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Clean looking 58my (18'2") gets major price cut

  • Thread starter Thread starter Danali Star
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MikeP said:
"Also goes to show you, don't believe everything you see on YW!!"

Based on my experience when looking for a 53 5 years ago I'd say, "Don't believe ANYTHING you see on YW!" :)

We looked at boats that per YW were "a one of a kind, pristine example of this classic motoryacht No expense has been spared!" (their words). In person they were anything BUT pristine. Some were just short of junk.
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Yup, been there, done that. There is a 53 for sale in DC with a current price of $ 174,000 that we looked at. The description says "The present owner has concentrated on making sure this yacht is mechanically reliable and now is working the comestic issues. This is probably the best Hatteras available of her era, at such a low price, and well below market value. "

BS, this boat is a total junker. MAYBE worth $75,000 if the owner is DAMN LUCKY. The amount of rot and pealing paint on it is impressive considering the hull is solid. lol He paid something like $89,000 and has put almost nothing into it and wants to flip itr for 2x what he paid...hahahaha! Not in this market...been for sale since August 2007...gee I wonder why it hasn't sold?
 
MikeP said:
We looked at boats that per YW were "a one of a kind, pristine example of this classic motoryacht No expense has been spared!" (their words). In person they were anything BUT pristine. Some were just short of junk.
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In five years of looking at boats, I have yet to see a boat listed as "pristine" or "bristol" turn out to be higher than maybe 5 to 7 (out of 10). Most were 5 or less. I have come to see YW as just a starting point to let you know a boat is on the market, which is certainly useful, but everything else should be looked at very skeptically.
 
Danali Star said:
In five years of looking at boats, I have yet to see a boat listed as "pristine" or "bristol" turn out to be higher than maybe 5 to 7 (out of 10). Most were 5 or less. I have come to see YW as just a starting point to let you know a boat is on the market, which is certainly useful, but everything else should be looked at very skeptically.
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Not every broker is a liar. Look at these 2 and then I can get you in touch with the owners ( new owner of Catherine Mae ) to prove some brokers are truthful.

YW# 74383-2066682
or
YW# 74383-2072906

The first one was the vessel of a former member many of you know. The survey pointed out 2 wires needed better dressing and the paint was dull on the exhaust manifolds by the exhaust.

Find a good honest broker who wil tell the truth.

I posted the other day of a boat that was a fire job and poorly put back together in great shape according to the broker. Too bad the reputation of all are destroyed by the bad ones.
 
How do you search using YW numbers? No entry area on their site
Thanks
 
I had no idea that Fred was not well when I met him. He seemed well last summer when we met at Oceanport Landing and gave us a tour of his 58. Well it is just one more example of why we should try to live well as if each day is our last.

Walt
 
Danali Star said:
Thanks so much for that update. The whole thing was sounding very convoluted. Just goes to show you, every industry has their Jackass!! If you don't mind, please follow up if you close on the boat and indicate if Red Line was ever legally a part of this listing. It is just hard to believe this level of arrogance and presumption on this guys part. Several members said that Red Line was to be avoided like the plague.........guess they were right.

Also goes to show you, don't believe everything you see on YW!!
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How true but don't believe everthing you read on this forum either. If you have an interest in that boat then find out who owns it here's the sight http://www.st.nmfs.noaa.gov/st1/CoastGuard/VesselByName.html
Ask them who if anyone has an exclusive listing on the boat. It's very common these days to see one boat listed by many brokers and non of them have an axclusive. If that's the case then you may be able to deal directly with the owner and eliminate the broker and his fee. Sights like YW make it easy to see whats for sale but it's also created some instant brokers and turned some existing brokers into whores. I have no problem going around a broker who's done nothing more than stick it on YW and wait for the phone to ring.

Brian
 
As of this morning it looks like Red Line has taken this boat off of YachtWorld. There's only one listing there now at $449K ask.

I was aboard a very nice wide body 58 at the Palm Beach boat show. She is named "Capital Gains" and is located in Ft Lauderdale. Listed by Gilman, asking price is $339K. She is on YachtWorld. I think she is a nice looking boat and would be worth a look.

In this market, its hard to predict what these boats are worth. I would suggest that an offer in the $250K range (or perhaps less) would not be unreasonable.
 
SeaEric said:
As of this morning it looks like Red Line has taken this boat off of YachtWorld. There's only one listing there now at $449K ask.

