53 Hatteras Values 101

[pizzazsdaddy]

I know I'm preaching to the choir when I defend the Hatteras 53. (including my 58 Yacht-Fish). Not before or since has there been a production motor yacht that accomplished so much in 53 or 58 feet with Hatteras Quality stem to stern! What a boat!

Sometimes we fail to recognize that these beauties are now all 30-50 years old. In every state of repair or disrepair imaginable. Some are "classics". Most are Not. I feel current "values" have been more a statement about the deteriorating condition of the bulk of individual boats available. Not the 53 itself. Sadly, most people who can afford to buy an old 53, can't afford to OWN a 53. Or fix one up. Unfortunately, when the seller is distressed, so is the boat. It's a shame to see this happen.

Correctly refurbishing a 53 costs anywhere from $350-$500,000 these days. On top of the initial purchase price of the boat. (Remember, I just did that). After that, the cost to mantain any 53 footer, new or old, is exactly the same. B.O.A.T. Break out another thousand! That's the reality of this lunacy called boats. ...and worth every penny!

I'm happy to see some nicer 53s come on the market for a change, including the 1980 model TopHattandTails. It's about time. The market has been drowning in rough tired stuff for a long time. If math is never wrong, then an old Hatteras in magnificent condition should always be worth at least 25% of a new boat price. Simply because you can't fix one up for less than that. Blue Chip remember? It's still a Hatteras! A smart buyer WILL understand this, IF there is something to compare it to. Sure those buyers are few and far beween, but they do exist.

The brokers haven't helped. But in their defense, why keep showing rough old 53s, when you can send the buyer to a more modern looking 53 Carver, or that sleek and still financable newer Sea Ray for the same price? In alot of cases today, the buyer doesn't know any better. In many cases today. The broker doesn't care. He just wants his check.

I think it goes like this, based on what I've observed:

A nasty 53 is worth anywhere from $0-$40,000 (Free isn't a good deal)!
A restorable 53 is worth $40,000 to $90,000
A clean, well maintained, high time 53 is worth $90,000-$150,000
A truly nice "survey correct" low hour 53 is worth $175-$300,000
An Exceptional 53 (a rarity) is worth $300-$400,000 or more depending on how nice.

Sadly, the rough boats will continue to bottom. The key is getting a broker who understands the numbers. Matched to an educated buyer, who is seeking "value" ahead of price. Thats where the best "deals" are in the longrun.

But that's just my opinion.

Pizzazsdaddy@hotmail.com

[krush]

what is your point...pointless banter?

[TopHattandTails]

Thanks for the kind wishes, but Top Hatt and Tails is not listed at this time or for sale at this time. We are thoroughly enjoying her.

[saltshaker]

Getting over 200K for any 53 will be a stretch. Buyers aren't paying that much regardless of condition. It would have to be truly unique and then it would still be a tough sell. The demand is low period. And older means even less demand. My neighbor boat a new 54 Viking in '08. This boat is loaded with upgrades, has under 600hrs and looks better than most new boats. He got a deal on it for 2.4million when new. Now they are selling in the 1.2-1.3 range. That's about 50% for a 4 year old boat with modern engines and systems. How could you expect to get 25% of the price of a new 53 for a 30 year old one? Even one that's been complete refit,updated and re-powered won't bring that much. The previous owners of my boat spent a fortune on upgrades and refit. I can assure you the money spent increased the value of the boat a bit but no where near what was spent. The sad reality is most of these boats are worth less than the cost to major the engines and paint the boat. A 65EB with a blown engine that needed to be replaced, just sold for 95K. Sounds like a deal until you do the math and figure out what the cost to get it running let alone refit would be. I would love to see these old Hatts fetch more money but that's just not happening. Good ones are selling and bringing good money for this market but there is a ceiling for each model. No amount of refit will get you above that.

[OBXTucker]

Pizzaz, why not change the attitude and start some posts on how much you're enjoying your boat. The places you travel, the sights you see, the fun projects aboard...heck, maybe a great cocktail or dinner recipe!

We all know what our boats are worth - or lack thereof - and we don't need continual reminders please!

