
40' wet slips at Mystic Point Marina in Aventura are listed for 49k, when the last 40' sale two years ago was for 100k.
At Grove Isle Marina in South Miami a 60' slip is being offered at 195k, that went for 480k two years ago.
As for Rackominiums, there are few of those business models left at all. At the Port Marina in Ft. Lauderdale (with the automated Hi-Tech crane lift technology) I closed on a 42' slip there six months ago for 65k. Original prices for this size slip were 189k. I have a client now with a 52' slip there who is asking 89k. Original prices for this size were in the 300k range.
This is MY reality that I am dealing with at these locations. I suppose there will always be an exception at some place at some time.There are a few locations that will always outperform. But they are the exception, not the norm.
*This information was originally posted in the Marina Network Group on Facebook.