Motor Yacht Bargain Rumors

[pizzazsdaddy]

I try to keep up with the Motor Yacht market. Heard about alot of activity this week.

The 53' 84 Classic in Pickwick Lake, Tennessee might buy for around $150,000 now.
The 53' 73 Rough Fixer-Upper nasty divorce sale in Daytona might take $50,000 or less.
The 61' Hatteras Motor Yacht in La Salle, Michigan was reduced to $199,000 ASK this week with $150,000 refused.
Plus, that 65' 1988 Hatteras Convertible in New Jersey was just reduced to $225,000 ASK

A couple of others:
44' 1989 Viking Motor Yacht in Daytona now down to $89,000ASK
43' 1990 Tiara Convertible in Daytona now down $99,000ASK

I also heard of a 53' 1985 Chris Craft (listed as a 55) in Biloxi Mississippi. The 500 model with a cockpit, down to $99,000 ASK. The cockpit adds a positive dimension to this boat, and might make someone a decent liveaboard cheap.

This kind of activity sure puts a kink into my theory of stabilizing prices.

 

[jim rosenthal]

Well, you get more or less what you pay for, but it sounds like at least some of these are rather rough boats- or rough situations- or both. But there ARE a lot of bargains in older Hatteras yachts- between the upkeep, and the difficulty buying them for anything but cash on the barrelhead, the values have declined considerably. It might be different if credit was ready and easy, but that is not the case.

 

[SeaEric]

The boats that are truly priced right, sell pretty quickly. That 53 ED in Ft Lauderdale at $129K is marked as "sale pending". Perhaps someone saw a glimmer of hope in her. She was only on the web for a tad over a month.

 

[pizzazsdaddy]

Just a quick update. A spec-buyer friend of mine told me today that he looked at that Viking 44 a couple of weeks ago in Jacksonville. He says he got an accepted offer at $50,000, subject to his personal inspection, and walked away when he saw it. He called it "Pure Junk".

They all sound good 'till you actually step aboard and see 'em.

Sometimes I loose sight of that fact while researching. The hunt for bargains is exciting until you get there. I'm usually sorry I bothered in 99 out of 100 cases. As for the 53ED in Ft. Lauderdale, yes it was very neglected, but still salvagable if you drop $400-500,000 into it. I have always had this theory. Is it a "restoration" or a "resurrection"?

Never buy a "resurrection". Not even for Free!

And it still doesn't answer the question of what a truly nice turn-key boat is really worth?

 

[saltshaker]

Listings don't tell the whole story. I've looked at plenty that sounded like a deal until I stepped on board. The 65 in NJ is a sound boat with good maintenance. Unfortunately, she needs a full paint job, all new soft goods, galley update, complete new electronics package and most likely engine overhauls. She is in original unmolested condition and the wood is very nice. Bilges are clean and orderly and most hoses, clamps and wiring appear to be very well kept. You need to look at the whole picture to determine what a boat is really worth. Sometimes the boat that's priced twice as much is really worth 3-4 times what the bargain boat is. Eric is spot on here. I real bargain won't last. Why buy a boat for 200K that needs 300K worth of work when you can find one for 300K that someone already put the 300K worth of work into? Putting 400K-500K into a 53ED would be insane unless you plan on keeping it forever and don't care about the money.

 

[pizzazsdaddy]

I hear the 1988 65 Convertible in New Jersey now has a deal pending. I don't know the price. Sounds like a nice correct boat and a solid value, if all it needs is paint and soft goods. Paint today is anywhere from $30-$60,000. (brush or spray). Add at least another $50-$100,000 for soft goods etc. It adds up in a hurry. You are right Saltshaker. The listing never tells the story.

 

[Maynard Rupp]

There is a beautiful 58' Hatteras MY that will be available in the Detroit area soon. A local investor bought it from a bank. It is absolutely beautiful and has fresh overhauled engines. I haven't seen the boat but I am told that the interior is awesome and the engine room is like a hospital. It is on YW at $285,000, but I am sure there is some room to deal. The problem with those boats is finding a slip for a boat that size with its 18'2' BEAM.

 

[Tim Powell]

Man i am glad i am not looking anymore . There are so many varables that can effect the price . Also once you own these discised roses the smell goes away fast when you find major problems. You find yourself in the boat that the seller was in, and without a paddle.
You better know what you are doing to some extent. What you think the survayor will or has fond probley and most likely wont be all of it.
There is one thing for sure this forum can certainly help. These guys can advise you well and do not mind doing so good or bad. There is a tun of knowledge here this is a grate place to learn.
Thease boat may look like a bargan but they aint. I looked at a 1989 45c with new qsm11 the price was ok but the boat was not worth the engine price. Just LOOK CAREFULLY AND ASK QUESTIONS AND TAKE YOUR TIME !!!!!!!!!!!!!!! DO NOT TRUST THE SURVAYORS this is not to say all survayors are not good I am sure there are a few good ones out there. Good comon sence and know the market...
PRICE DOES NOT DICTATE THE QUALITY GOOD OR BAD.


Tim

 

[SKYCHENEY]

There is a beautiful 58' Hatteras MY that will be available in the Detroit area soon. A local investor bought it from a bank. It is absolutely beautiful and has fresh overhauled engines. I haven't seen the boat but I am told that the interior is awesome and the engine room is like a hospital. It is on YW at $285,000, but I am sure there is some room to deal. The problem with those boats is finding a slip for a boat that size with its 18'2' BEAM.

Maynard,
All I see on YW in the Detroit area is a 56MY at $295,000 named Nightingale.

 

[tom5518]

Maynard,
All I see on YW in the Detroit area is a 56MY at $295,000 named Nightingale.

I am 99% sure that is the one Sky. Nightingale was a repo for sale by National Liquidators a few weeks ago.

 

[northshoreone]

For those looking..there is a 1981 53 Hatteras in MI..North Shore Marina has the listing. It is in the slip next to mine there and is for sale due to the age of the people that own it(health as well). I believe its listed at $189,000. He bought it about three years ago and has put allot of money into it ...complete engine rebuilds, new naiads, just replaced all heads with new vacu flush, kitchen all redone and some other custom work. I think he has put about as much into it as its listed for. I beleive it needs electronics upgraded and paint would be a good idea. Its a fresh water Hatteras and as of today..still in the water in its slip.This one has most of the major things done already...with some more TLC it would make a nice one for somebody!

 

[Maynard Rupp]

Maynard,
All I see on YW in the Detroit area is a 56MY at $295,000 named Nightingale.

Yup, that's the one...I just made an error on the price. I am told that you won't find a better boat that size anywhere. The former owner is a well known interior decorator. I am told that the interior is beautiful and tastefull. I have seen some of this guys work on high end homes in our area and he does them very tastefull. The delivery captain hit bottom around Put in Bay. He did bring it back to Detroit though. The insurance company is paying for new shafts and props, but I am told that this is overkill. When the repairs are finished it will go in the water and be kept in an enclosed slip on the Clinton River for winter. If it is as nice as they say and the price is flexible, it shouldn't last long.