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  1. #1

    Florida's 58 Hatteras Yacht Fish inspection tour

    The only way to really judge a boat is to go look at it. Since half of the 58 yacht fish models currently on the market are in South Florida, I took some time this week to see as many of them as possible, just to check out what was really there.

    Please keep in mind, these observations are just my opinion of what I saw and found out about... Worst to First... It might help someone who's out shopping...

    NO NAME The 1974 58 Yach Fish up on Lake Okeechobee asking $74,500. Easily, about the worst distress I've ever seen. Chalk, Dry Rot, Mold, Filth, and all the unerlying issues that go with them. The boat had one redeeming qualiy, in that someone cleverly rearranged the VIP into a Queen Berth Stateroom, and replaced the galley countertop with the sink in a better position than the original. The boat itself was a horrible nightmare. I don't think this one can ever be a yacht again.

    ENDLESS JOURNEY The 58' 1977 Yacht Fish in Deerfield Beach asking $109,000. A Nasty 58. I swear the boat growled at me as I walked down the dock. Old and tired everything. Dead Paint, Window leak wood damage inside. Needs everything...and I do mean Everything! Sadly, this is becoming the "average" 53 or 58 out there. An endless journey in your favorite boatyard!

    ANDREA FAE The 58' 1972 Yacht Fish in Coconut Grove asking $115,000. I'll give the broker, Mike Brill from Export Yacht Sales one extra credit for his open assesment of her. Soft Spongy Decks that must be replaced, A few reported bottom blisers. etc. etc. etc. Someone tried to paint it from the toe-rail up with a roller during a sandstorm. Lots of window corrosion etc. It's supposed to be OK mechanically with more recently installed 692s, but who knows. Supposedly has a $90,000 current offer.

    MISS ANNE The 58' 1975 Yacht Fish in Lighthouse Point asking $150,000. When the owners got wind of what I was doing this week, they refused showing it without a broker and a legitimate buyer present. The central agent on this one, Jeff Erdman from Bollman Yachts in Ft. Lauderdale, admitted to me that MISS ANNE was also old and tired, and pretty comparable to the others. Maybe slightly above.

    ANDIAMO The 58' 1977 Yacht Fish in the Lighthouse Point area asking $169,000. Here too, the owners flatly refused my inspection. Back when I was a buyer for one of these, I saw this boat in Miami Beach a little over 3 years ago, shortly after someone painted it blue with a broom. Another old and tired 58, but this one was slightly better than most of the 58s I had seen at the time, but still due for everything.

    NEEDS WANTS AND DESIRES The 58' 1978 Yacht Fish in Ft. Lauderdale asking $239,000. (Owned by Tomrealest from this website). This was the one pleasant surprise on my inspection tour. (When I saw her, she was out of the water having new trim tabs installed). Anyone looking for a 58 Yacht Fish with only the low $200s to spend, should see this one. She has all the desired equipment including stablizers, splash rail, upgrades over the years. No Bottom Blisters. Exterior Paint is still fair with a few scratches and blemishes. Decks Solid. Sainless still in good shape. Varnish currently being redone. The boat shows that it's had a knowlegable caring ownership. Worth a look see, I think this one will be a solid value for someone who doesn't have $300 to spend.

    I left out the 58' Yacht fish litsed as a 59 or a 60 in Jupiter asking $100 or whatever. This boat is also extra nasty, including a glass over wood extended cockpit that was added to this boat long ago, to make it more of a fishing boat. Needs Everything. Not Nice. All I could keep thinking was "Carnival Cruise Ship" !

    I have not yet seen the 58' 1979 model in Key West, or the 1972 58 named DOUBLE EAGLE down in Marathon. Those for another day.

    That leaves PIZZAZ as the remaining South Florida 58 Yacht Fish down to $379,000ASK, with a seller who's found another boat...and can't afford to own 2.

    That about covers all 10 58 Hatteras Yacht Fisherman models currently available in the South Florida area. So far, only 2 in my opinion that a smart buyer would find worth looking at.

    Of note. PIZZAZ is no longer the highest priced 58... That new title goes to MY ANCHOR HOLDS, a 1980 model 58 Yacht Fish just listed by A&M Yacht Sales in Mobile AL for $472,000ASK!

    Has anyone seen any of the other 58s around the country? Im Curious about what others have seen.

    Thanks
    PIZZAZsDADDY

  2. #2

    Re: Florida's 58 Hatteras Yacht Fish inspection tour

    Sad to see so many in poor condition. I don't doubt your assessment as these boats are older and if not cared for and upgraded, quickly become junk. I looked at a mid '90's boat that was pristine. Recent majors, interior refit, new enclosure and a laundry list of expensive upgrades. The owner passed away shortly after the refit was complete and the boat went to a bank. I saw it when they first got it. I ended up buying a different boat and then saw this one again a year and a half later, still owned by the bank. The boat was beat. Hard to believe such a nice boat could go downhill so fast but it did. The boat sold and is now back on the market. I know someone who recently looked at her and said she is worse than when I saw her last. Bringing a neglected boat back is hard to justify financially. With the low market values of these boats, a nice one that is perfect other than say paint and mains needing majors, may have a zero or negative value. I know I've said it many times before but putting $400K into a $200K boat will only give you a great $200K boat. My boat is a perfect example of this. The PO spent a fortune on her but that doesn't make her worth any where near what they spent. I know if I sold her I couldn't replace her for what she would sell for. As much as I don't like that, that's the reality. Like most yachts on the market I'd say 60%-70% of them are priced way too high. Eventually the seller comes to terms with this or they end up holding on to their boats. I think that is evidenced by the amount of boats that have been on the market for several years. I looked at a 65EB that's was on the market back in '08 when the PO bought my boat. They almost bought it but passed on it for $685K after they saw my boat. That boat is still on the market. In '11 I considered it for $200K but was glad when they said no. Since then I know of a few deals in that range where the buyer backed out. Another case of an unrealistic seller riding the market down as their boat deteriorates.
    Jack Sardina

  3. #3

    Re: Florida's 58 Hatteras Yacht Fish inspection tour

    Jack, this is also known as "holding out for the lowest offer"...........

