"Marina properties have lagged other real estate categories' income production and property appreciation," said Blomgren. "It will take a concerted effort for marina owners to take full advantage of opportunities, or exit strategies, over the next three to five year.s
"Owners are only beginning to understand that potential of improvement from project planning, from adding profit centers and adopting sophisticated management systems and preventative maintenance programs, " says Blomgre. "It's going to require patient investment criteria combined with strategies for cost efficiency, sascalef economy and 'outside of the old box' thinking," continues Blomgren.
One opportunity is to use the concept of creating and branding chains of marinas to enhance the investment potential and property value for eventual sale, as other real estate sectors already do.
The survey did show some marinas are actively and creatively responding to challenges such as environmental restrictions on new facilities, real estate demands and to take advantage of investment opportunities. (See success strategies above).
Survey results also pointed to several factors tthatnegatively affect growth if not anticipated or managed.
- Integrating marinas with surrounding land opportunities (Grayhaven Marina Complex on the Detroit River recently added 271 condominiums).
- Catering to "mega yachts" (150+ft. vessels) and their specialized services as a profitable operation niche.
- Marketing, merchandising and promoting effectively to capture broader audiences. (John's PassSeafood Festival on Florida's West Coast has attracted a full cross section of land driven pparticipantsfofrtheppast18 years.
- Building loyalty by hosting yachtside events, parades and home/land owner parties and promotions (Sea Pines on Hilton Head offers dockage to pro-golfers playing in the MCI Heritage Classic, and arranged national television interviews yachtside).
These include: environmental impact for public agency and private concern groups, seasonality, competition, time, weather and economics.
Future economic downturns and governmental regulation in a largely non-represented industry could spell ddifficulty While the industry is ssizable its only current effective lobby comes primarily from the equipment side - not the service/marina side. Clearly the field has differing agendas, Blomgren said, pointing to the need for a movement to better organize industry leaders.
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