53' CPMY in NJ Questions

[Passages]

http://www.yachtworld.com/core/listi...id=100&rid=101

Anyone know this boat? I called the broker today and a few warning flags went up. First the broker is in FL while the boat is in NJ. Brokers says he'll have to find someone local (the owner maybe?) to show it.

Second the broker has not been on it in 7 months and said it was a messy then and needed to be cleaned up.

Third the owner is not using it at all.

I'm thinking I may be setting myself up for another disappointment so I thought I ask my team here if anyone has the scoop in it.

Oh BTW, the owner is in a wheelchair and modified the lower helm to be handicap accessable - including installing a head in the helm - hmmmmm....

[spindrift]

I have looked at a couple of 53MYs down that way this summer and have some observations. First, this area is a royal pain in the neck to get to. I think Bayhead is a good 90 minutes from NYC. Best to fly into Newark and rent a car.

Second, both boats I looked at were owned by older owners that did little in the way of upgrading (which might a good thing) but did do some crazy modification and failed to replace renew highly observable items such as flybridge seats, canvas etc. that just wore out. Makes one wonder what mechanical items they let go unattended.

Thus, I would try to but the boat at 20% less than the current ask leaving room for you to hire qualified independents to renew replace items over next fall and winter. My discussions on the 53MYs with marine lenders and brokers lead me to believe that in very good condition these boats are worth 20% more than the asking price on the boat you are looking at.

As stated in other threads, the market for project boats is almost non-existent right now. If you have the stomach, patience, and time for undertaking a refit on this boat then give it a run.

Last, if any yacht broker accepts a listing that he cannot possibly service or show from 1,000 miles away then you are right to question his professionalism. If you have a good broker you have worked with before that you trust then by all means let him negotiate the deal for you and hold any escrow money.

Best of luck

Spin

[SeaEric]

Given the current cost of fuel, I'd want to get an accepted agreement on price BEFORE you travel to see it. Make it subject to your personal inspection within a few days of acceptance, then the usual hull and surveys and seatrial. Go see her one day and have the surveys etc set up for the next day. Make all the participants keenly aware that the whole deal is subject to a last minute wave off if the boat is a P.O.S. when you see it. Bring a cashiers check with you for the deposit, FAX them a copy of it with your signed agreement. It the boat is a rat, keep the check in your pocket and go back home. Then keep shopping.

You may be able to hire a local surveyor to do a one hour look at this boat in your behalf. Most surveyors will likely do that type inspection, with e-mailed photos for a hundred bucks or so. I have done that many times with reasonable success.

[tom5518]

Oh BTW, the owner is in a wheelchair and modified the lower helm to be handicap accessable - including installing a head in the helm - hmmmmm....[/QUOTE]


I prefer the original helm design, but I have to admit, that custom helm head deal could come in handy.

[Capt K]

I don't know, Jim. We all know how badly pictures lie, but it sure looks interesting. The work looks like it was done to keep the original "feel" as best as possible. I would try to get someone you could trust to at least eyeball it from a purely subjective point of view.

K

[Bill Allen]

I've sent you a pm Bill

[major hattitude]

If You Are Looking For A Nice 53 Classic I Just Purchased A 75ft And Am Selling My 53 Located In Chicago No Dissapointments You Can Call Me John 708-906-3798

[Passages]

If You Are Looking For A Nice 53 Classic I Just Purchased A 75ft And Am Selling My 53 Located In Chicago No Dissapointments You Can Call Me John 708-906-3798

I looked at your listing on eBay. Nice.
Wish you were closer.

[spindrift]

Just spoke with my broker who used to live up on Lake Oswego in New York. He advises me to budget 10 days to make the trip down to Albany from Chicago or Milwaukee. Keep this in mind as the cost to bring the boat is higher than you think. A good capatain and mate are going to cost $450 per day plus expenses. Even at hull speed of 9-10 knots you are going to burn 1200 to 1500 gallons of fuel.

Frankly, I am surprised that given the state of the midwest economy that any serious seller would try to market a boat from there. The professional brokers I talk to in New England down to the mid Atlantic are sellinng boats. Most buyers will jump on a plane and go to either Newport or Annapolis, look at a few candidate boats and then buy. I have sold four large boats over the past 10 years out of Newport. Relatively easy to do between May and September... difficult at other times. Key point to remmber is that the vast majority of buyers do not want a project and don't want to travel vast distances to look at boats.

However, Chicago does have great Blues and Steak Houses!

Spin

[Passages]

So Chicago to CT would be about 13 days assuming no weather or mechanical issues. Lets say an even 2 weeks because we know SOMETHING will happen. That's (14x450)+(1200x5.25)+ (1000) to fly the guys back home. $14,000 should do it.

Unless it were a screaming deal, I'd pass. The 53 in Chicago is new to the market so I assume the owner wants to see if he can sell it on his terms at his price first. Can't say that I blame him.


Just an update, got a call from the broker listing the NJ 53 yesterday. Thinking having a surveyor check it out before I make the trip. Any suggestions for one in the central NJ shoreline?