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Registered
Join Date: Apr 2001
Location: Linn County, Oregon
Posts: 48,882
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Quote:
Originally posted by rfn026
The Car Condo on Marco Island has already gone bankrupt once. Guys are trying the same thing with marinas here in Naples. So far no one has been able to make it work here in Naples FL. It all looks great on paper - but reality is usually different. When I run the number I can lease a space for about 18 years - based on the $30,000 purchase price.
Don't forget that there will be management fees each month. Also, monthly(or quarterly insurance fees) In addition there is a need to develop a reserve fund for new roofs, etc. These monthly fees can go up at the discretion of the condo board, which is generally controled by the developer.
The $30,000+ purchase price may be the smallest number. You're buying into a concept with open ended monthly fees as well. Be VERY careful here.
Richard
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Oh yeah..my biz model thinking was based on a simple rental/lease...BUY a car condo? No more than I would BUY a living space condo. Too many others involved in what you pay...
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"Now, to put a water-cooled engine in the rear and to have a radiator in the front, that's not very intelligent."
-Ferry Porsche (PANO, Oct. '73) (I, Paul D. have loved this quote since 1973. It will remain as long as I post here.)
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