You’ve probably read it dozens of times in real estate advertising: “Buy a home for your boat.” Homes with access to a boat dock have always been popular, but like everything else that COVID-19 has influenced, popular doesn’t even come close.
Because of COVID, pleasure boating filled a void left when get-togethers, bars and restaurants were unavailable because of lockdown restrictions. The obvious pastime was outdoor activities, and for all waterfront communities in the country, boating became all the rage.
According to the National Marine Manufacturers Association, boat sales reached a 13-year high in 2020. This is up 12% from the year before, with more than 310,000 powerboats sold in the United States last year. Being able to work remotely made it even more convenient for potential boaters to dive into their new hobby.
Naturally, houses with private boat docks, especially with boat lifts or the capacity to build one, suddenly became even more in demand than before. Properties without actual docks, but which had seawalls or bulkheads and deep water, also became more valuable to buyers with the hope they could build a dock. That said, the ability to build new docks isn’t as easy as it sounds.
If you purchase a home that does not have a dock or worse, a seawall, there is a rigorous permitting process by both state and federal agencies. Construction on marine land falls under the jurisdiction of the U.S. Army Corps of Engineers, but they hand it over to Florida’s Department of Environmental Protection (DEP). It’s an expensive, time-consuming process that makes homes with existing docks that much more valuable.
For example, if you did not have a home with a dock for your 40-foot vessel it would cost anywhere from $25 to $30 a foot per month in a commercial marina. That calculates to $1,000 to $1,200 monthly. If you really want to buy a home for your boat, you can. Boat slips are available for sale in some of the high-end marinas, such as Longboat Key Moorings on Longboat Key. That will run you about $100,000 to $330,000, depending on the location of the slip and the size of the boat.
How much value does a dock with the proper permits add to the value of the home? This is one of the multitudes of waterfront value questions that every real estate professional has struggled with for decades. Putting a value on waterfront property alone is very difficult because of the diversity of waterfront locations in Florida. Adding docks, seawalls and the ability to build is a whole other level of calculating value. As with most real estate, comparing similar properties that have sold is the gold standard. However, finding waterfront property with the right kind of docking is not so easy. And just to throw another wrench in the mix, we have many waterfront condominiums in Manatee County that come with docks.
If condo living appeals to you and you want a dock for your boat this could be an alternative. Make sure you understand the difference between a dock that is deeded to you and a dock that is part of the association’s limited common elements. A deeded dock puts all of the maintenance responsibility on you as the owner; a dock that is a limited common element is maintained by the association.
Buying a home or condo with a boat slip or the ability to construct one requires more than the average amount of due diligence. Do your homework and make your boat happy in its new home.
