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Old 07-19-2013
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Re: What Is A Boat Really Worth?

I can't say a lot of how I think this will go because that would require me to put words in the broker's mouth. But, if I was the broker, I'd take the information we provided the broker to the owner and let the owner know he has buyers now who are serious but they know what's on the market and his boat is considerably overpriced. (We showed him comps and let him know we're aware of the costs of putting this boat on the same playing field as the others.) If the owner stands firm, then he'll have to wait for someone who buys solely on emotion and wants to pay cash.

There was a boat owner across the way who came over saying he wanted to move up. He was in and out in a few minutes. Probably because of all that he'd have to put into the boat if he wanted the same creature comforts he now has. Or maybe he just didn't like it. Or maybe it was too darn hot!

Taking in the condition of this boat, I didn't have any major issues, from what I could see from an in-water inspection. It's far from perfect but I never expected perfect. But it's ready to sail now (I think!), we'd just have to lug a few 50# blocks of ice to the boat or bring a cooler if we wanted cold drinks. And what sailor doesn't want cold drinks?

There are a few unanswered questions, like why was the shore power cord laid out, plugged into the dock, but not the boat? Is there a short somewhere? And I have to find the source of water stains on the upper cabin walls. Why so much oil in the bilge? And some other things on the list we made while there.

But the deck had virtually no crazing. The hull (above the waterline) looked in good shape. The rod rigging looked fine, as did the turnbuckles. But the hatches were failing and two were cracked. Fixed ports showed no evidence of leaking but the plexiglass was seriously crazed.

It wasn't the best day to thoroughly inspect a boat. It was 95 outside and about 110 inside, even after we opened all hatches and ports. I kept having to go up top to cool down and didn't do as thorough an inspection as I would have liked. I got plenty of pictures but still missed the stuffing box and a number of storage areas. I also didn't check to see if the boat had a freshwater pump. There was a number of other things I didn't check but it was so hot, spending any time below was torture.

We'll see how it goes. We're still planning on making the trip east. A friend of ours in CT is expecting us, regardless of if we find a boat locally or not. But if the buyer really wants to sell and recognizes what other boats are offering, he might feel a price adjustment is in order. I'd rather approach it that way than throw a number at him before he's nudged to seriously look at other E38s on the market and compares apples to apples, to whatever degree that's possible.
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