Within the reputation of South Florida’s development, Monroe County (the Florida Keys) enjoyed an economy that functioned generally in tandem with the city of Miami and South Florida at large. As being the economy wavered in the larger region, the Florida Keys market would sag and face deeper value declines than the region at large. It will also generally recover more slowly at the same time.
But over the past thirty years, Monroe County is managing its growth more tightly. A comparison of population growth of Monroe County to Miami-Dade County shows Monroe County losing population over two decades, while Miami-Dade population has grown by 2.1 percent per year, 26 percent on the same period.
Miami-Dade’s population growth provides the region with massive challenges, transportation chief among them. But among the severely lacking regions of public demand is entry to in-water marina slips.
Based on a Foresight Research Report on Recreational Marinas, the national participation rate for marine activities is 35 percent of the area population. Fifty-5 percent of the recreational boaters are fishermen. Marine vessel registrations in Miami-Dade are rising 1.2 percent a year (600 vessels), in line with the Florida Division of Vehicle Registrations.
A written report by Michael Spring, senior advisor to Mayor Carlos Gimenez, in October said that the county’s marina system has 2,258 spaces of all sorts for boats, exceeding 1,000 wet slips. Other than the rack storage expansion at Haulover, there remains an extensive waiting list. With magnificent pent-up demand, the county is constantly hold slip pricing under-market. This could ordinarily drive the price tag on suitable land for marine and marine-related uses through the roof.
The real key inlets surrounding PortMiami and Watson Island are scaled for big vessels, along with the recently opened Island Gardens Super-Yacht marina complements the globe-city picture of Miami. This magnificent development will super-charge our downtown and luxury residential markets, attracting an international yacht clientele no city should ever deny.
Unfortunately, the other 700-plus vessels a year in Miami-Dade County are sitting for two hours in a launch ramp at Matheson Hammock Marina or Black Point Marina hoping to obtain a day in boating. Why then aren’t we building more boat slips? Simply, we can’t.
Despite Miami’s historic development as being a port city, we’ve done a great job of environmental preservation of the miami waterfront property. The task is that the environmental impact regulations, a strong landscape of federal lands, manatee protected waterways, key infrastructure points such as sewer treatment and power generation leave hardly any viable choices for creation of recreational boating slips. Our geography and planning has now constrained us.
The consequence is that normal people still must find a place to get their boats. Miami-Dade County is ceding recreational boating demand (and significant economic activity) to Broward and Monroe.
And yet, Monroe County population is shrinking, and rate of growth ordinances have already been artificially constraining housing and hotel development supply for several years. New residential waterfront opportunities are even more scarce. Monroe County must be building more marine slips. It’s employment growth industry.
Anglers with a fishing boat are anchored within a channel among Snipe Keys, a cluster of islands that border the Gulf of Mexico off the Lower Florida Keys.
The full culture of your Florida Keys is created around fishermen, who comprise 55 percent of most boaters. The creation of slips does not create housing growth impacts; in 06dexnpky it elevates the price of inland locations that might have expanded usage of in-water and rack slips.
But like its northern neighbor, Monroe County features its own state and federal environmental constraints making new marina development expensive and lengthy. Demand keeps growing while supply is static.
The ultimate impact is massive appreciation in waterfront homes with in-water boat access. As a result of travel times from Miami-Dade, the principal impact is going to be from Islamorada to Key Largo.
Another few cycles will prove me right or wrong, having said that i predict that Monroe waterfront properties with recreational boating access and vessel berthing will outperform inside the coming decade.