Selling condo to a niche market - intercoastal boat owners

[Tom Hamilton]

Hi. I'm fairly new on DP - second thread quesion. I am lookning for ideas on how to market properties to a pretty specific group of people. These are properties I am aquiring now and over the next few years at recession prices, REO and short sales mainly. I own one now and plan to own 4-6 by end of 2012 (or sooner if any sign the market will pick up faster - no sign of that now).

What I am buying is smallish condos (500-100 sq, ft.) on the intercoastal areas of Flodida Gulf coast in or near cities or larger towns (not in remote areas). Like other real estate on the water in FL, as you know huge up swing then a collapse. What's unique in what I'm looking for is I only want condo that also come with a deeded boat slip. I don't really want to discuss the merits of this here as I am very comfortable in what and why and how much $$$ I'll pay. The area I have questions and welcome ideas in how to sell the property 3-7 years down the line (or sooner if a rebound and a good marketing plan) to the RIGHT buyers.

Most who bought during the upswing bought because it was waterfront property... the boat slip was a minor plau for them as they weren't living there, didn't own a boat and wanted to rent to anyone who would pay. Fine... for them. The reality is that boat slips are a limited and valuable commodity themselves IF owned or rented by boat owners. Of NO value to a non-boat owner.

So, I have no doubt than in the next market recovery, these properties are best returned to rightful owners - boat owners who want a small condo where there boat is docked so they can easily live there on weekends and vacations. They can rent it out (the condo, not boat) when not using if they need the income, but many may not. These folks may not really even know they want such a place because they haven't been approached with the idea.

So... how do I market to a boat owner who already pays for a slip somewhere and may live within 70 miles of where their bopat is? Yeah, pretty specific, I know. But for top dollar that's what I want in abuyer. Brokers/MLS mentions the slips, but it certainly is not proactively marketing the concept of owning a slip with the wonderful convenience of a maintanence free small furnished and stocked condo.

I look forward to whatever ideas folks here have. It's a long-term investment for me so the right idea(s) have lots of time to filter thru my brain, but I want to work on the ideas now. IF nothing else comes up, I am relying on current rental income and an eventual general recovery in waterfront condos, but I much prefer niche marketing ideas.

P.S. I started a thread in a different section on boat slip investing and it turmned into arguements whether it makes sense or not. I did not post in the forums where others are asked to evaluate a "deal" specifically because I really want to discuss a particular aspect of the deal - in this case marketing to potential ideal buyers. This person saying it will never work or another person saying the returns aren't attractive enough just detracts from the discussion. If someone has an interest in more about the concept as a partner or investor that's great - please keep it as a private message to me and I'll reply outside of this thread. Thx.