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St Petersburg “dockominiums” giving up

Nautico and Maximo Marina, both in south St Petersburg, Florida, have been marketing their slips and “high and dry” storage as dockominiums – pay to own. Nautico is a new facility and Maximo Marina has been a rental marina for years, but recently ousted the boats in the rental slips in order to sell the slips. The current market is not accepting this concept here. So, both facilities, owned by Frank Maggio and his enterprises, have thrown in the towel, returned the deposits of potential slip buyers, and decided to rent out the slips. Since previous slip renters have had to make alternate arrangements and move their boats, I wonder how receptive they’ll be to returning.

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  1. Dale Wentzel

    While it may be true that Maggio filed for bankruptcy protection (if that’s throwing in the towel) on Nautico and Maximo projects – It was NOT BECAUSE the DOCKOMINIUMS were not selling – It was because the docks were only a small part. It’s because the Luxury Condos, the centerpiece of his project that drove him into bankruptcy. There were many more dock reservations than there were for condos. Turtle Cove, Marker One, Vinoy Club, Riviera Dunes, YCOA have watched sales slow considerably – but if I’m not mistaken – NOTHING is currently working (or selling) in the Tampa Bay Area. It’s not that dockominiums don’t work because they do if they are priced correctly, relative to market rental rates. $5000 – $6000 is out of whack for Tampa, St. Pete – just like $1.5 million for a 2000 SF condo. – Nothing working in Tampa Bay is more a sign of the times – the real estate crash, economy and credit markets than it is that “dockominiums don’t work”. We still sell several dockominiums every week, but they must be priced right. Just ask the owners over at Island Yacht Club in Clearwater how they feel about the docks they purchased 15-20 years ago. No sour grapes there.

  2. Sharon

    Hi, Dale. Thanks for commenting.

    Certainly the lack of condo sales were a big factor in Nautico, but I didn’t think condos were a part of the Maximo project …

    You’re absolutely right that it’s all about pricing, whether it’s a condominium or a dockominium. I see a kit if resistance from local boaters at paying the prices at the Vinoy Club, PasadenaYCC and yes, even at Maximo.

    I certainly wasn’t objecting to the concept of dockominiums. The economy will change and the market will change. Now, more than ever, price is king.

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