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• What is a rackominium?
• What is a dockominium?
• What slip lengths are available and what are the costs?
• What are the advantages of owning or investing in your own slip?
• Why consider purchasing a dockominum or rackominium now instead of leasing?
• What are the estimated annual costs of ownership?
• Are there any property taxes and insurance?
• How are the monthly maintenance fees established?
• Am I allowed to lease my slip?
• Do you have an on-site service facility?
• What forms of ownership are available?
• Do dockominiums meet the requirements for 1031 tax deferred exchanges?

What is a rackominium?
Rackominiums are individually owned dry stack boat storage racks. They provide affordable water access to boats less than 40' in length and that weigh less than 22,000 pounds. They can be open air racks, covered, completely enclosed and climate controlled, or as in the case of Waterway Marina & Club, three-sided buildings. The concept is much the same as a condominium except that it is a home for your boat and based upon the land that the rack sits on and the structure itself (like a condo).

Special crane systems, lifts and fork lifts are used to safely haul and store or lift and launch your boat as often as you wish to use it. Whether it is once every couple of weeks to several times a day, these facilities provide you the same access to the water as a wet slip, but provide equal or better protection than if you had your very own boat lift. Boats stored in high and dry rackominiums benefit from much greater security from theft, are safer from severe weather and offer lower maintenance costs. Paint will keep longer, and drive shafts, props and out-drives require much less maintenance.

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What is a dockominium?
Dockominiums are individually owned wet slips. The concept is much the same as a condominium except that it is a home for your boat and based upon a deeded title to the basin bottom.

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What slip lengths are available and what are the costs?
At Waterway Marina & Club, dry-slip rackominiums can be purchased for vessels up to 30 feet at the most affordable prices in the area. Dry-stacks offer far superior benefits. They provide greater security and protection and will contribute to a longer life, lower cosmetic, bottom and drive-train maintenance, increase resale values, and may someday potentially lower insurance rates for boats stored in such facilities.

Contact us today to be added to our waitlist for wet slip dockominium pre-construction pricing notification.

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What are the advantages of owning or investing in your own slip?
The purchase of a dockominium or rackominium provides the discriminating owner or investor with multiple benefits, including, but not limited to:

• Equity: You will build equity in a rapidly dwindling resource as demand continues to outstrip supply.
• Appreciation: Increasingly stringent governmental regulation limiting the number of marinas which can be built, coupled with the consistent demand for boat slips, creates the potential for an appreciation in your slip's value. While no value can be predetermined, a little historical research will show that most urban and suburban slips on the Atlantic Coast have averaged appreciation rates between 8% and 14% over the past 20 years. NO OTHER real estate product we are aware of has performed as well.
• Rental Income: Your slip can provide rental income when not in use, and this can even be managed for you.
• Potential Tax Benefits: Ownership can offer possible tax savings. If the purchase is financed by a qualifying home equity loan, or if the boat and slip can qualify as a second home, the interest is generally tax deductible. Additionally, the real estate taxes paid in connection with the slip are also tax deductible. Always consult with your tax advisor.
• Liquidity: A dockominium or rackominium can be sold or transferred, at any time, or passed by inheritance the same as any other titled real estate product.
• Controlled Expenses: Ownership can assure control of expenses as rental rates climb even higher. If structured properly, the after-tax cost to many boat owners will be less than the rental rate they would be paying for the same period. After the loan is paid off, the ongoing cost of owning the slip is a fraction of rental.
• Security: Ownership will secure for you and your family a permanent home for your boat and the lifestyle that boating provides. High and dry security from theft is an additional benefit.
• Value: Ownership of a slip or rack allows its owner many of the benefits of water-front ownership, without the tremendous costs associated with this type of ownership.

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Why consider purchasing a dockominum or rackominium now instead of leasing?
Although ownership of permanent boat slips, berths and moorings may appear like a relatively new concept, knowledgeable boat owners and real estate investors have sought to purchase prime dockage for their vessels and income opportunities for more than 20 years. The number of new rackominiums & dockominiums available for purchase continues to decrease as demand continues to grow. They have soared in popularity more recently because of a number of factors:

• Boating continues to expand as more owners are entering the market. Larger and more costly vessels are being constructed every day, thus placing pressure on an already oversubscribed and limited rental marketplace.
• Small, formerly independent marinas are being purchased by large international companies and developed for their maximum utility. High priced resorts and condominiums are ousting the recreational boater.
• In addition, there are stringent environmental, regulatory and land use restrictions reducing the available supply of marinas at large. As the number of high quality, deep water wet slips decreases, their value continues to grow. Recent moratoriums on new marina construction and dock permitting has influenced some dockominium owners and investors to purchase additional available slips simply for the investment value that they represent.

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What are the estimated annual costs of ownership?
If purchased without financing, a unit owner's annual cost of ownership would be the tax deductible real estate taxes of the property's fair market value. There will also be a monthly Association assessment for common area maintenance, property insurance, security and related expenses. Association's set their own fees. At Waterway Marina & Club, the estimated monthly association fee is estimated to be less than $150.00/month, plus real estate taxes.

