Daniel Island Marina on marketBy Katy Stech (Contact)
The Post and Courier
Wednesday, April 23, 2008
The Daniel Island Marina, a 471-slip dry storage facility near the Cooper River, is on the market for $12.5 million. 
Grace Beahm The owner of the Daniel Island Marina on Clouter Creek wants to sell the property. The asking price is $12.5 million. At a price several hundred thousand dollars less than the current owners paid two years ago, the property might look like a steal. But the conversion of some dry slips into privately owned "dockominiums" makes it less valuable. "We have sold a good bit of product up here," said owner Freeman Barber Jr., who wants to sell the property so that he can focus on a commercial development in Goose Creek. About a fourth of the facility's 471 dry-stack slips, which traditionally are rented out, have been sold under Barber's ownership. Sales have totaled about $4.7 million, according to marketing materials. The facility's 44 wet slips are not for sale, Barber said. The dockominium trend, driven by a voracious demand for property during the real estate boom of recent years, led several other local marinas to sell slips, including the Bohicket Marina & Yacht Club near Seabrook Island, Wild Dunes Yacht Harbor and the Harborage at Ashley Marina in downtown Charleston. Barber's company, Daniel Island Marina LLC, briefly stopped selling dry slips earlier this year when the property went under contract with a potential buyer. At the last minute, the group couldn't get the financing.His company bought the property in June 2006 for about $13.2 million. It includes the wet and dry slips, a 1,650-square-foot office space and about 1,000 square feet of retail space, according to marketing materials. The facility is near where the Daniel Island Co. is proposing a total of 500 wet and dry slips on the Wando River. That marina could open by mid-2009 and ease rental rates across the Lowcountry. Barber said the Daniel Island proposal did not factor into his decision to sell. Reach Katy Stech at 937-5549 or kstech@postandcourier.com. |
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Comments
This article has 3 comment(s)
Posted by junkman on April 23, 2008 at 8:23 a.m. (Suggest removal)
I argee dockominiums are for the foolish. You pay anywhere from 100-200 /month on top of the home equity loan you took out to "buy" the slip. It's no wonder the marinas that still rent slips have waiting lists.
Posted by Ron_Godzilla on April 23, 2008 at 11:02 a.m. (Suggest removal)
Hey I wonder if there are mortgage brokers in Charleston who can get me an interest only or negative amortization loan on a dockuminium. I'm really looking to pay through the nose for a 35 foot by 15 foot area of WATER. I really think it might hold it's value and I could flip it in the next year or two and double my investment. Ha ha!
Posted by olshoreboy on April 24, 2008 at 5:50 p.m. (Suggest removal)
A lot of the comments are directed towards "dockominiums" when they should be directed towards "rackominium." Daniel Island Marina does not sell their wet slips. You cannot sell wet slips if your marina is currently permitted for "public use." Dry slips are sold as horizontal regime, or condo type of property. These rack slip owners will not get hung out to dry or have all operating cost placed on them. From what I understand, an HOA does not form until 60-70% are sold. The developer would not want to give up an HOA too soon for fear of getting their price under cut. The article mentions that only 1/4 were sold. Whoever buys the marina will probably also pick up the mgmt agreements and HOA until that % is met. They may decide not to sell slips and lease only.The fact that the marina is for sale for less than what the developer bought it is b/c they already made $4.7 million in sales. It does hurt to see that it makes the property less valuable though.