Quote:
Originally Posted by codeman671
Last season my rental was $4200, this year after renegotiating it dropped to $3300. We also picked up a second slip last season at the end of June for the remainder of the season for $2k, 4 spots down. There was a lot of turnover last season and I am told from my "slip neighbor" that some people dumped their rentals as low as $2500 for the full season just to get them occupied.
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Codeman good point. That is the other key point I meant to mention. As the economy weakens, cash flow streams decline thus putting further pressure on asset values. I wouldn't buy a slip a this point unless I was so rich that I could afford to heat my home with twenty dollar bills. Also remember that most rich people got that way because they are smart so I wouldn't count on them to keep over paying for inflated assets as the economy tanks.