    Maybe the one good thing about this is that it has weeded out a few folks who bought these older boats thinking there was an upside to them- as if you could invest and flip them. It may have happened a few times years back, but that was an anomaly of the times, boom mentality, and loose credit.

    Unfortunately the devaluation of these boats has also hurt the folks that work on them and shops that specialized in updating and improving them. Which means that the available pool of knowledge and expertise on how to do it will slowly contract, which isn't to anyone's benefit. That part is indeed sad.
    Last edited by jim rosenthal; 03-02-2013 at 01:32 PM.

  4. #4

    Re: Florida's 58 Hatteras Yacht Fish inspection tour

    Quote Originally Posted by jim rosenthal View Post
    Jack, this is also known as "holding out for the lowest offer"...........

    Maybe the one good thing about this is that it has weeded out a few folks who bought these older boats thinking there was an upside to them- as if you could invest and flip them. It may have happened a few times years back, but that was an anomaly of the times, boom mentality, and loose credit.

    Unfortunately the devaluation of these boats has also hurt the folks that work on them and shops that specialized in updating and improving them. Which means that the available pool of knowledge and expertise on how to do it will slowly contract, which isn't to anyone's benefit. That part is indeed sad.
    I do think that the ones that are maintained and cared for will still have a market. There are still those that will seek them out. Unfortunately that market is small and the prices are low. There does seem to be a turn in this and things are improving for boating. Older boats and big SF are still low in demand but as things improve they may come up a bit. I wouldn't sit around waiting for it but I've always felt that a well maintained quality boat will always hold some value. I'm sure you realize you will never see the money you've spent on your boat come back if you sold her. I'm also pretty sure you wouldn't sell her even if someone offered you double what she's worth. You'd never be able to replace her for that. Anyone who refits an old boat better be doing it for love of the boat. If you do it for money, it won't take long to realize that a free boat can become a huge loss in no time.
    Jack Sardina

  5. #5

    Re: Florida's 58 Hatteras Yacht Fish inspection tour

    Around 2010 I was deciding between a 58 Yachtfish or a 53 convertible. My last boat was a 60' Pilothouse with a large cockpit so I thought the Yachtfish would be a good replacement.
    There was a 58 YF that was absolutely superb, totally redone and repainted in a creamy white colour with new teak etc. It was easily the best 58 YF available then and if I remember the buyer became a member of HOF. The price was in the mid to late $300K. Maybe Dr. Jim or another member could point us to this boat/member?
    The other great looking boat was in California and was called Cowboy Magic. I made 2 offers and was rejected.
    Luckyily I then found my 53c and am very happy I chose her.
    Your YF looks good Pizzaz, however I do agree that the lack of stabilisers is a big deal.
    Just my opinion.

  6. #6

    Re: Florida's 58 Hatteras Yacht Fish inspection tour

    The good thing is that buying these old boats at their current values doesn't really put you at much risk since most of the depreciation is done. As long it's a solid boat and it's one that you plan on keeping for a long time it's fine. Of course there are better things we could do with our money but life is short and you cant put a pricetag on the enjoyment that the family gets from time on the water together. If there wasn't something to fix or improve upon in our boats we probably would know what do do with ourselves . Most of us can't even stay away from checking this forum daily. We are probably all nuts!
    Ralph
    1985 45C
    VA Beach, VA

  7. #7

    Re: Florida's 58 Hatteras Yacht Fish inspection tour

    Quote Originally Posted by Diesel View Post
    The good thing is that buying these old boats at their current values doesn't really put you at much risk since most of the depreciation is done. As long it's a solid boat and it's one that you plan on keeping for a long time it's fine. Of course there are better things we could do with our money but life is short and you cant put a pricetag on the enjoyment that the family gets from time on the water together. If there wasn't something to fix or improve upon in our boats we probably would know what do do with ourselves . Most of us can't even stay away from checking this forum daily. We are probably all nuts!
    Amen to that!

  8. #8

    Re: Florida's 58 Hatteras Yacht Fish inspection tour

    Totally. On the other hand, there are worse things to be nuts about. Like cars. Ask me how I know.

    I've had my Hatteras for well over twenty years- at various times, she's been a principal residence, vacation home, occupational therapy project, etc, as well as a boat. She owes me nothing. I, OTOH, owe her plenty.

  9. #9

    Re: Florida's 58 Hatteras Yacht Fish inspection tour

    Totally. On the other hand, there are worse things to be nuts about. Like cars. Ask me how I know.

    Or both!!
    Bob
    "CRAZY HORSE"

  10. #10

    Re: Florida's 58 Hatteras Yacht Fish inspection tour

    Quote Originally Posted by rmatt View Post
    Totally. On the other hand, there are worse things to be nuts about. Like cars. Ask me how I know.

    Or both!!
    Thankfully I grew out of the car obsession. I don't think my wife could handle both!
    Jack Sardina

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