1979 58' Hatteras auctioned May 3

[dsharp]

http://www.marineauctionservices.com/aucevent.htm I have no affiliation just happened to see the ad in a trade publication. Boat is located in Alabama.

 

[SKYCHENEY]

Looks like one of the rare 58CMY. You know, essentially a 53ED with a cockpit. They didn't make too many of those.

 

[Nightingale]

Read through that survey. Wow.

 

[jim rosenthal]

Sketchy listing. There is a survey, but it's sixty pages and was still loading when I lost interest and gave up. Better than nothing, though.

I can't tell whether this is an absolute auction or there is a reserve. But I can't think of a worse way to buy a large and complex object like a yacht- a snap decision with no time to do one's diligence, and all the attendant risk. I hope whoever buys it gets it at a price that reflects all that and that luck is on their side.

 

[rsmith]

Just needs TLC! Lol

 

[rsmith]

There's a original 41 in their listings too. Looks like someone put pacemaker windows in it.

 

[Freeebird]

Sketchy listing. There is a survey, but it's sixty pages and was still loading when I lost interest and gave up. Better than nothing, though.

I can't tell whether this is an absolute auction or there is a reserve. But I can't think of a worse way to buy a large and complex object like a yacht- a snap decision with no time to do one's diligence, and all the attendant risk. I hope whoever buys it gets it at a price that reflects all that and that luck is on their side.

Ad says "absolute", no minimum, no reserve.

 

[Nightingale]

Sketchy listing. There is a survey, but it's sixty pages and was still loading when I lost interest and gave up. Better than nothing, though.

I can't tell whether this is an absolute auction or there is a reserve. But I can't think of a worse way to buy a large and complex object like a yacht- a snap decision with no time to do one's diligence, and all the attendant risk. I hope whoever buys it gets it at a price that reflects all that and that luck is on their side.

I didn't read though the whole thing, I just read the findings and rec page. I don't think there is much to hide anymore!

 

[bostonhatteras]

Seeing things like this really makes me believe what the govmnt says about the economy improving. NOT

 

[jim rosenthal]

Is there enough TLC available for that boat? I guess we'll find out.

Sam's, get ready for a BIG order.

 

[saltshaker]

I think page 2 of the survey sums it up; "Overall codition: Poor." Most of the items on the survey arfen't that bad but there are some big ones like wet decks, rotted interior wood, non functioning heads, inoperable electronics etc. Biggest concern would be the lack of engine surveys, out of water surveys or sea trial. I don't think they even started the mains.

 

[bigbill]

i heard that this one went really cheap------around 11,000.00 dollars yes that is 11,000.00 not 110,000.00

 

[saltshaker]

i heard that this one went really cheap------around 11,000.00 dollars yes that is 11,000.00 not 110,000.00

That boat didn't look that bad to be sold that cheap. Hopefully someone got themselves a good deal and will fix her up and use her.

 

[Tinman]

$11,000 sounds cheap. Out of curiosity, what would the ballpark figure be to put this boat back in good shape. Surely some on the forum have done this before. My guess is $250k minimum for contracting the work? Have considered this before, but always bought a later model boat in OK condition for about the same money as a project.

 

[pizzazsdaddy]

Hey Tinman

$11,000 isn't cheap, it doesn't matter how little you can buy one of these for. Using good yards with the best people, a correct restoration is still a 6-8 month project and a $Half Million investment...$700,000 if you add brand new machinery...and that's only if you're lucky enough to find a nice "shell" to start with.

Sadly, in my humble opinion, 95% of these "fixer uppers" are beyond salvation and due for the land fill.

There is only one way to restore a classic Hatteras. The right way. The first time. No If's! No And's! No Butts! I don't care how handy you are... What few buyers realize is the $Half-Mil expenditure is CHEAP... opposed to the $3Million dollar price tag for a comparable new boat.

At the end of the day, you drive away with a REAL "New Boat", including new boat warranties on every new component... for a fraction of the new boat price.

The return on your investment is the years of real enjoyment you'll experience.

Along with peace of mind. It's more "VALUE" than many buyers can comprehend.

If you don't believe it, let me tell you about my $75,000 galley someday.

Pizzazsdaddy

 

[jim rosenthal]

Did that include the chef, or was that extra? Just curious.

 

[rsmith]

Hey Tinman

$11,000 isn't cheap, it doesn't matter how little you can buy one of these for. Using good yards with the best people, a correct restoration is still a 6-8 month project and a $Half Million investment...$700,000 if you add brand new machinery...and that's only if you're lucky enough to find a nice "shell" to start with.

Sadly, in my humble opinion, 95% of these "fixer uppers" are beyond salvation and due for the land fill.

There is only one way to restore a classic Hatteras. The right way. The first time. No If's! No And's! No Butts! I don't care how handy you are... What few buyers realize is the $Half-Mil expenditure is CHEAP... opposed to the $3Million dollar price tag for a comparable new boat.

At the end of the day, you drive away with a REAL "New Boat", including new boat warranties on every new component... for a fraction of the new boat price.

The return on your investment is the years of real enjoyment you'll experience.

Along with peace of mind. It's more "VALUE" than many buyers can comprehend.

If you don't believe it, let me tell you about my $75,000 galley someday.

Pizzazsdaddy

I love people hat throw out these #s with no backup. A "Smart" consumer today should be savy enough to get competitive bids and break projects down to get costs within reason. Boats are meant to use and abuse. Every one is in a constant state of deterioration. Rust never sleeps. You sound like you have a Worth Avenue taste. Most of he rest of us have a Walmart budget.

 

[Tinman]

Pizzazsdaddy, post some pics of that $75k galley, it must be a beauty. I agree $11,000 is not cheap, it just gets you in the restoration mode with the possibility of lots of surprises. Years ago I worked in a boat yard and did a bit of everything except mechanical which is my reason for being reluctant to take on a project boat because of time and expense. Every time I see a restored Hatteras convertible it reminds me of good fishing and a timeless design, not to mention the effort to bring it back.

 

[saltshaker]

Hey Tinman

$11,000 isn't cheap, it doesn't matter how little you can buy one of these for. Using good yards with the best people, a correct restoration is still a 6-8 month project and a $Half Million investment...$700,000 if you add brand new machinery...and that's only if you're lucky enough to find a nice "shell" to start with.

Sadly, in my humble opinion, 95% of these "fixer uppers" are beyond salvation and due for the land fill.

There is only one way to restore a classic Hatteras. The right way. The first time. No If's! No And's! No Butts! I don't care how handy you are... What few buyers realize is the $Half-Mil expenditure is CHEAP... opposed to the $3Million dollar price tag for a comparable new boat.

At the end of the day, you drive away with a REAL "New Boat", including new boat warranties on every new component... for a fraction of the new boat price.

The return on your investment is the years of real enjoyment you'll experience.

Along with peace of mind. It's more "VALUE" than many buyers can comprehend.

If you don't believe it, let me tell you about my $75,000 galley someday.

Pizzazsdaddy

Free is sometimes too much for some of these old boats. I haven't been on this boat or have seen decent pictures of it so I can't say what condition she is in. Survey had some big items but most were smaller items that a skilled owner could handle. Not every boat needs a complete refit and not every refit requires gutting the entire boat. If the engines are serviceable and the hull is sound, she could make someone a good boat. Not every owner needs a perfect new boat. Most of us have these older boats because we prefer the quality and ride to a newer cheaper brand. Most of us have these older boats because a new/newer quality boat isn't in our budget. Very few of us are interested in a total yard refit, again not in our budget. I'd think it's fair to say that most here would rather own an older Hatteras that may be less than perfect than a perfect Carver, Silverton, Ocean etc. Many buyers of these old boats are buying them because there is no way they can afford a perfect newer boat of this size and quality. There are those who prefer to buy an older tired Hatt and restore the boat themselves. Is the cost of a complete yard refit worth it? Probably not unless that is what the buyer is looking for. Based on your post, both past and present, this boat is a great deal for a buyer such as yourself. If you plan on redoing the entire boat then here is a great candidate providing the hull is solid. Why pay top dollar for one that you plan to gut and refit? Buyers are as varied as the boats out there. Not everyone has the same needs, wants, desires or budget.

 

[dastahl]

The problem as Pizzazsdaddy correctly identified is that people do not know the value of a restored old boat. They just see old boat. Also most folks that have spent time boating know that rust never sleeps and they have all written big checks to fix things. According to some brokers I stay in touch with this phenomenon is strengthening and old boats are not holding values.

However I can get a new 50 footer for under $3Mil. My preference would be a 64 Outer Reef I saw at the Annapolis show. She was $1.5 Mil brand new with dinghy and electronics. You can easily spend $750K in a ship yard on a old Hatt, very easily. But you do not have to spend anywhere near that much to re-store an old Hatt handyman or not.

As to that being a great value I do not agree. Spend the $750K on a young 50 footer in great shape. I searched Yachtworld and got 130 boats 50-55 feet, 2000-2014 under $750K. They will depreciate as well and they will need all sorts of improvements but their value will start at $750K and the Hatt starts at $150K.

I was contemplating this value argument on my way back from Walmart and I think the best value would be to buy the $11K 53 HAtt and spend $100K fixing it up and go cruising. The survey said everything is broken so it may take some time, but you do not have to replace everything on the boat. Re-build motors $35K, Fix deck (get a handyman this is not rocket science. the shipyard will get a minimum wage worker to do this job) $10K, Generators $15K get'em fixed, A/C $5K get'em fixed, buy some paint $5K, new Fridg $1K, new stove 1K, new electonics $10K will show you the way, $18K for an interior designer or other stuff. Thats $100K. In one year you should be anchored off a tropical island somewhere warm, because the survey says the windless works.

Skooch
58 Hatteras LRC
In the shipyard Jarrett Bay NC