Med property with mooring

[Deleted User YDKXO]

SWMBO has come up with an idea to buy a Med property with a mooring attached, rent out the property and use the mooring for our own boat.
Anyone know of any developments in the Western Med that might be suitable? Anyone got any advice on which areas offer the potential for capital growth as well as rental income? Anyone doing this present?

 

[Snazzy]

Did you see page 15 MBY ?
Know nothing of the area however, looks tempting.
Stuart.

 

[Renegade_Master]

Empuriabrava springs to mind, also they are developing a maze of waterways in Sotogrande with moorings attached to properties. I imagine one can by the two and rent out the property. Probably best to consult Tony7 as he has his boat there.

 

[DavidJ]

We have our boat in Empuriabrava. Most (not all) of the locations are accessable through relatively low bridges so just be wary of location. Loads of property available.
see http://www.cbrava.com/empuriabuk.htm
David

 

[tcm]

em/am puriabrava and other combo house/mooring security

hi david

I wd be interested to hear about security. in france, a smaller ver of this is Port Grimaud, but out of season some boats prefer to be in the marina where there's more people about, whereas there's flippin nobody about on with holiday houses and security is difficult and there has been petty pilfering and some robberies on individual boats out of season - the moorings can't be "patrolled" as such. Spose it depends on design and location etc.

 

[Nat]

Ive just started buying moorings Ive been looking into it for quite a while now, & decided to give it ago. they seem to be slowly creeping up in value & there is always a demand for them. Its not a get rich quick scheme but will give a reasonable rental income for a modest investment.whilst maintaining a steady capital growth.

 

[MedDreamer]

Nat

Am I right in thinking that what you actually buy is a long lease? If so do you have automatic renewal rights or do you have to buy again?because my understanding of where I am currntly is that the leases have 18 years to run and the automatically lapse and are resold without any preference to the former leaseholder. If that is true the capital appreciation is going to be eroded as the lease end date approaches isn't it.

Not questionin your decision just seeking to understand how it works.

Martyn

 

[DavidJ]

Re: em/am puriabrava and other combo house/mooring security

Hi tcm
There is quite a bit of activity in the winter since there are over 5000 permanent residents in Empuriabrava. There is also a particularly violent breed of local Catalan police there who keep control. On saying this, it is a huge holiday development and will attract crime I'm sure, but not heard of any boat problems since I've been there. I'm going out there next week ....I hope I'm not telling another story after that.
David

 

[Nat]

Hello Martyn
You are correct, you buy a long lease. However you get option to renew at 15-20% of the original sale price. this is written into the contract of the 2 moorings I have just completed on & also an option on the other one's I have under offer.

 

[MedDreamer]

That puts a completely different complexion on things and makes sense.

Cheers

Martyn

 

[tcm]

Re: erm, but

is this entirely worth the paper it's written on? Some of the med marinas are themselves on a license to operate that lapses in 50 years from start ie 18 years from now or whatever. It reverts to the state or local authority after that time, so the operator can't control what happens thereafter, and can't promise the purchaser of the lease anything at all after the lease ends?

However, it's likely that they will be granted extensions, and more extensions. Also, lotos f cash is involved, thus the "official" price of the moorings is kept low, and renewal even at 100% would be actualluy 50% or les of cost price.

 

[MedDreamer]

Re: erm, but

You might well be right, certainly when I have discussed this in Alcudia I couldn't see the financial sense in buying compared to renting. Of course its alright from me because it is still possible to find moorings my size to rent, even in Majorca, anything larger then buying may well be the only option. I certainly wouldn't consider a mooring in Alcudia a prudent investment

 

[tcm]

ah but

the rental price seem to be decided in some sort of bonkers quasi communist cabal made up of city elders and corrupt officials masquearading as pillars of the community. Then, the sales price is that sort of diivided by how many years left on the lease. But the rental price goes up every year, some times by 5or 10%% and sometimes by more, or a lot more. So the sales price goes up. spoe that measn it ain't worth buy a mooring if only 20-10 years left...cept i can't help feeling that there is no way they'll be able to heave ho all the boaties out one night, and if they get orgainsed then they cd force the price down. |Hence what Nat says may make sense a bit - an extension is likely.

 

[MedDreamer]

Re: ah but

Doesn't a fairly large proportion of the monthly rental go to the marina anyway even when renting from a private owner?.

If this continues I can see a post titled "MEDDY CHANGES HIS MIND YET AGAIN" and buys three ajoining moorings in Alcudia (middle one himself and can choose his neighbours - both of which will be RIB's so I can bounce off them - will save me a fortune in fenders - preferably crewed only by females in the 20-35 age group.)

This mooring purchasing sounds good to me

 

[tcm]

medditherer

the house with mooring thingy seems ok, cos you are quite boaty with owning a mooring and having a boat to look at, but can chuck the boat out when you feel like it (or if they don't clean it much) and rent to somebody else. They aren't as expenisve as sepret house and mooring, cos if you're really boaty it's miles to the chandlery or other boaty mates and anyweay with a boat they don't want a house as well - but if you like houses and hate boats the house has got one of those damn boat things right outside. So, play your cards right and you could even charge the mooring renter for you to look after the boat a bit and er check the engines are warmed up har har.

To the best of my knowldge the moorings (on some places anyway) are very very long leases or indefintie cos i mean the house is freehold innt so it's not as tho anyone else can buy the mooring, really.

 

[MedDreamer]

Re: medditherer

Hang on a minute. I've already got a house with a mooring (well a jetty on a lake) so if I understand what you are saying that makes me boaty anyway and I needn't have bothered actually buying a boat!

Oh Bugger !!

 

[Neville35]

Hi Nat,

Could you please give any info you have on moorings to buy or rent in spain ie prices etc.

Cheers,

Nev

 

[Nat]

Hello there
Only just got back today. what size are you after?
Nat