With the abundance of boats in the Bay Area, we wanted to understand more about the merits of leasing or renting a slip versus owning a slip. Just last year our Latitude-friend Eric Sanford sold his Morgan Heritage, along with the marina slip he’d owned for years. And while the concept of slip ownership is not entirely new, it is something that many of us had not previously considered.
Overnight and long-term berthing both come with a price. And as with most things that have a dollar value, that price invariably increases in accordance with supply and demand, and with general inflation.
Some Bay Area marinas offer boat owners an option to own their marina slip or dock space, just as they can own a condominium. Only in boating terms, boaters have the option to own a ‘dockominium’ — permanent and perpetual ownership of a dock space or slip.
As more and more people take to the water it’s possible that existing marina vacancies will decrease. Add to that a lack of new marina developments and the battle to maintain existing slips, and the prospects of finding a slip for one’s boat could well be diminishing. Plus of course there’s the almost-guaranteed factor of rising rents.
Could ownership be an alternative to slip rental?