Why should I consider purchasing a Rackominium?
There are a number of factors effecting recreational boating that contribute to the need of purchasing a rackominium. Primarily, this is the case of supply and demand. Boating has soared in popularity, and larger more costly vessels are being constructed to supply the worldwide demand. This is placing pressure on the oversubscribed and limited rental market. Waterfront property is a high-demand, limited commodity. Small, formerly independent marinas have been purchased by large development companies and turned into residential condominiums. Rental facilities are unable to produce the revenue necessary to justify their use of waterfront property. In addition, hazardous weather has destroyed hundreds of slips and environmental and regulatory land use restrictions have further reduced the available supply.
What are the advantages of owning your own Rackominium?
Most importantly, ownership will secure a permanent home for your boat, and a membership in a community of active boaters. It also allows you to build equity in a rapidly dwindling resource as demand continues to outplace supply.
Are there property taxes?
Yes. Taxes must be paid on your rackominium, as any other real estate that you might own. Please consult with your accountant or tax advisor for complete information on tax advantages and liabilities.
Am I allowed to lease my space?
Yes. Our owners can lease their slips. As an owner, you will maintain all of your membership rights while you are leasing your space. The lessee will have access to the same amenities.
How much can I sell/lease my space for?
Although we do not manage re-sales at this time, we will provide you with current market information on sales pricing and leasing rates and provide you with a login to our website after closing to post ads and news.
What form of ownership is available?
Ownership is in fee-simple title with a warranty deed. Similar to owning a condo; all aspects of common and limited elements are detailed in the association documents provided at contract
What is the "The Marina Club at BlackWater Sound" at Key Largo?
Deeded waterfront fee simple marina ownership, with 5 star concierge services and amenities located in Key Largo at MM104 Bayside, less than 45 minutes from Miami, 2 minutes to the Gulf, and less than 10 minutes to the Atlantic Ocean. To receive more information and for priority sales status - Contact Judy Collins at 1.866.734.1524, 305.453.7800 or cell 305.924.2001. Email: judy@marinaclubkeylargo.com, Sales office hours are Tues-Sunday from 10 am - 6 pm, or by appointment.
How can I purchase a rackominium, or more than one?
Contact Judy Collins at 1.866.734.1524, 305.453.7800 or cell 305.924.2001. Email: judy@marinaclubkeylargo.com, Sales office hours are Tues-Sunday from 10am - 6pm, or by appointment. Ask for an updated inventory listing.
What am I buying?
Rackominium owners will be purchasing the exclusive right to own a specific rack (s), via the purchase of fee simple title to real property. An association will be formed and the rackominium will be a legally described unit(s) within the condominium which would be conveyed by special warranty deed and recorded just as with the purchase of residential or commercial real estate. As a purchaser, you would own an undivided prorata interest in the common elements contained within the condominium, including the owners- lounge facilities and amenities. The condominium association, of which you would become a member at closing of the rackominium, would manage operation of the marina through a contracted management company.
What sizes will be available?
Slip sizes will range from 35 to 40 ft. with various widths and heights to accommodate over 95% of the center console and express type boats between 25' and 40'. Will accommodate vessels up to 40'L x 15' W x 33 H , not to exceed 15,000 lbs. Interior and Exterior units available. See under Rackominiums: Find your size.
What owners' services and amenities will be available to the Rackominium owners?
This state-of-the-art facility provides boaters a rich array of services and amenities, including membership, owner's lounge with free WiFi, computer stations, Plasma TV, shower and restroom facilities, outdoor decks, 4 restaurants next door, boat services, fuel, parking, weather center, convenience store, dock master and staff, on site boat services and repair, and concierge services. The beautiful Marriott Key Largo Bay Beach Resort is next door, offering up to 25% discounted rates for overnight accommodations when available, spa and fitness services, dive shop, beach, pool, gift shop, bar, 2 restaurants, entertainment, and conference center.
Management will also provide boat cleaning and engine flushing as needed upon the launch and retrieval of the boat while in storage, with call or email ahead with requests. Marina staff will also provision and fuel an owner's boat prior to launching with any food or beverage needs.