[Boatsb]

I always enjoy reading fiction. That all the $400k 53 Hatt is.

Ok so the 25% rule may be true if you look at original purchase price. My 41c was about $50k new.that means its worth $12,500 or so?

[Jasper]

Getting over 200K for any 53 will be a stretch. Buyers aren't paying that much regardless of condition. It would have to be truly unique and then it would still be a tough sell. The demand is low period. And older means even less demand. My neighbor boat a new 54 Viking in '08. This boat is loaded with upgrades, has under 600hrs and looks better than most new boats. He got a deal on it for 2.4million when new. Now they are selling in the 1.2-1.3 range. That's about 50% for a 4 year old boat with modern engines and systems. How could you expect to get 25% of the price of a new 53 for a 30 year old one? Even one that's been complete refit,updated and re-powered won't bring that much. The previous owners of my boat spent a fortune on upgrades and refit. I can assure you the money spent increased the value of the boat a bit but no where near what was spent. The sad reality is most of these boats are worth less than the cost to major the engines and paint the boat. A 65EB with a blown engine that needed to be replaced, just sold for 95K. Sounds like a deal until you do the math and figure out what the cost to get it running let alone refit would be. I would love to see these old Hatts fetch more money but that's just not happening. Good ones are selling and bringing good money for this market but there is a ceiling for each model. No amount of refit will get you above that.

You hit the nail on the head!
Even in Australia where we have few Hatteras and many US boats of all brands, have been imported, the boat values have CRUMBLED! I see quality boats droppping 25 to 50% in ask price in the last 12 months.
I bought my 53 Conv after a LOT of research and felt I bought the boat worth spending $60,000 just on shipping....that is before all the usual work was required, which I expected, and the unexpected, such as gearbox work etc.
The last weeks I have spent sanding and repainting, where before I would have had qualified people do it, it is just not worth it anymore, plus I am enjoying myself.
25% OFF NEW BOAT? You are dreaming!
It is not the value YOU see, but what the market dictates and fact is, boats, whether they are beautiful classic fully renewed Hatteras' or a cheap Asian import, the buyers are not there!
They are all in survival/conservative buying mode and as we know, boats are NOT on the list of must haves.
Just enjoy your boat and try to keep up on the maintenance, because I believe this is going to be a long road to recovery, as in 10 years!

[jim rosenthal]

I agree with Scott on this. The market for these boats is small. There were about twenty 53s sold since January 2012, in this country, and two of them were by one broker (he must feel good, he sold ten percent of them ) I don't think any of those sales were above 200K, nor did any reach it. I could be wrong but I am fairly sure. The market for a restored 53 is so rarefied it might as well not exist; if there's someone out there who's going to pay 400K for one of these boats, he hasn't shown his face yet.

No, as he says, better to enjoy them for what they are rather than diddle oneself with thoughts of them as investments. As investments, they suck. As boats, they are brilliant.

[captddis]

A wise man once told me" Boats are never an investment, they are just pure expense"

[captddis]

These are strange times. I used to make money on boats, then well.. there was a price that the boat bottomed out at and you would get that money back. As recent as 2002, I sold my very nice repowered Bertram 38III for 4 thousand dollars more than I paid for it after 9+ years of use. I still lost money considering the Hardtop, Glastec cockpit sole, custom platform etc, but got most of my money back to use for the Hatt. The lost money was the cost of fun those years.
When I bought the 46 Hatt I paid 100k under the orig ask price due to the blown engine. I was told by everyone that I stold it and should feel guilty.
My plan was to end up with 200k in it when done and after using it the bottomed out price would be 175 to 185K. HA! Have over 250K in it with all free labor and it is worth 100K now.

Years ago a friend said that "plastic boats do not go away like wood boats and there will come a saturation point" Maybe he was right.
I now see perfectly good boats in working condition selling for 1000 dollars often being parted out for parts! For a boat lover, it is really sad.

It also seems to me that the kids growing up today in general have no interest in boats or cars for that matter. I really think boating as we know it is on the decline.

There will be mega yachts and small boats on trailers and hi and dry's.