I'm not going to argue that we are at the bottom. But there has been a serious depreciation in slip prices already. Slips in GYC are selling for around half their highs, when they sell.
When the economy recovers slip prices will rebound. If you can wait it out it can be a decent investment. But I'm not giving investment advice, but I wouldn't use cash flow to understand the real-estate value of a limited resource. If you have to finance an investment at 8%, then don't buy it in this market.
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