When will The Marina Club be completed?
The project is scheduled for completion April, 2007. Rackominiums available now!
Where is The Marina Club at BlackWater Sound, located?
The Marina Club is conveniently located at Mile Marker 104 Bayside in the heart of the Upper Keys, the boating and diving capital of the world! 103950 Overseas Hwy.
The location is a boater's dream come true, located next door to the Marriott Key Largo Bay Beach Resort and adjacent to: Sundowners and Sr. Frijoles Restaurants, Cactus Jack Sports Bar, and Island Adventure Dive Shop. The Marina Club is located 45 minutes from Miami, 2 minutes from the Gulf of Mexico, and 10 minutes to the open Atlantic Ocean, via Adam's Waterway. In addition, The Marina Club is only minutes from the world-famous John Pennekamp Coral Reef State Park and the Everglades National Park, plus much more.
Do you offer a rental management program?
Yes, if you would like someone to manage and lease your slip(s), the current owners will be on hand to assist you onsite with your rental needs until the project is sold and operated as association. (fees will apply).
May I finance and mortgage my Rackominium?
Yes, assuming you qualify, you may finance your slip similar to any other real estate asset. Preferred Lenders: Benchmark Home Finance Group and Wachovia. Many buyers also turn to home equity loans as a means of financing.
Can I purchase a rackominium as part of a 1031 exchange?
Yes, you would be buying real property which may serve as replacement property as part of a 1031 tax deferred exchange. Please consult your tax advisor and/or attorney, or QI (Qualified Intermediary) for specific advice. See separate listing for additional 1031 information. See News tab.
Will there be association fees?
Yes, under $159 per month, which is very affordable and less than most marinas. An example of what this fee will cover is (but not limited to):
1.Marina and Club Management
2.Causality and liability insurance for the building
3.Utilities
4.Other typical condominium expenses (licenses, outside accounting reviews, legal, etc.)
5.Maintenance
6.Grounds
7.Staff
8.Buildings and equipment
9.Amenities
How does the association work?
At closing, you will become a member of the condominium association. The condominium association is run by a board of directors, which will be made up of members of the association. The board of directors, with the guidance of the management company, will govern all aspects of the association. We will be assigned a user login on our website at closing which will provide you with a wealth of information and upcoming news and information.
Who will be the Marina Management Company?
Principals of (The Signet Group) - will run the day to day operations of the marina, until the association takes over. Upon the transition to the Association's Board of Directors, the Board will have the option to keep the existing employees and or interview/hire a new employee.
What types of lifts and equipment will be used and other specifications?
New state of the art Wiggins bull lift and Neptune lift, new state of the art racks, new white fiber decking, new paving throughout the entire site, new landscaping, concrete block 160 MPH hurricane rated lounge, steel lounge roof, marble floors in owners lounge, storage facility new steel roof, sealed floor, full sprinkler system, state of art alarm system, hose bibs and electricity at all racks, resurfaced seawall in basin, after hours pedestrian entrance, new aluminum powder coat fencing, 110/220 volt electric supply located at the basin. 24hr state of the art security system, ceiling fans, and storage floor drain for easy cleaning.
Do you have onsite fuel?
Yes, at discounted prices for the owners.
Is there onsite parking for slip owners and tenants?
Yes, on-site, secure parking will be provided.
Will there be an on-site service department?
Yes, Marina Club will provide a convenient out-sourced service. Boat owners will also be able to perform pre-approved routine maintenance on their boats in designated work racks. See the Features and Services tab/Additional Services
No warranty or representation, express or implied, is made as to the accuracy of the information contained herein and same is submitted subject to errors, omissions, change of
price, rental or other conditions, or withdrawal without notice. Prices, plans, products and availability are subject to change without notice. Illustrations are artist’s depictions
only and may differ from completed improvements, and scenes may include locations or activities not on the property. This is not an offer to sell or a solicitation of an offer to
buy real estate in any country or state where prohibited by law.
