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Shade Hangar Worth Buying?

R

raabs

Well Known Member
While scrounging for a hangar to rent or buy in Central Florida - there seems to be absolutely nothing available, in most areas for years. I came across an opportunity to Purchase a shade hangar. It's actually a very nice setup part of a group of shade hangars, concrete, tie downs, metal roof, and includes about a 10x8 storage space. It's looks to be fairly secure for most weather and apparently during hurricanes they try to move all of the planes into nearby enclosed hangars. It's 50-80 miles from each coast so most storms are lower wind by the time they get there.

Kicker is that it's not a rental unit, it's a condo unit and I can buy it for $85k. Of course, there is never a vacancy like most of FL and the U.S.

Thoughts?
 
raabs said:
While scrounging for a hangar to rent or buy in Central Florida - there seems to be absolutely nothing available, in most areas for years. I came across an opportunity to Purchase a shade hangar. It's actually a very nice setup part of a group of shade hangars, concrete, tie downs, metal roof, and includes about a 10x8 storage space. It's looks to be fairly secure for most weather and apparently during hurricanes they try to move all of the planes into nearby enclosed hangars. It's 50-80 miles from each coast so most storms are lower wind by the time they get there.

Kicker is that it's not a rental unit, it's a condo unit and I can buy it for $85k. Of course, there is never a vacancy like most of FL and the U.S.

Thoughts?
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I have no idea as to what a “shade hangar” is but any hangar that you can BUY is worth what ever they are charging probably
And yes it hurts to pay BUT it will be your permanently.
It’s like they say “they aren’t making anymore oceanfront property”
I got one and am never moving.
I was lucky FIXIT
 
[email protected] said:
I have no idea as to what a “shade hangar” is but any hangar that you can BUY is worth what ever they are charging probably
And yes it hurts to pay BUT it will be your permanently.
It’s like they say “they aren’t making anymore oceanfront property”
I got one and am never moving.
I was lucky FIXIT
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The devil is always in the details. There are airports that allow you to buy/build a hangar and you would think it would be yours, however, the ground it sits on may NOT be. The airport may give you a long term lease but what happens at the end of the lease term? Point is, you need to pay very close attention to what is written in the contract…
 
All municipal airports make you lease the dirt under your hangar. Usually it's long term and reasonable but you must read the lease agreement CAREFULLY
 
If it receives FAA funding then the airport will eventually take your building back after the 30 year lease expires in most of these arrangements.
 
This is a private airport, the sale is a condo deed - I own the insides and would have a deed that can be resold. It's not a ground lease that expires and goes back to the municipality or owner. Have read the fine print and the condo assoc takes care of the common space, charges are defined, etc. etc.

A shade hangar is a hangar that does not have a door on it. This is a concrete structure with multiple spots, metal roof, high quality, etc. Only downside is that it's open front.
 
raabs said:
Only downside is that it's open front.
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Major downside is that you cannot store tools and supplies in your hangar. If you have a pickup with a tool box then that helps.

Having a roof is definitely better than leaving out with the sun baking all day.
 
OP, Only you know you finances along with your own pro v con scale balance.

I do not live in FL but if serious storms threatened things where I am at I would fly away first and just take ownership of the potential problem.

It is very difficult to make sense of things financially for much of GA.

I assume you are on some wait lists already? If I were, and the market is as tight as you say it is, why not buy until better comes up?

Or, just buy one of the numerous hangar homes in FL that I see everywhere. That is the idea I would favor.

I love the 8x10 storage with yours.
 
There's a 8x10 or 8x12 concrete block storage area with the door on it and the secure where you could put tools parts you know anything you wanted to it would fit. I would own storage area also.

It's not a being able to afford it issue. I have my name on waiting list and I like where I live on a lake so I'm not going to be moving and I'm not going to buy an airport for a high price in Florida and then pay exorbitant amounts for property insurance.

I guess I could either wait for something to come up or buy this have it until something comes up and then sell it or rent it out to somebody. They aren't vacant for more than 5 minutes.
 
Watch for the windstorm regulations. Not only for new construction, but for insurability/liability. If it launches and takes out other structures, there may be a problem.
 
Get it, use it, sell it when a better hangar option comes available. Sounds like there is a parking demand, so resale shouldn’t be a big risk.
 
