What would an old Hatteras 70 series 1 be worth today? Difficult...

[Bernd1972]

Dear fellow Hatteristi,

I have a question that is not easy to answer, even for me as a yacht broker (in Germany, Europe)
A client of mine wants to sell his old Hatteras 70 (series 1, from 1978). The boat is incredible low hours on the main engines (1240 and 720) and mostly original with no inandequate changes other than a disgusting yellow wallpaper in one of the bathrooms and some only minor cosmetic things.
General condition is just incredible, but everything is just as old as the boat, even with original generators @less than 500hrs. My feeling is that my client wants a pretty low price at 150t Euros, but on the other hand the old Detroits are less than popular over here.
The boat just looks and feels like it came from a time capsule, dropped right out of it and is just like it was some 40 years ago, except for some minor cosmetic things that have to be done outside. Even the teakdecks are rather good condition although oiled (which I personally dislike).

My questions of which I am a little insecure:

- Is there a market for these dinosaurs at all today?
- Do people expect a number of upgrades/modernisations for before such a boat even gets considererd?
- Is a 99% original condition even a bonus?

Boat is ready to go with minor recommissioning work. Engines and generators start right away without any significant smoke. Nevertheless, big old boats are difficult as they are allways a project even in good condition and it´s a lot of work even to keep them alive and in decent shape.
Furthermore these Detroit Dinosaurs are rather unpopular over here today.

Any advice or opinion is welcome. I know we are biased towards pampering these Dinos and keeping them alive. However, we´re a probably crazy minority? Don´t get me wrong, I am not trying to push a listing of mine here, just asking for second opinions to advice my client correctly on the pricing as it´s not easy to judge an exotic one which these old boats nowadays are. My feeling is that we should go a little higher to sort out the unrealistic dreamers, but not too high as the boat would deserve some upgrades and a cosmetic makeover. No fixupper though...

 

[rsmith]

First time I saw the series 1 70 was 1974 it was the committee boat for the Americas cup race in Newport RI. It’s a beautiful stately looking boat. Problem is it’s really dated even in functionality to today’s standards. I don’t know about the European market but I’ve watched major price reductions on large boats lately. Watching the housing market. Interest rates insurance costs lack of slips are going to hammer big boat prices. Seen it in 93 2001 and 2008. The stoopid money people were spending after Covid is gone and and the YOLO crowd that thought they were going to die is finally going to have to pay the piper.

 

[Bernd1972]

That´s why I have my issues on pricing. Berthing is somewhat and insurance is a lot cheaper over here, but still it´ll be costly to keep such a behemoth. And a cosmetic facelift is not done on a sunny afternoon either.

I think a boat like that is not for dreamers, but for adults only. That´s why I´d like to keep the ones with overly tight budget out with a slightly higher asking price and rather allow a realistic client to negotiate the boat down to what works for both sides. But not 100% sure where to start. We listed at 149.500 for now, but once I get a feeling if it attracts attention at all I will definitelly adapt that to whatever situation we see.

However, the reasonable options of use are plenty, even besides yacht and home on the water. Like café/bar in a nice port, AirBnB and such. Even sea funerals (getting more and more popular over here if such a thing can be popular at all) are a valid use. Just need the ones with some skills, some budget and a vision.

 

[jim rosenthal]

The early 70' MY is one of my favorite Hatteras models. They were beautiful boats, built to a very high standard. If te boat is sound and decent looking, which it sounds like it is, I don't think you'll have trouble selling it. I suppose some parts will be a hassle, but we're all managing to keep these boats going, and DDs will run nearly forever with decent maintenance.

Has this boat been in Europe for a while? I would think that the electrical systems have been adapted for European voltage and cycles etc.

If you don't mind, could you post some photos of her? Thank you.

 

[Bernd1972]

Hello Jim, thank you for your comment. That boat just fell out of a time capsule. When you step aboard it is 1985, with pretty much all original, even electrics in good condition, generators still Detroit powered @120V and only 450hrs on the gensets.

