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Old 06-30-2010, 08:55 PM   #33
codeman671
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Quote:
Originally Posted by jrc View Post
bbb, this thread has been civil and only a little tangent off the original topic. Do you really think cm671 has been offended by the banter? I meant no ill will to anyone, no investment advice is absolute, so there are always opinions. Compared to some threads this one is very tame.
I am certainly not offended, no reason to be.

I've decided to hold off for now on the slips. The price is fair, certainly WELL below $100k (each) that a few have mentioned as examples. The math is not great however the location is. Being islanders we keep two slips on shore, just a few spaces apart. The thought of having 2 side by side is great, but not at the expense it will cost.

With taxes in the $2k range and $1200 in club fees for the pair plus insurance and principal/interest payments of $716 (assuming a 20 year at 6%, which may be low figuring that this type of mortgage is higher and shorter than a conventional home purchase) we'd be pushing $12k+ annually for both assuming 20% down and a $100k note. I could pay cash or use a home equity line but think that I'd rather keep my money where it is. The price is fair for them, but the money is not burning a whole in my pocket enough to suck up an annual nut like that.

$1500 a year in club fees for MVYC? That is crazy.
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