I would not hesitate to purchase. BUT, One serious downside is it is a Florida Condominium Association so they always have a Board of Directors or Governors and that body then hires a manager or Secretary to pay bills and collect Dues or Fee's. And sometimes there are increases and Special Assessments that members often disagree with, but can do nothing about. SO: Be certain to read and re-read all Condominium Association documents.
 
The questions I would be interested in for your situation is - the length of remaining land lease (assuming you would own your hangar bay, but not the land it sits on), insurance requirements and cost along with liability details, other shared expenses like electricity, and taxes. I’ve owned my hangar in the Cincinnati area for 25 years. We have a 60 year land lease with our county. At the end of the lease, the county owns the building (300’ X 60’ nested 12 T-hangar bay building), so as we near the end of that 60 years, the value of individual hangars declines, relative to hangar rents at the airport at that time. If you have a fairly long time left on your lease, I don’t think you can go wrong buying, even at $85K - which seems high to me, but I don’t know the market in FL. It sounds like it would be easy to sell if you decide to move. Just make sure you have something that shows ownership, and successorship if you decide to buy.
 
I have a lead on a rental shade hangar available in central florida. I just secured one last week & they have one more available. No lease required, but it may be a temporary option for you. It's on a nice grass strip just north of Orlando. Send me a DM & I'll get you the info.

Edit: Sent you a DM with my cell#
 
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N40ES said:
I would not hesitate to purchase. BUT, One serious downside is it is a Florida Condominium Association so they always have a Board of Directors or Governors and that body then hires a manager or Secretary to pay bills and collect Dues or Fee's. And sometimes there are increases and Special Assessments that members often disagree with, but can do nothing about. SO: Be certain to read and re-read all Condominium Association documents.
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Its a basic setup with members volunteering as the board. No hires or costs associated with that. Similar to a HOA or Hangars Owners association, the assoc takes care of the buildings and common area and it's split by everybody. An assessment might be for fixing a roof etc but good operations usually try to have a little reserve for unexpected maintenance items.
 
Scott Hersha said:
The questions I would be interested in for your situation is - the length of remaining land lease (assuming you would own your hangar bay, but not the land it sits on), insurance requirements and cost along with liability details, other shared expenses like electricity, and taxes. I’ve owned my hangar in the Cincinnati area for 25 years. We have a 60 year land lease with our county. At the end of the lease, the county owns the building (300’ X 60’ nested 12 T-hangar bay building), so as we near the end of that 60 years, the value of individual hangars declines, relative to hangar rents at the airport at that time. If you have a fairly long time left on your lease, I don’t think you can go wrong buying, even at $85K - which seems high to me, but I don’t know the market in FL. It sounds like it would be easy to sell if you decide to move. Just make sure you have something that shows ownership, and successorship if you decide to buy.
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It's a private airport and the condo assoc owns the property. It's not a lease situation that runs out like a municipal airport. The deeds can be resold like any normal condo deed.
 
raabs said:
It's a private airport and the condo assoc owns the property. It's not a lease situation that runs out like a municipal airport. The deeds can be resold like any normal condo deed.
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Then I would say $85K is a good deal - since you have a deed, especially if there is a nice runway, and the area isn’t being encroached upon by other residential construction.
 
Amadeus said:
Major downside is that you cannot store tools and supplies in your hangar. If you have a pickup with a tool box then that helps.

Having a roof is definitely better than leaving out with the sun baking all day.
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Op said it includes a "10x8 storage space" which is normally a secure separate location to secure tools and supplies. Becoming more popular now.
 
Treat this like you would buying into an airpark:
- What is the condition of the runway and when will it need refurbishment?
- What are the finances of the place, specifically what is the five year spend plan and what are the reserves to pay for this?
- Has anyone brought legal action against the place? If so find out the details.

That said, while this may be a temporary fix I suggest you look to build a real hangar someplace (airport or airpark). It might cost you a lot more but considering any hangar in Florida is a valuable asset your risks are minimal.

Carl
Dogwood Airpark - with a brand new 30 year runway that cost us ~$600K out of our carefully managed reserve fund.
 
I am thinking that you were probably at grassroots Airpark. If so, that is a great location to base at. Get together with us with the old farts this season in Florida. Good luck
 
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