Was hoping that maybe, just maybe, the low prices were over with...

[ralexa6808]

Guess I was wrong.

http://newyork.craigslist.org/lgi/boa/5356995323.html


http://longisland.craigslist.org/boa/5327882690.html


http://jerseyshore.craigslist.org/boa/5347990905.html

 

[SEVEN]

Such a shame. However it's soon to be someone's dream. Great boats to get started with as long as the hull and motors are not shot.

 

[saltshaker]

Project boats rarely bring much money. I wouldn't use these boats to draw any conclusion on market condition other than support that there's no market for an old boat in poor condition

 

[ronparise]

Whether low prices are a good thing or a bad thing depends a lot on whether you are a buyer or a seller

If one of these had been on the west coast when I was shopping I would have taken a hard look, As it is I bought a 1979 43' double cabin to live aboard. for about twice the prices I see in these ads. As long as it looks good and "lives" well for the next 15 years Ill be happy, My expectation after 15 years is that Ill be dead and disposal of a 50 yo boat will be the marinas problem

Dont get me wrong, Im going to maintain it and keep it clean, Its my home, after all and I do have some pride of ownership but I dont expect the value of the thing to go up...down is more like it

Bottom line is that these old boats are not assets, they are liabilities

 

[Pascal]

The two sportfish are full blown project boats. Need a buyer that can do the work himself and completely redo. They have 0 value as is.

The aft cabin may be th better one of the 3, but it s a gasser and awfully dated...

 

[Glory]

"The aft cabin may be the better one of the 3, but it s a gasser and awfully dated..."

Darn, that one has 110 present interior wood. Does that mean there is 10 % extra wood, or it is better than perfect?

JM

 

[oscarvan]

The gasser actually looks decent. If you don't mind the fuel type and are handy, that could be a decent usable boat. The other two are worth $0.

 

[krush]

All over priced.

 

[pizzazsdaddy]

That 38 might be a nice boat for someone at a fair asking price. No one knows for sure until somebody actually sees it.

The other 2 boats look dreadful. Scrapyard time! ZERO value. FREE isn't a good deal! Once it gets full of mold...bring out the chainsaw! If you spent $150,000 on that 45...you'd still need another $500,000 to finish it! WHY????

 

[Bob Bradley]

I met a couple many years ago who bought a 38-ish aft cabin (Trojan I think) as a summer home. They were both school teachers. At the time they spent about $50k on it, as it had 2 bad engines. Kept it at Avondale Boat Yard in Westerly, RI. The yard launched it and towed it to their slip every spring, and then towed it and hauled it every fall. They had no desire to ever leave the slip. As my wife and I had a drink with them one evening, watching the sun set, they pointed out that a similar sized house on the water would have run them at least 10x as much, and their taxes would be at least triple what their dock fees were.

As was noted above, for the right people, that motoryacht would be perfect.

 

[saltshaker]

That 38 might be a nice boat for someone at a fair asking price. No one knows for sure until somebody actually sees it.

The other 2 boats look dreadful. Scrapyard time! ZERO value. FREE isn't a good deal! Once it gets full of mold...bring out the chainsaw! If you spent $150,000 on that 45...you'd still need another $500,000 to finish it! WHY????

Because not everyone needs or can afford a perfect boat. If they are solid hulls and run well it may get someone into a boat and out on the water. A talented DIYer can make a project into thier pride and joy. Then there are those who just love to save one of these old boats and build them the way they want them.

 

[Tinman]

We met a couple three years ago while staying at Haulover Marina. They were from Vermont, had sold a condo at Ft. Lauderdale, and bought a 50+ MY. Said the same, that taxes and fees were too high on the condo. We visited a few times with them and they like living on the water but did not do boating. I thought that was funny, never knew anyone that owned a large boat that did not want to leave the dock. Anyway, they were perfectly happy just living aboard, which they used all winter and returned home for summer. My point is it makes sense to by a older boat for that purpose and does necessarily have to be operational other than as a floating home and much less cost than waterfront property. As we all know while staying on your boat, if you tire of where your at, just move to a new location.

 

[oscarvan]

Just make sure the water stays out of the boat....... you WILL have to have some knowledge and do SOME maintenance.....

