What is a Dock-O-Minimum? Good question!
A dock-o-minimum is essentially condo ownership of a boat slip. There are several marinas that have elected to sell either part or all of their boat slips in this fashion. The advantage to a buyer is in the appreciation of equity and not having to pay rent!
A condominium in the LBI real estate market is similar to a condo except you own the slip and the water rather than an apartment. Generally, a management company will oversee the upkeep of the dock, bulkhead and any amenities (such as a pool or club house) that may be part of the association. There is usually a monthly or quarter maintenance fee as there would be with any condo association and these funds go towards the upkeep of the property and usually some or all of the insurance bills.
A unit owner is usually responsible for their individual property taxes on the slip as well as their usage costs of utilities such as electric (although in many cases water is included).
Like any investment in the LBI real estate market, the value of a condominium is subject to highs and lows in the market. This form of ownership grew in popularity as the real estate market grew in value nationwide during the early 2000's and has since cooled somewhat. Since there are other affordable waterfront options that include more amenities, the demand for dock-o-minimums has waned some but it is important to keep in mind that there is still a strong demand for this unique form of ownership.
There are several areas in Long Beach Island that are home to Dock-O-Minimums. The most common are:
High Bar Harbor Yacht Club
This marina is located in High Bar Harbor near the Barnegat Inlet. Amenities include a pool, club house, water and electric
The Shelter Harbor Marina is a part of the Shelter Harbor Condominium complex but is an independent entity. Located in the heart of Beach Haven, these slips are close to all the attractions and have water, electric and pool/clubhouse access.
Located at Roosevelt Ave. in Holgate this newer development has a number of slips available at one of the best price points in the LBI real estate market. There is a small pool for the complex and water and electric at the slips. The close access to the Holgate Inlet makes this a nice option.