I was aboard a very nice wide body 58 at the Palm Beach boat show. She is named "Capital Gains" and is located in Ft Lauderdale. Listed by Gilman, asking price is $339K. She is on YachtWorld. I think she is a nice looking boat and would be worth a look.

In this market, its hard to predict what these boats are worth. I would suggest that an offer in the $250K range (or perhaps less) would not be unreasonable.
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Eric I would think it is irresponsible to be suggesting low ball offers on nice boats because the market is unpredictable. Some boats are selling at low prices. I have also seen a few selling at reasonable prices when they are real nice. Unless the owner has told you they are looking for offers of 30% below asking or if the other boats on the market are similar but priced well below it there may be a reason they are asking that much. Maybe it is worth the asking. In an unpredictable market who knows but encouraging low ball offers does no one any good.

FYI a good deal is one where both parties feel they did well. At whatever price. If someone feels they stole it or someone feels the were taken the broker did not do a good job. Regardless of the price.
 
I would say it never hurts to make a lowball offer. What the worst they can say? NO. Then you either make another offer or find another boat. heck, I picked up Saraswati for slightly over 30% off asking price and that was back in September 2008...the market is far worse now. If I were shopping today, I would have offered about $25,000 less than I bought her for.
 
A boat is worth what someone will pay for it, period.


Captned
MBMM
 
I have been selling long enough to know that when an offer is too low the seller can be put off. Knowing the circumstances and also the value of the item to others is of major importance.

If I know a boat can sell for 100K but make a lowball offer of 50 I will piss off the seller.

If I make an offer of $75 or 80K I will be able to negotiate a decent deal. Low ball to me is 30% or more below market and asking if the boat is comparatively priced.
 
Scott,

I have to agree with Eric on this one. Any offer, if nothing else, gets the ball rolling.

I was in Miami last year looking at a 52C. Ask was 169. It needed some work but I was thinking a fair price would have been 130-140. I asked the brokers what a reasonable offer on the boat would be. He said nothing less than 160. I walked.

Two weeks later, the broker called saying the ask price has just been reduced to 149.

Point being, there are no irresponsible low ball offers. The buyer or broker really don't know what the Seller will accept. The buyer is under no obligation to prop up a declining market by paying a boats survey value from 3 months ago. If anything, THAT would be irresponsible.
 
Here and now at least in FL and I suspect everywhere boats are selling way below asking price in fact some are selling for 1/2 of ask. For the most part the only boats that are selling are the deals. Anyone purchasing today would be foolish to not try a low offer especially if it's an estate sale. The sellers holding out for yesterdays price simply become wall paper on YW.

Brian
 
Sellers need to hear the offers. This is business, not romance. Any offer that is legitimately presented, in writing, with a deposit, deserves a response.

FWIW, "Tell them to go to HELL!" is certainly a response.

If an owner is serious about selling, low ball offers are what we seem to be receiving now. If you have a capable serious buyer in front of you it makes sense to try to put it together. Its not easy to predict when the next ready buyer will show up on any particular boat.
 
My definition of a real offer is a fair offer on the lower side of the vessels value. A low ball offer is way below value. Offering 125 on a 200 K boat is a low ball offer. Offering 160 is a negotiating point. I have seen people walk away with nothing because they got greedy. I have also seen buyers walk away empty handed because they wanted to test the waters and the owner would not discuss anything with them.

Most boats in good shape are someones baby. Don't insult the parents or the kid will never be yours.

FYI most of the boats we are selling lately are within 15% of asking. We work very hard to set asking at a realistic level for the market. I will not list a 200k boat for 300K like some. That explains the resistance to lowball offers in my world.
 
So you mean you cant get a pristine 36 with diesels for 35k?
 
Boatsb said:
FYI most of the boats we are selling lately are within 15% of asking. We work very hard to set asking at a realistic level for the market. I will not list a 200k boat for 300K like some. That explains the resistance to lowball offers in my world.
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I don't think brokers can list 200k boats for 300k anymore. YW makes it too easy to run comps and boats outside the range will not get calls.

I'll give a real example with real numbers. Passages was listed on YW for 189. My estimation was the boat had a fair value of 145-150. I was actually willing to pay 145 when it was all said and done. I offered 130k with deposit and contract. Broker was not happy with me citing all the upgrades, and saying I should be embarassed with such a low ball offer on such a fine boat.

Owner came back with 155. I countered with 135. Broker suggested 145 including a free slip the marina ($5k) value. I countered with 140 including slip. They countered with 142 including slip. DEAL.

So, back when the economy was good, I was able to get 28% off ask. The deals have to be better now.
 
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