As developers, Ira Bellinkoff and Thomas Martucci have identified and capitalized on the growing demand for upscale boat and RV storage properties recognizing both opportunities and challenges. This realm of developer experience in creating and managing boat and RV storage properties that cater to the needs and desires of this unique market is an enlightening experience that lends itself to the appraisal process. Fundamental market analysis and feasibility studies are essential to any successful development project. Let us put our experience to work for you.
Understanding the Market
Before diving into the development process, it’s crucial for developers to have a comprehensive understanding of the boat and RV storage market. This involves careful research and analysis:
- Location: Proximity to popular water bodies, recreational areas, and markets that purchase boats and RV’s can significantly impact the value of a storage property. The convenience of access plays a crucial role for potential clients.
- All Land is not Equal: Some will argue there’s nothing scarier than vacant land, and that’s because of the many unknown variables that can make or break feasibility. Understanding soil composition, percolation, highwater tables, retention, outflow requirements, importing and exporting dirt, soil density, DOT access, utilities, environmental conditions, endangered species, easements, title exemptions, and much more are critical to developing a site successfully and in budget.
- Facility Design and Features: Appraisers consider the functionality of a property, or the design, layout, and features of the storage facility. Factors such as paving, security measures, coverings, technological integrations, and available amenities can contribute to the property’s appeal and value.
- Legally Permissible: One of the greatest challenges of getting these projects approved is understanding a municipality’s view on “open storage”. These developers are experienced in navigating entitlements and working with local planners to design a product that serves the customer, but also meets design requirements of the local government.
- Space Flexibility: The ability to accommodate various sizes of boats and RVs through traffic flow and turn radii affects the property’s versatility and, subsequently, its value. The more flexible the storage spaces, the broader the potential customer base.
- Market Demand: Appraisers evaluate the local demand for boat and RV storage, considering both existing and projected demand. High demand areas could command a premium value.
By combining a deep understanding of market dynamics, specialized considerations, and a variety of valuation approaches, appraisers can provide accurate and insightful assessments of these unique properties–but identifying the right appraiser to value your unique property can be a challenge. Whether it’s analyzing market trends, evaluating facility design, or considering income potential, the appraiser’s role is essential in guiding developers and investors toward informed decisions.