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Paugus Bay Resident · 10-20-2005, 05:38 AM

secondcurve, I agree with you on the slip issue. To make matters worse, banks around here (that will finance slips) only offer 10 and 15 year terms with 25% down (interest rate last month was 8% and 10%), so the negative cash flow is even worse. I looked at the purchase of a slip at MVYC (between $100 and $110K), and, if I recall the difference between owning and renting was around $8,000 plus a $27,500 check for the down payment

I know there is 1) the scarcity issue 2) the peace of mind knowing you'll always have a slip 3) possible appreciation and 4) writing off the property taxes, but those numbers are way off. Needless to say, I contiune to rent.

I would not be surprised to see a price correction on slips.

10-20-2005, 05:38 AM	#20
Paugus Bay Resident Senior Member Join Date: Sep 2003 Location: Gilmanton, NH Posts: 754 Thanks: 136 Thanked 92 Times in 51 Posts	secondcurve, I agree with you on the slip issue. To make matters worse, banks around here (that will finance slips) only offer 10 and 15 year terms with 25% down (interest rate last month was 8% and 10%), so the negative cash flow is even worse. I looked at the purchase of a slip at MVYC (between $100 and $110K), and, if I recall the difference between owning and renting was around $8,000 plus a $27,500 check for the down payment I know there is 1) the scarcity issue 2) the peace of mind knowing you'll always have a slip 3) possible appreciation and 4) writing off the property taxes, but those numbers are way off. Needless to say, I contiune to rent. I would not be surprised to see a price correction on slips.