How accurate is NADA boat value on a 1970 53' Motor Yacht

I'm in play to buy a 1970 53' Hatteras Motor Yacht in California. Boat has been for sale for at least 6 months.

NADA says retails at $45,750 (I wish!)
Survey says Estimated Market Value $175,000. (seems a bit high for the area, California)

This would be my first motor yacht purchase. I've owned smaller boats in the past. I know, I know, a boat is a money hole in the water; but, apart from losing value every year, the regular maintenance, dock fees, what would be a fair price for this boat.
I've included the major repair recommendations below. Other minor ones were tag extinguisher, new flares, and the usual small bits. Boat appears clean.

Thanks,

Douglas

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Last survey done by Brendan J. Schmidt on Dec. 2013.
3 cabins,
2 - Detroit Diesel V8 350HP (8va) engines, 326 and 319 hours on each.
2 - 250 gal diesel tanks (500gal total)
Beta Marine generator 12Kva, 132 hrs
287 gal fresh water tank.
DC windlass
Avon rib with Johnson 15HP outboard. (see notes below)
Auto pilot: Raymarine ST8002, Raymarine RL80C,
VHF: Standard Eclipse Icom IC M125
SatNav: Raymarine RL80C, Furuno GPS Plotter GP 1801,
Depth sounder: Furuno FCV 620, Ray Marine ST60+, Ray Marine Tridata (Bridge cartography dated 1996)

No Sea Trial or Running Engines done.

Repair recommendations:
1. Marine air conditioning port aft guest stateroom did not heat.
2. rust and scale developing on the aft end of starboard engine inner exhaust manifold.
3. bilge pump forward of the genset did not engage with its float when tested.
4. standing water below starboard battery banks. acid damaged wood noted below the port banks.
5. mold developing along the lower perimeter of the aft bridge seat within its storage area.
6. elevated moisture levels detected on the bridge deck along the outer perimeter areas of the bridge attachment.
7. water damage & delamination noted at the threshold areas of the wing doors as well as the cabin entry doors port and starboard.
8. deck core delamination noted at the port & starboard corners of the trunk cabin to foredeck areas.
9.corrosion noted at base of windlass. deck core in this area compressed.
10.corrosion evidence of past leaking noted around port and starboard forward portlights.
11. impact damage noted. starboard side weater board amidships.
12. marginal wear noted at port and starboard main strut bearing.
13. bottom paint is spent.
14. few small random blisters on hull bottom.
15. contamination noted in the Racor fuel filters.
16. dinghy outboard is heavily corroded and Rib is partially deflated.
17. clear plastic windows of the bridge enclosure are sun damaged, deteriorating and torn in areas.
18. topsides paint is failing, starboard aft quarter area.

NADA is useless for most larger boats. 175K seems very optimistic but age isn't nearly as important as condition and equipment. $45,750 would be way to high for some of the tired neglected or abused ones that are out there. Post the listing and some details and you should get some decent replies to help you establish value. Any recent comps of boats someone can verify condition would be helpful to you.

NADA is best used for a coaster or to level a table. The book is useless as Jack said.

You need to get someone you trust to guide you. A buyers broker or a private appraiser who can go over the boat properly and compare it to similar vessels that sold in the area.

Hi Jack,

Thanks for the tip. The listing is here:

yachtworld.com/boats/1971/Hatteras-Motor-Yacht-2673845/Alameda/CA/United-States#.VPEVCvnF8mB


Thanks to anyone that can give me their opinion and assistance.

Douglas

Even if that $47K was an average, how much was the lowest sale?

Hardly a good reference.

JM

Hi JM,

Yes, we're getting to the point that the NADA boat values for large vessels is a gimmicky number. Not based on anything good.

Now, as to what would be a fair price for this 53' MY listed at $179K with the recommended repairs from the survey in Dec. 2013....? How much do you subtract from the fair value for the repairs?

I just heard from the broker. The boat has been for sale longer than 1 year. He said "about 1 year ago they got an offer for $175K, and the seller declined."

I'm not wanting to go up to that much ($175K), but what would be a fair offer and get this boat a new home?

Thanks,

Douglas

All of that work, if it was really done and done well, doesn't add to the value of the boat. It is all catch up on deferred or ignored maintenance items. Now if a tasteful interior refit/soft goods/electronics/added gear that you want has also been done...that might make it worth more, but only if it is gear you want that you don't have to re-do. If that brings the boat to cherry, then you have to sort out what it is worth to you, and pay no more than that.

I think an impartial broker or a marine professional that you can have inspect her for/with you will be very valuable in this situation.

Quote:

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Originally Posted by douglasl

Hi Jack,

Thanks for the tip. The listing is here:

yachtworld.com/boats/1971/Hatteras-Motor-Yacht-2673845/Alameda/CA/United-States#.VPEVCvnF8mB


Thanks to anyone that can give me their opinion and assistance.

Douglas

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here you go
http://www.yachtworld.com/boats/1971...s#.VPUDiSfFblY

I would suggest, when a seller declines a sale for 2.3% less than asking price and the deal fails, the broker was not looking at the big picture.

The broker, should have made that deal happen, unless the seller never intended to sell in the first place.

JM

Quote:

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Originally Posted by tIM pOWELL

here you go
http://www.yachtworld.com/boats/1971...s#.VPUDiSfFblY

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"Owner has mentioned over $200,000 in upgrades"?

Did he happen to mention what they were or mention receipts? That's a strange comment to make on a brokerage listing.