Is Real Estate Boom Creating Rackominium Bubble?

It�s always interesting to see how one sector of an industry effects other similar sectors. For example, it�s well-known that Florida real estate has seen abnormal development and skyrocketing price appreciation. Now that boom is fueling another one - a mania over boat storage. It seems that many speculators believe that expanding waterfront condos will erase about 1,800 boat slips in Miami.

What do you do if you can�t find a slip for your boat? Don�t worry, Miami companies that rent them out have started selling space in a new wave of luxury �rackominiums,� or dry storage spaces. They�ve convinced many boaters (and speculators) that there will be an enormous shortage once slips are eliminated with the condo expansions.

In Fort Lauderdale, Port Condominium & Marina sold 100 of 125 planned slips for up to $280,000 before its October opening.