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Wed., Oct.12, 2005

The Charlotte Observer purchased "rackominiums."
BDry-dock slots a hot property
'Rackominium' for upscale boats
Knight Ridder

- A needed captain's hideaway, or just a dinghy idea?

For sale: Cozy upper-story unit in gated community with 24-hour surveillance, waterway access and clubroom perfect for entertaining friends.

But this luxury-style living isn't for you -- it's for your boat.

The "rackominium," where dry boat slips go for as much as condo units, promises boaters security for their beloved vessels.

It's even attracting interest from investors buying slips to flip. That's because much like the real estate market, boat storage space is in high demand and short supply as marinas and dry docks give way to luxury high-rises and other developments, while boats keep getting bigger.
Take the new Dania Beach Boat Club: It offers 210 spaces for between $77,000 and $300,000, depending on the size of the boat. A single space can accommodate vessels up to 52 feet long and 37,000 pounds.

"It's one of the few things you can do with your boat that actually increases in value," Realtor Ray Kooser tells potential buyers.

Dania Beach Boat Club is believed to be South Florida's first rackominium, though a second is expected by month's end.

Rackominiums have made their way to the N.C. coast, said Charlotte lawyer Woody Connette, who owns a spot at Creekside Yacht Club at Wrightsville Beach. He paid about $23,000 for it a few years ago, but estimates he could sell it for more than $30,000 now. "My wife said, `You paid how much for a piece of air?' " he said. "I keep saying, it's cheaper than Panthers PSLs (permanent seat licenses)."

At Charlotte's area lakes, Norman and Wylie, rental remains the dominant model for dry-docking. Wet boat slips -- known as dockominiums -- have been sold in Florida for a few years. Until now, dry storage spaces in Florida were only rented, not sold, said Frank Herhold, executive director of the Marine Industries Association of South Florida. (Duke Power's rules don't allow dockominiums on Charlotte-area lakes, said spokesman Jason Walls).

Dania Beach's Kooser said 50 spaces already have been sold. Of those, roughly 12 went to investors such as Phil and Adeinaz Sedorko of Davie, who recently bought a pair. The Sedorkos have no intention of using the slips, but rather plan to rent them out for two to three years, then sell. They don't even have a boat.

"We have properties all over -- Las Vegas, Alabama, Tennessee," Adeinaz Sedorko said, adding that she believes the rackominium promises to be another smart investment.
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No warranty or representation, express or implied, is made as to the accuracy of the information contained herein and same is submitted subject to errors, omissions, change of price, rental or other conditions, or withdrawal without notice. Prices, plans, products and availability are subject to change without notice. Illustrations are artist’s depictions only and may differ from completed improvements, and scenes may include locations or activities not on the property. This is not an offer to sell or a solicitation of an offer to buy real estate in any country or state where prohibited by law.