Florida's 58 Hatteras Yacht Fish inspection tour

[Artzco]

There is a Stabilized 1984 Hatteras 53 Classic that has been for sale in Virginia. She is now "sale pending". The broker (whom I trust) says that she has "new electronics, new generator, new bow thruster, updated interior with new carpet, spotless engine room, new bimini and enclosure, hard enclosed air conditioned aft deck, new Stidd Helm chairs, new AGM batteries and so much more". He comments that "this stabilized Hatteras 53 Classic promises to be the Best in U.S." This is reportedly a fresh water boat for much of her life along with heated indoor storage and all that comes along with that condition-wise. So we assume that she is a rock star.

Most recent asking price was $269,000. She is under contract and I'm told has already been surveyed and sea-trialed, now just waiting for the $ to change hands. I was told what the winning number is, (it's not far off the ask) but I shall wait until the deal is closed before posting that.

So if that boat is selling for where it is money-wise with Naiad stabilizers and new bow thruster, etc, etc, how much is the trade-off for the lack of a cockpit? What is the market value of the cockpit to someone who wants it, against the dollar value of stabilizers and a bow thruster to the same buyer who also wants those items?

That is a good looking 53 and it shows like new based on photos and sounds like the new owner got a decent deal.

I've followed this from the beginning and Pizzaz is a great boat and if I were still in the market, I would take a look. But realistically, I have to look at any boat with the thought of a wife of 35 years and I'm sure that many use the same logic. My wife likes the look of Pizzaz but her comment was, "no way I will have Ozzie & Harriet beds". She waited to have a bed she could walk around and make it up. Minor item, but important. And she knows enough to ask why no new electronics and stabilizers for the price. I'm sure there will be a buyer for Pizzaz at the right price.

[jim rosenthal]

Jim's right on this one. Market is the driver.

Even a blind pig digs up an acorn now and again.....

[pizzazsdaddy]

Sometimes our market knowledge deceives us. I think the point we're all missing here, is that the one-of-a-kind, truly pristine examples of any older Hatteras are becoming increasingly impossible to find. The cost to properly fix one up is reduculous.

The 53 Classic now under contract for $260,000ish in Virginia is a prime example, and that boat has 3000 total hours on it. This is not about a buch of "comparsons". It's about condition. Actual, Verifiable Condition! The Virginia 53 is obviously a "sweetheart"...and is worth every penny. Even a better value for the new owner who gets to turn the key and start enjoying her on Tuesday.

If you think about it...it's kinda like buying a new boat from Hatteras for 10 cents on the dollar.

A couple of examples to back this up?

There are several Hatteras 15'10" beam-wide body Motor Yachts currently under contract. A 58' 1978 in Maryland, and a 58' 1979 model in New York. The price difference between the two boats is $100,000.

The 1981 Hatteras clasic model in Spring Lake Michigan that was reduced to $189,000ASK, is under contract for $100,000 less than the Virginia 53.

There is a nice 1985 model Hatteras 61 with a deal pending around $375...while a 1981 in Michigan is despirate to sell for $199,000...

There is a 1986 Hatteras 54 in Maryland under contract for around $250...There's a 56 Motor Yacht with a deal pending in the $270s. You guys are underestimatng the high end for the nice boats...and overestimating what the rougher boats are really worth.

Just food for thought.

[saltshaker]

We can argue the point back and forth but the reality is, she's worth what someone is willing to pay for her. If you think you can get a high number for her go for it. If the right buyer comes along and has to have her then you both get what you want in the end. Comps can be tricky unless you or your broker know the boats in question. They do help set a range on what certain models will bring. Exceptional boats can be higher than the norm. I've also seen some pristine boats sell for a lot less than a similar model in poor condition. It all depends on the seller and buyer's willingness to deal. I think the VA boat is definitely on the high side. Based on the listing and Eric's comments, she does appear to be outstanding. She does have 3000 hrs on one engine but the other has 100 hrs since majors. There also was a ton of money spent on upgrades that will definitely add value to the boat. What they did was considerable and the list of high end desirable upgrades is considerable. I wish you the best of luck with your sale and hope that someone who cares for her will be her next owner. Take a look at this one and consider what was done and what she will sell for.
http://www.samsmarine.com/forums/sho...CPMY-1991-2014
http://www.samsmarine.com/forums/sho...1-52-quot-CPMY

[tomrealest]

So, does anyone know of someone in the market who would be interested in looking at Needs, Wants & Desires in Ft Lauderdale? I originally was looking at 53's when I bought her. My wife, who is not athletic, was intimidated by the thought of handing the lines on the stern of the 53's. She was luke warm to the idea, when she saw a ragged out Yachtfish. Her whole demeanor changed. "If you can find a nice one, I would like US to get it" The word “US” was the key word in the last sentence.

She has stabizers and they work fine.

My e-mail is tomrealest@aol.com. My cell is 301-643-0917. I am on the boat until Sunday evening.

[Jasper]

Pizzaz, I think beside all the other opinions, points, compliments and comparisons there is one thing which is very obvious about your view, and I mean NO offence by this.
It is this: you have the view that because PIZZAZ is so close to the ORIGINAL and pristine as a new 58 YF, with some improvements, that she is valued above many other Hatteras YF.

These boats are a legend, have a dedicated following and are worth spending money on to bring them up to date.
BUT
They are not Austin Healeys or Shelby Mustang/Cobra or Rolex watches and Patek Philippe.

My point is that with the cars, watches etc. it is paramount that they are ORIGINAL and reconditioned as they were originally.

With Hatteras, there is a great value in the vessel being original to the point of not being bastardised or turned into a Home Depot special, however, boat buyers do expect that when the asking price is above market levels, that the boat has all the modern TECHNOLOGY that has changed boating in the last 30 or 40 years.
New state of art electronics, water maker for starters. The fact that you have redone her to original and it has the original fawcetts and the ER is pristine, but not up to date is a major issue.
These boats are USED, not collected for viewing in a watch case or a garage. So the fact that it is NEW ORIGINAL is not such a major deal.
Being pristine and updated with today’s technology and comforts would get attention.
Also, I agree with Lumina and leave this thread to die, it is doing your efforts to sell her no help.
Good luck!

[GJH]

Great post Jasper.

[holtcl]

Also I think that we get so emotionally attached to these boats, that we put SO much of our very hard work, money, and sweat equity into, that it is very easy to become unrealistic about what we might be able to get for them in a selling situation. And making apples-to-oranges comparisons to justify the price we think she's worth (worth to us, but maybe not to a potential buyer).

It's a very tough pill to swallow. Quite sobering particularly in situations where we may have bought "pre-economic crisis", then dumped a ton of money into her, and maybe even have to come to closing with a check!

I guess you don't have to "ask me how I know".


Cheryl
Cinderella
1971 53 MY

[saltshaker]

...worth to us, but maybe not to a potential buyer..

That's it in a nut shell. I've never owned a boat that I didn't feel was worth much more to me than it would be to others. Knowing what you have and how it runs it's worth a lot to me. Unfortunately it doesn't translate to much cash when the time comes to sell. Every time I've moved up, I was reluctant to sell my boat before I found the right new one. There's that fear that you may end up selling something you can't easily replace.

[Bill Allen]

I'll be looking at double eagle this week and will post how I feel about it. I'm really not in the market bbuy since I'm down here anyways I figure what the hell. Seems like a nice guy and willing to show me the boat so what the heck. Take a look at it this week.