If financed, a unit owner will also be responsible for the principal and interest payments associated with the financing. As noted above, the interest component of the payment would be tax deductible if the loan is structured as either a qualifying home equity or second home mortgage loan. The principal part of the monthly payment would increase the equity of the rack- or dockominium unit. The association fee would remain the same whether owning or leasing.

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Are there any property taxes and insurance?
Yes, slip owners receive a property tax bill. The Association pays the property tax
for common areas. Each vessel must maintain its own insurance. The Association pays for insurance of common areas.

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How are the monthly maintenance fees established?
The operating budget is equally divided between the number of slips. As property owners decide to change or add amenities fees can vary, however, the fees are spread evenly among all slip owners.

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Am I allowed to lease my slip?
Yes. However, the rentals & resales of slips must be conducted through the Dock Master. Doing so will help provide storage rate consistency and additional income to slip owners to offset facility administrative expenses. There will be a standard fee of 20% for this service.

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Do you have an on-site service facility?
No, however Waterway Marina & Club is conveniently located adjacent to Jarrett Bay Boatworks' 175-acre Marine Industrial Park, Ship's Store & Fuel Dock to accommodate almost any boating need.

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What forms of ownership are available?
Fee Simple: Ownership of both dry storage slips and wet slips are in fee simple title with a warranty deed framing ownership of the air rights and/or submerged land associated with the slip forever. Similar to owning a condominium, all aspects of common and limited common elements are detailed in the association documents provided prior to purchase.

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Do dockominiums meet the requirements for 1031 tax deferred exchanges?
Yes, depending on the type of exchange you are considering. If you wish to defer capital gain taxation indefinitely, please consult first with your tax and/or legal advisors.

• 362,784 boats were registered in NC as of 2006, making it the 11th largest boating state in the U.S.
• The primary attraction of Southeastern NC is its proximity to the water. Many new residents bring boats with them - or are prime candidates to purchase boats.
• Upscale housing demands fueled a building boom in Carteret, Craven & Pender Counties. All three communities are readily accessible to Waterway Marina & Club, and the historic Beaufort waterfront is just 10 minutes away.
• Available waterfront property in Southeastern NC is dwindling. The chance to own a slip on the water is a rare opportunity.
• Due to increasing regulations, as well as the demand for waterfront housing, it's extraordinarily difficult to launch a new marina enterprise - let alone one with as many available boat slips in Southeastern NC.

Examples of Dockage that sold in the recent past:
30' Rackominium, Chesapeake Bay $16,000.00 (Pre-development 2004)
30' Rackominium, Chesapeake Bay $46,000.00 (January 2006 - same as above rack)
Appreciation after 24 months: 187.5%

60' Dockominium, Chesapeake Bay $85,000.00 (May 2005)
60' Dockominium, Chesapeake Bay $104,000.00 (February 2006 - same as above slip)
Appreciation after 9 months: 22.3%

50' Dockominium, coastal North Carolina $58,000.00 (March 2004)
50' Dockominium, coastal North Carolina $94,000.00 (April 2006 - same as above slip)
Appreciation after 25 months: 62.1%

50' Dockominium, coastal North Carolina $62,000.00

40' Dockominium, coastal North Carolina $48,000.00

30' Rackominium, Bahamas $35,000 (Pre-development)
30' Rackominium, Bahamas $60,000

25' Rackominium, Cape Coral Florida $85,000
36' Rackominium, Cape Coral Florida $125,000

36' Dockominium, Jacksonville, Florida $54,000 (Pre-development)

35' Dockominium, Vero Beach, Florida $87,500 (November 2004)
35' Dockominium, Vero Beach, Florida $122,500 (February 2006 - same as above slip)
Appreciation 27 months: 40%

60' Dockominium, Ft Lauderdale, Florida $248,000.00
90' Dockominium, Ft Lauderdale, Florida $900,000.00
120' Dockominium, Ft Lauderdale, Florida $1,500,000.00

90' Luxury Indoor Dockominium, Climate Controlled, Miami Florida $2,300,000.00

50' Dockominium, Gulf Coast, Texas $28,000.00

30' Dockominium, Long Island Sound, CT $25,000.00 (July 2005)
30' Dockominium, Long Island Sound, CT $39,700.00 (March 2006 - same as above slip)
Appreciation 7 months: 58.8%

30' Dockominium, Long Island Sound, NY $68,000.00

From the examples above, it is easy to see that the appreciation rates for dockage are above the averages for real estate. It appears that the opportunity to own dockage can be a very valid investment strategy. The opportunity to actually purchase and own your own boat slip is a unique and special opportunity. Less than 6% of U.S. marinas have ever offered their slips for sale. Contact us today for information on investment opportunities at Waterway Marina & Club.

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*Some information on this page was obtained from boatslips4sale.com