While it was booming, the real estate market in South Florida wreaked havoc on the already limited space for boat slips and dry docks. The area lost about 15 percent of its boat-storage capacity in the last six years because of waterfront development, according to the Marine Industries Association of South Florida (MIASF).
But now that the real-estate market bubble is bursting, it's unclear whether the boat-storage problem will get a much-needed shot in the arm.
"Fortunately, the real estate slowdown has relieved some of the pressure of nonmarine developments on the waterfront," says Frank Herhold, executive director of MIASF. "At the same time, the price of land has soared dramatically, and that could stymie new boating-related facilities from being developed."
The storage shortage also drove dock fees up—as much as ten percent a year in some places—and led to waiting lists 100 names long at public marinas and private storage facilities. …
"In five years I think you're going to see an extremely vibrant and strong marine industry in South Florida," Herhold says. "Right now, we are alleviating a lot of the boat-storage problems we face today."
Saturday, October 11, 2008
Florida housing bubble hurt water access for boaters
From Power & Motoryacht magazine: