During the past few years of explosive growth, the highest and best use for marinas very often was not as a marina. Many traditional marinas changed to mixed use or condominium developments, especially in the southeast. Now that that the real estate bubble has burst, development is often not the highest and best use of.
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The Biggest Marina Valuation Fallacy
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Posted by John Simpson
Eileen and I have been extracting cap rates and operating expense ratios from sales for almost a decade and a half together. During that time, I've reviewed an untold number of marina appraisals and have spoken with dozens and dozens of lenders and appraisers about the same thing - the operating expense ratio. It's time.
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