That reminds me of an incident in Hilton Head a few years back. I was
installing a system for a real estate company which shall remain un-named.
We were proofing the system by printing out various reports and auditing
them. There was a list of one development on the marsh side with prices in
the $650K-$850K range that suddenly dropped to the $175K to $200K range. A
red flag to me so I asked " Are these houses and those vacant lots?" The
answer "No. These are vacant lots and those are boat slips."

That was 10 years ago so $120K for a dock box doesn't sound all that
unreasonable to me. :-)

Actually that is becoming quite a problem lately in the time share business
and to some degree in the condo-marina business. If you don't have clear
title to some interest in real property the deal is worth only the assets
of the company that sold it to you which is usually zero.


Glenn Ashmore

I'm building a 45' cutter in strip/composite. Watch my progress (or lack
there of) at: http://www.rutuonline.com
Shameless Commercial Division: http://www.spade-anchor-us.com

"Larry W4CSC" wrote in message
...
wrote in
ups.com:

Seeing the paucity of marina space in South FL and the extreme cost
makes me wonder what will happen as prices for slips continue to rise.


One of the best marinas in Charleston has gone "condo"....not condo in the
sense of tearing up the marina and replacing it with apartment-
condos, that's next door...no, the "condo" here is a LOCKER for $120,000!
Now THAT's stupid! They can't sell you a dockspace they don't own. The
Corp of Engineers always gets upset when some slick developer sells the
public's waterways. So, they sell you this tiny locker in the main
building with the PROMISE that you'll be able to use "some" dock space for
your boat....where is not promised. The fun part comes with the "regime
fees". There's an "owner's association", which, of course, is SUBORDINATE
to the developer and at his whim. Inside the condo docs is a little
clause
that says if we run out of money from the regime fees, we'll just come
assess you for more moolah at any time and there's nothing you can do
about
it. Regime fees have dropped a lot on the webpage since they started
it..(c; What a deal!

Take a look:
http://theharborageatashleymarina.com/
Most all of the old gang simply moved out....to the City Marina.

"Glenn Ashmore" wrote in
news:sfffe.2668$sy6.1304@lakeread04:

Actually that is becoming quite a problem lately in the time share
business and to some degree in the condo-marina business. If you
don't have clear title to some interest in real property the deal is
worth only the assets of the company that sold it to you which is
usually zero.



The "company" is retaining all title to the real property, the marina
building, land, parking lot that can only park 20% of the boaters' cars.
Oh, no, you get nothing of real value for $120K, just a locker and a
promise.

What I find incredible is that people-of-money actually buy into this
scheme that could simply vanish overnight. I always pictured the rich as
much smarter and more money savvy than this. It must not be true.

Notice that the "company" is a South Carolina LLC...limited liability...
After the money runs out from the initial loans, and the bank repos the
real property used as collateral, how are the locker owners going to get to
the dock through the bank's new waterfront condo property?