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Old 01-01-2015, 08:49 AM   #21
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My Father in law a cotton and peanut farmer in Georgia used to say

"Son if you want to make a small fortune in farming start out with a large fortune"

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Old 01-01-2015, 01:31 PM   #22
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Originally Posted by CaptTom View Post
Assuming 40 slips, the asking price is $62,500 per slip.
Key word, Asking Price. Two things. First you don't invest in a marina at the individual slip price. Assuming someone wanted to sell the slips and $62,500 was reasonable. Then for the marina, half of that would be reasonable. By the time you held slips, did all the legal work necessary to sell membership interests, and marketed then you could have a decent profit. Selling the slips limits you to a one time profit.

Second, I don't believe slips in that area would sell for that. Too many marinas with slips available and still not the prime Annapolis area. This isn't the only marina in that area to be on the market in the past couple of years.

I don't know if Pleasure Cove is still for sale or not. But looking at asking prices of some other Maryland marinas with comparable locations, here are some examples. 24 slips, $720,000. 136 slips, $1.7 million. 84 slips, $3.5 million. 70 slips, $2.9 million, 21 slips, $825,000. 64 slips, $2.7 million. 106 slips, $2.5 million. 59 slips, $350,000 (ok, bad shape). 74 slips, $2.3 million. 180 slips (+100 dry rack) $7.2 million, 200 slips, $7 million.

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Old 01-02-2015, 10:17 PM   #23
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Marina rates have gone up here in Florida of late. Here at a Loggerhead in North Palm they say they have never been busier and are full up, the same at Old Port Cove when a friend tried to get a slip the other week, and that's a marina we paid about $2500 a month for a 50' boat last April. A very nice marina but those rates dig into the pocket book pretty quick
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Old 01-02-2015, 11:35 PM   #24
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Originally Posted by Tom.B View Post
Funny :-) They say the same thing about racing. "How do you make a million dollars racing cars? Start with ten million dollars."
Sounds like the farmer who won a lottery. Asked what he would do with the 2M, he said " Just keep farming until it`s all gone"
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Old 01-03-2015, 07:39 AM   #25
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How to make a small fortune in real estate development? Start with a large one. After all, among other things a marina is an investment it real estate.

Think long and hard before converting the house to a restaurant. The failure rate is high.
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When cruising life is simpler, but on a grander scale (author unknown)
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Old 01-03-2015, 10:38 AM   #26
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One thing you see a lot of in real estate today is what I call fantasy listings. They're listings at prices well above market but prices that if someone walked by and offered to pay, they would sell. I know of people with their house listed who have no thoughts it will really sell, but if it does at a huge profit, they'll build another.

I looked a couple of years ago at all marinas in the Eastern US for sale. Up and down the coast, every river, every lake. There were hundreds, actually into 4 figures. Average time on market was over 2 years. And for each one listed, there was probably another one that was quietly known to be for sale but didn't want their customers to know so didn't list.

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