The problem with these old Hatts or any older boats especially larger ones is what they would be worth after you spend a bunch of money rehabbing them. I am going through a similar thing with an old 70 MY. The boat needs so much work that if I do the math it needs about $275,000 to bring it back to a reasonable condition not a pristine condition. If you spent that when you were done you would have a boat that might be worth $ 225 to 250 thousand, so what is the value of that boat? If I were surveying it I would have to say it has no value at all, but no seller is going to admit that. Some of these boats are reaching the point of needing to be destroyed, which is very sad. As a boat builder that 70 has value to me because I can bring it back to a reasonable condition for about $150,000, but there are not many people who can do that, and no boat yard is going to store a 70 foot boat, do the rehab work, and then make only $ 75,000 on it. At least a 58 LRC would have a bit more resale value when rehabbed. As far as insurance goes, I just carry liability insurance until I complete the rehab then get the boat surveyed with a valuation and then insure it. John
Welcome to the Hatteras Owners Forum & Gallery. Sign Up or Login
+ Reply to Thread
Results 11 to 20 of 33
-
Re: 58 LRC named Floridian in Cape Coral, FL
Mahalo V
1974 53 Motoryacht
Hull Number 406
San Diego, Ca. Ready 32 Nordic Tug, Brunswick Ga.
-
Re: 58 LRC named Floridian in Cape Coral, FL
Yes to above. That all makes perfect business sense. Business sense, as we all know, goes out the window where boats and other hobbies are concerned. I am so pleased that Aslan's previous two owners so joyfully spent $1.2 million on a $150K boat. Sometimes I just pull out the receipts and go to my knees in adulation.
PS: It would probably have been half that amount had they not done it in the US & BVI.Semper Siesta
Robert Clarkson
ASLAN, 1983 55C #343
Charleston, SC
-
Re: 58 LRC named Floridian in Cape Coral, FL
You are so right Robert, but when you are negotiating to buy you need to use those business arguments to soften up the seller. John
Mahalo V
1974 53 Motoryacht
Hull Number 406
San Diego, Ca. Ready 32 Nordic Tug, Brunswick Ga.
-
-
Re: 58 LRC named Floridian in Cape Coral, FL
it was donated certified sales is listing the http://www.certifiedsales.com/listings/YS190119.html
1968 41c 671n's "lisaann"
1985 21 superboat 250 merc
1979 20' seacraft 150 johnny
1994 10' caribe 25 merc
-
Re: 58 LRC named Floridian in Cape Coral, FL
This boat actually looks pretty good. Imagine it with a new paint job. Then we would be having a different discussion. The wood is all original inside and I see very little staining. It obviously needs new generators and engine rebuilds too. But, I think, based on what a nice 58LRC might sell for, someone could refit this and come out okay. Assuming, of course, that they bought it for near nothing.
Sky Cheney
1985 53EDMY, Hull #CN759, "Rebecca"
ELYC on White Lake--Montague, MI
-
09-13-2019 01:26 AM #17Senior Member
- Join Date
- Mar 2016
- Posts
- 88
Re: 58 LRC named Floridian in Cape Coral, FL
I would take it on since I have a very good relationship with someone who runs a DIY yard in NC and he has a amazing skill set and quality of work for anything I couldn't do myself. However, I just saw Emerald Princess last week and have been communicating with the owner to work out a deal. Honestly, from what I saw of Emerald Princess and from what the pictures of Floridian shows it is really hard to tell which boat is in better condition. What bothers me is that there has been a ton of wiring work done to Emerald Princess by her previous owner and I just finished rewiring my 44TC so I know how much wiring work trying to make sense of previous work makes me nervous. The wiring work that was done however was notated on the wiring diagrams which will make it much easier but I still don't like wiring that has been messed with. The previous owner from what I have been told was a very smart man and an engineer. Emerald Princess also has a dark colored hull which has resulted in a serious breakdown of the paint and would need to be repainted.
Knot Your Hatt
1975 58 LRC Hull#302
Little River, South Carolina
-
10-21-2019 09:30 PM #18Senior Member
- Join Date
- Apr 2005
- Posts
- 185
Re: 58 LRC named Floridian in Cape Coral, FL
the add lists it as being sold. does anyone know what it sold for?
https://www.yachtsalvage.com/listings/YS190119/
-
Re: 58 LRC named Floridian in Cape Coral, FL
"DON'T BELIEVE ANYTHING YOU READ OR HEAR AND ONLY HALF OF WHAT YOU SEE" - BEN FRANKLIN
Endless Summer
1967 50c 12/71n DDA 525hp
ex Miss Betsy
owners:
Howard P. Miller 1967-1974
Richard F Hull 1974-1976
Robert J. & R.Scott Smith 1976-present
-
10-22-2019 01:32 PM #20
Re: 58 LRC named Floridian in Cape Coral, FL
They still command a premium and the prices of the non LRC's have suffered more. And, fact is that they now are over 40 years old....Still great boats but more and more shifting to the "antique" section with layouts and lack of accessories that are becoming less and less popular compared to what's been coming out for the last 10-20 years. Add to that the fact that they are fairly complex with older systems and harder and harder to find qualified techs and parts for. Not to mention financing and insuring them.
All that said, being a little over 40 myself...., OK a lot, I like them.Last edited by oscarvan; 10-22-2019 at 01:34 PM.
1978 53' Motor Yacht "LADY KAY V"
Hull number 524
Chesapeake Bay