In case you didn’t know, boat sales are red hot since the start of the social distancing mandates. As a matter of fact, many boat dealerships are not able to keep enough boats in inventory to sell. In the used boat market, many boat brokers have boats sold before they even come to market. You may ask: “Why”? Well, boating has provided one of the more acceptable forms of social distancing activities around. This has resulted in many more people becoming boat owners.
Storage for your boat
With the increased number of boats also comes an increased demand for dockage. In states such as Florida, we already see approximately 1,000 people moving to The Sunshine State each day. Many of these buyers have already been looking for waterfront properties with dockage to begin with. Now in addition to this, we have ultra wealthy buyers that are also becoming boat owners. This is resulting in an even more competitive environment for boat dockage.
There is a limited amount of waterfront land remaining to be developed. With this said, mega-yacht marinas are not being built on such land. Therefore, the ultra-rich are turning to purchasing waterfront homes in order to have a slip to dock their boat. Although this may sound extreme, it actually is a smart approach. In the end, real estate is all about location. Since there is only a finite amount of waterfront property, there is a limited supply. Furthermore, the demand for waterfront property continues to increase. Limited supply + increased demand = price appreciation!