 

[magnawake]

I know people who use their boat as a condo as well. Actually, they have a great time attending marina parties and such. Hard to beat the life style. However, one day they will want to sell the boat and will be stuck in a bad situation. What I know now after 5 years of ownership, I wouldnt ever take a project boat even if someone gave it to me. Everyone knows you can never get your money out of a project boat. I cant figure out why people want to work on a boat instead of going cruising. If you like a project, work in a boat yard or build a house. There's plenty of boat projects to do just to maintain a good boat. Sometimes its overwhelming.

 

[rtrafford]

I know people who use their boat as a condo as well. Actually, they have a great time attending marina parties and such. Hard to beat the life style. However, one day they will want to sell the boat and will be stuck in a bad situation. What I know now after 5 years of ownership, I wouldnt ever take a project boat even if someone gave it to me. Everyone knows you can never get your money out of a project boat. I cant figure out why people want to work on a boat instead of going cruising. If you like a project, work in a boat yard or build a house. There's plenty of boat projects to do just to maintain a good boat. Sometimes its overwhelming.

Here's your explanation, from the perspective of an owner that did the project:

Every year you write checks for maintenance. Every year you depreciate mechanical and finishes, electronics and interior design. A buyer can shop and buy the right boat, in the best of condition, with the right attributes, turn-key, so to speak, but with that purchase comes depreciation and carry costs.

Much of that which you experience as your costs of ownership can be folded into the budget of the project to go along with the drastically reduced cost of the purchase. With, say, 10 years of ownership you won't find that the overall investment on either side of the conversation are dramatically different, and the project boat has the opportunity of being refined to the specific tastes as not will all be as dramatic as my project was in terms of structure and completely new build.

In the end with my 53c, I invested perhaps 25% more than the cost of buying off the shelf and fixing/maintaining/improving/upgrading and the typically higher carry costs of the older product, and I enjoy that delta every time I take her out of sight of land, into rough conditions, as I know what I built was meant to last another 40-50 years. I was okay with the "overpay" as I was happy with the comfort and piece of mind. While I won't ever recover that investment, typically you don't with any boat, any car, any RV, any plane. That's simply the cost of the enjoyment and opportunity.

 

[oscarvan]

There are three possibilities in the project arena......

1 People lack the skills, time or the vision and are convinced it's always a bad idea and that paying for a turnkey boat is the most economical way, and certainly the most fun way. For them it is.

2 People that lack the time, money or the skills, even though they think they have them all, and thus have an unrealistic vision and get into a project which never gets finished and provides little to no on the water enjoyment, all at great cost. These are the projects the people under #1 know about.

3 People that have the skills, time and money, and the vision and the knowledge to know what they are getting in to. They buy right, spend right and complete the projects, whilst or eventually floating and using the thing. They get a boat set up the way they want it, they know their boat inside and out, and they derive great satisfaction and pleasure from the project. They do all, most or only some of the work themselves and find skilled help for the rest. They enjoy the fruits of their effort for some time, and sometimes, if they did most or all of the work themselves, they get all or most of their money back. I know that because I did it, twice.

 

[rtrafford]

Well stated. I am on my fourth. This time will be the last....same thing as said during #3. In the end there are two very fortunate people in the mix...me, for the love of my passion for the boat and the enjoyment that comes from the entire process...and the next owner, for that person is buying better-than-turn-key.

 

[oscarvan]

and the next owner, for that person is buying better-than-turn-key.

When I listed my last boat we priced it right in the middle of the pack, there were about 7 or 8 on the Chesapeake that summer. Mine was the only one that sold, for 95% of asking. During survey/sea trial EVERYTHING worked.

 

[Tinman]

Well stated. I am on my fourth. This time will be the last....same thing as said during #3. In the end there are two very fortunate people in the mix...me, for the love of my passion for the boat and the enjoyment that comes from the entire process...and the next owner, for that person is buying better-than-turn-key.

What are you planning for the project #4 ?

 

[rtrafford]

When I listed my last boat we priced it right in the middle of the pack, there were about 7 or 8 on the Chesapeake that summer. Mine was the only one that sold, for 95% of asking. During survey/sea trial EVERYTHING worked.

Yep, that's the truth. I'm selling at a significant loss, primarily due to the inability for a buyer to get financing, but it will be the boat in its class that sells.