My difficulty here is that this boat is still US electrics except for additional 230V-chargers for the batteries (originally went to Greece in the early 1980s I believe 2nd owner) and thererfor rather exotic for the single-phase 230V-world here. But with a few step-up-transformers from victron it would be easily possible to make it work for Europeans as well.

It´s just weird, about 1200 and 740 original hours on engines and they run like just broken in, original hours on gensets below 500 and the interiour even has the original headliners in pretty decent condition. This boat just fell out of time. Never seen that before, usually 45 year old boats need lots of cosmetical attention, this one only need some tasteful redecoration to adapt the interiour style to your personal ideas, some more modern domestic equipment and some minor cosmetics. Just as if this boat has been mothballed for three decades...

 

[Bernd1972]

Some fotos...
I´d recommend to sand the teak deck in the wheelhouse and add some clear finish Semco teak sealer for natural teak deck appearance. Would look terrific...

It´s pretty cool that this one has the single mast instead of a radar arch, pronounces the trawlerish character of the vessel.

No navigation electronics at all, except for a tiny Hummingbird plotter on the flybridge...
As I said, this just fell out of a time capsule.

 

[Bernd1972]

Even the teakdeck is still pretty good, only needs a good sanding and some Semco treatment.
Windlass is a dinosaur, though. And I would recommend a bigger anchor.

Yes, the old Kahlenberg horns are working. Compressor like for a car shop paintbooth inside the flybridge coaming.

 

[Bernd1972]

Engine space would benefit from a bit of detailing.

 

[Timeless72]

Can't help my heart skipping a beat. Beautiful old boat. What I would imagine when thinking of a "time capsule".

 

[Bob Quinn]

I bet it would sell quick over here, especially since it still has U.S. electrics setup.
Too bad it would cost a fortune to move it home!

 

[rsmith]

Strange it has 12/71 turbos with te twin disk transmission. Most I’ve seen have the naturals 78 would have been about the time the ti came out. 78 60c was the first model I remember the 12/ti in. The turbo blankets are missing and those uncovered turbos are a fire hazard they glow bright orange under full load and could ignite something combustible just from the radiant heat.

 

[Bernd1972]

Thank you for the hint concerning the turbo blankets. Will advice the owners to take care of that.

 

[Scarlett]

I made an offer on one about 3 years ago. It was in terrible shape, needed lots of work and was having one engine replaced at the time. I told the broker that it needed at least $200,000 to get it to a point where it might be worth $250,000 so I offered $50,000 for it. He laughed at me and finally sold it for around $150,000. The guy that bought it did fix it up by painting the wood etc. then listed it for $399,000. It Sat on the market for a long time. Last I saw he was at $299,000. It is no longer listed. It either sold for something less or he gave up, not sure

 

[Timeless72]

Figure 100k to ship to the states. You could work the price down, roughly 200k in updates. 400k invested for a solid liveaboard or cruising platform. Personally, I love the boat but way too big for what we do.

 

[Bernd1972]

I would anticipate an investment of about 150k into the vessel to get her into the 21st century as well. Don´t think that shipping to the US would be in the ballpark of 100k though, rather more or less half of that.

 

[Timeless72]

I would anticipate an investment of about 150k into the vessel to get her into the 21st century as well. Don´t think that shipping to the US would be in the ballpark of 100k though, rather more or less half of that.

Our neighbor was quoted 44k for a 50' last month. DYT was 60k.

 

[Bernd1972]

Our neighbor was quoted 44k for a 50' last month. DYT was 60k.

i can imagine. It all depends on your scedule. If you´re waiting for free/unsold capaicities you allways can get a better quote, but if you want to be at a location at a given time it´s certainly more expensive.
But yes, if you calculate a delivery crew to the shipping port and all it could well be more.

 

[jim rosenthal]

Does this boat have the "owner/absent" light setup on the mast crosstrees? Many of the bigger Hatteras MYs had this traditional accessory. It's cool to have it, even if most folks have no idea what it is.

 

[Fanfare]

Still available from Perko. www.perko.com

 

[jim rosenthal]

They are probably the only company who still make that item...