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Re: Florida's 58 Hatteras Yacht Fish inspection tour
Sky Cheney
1985 53EDMY, Hull #CN759, "Rebecca"
ELYC on White Lake--Montague, MI
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03-03-2013 01:19 PM #12Senior Member
- Join Date
- Aug 2012
- Posts
- 681
Re: Florida's 58 Hatteras Yacht Fish inspection tour
You guys are all making excellent points.
0-$50,000 for a real nasty one. $100,000 for an "average" nasty one. (but why???). $150,000-$225,000 for a nicer one. The price hasn't changed.
What frustrates me, is that when I was shopping for a 58 three years ago, I would have been falling over myself to spend $300,000 for a 58 like PIZZAZ in her current condition. To cruise off into the sunset, with a boat that's physically this turn key??? Wth this much new stuff on it??? We're not talking about a boat that was refit 10 years ago...we're talking about one that was just done last Tuesday.
It doesn't make sense.
She was already the nicest 58 anywhere when I paid in the high 100s for her, and then spent another $335,000 (and still counting)...just to make her the "newest" 58 inside-out. I'm less upset about losing $200,000 than I am about not finding a buyer smart enough to see how much value is really here right now.
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03-03-2013 02:17 PM #13
Re: Florida's 58 Hatteras Yacht Fish inspection tour
The math on our boats is similar to that of 70s vintage airplanes. They are all $1 million assets to maintain. When the sales market value is 20 percent of replacement cost, we should not expect more than a 20 percent increase in value to our capital investments. The improvements we make are for our consumption and enjoyment. A friend of mine is puzzling over 80k in airplane repairs/improvements that only increase the value by 20k when he gets finished. Life is short, we need to enjoy our blessings. ROI is not one of them. After 2 years I finally have a contract to sell my sailboat for 55 percent of my basis. Just happy to no longer maintain something that goes unused.
Mal
Miss Molly
'85 53ED #750
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Re: Florida's 58 Hatteras Yacht Fish inspection tour
All of our boats were worth more 3 years ago. The logic you're using is right but you need to look at it from the buyers perspective. Your boat is a deal at the right price because the buyer won't be paying full price for the work that was done. If they were they would just buy one of the cheap ones and do it themselves the way they want it. Bottom line is there is a ceiling and no matter how much you spend on them, once you hit it anything you spend beyond that will have a zero return. If a boat needs majors that deficiency gets deducted from the sale price. If the seller majors the engines it won't increase the value of the boat by the cost of the rebuild. Doesn't seem right but that's the way it is. We expect the boat to be in good cosmetic and mechanical condition. Deficiencies bring the price down. Being in proper working order doesn't bring the price up and being bristol only makes them easier to sell. Buyers are looking for a boat like yours, they just aren't willing to pay you for the work you've done. In all reality, if the boat was as good as you say when you bought her, you'd do well to get the purchase price back 3 years later. I'm not trying to bust em on you, it's just the reality of the current market. There's a member here who's cousin owned a pristine 53 Viking. He poured more money into the boat after the purchase than he got from the sale a few years later. He now has an exceptional 58 Viking that he is selling. Fresh interior, high end new electronics and recent majors that cost almost 300K alone. All done recently and he is well aware that the money he spent on the upgrades will most likely exceed what she sells for. That means he lost all or more of the original purchase price. Same holds true in housing right now. Buyers expect everything to be in perfect updated condition. If not they want a huge discount or will have no interest at all.
Jack Sardina
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Re: Florida's 58 Hatteras Yacht Fish inspection tour
So many things about the economy around the world just don't make sense!
e.g:
1.Oil prices. Yeah I know there are so many explanations which are just GUFF and BS!
2. I can buy shares in a major bank with a dividend higher than the interest rate I get by depositing my cash in their long term savings account. In other words, there is no confidence in the market.
It's not YOUR boat Pizzaz or what it has and does not have when it comes down to getting your money out, it's all the other opportunities out there. When you can buy property at half or less than what it was 5 years ago, then why look at a boat? and if you are looking at a boat, then there are younger, fresher boats for $300K available which should be $500K.
Frustrating is the right word!
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Re: Florida's 58 Hatteras Yacht Fish inspection tour
No offense, but do you really think these continued posts about other 58YF's is going to make yours sell for anywhere near what you're asking for it?
It's almost as bad as BO coming on TV every day telling us that things really aren't as bad as they seem. Both are entertaining in their own way, but it is what it is.Randy Register - Kingston, TN
www.yachtrelocation.com
www.Safes4Guns.com
aka Freebird aka Sparky1
1965 41DC #93
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Re: Florida's 58 Hatteras Yacht Fish inspection tour
1978 Yachtfisher 58' #447
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Re: Florida's 58 Hatteras Yacht Fish inspection tour
My highest offer was $190,000 subject to my inspection within 14 days, surveys (engines and boat) and sea trial, with a 10% deposit immediately. I have bought 2 other boats this way in the US before and it is as simple as travelling inter state so long as the right broker is involved.
The broker would not even forward this onto the owner saying anything under $200,000 would be a no-go. Maybe the broker thought I was an Aussie messing around.
A few months later, I bought Someday.
As for looking rough, there is the issue with going by photos. She looked terrific on Yacht World.
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03-04-2013 05:05 AM #20
Re: Florida's 58 Hatteras Yacht Fish inspection tour
The way I see it, is that there are 3 options regarding boat price. 1) accept the lower valuations the market sets and move on - unacceptable until the owner does not value the boat more than the market. 2) wait for the inventory of used boats to drop allowing the supply/demand equation to restablish higher valuations - only going to happen if a hurricane wipes out a lot of inventory or we have a rash of sinkers. 3) existing sellers collude and only accept higher valuations - potentially possible via sites like these, but there will always be an "OPEC" minded seller upon offer...
Personally, I continue to enjoy my recent refit and continual upgrades more than the market values them. If I ever find a replacement (not currently looking), I'll Hopefully make the discount I'm taking on the old boat up on the discount of the purchase of the new one... (or however you want to justify a loss).Formally Top Hatt and Tails
1980 53MY