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.

Reply