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

[SEVEN]

Douglas, did you make the offer?

[drburke]

I second most of what was said.

For the record, it is useful to mention the name and port because several of us live here and may know the boat (I know about half of the boats on Tony's SoldBoats list, for example). Lots more background if you know the PO and harbor.

That boat was home-ported in San Diego (which sometimes may raise a red flag due to charters--it was not) and is apparently being sold because the owner is getting up in years (75) and is an Ob/Gyn in Fresno so it is nearer to home.

SoldBoats is best but not perfect. BUC Value is better than NADA and at least includes the roughly 15% uptick for the West Coast. As was noted, there is great disparity between the coasts driven by market, cost to bring it over, and wild optimism from sellers.

Brendan is a fairly strict surveyor so you can trust his evaluation. But if Richard Boland is paying him, that should be factored in. [BTW, my dealings with Boland have been decent, but YMMV.]

DAN

[douglasl]

Hi guys,

Sorry I haven't answered. I was busy with my clients this week. I'm a realtor in Los Angeles Westside.

I did place an offer of $120,000. We will see what the owner says. I want to get it under contract and if anything comes up during the mechanical and/or marine survey, then we'll deal with the issues. That could mean backing out, or asking for a lower purchase price depending on issues.

I know that other Hatteras are more economical in the East Coast. But, transporting, etc., hidden transportation damages, and such scare me more than overpaying $10k or $20k.

I'll keep you guys updated as to agreed contract price, and also any issues when I get it surveyed.

Please, don't hesitate in giving me more info. You guys already know what it is to own a Hatteras. I don't.

Thanks,

Douglas

[pizzazsdaddy]

Hi Douglas

We don't mind you overpaying by $20,000. We do mind you overpaying by $200,000! Please be careful. Get a qualified "yard" estimate to repair survey items.

[rtrafford]

Critical items that are related to sea worthiness of the vessel should be corrected by the seller prior to closing.

[jim rosenthal]

Don't be afraid to walk away if the surveys find significant problems. They made a lot of these boats. This is not the time for rose-colored glasses.

The time to fall in love with a boat is AFTER the surveys, sea trials, insurability etc- after she passes all those. Then give your heart. She might still break it, but not as badly. LOL

[pizzazsdaddy]

In most cases, "seaworthiness" items are simply negotiated out with a qualified estimate prior to closing. It is the buyer who must wait until a quality boatyard finishes necessary repairs before sailing off into the sunset. The deal gets done when everyone is in agreement.

If it all works out, Welcome to the dysfunctional Hatteras family.

Jim Rosenthal gave you some wise words regarding rose colored glasses. Who wouldn't want a Hatteras 53? Hatteras built 349 of them!

If the seller walks. You are only out about $4000 for surveys etc. If the buyer and seller aren't realistic in these situations, the seller historically takes way less than this deal a few years from now.

If it doesn't work out, you might want to drop a note to several well known brokers along the California Coast. You never know when someone who is thinking of selling their nice 53, but hasn't put it on the market yet? The best brokers in each area will know what is lurking in their marinas locally.

Maybe a West Coast Hatteras owner on this forum knows somebody who know somebody???

[rtrafford]

Seaworthiness issues should be handled by seller prior to close or risk voiding your own insurance policy the moment you bind it.

No matter how closely you look at a new vessel, it remains an unknown until you're well vested in repairs, upgrades, and time aboard.

[douglasl]

Update on the offer. The seller came back with a $135,000 counter offer. After some talking with the broker, and getting spoon fed answers; I realized the seller was not willing to go any lower.

I told him I'd be happy to send another $120,000 offer, but not higher than that. Today, the broker answered that "maybe the seller would drop to $130,000, after the buyer surveys". I said thank you, but I'm not willing to spend more than $120,000, before doing any surveys. I did tell him that another option was for me to buy on the East coast. He replied, "it'll cost you $50,000 to transport it to the West coats." I know it's way, way, less than that. Didn't say anything, as I have the hope that something may come up with this boat in the near future.

I didn't want to go in, spend up to $5,000 on surveys, etc., to later know that I'd be paying $130k or more for the boat.

I'll contact some local brokers, like you guys suggested.

Douglas

[SEVEN]

That's to bad Douglas. The owner was willing to drop 55k from his original asking price. When I first saw this boat at Pier 39 in SFO it was beautiful. That was almond st 1 1/2 years ago. The owner was using it and maintaining her on a regular basis. It's a shame it didn't work out. Maybe the owner will reconsider since he turned down a 170k offer last year. This boat would sell if the broker maintained it. What a shame.