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Marina Market Analysis
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Coastal marinas along the eastern seaboard were fairly successful until the recent recession, with many documenting 100% occupancy or waiting lists. This may be partly due to increased environmental regulation limiting dredging new bodies of water or deepening existing ones. As marinas are typically close to inlets leading to the sea or inland waterways, they are typically in areas that are rich with aquatic life.

National Boating Trends
Because of the age, size, design, tenancy, quality, and location of the subject, it is likely to appeal to investors primarily on a national or regional basis. While national factors may or may not be indicative of the subject's market area, the national trends exhibited are generally indicative of movement in all submarkets. Real estate is typically analyzed on a market-by-market basis. Published secondary data and market studies for the marina industry on a local or regional level are scarce. Nationwide, the most comprehensive statistical reference guide for the marina industry is the Recreational Boating Statistical Abstract, published annually by the National Marine Manufacturers Association (NMMA). The most recent publication reports 2014 data.

According to NMMA, the boating industry generated $35.4 billion in sales and services in 2014, a 3.5% decline from 2013. This represented the first year of decline after three consecutive years of growth following the low point in 2010, of $30.4 billion, from the "great recession." The peak occurred in 2006 at $39.5 billion.

Of the 242.5 million adults living in the United States in 2014, 35.7%, or 87.3 million people, participated in recreational boating; a 1.8% decline from 2013. This is within the range of participation over the past four years which varies from 34.8% to 37.8% of the population.

New boat sales peaked at 912,130 in 2006, but have declined since that date with 2014 sales at 534,500 units, an increase of 0.44% from 2013. Before the recession in 2007, fuel prices increased, followed by increased unemployment and tightening credit. Luxury and leisure goods such as boats are typically the first things to be put on the back burner as people become more discretionary with their income. As a result, pre-owned power boat represented 64% of all boat sales during 2014, and new boat dealers have had to compete.

While boating participation declined recently, boat registrations have fallen. Boat registrations were up 0.08% to 12 million in 2014 versus 11.99 million in 2013. Florida led all states in boat registrations for 2014 followed by California, Minnesota, Michigan, and Wisconsin, in that order.

The demographic of boat owners is largely middle class. In 2014, 95% of registered mechanically propelled boats were 26 feet or less, indicating more affordable, entry-level, trailerable boats. The majority (71.5%) of boat owners earn an average household income under $100,000. Over 60% of boating participants were between the age of 31 and 64 which signifies that the increase in boating population is younger.

National Marina Industry
Every December/January, Marina Dock Age magazine publishes an issue dedicated to trends in the marina industry. An article from the most recent issue in December 2014 indicates that the majority of

IGY American Yacht Harbor Marina

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