Hurricane Boat Market in S. Florida?

[Gramp34]

Howdy everyone,

I'm looking for my next project boat, and am wondering how the hurricane boat market is in S. Florida? Are there many boats left, or is the inventory pretty much cleaned out now?

I have a lead on a 46' yawl that lost the mizzen mast during Katrina, has a bent centerboard, shredded headsail and miscellaneous other damage. I came across this by accident -- I was researching this boat model and came across this individual's webpage for his boat. I e-mailed him and a few days later he responded with a link to his brand new for-sale listing. It sounds like he hasn't touched it since the storm, leading me to think he never even tried to sell it before now. Maybe he figured no one would want it?

On the other hand, his asking price is above what the BUC guide gives for this model in "bristol" condition, or about 5-10 times what (I think) it might be worth.

So, I was wondering if the market for broken boats in South Florida is a buyer's market or seller's market?

Thanks much,

Tim

[seabreeze_97]

Hard to say if he's being unrealistic with no numbers to go over.

[hellosailor]

Tim, I think you'll find more scrap left in New Orleans than was left in Florida. Although by now, anything that was "easy" to fix is probably gone.

Anything that was insured is usually disposed of by the insurance companies, through wholesale channels, so a lot never gets on the retail market at all.

[mikeedmo]

The Florida Mariner publication had large numbers of sailboats two years ago. Many were storm damaged and were being professionally salvaged and sold. I'm seeing fewer sailboats in geneal on the market here in South Florida but there are still salvage boats advertised and many lying on old moorings or in the Keys laid up where it would take a helicopter to get them out of the mangroves. We've also been seeing alot of questionable titles being passed with these boats. Good Luck.

[Gramp34]

Originally Posted by seabreeze_97

Hard to say if he's being unrealistic with no numbers to go over.

The listing for this one is at http://www.ablboats.com/details.asp?ListingID=70526 Asking is $52K. Although he says it is a Bristol built in Rhode Island, his coast guard documentation says the boat was built by Grampian Marine in Canada, but the interior was likely finished by Bristol Yachts. BUC guide price works out to about $31K in good, salable condition.

A sister ship in great condition in Maine with a number of upgrades was sold last summer on Yachtworld for $20K after a year on the market.

So his own $20K repair estimate (assuming it's correct) brings the market value of this boat to between $11K and $0 vs. a $52K asking price.

The ad text is pretty amusing. Here's part of it:

"Large plexiglass hatches allow for lots of fresh air and sunlight down below. A very important point - lots of fresh air below. They were lost in the hurricane and need replacement."

No hatches since Katrina? Well, I guess there's lots of fresh air below!

This is what I'm scratching my head about. Is there such a demand for old, damaged boats in Florida that someone could actually believe this boat is worth more than the book value of one in excellent condition?

Cheers,

Tim

[cardiacpaul]

personal opinion here....

"Theres one born every minute"

If he had insurance, he's already collected and bought the boat back for almost nothing (scrap value)

If he didn't have insurance, who knows...

If it were me, I'd run like a hurricane was a-comin'

[hellosailor]

Does the email or phone number trace back to Nigeria?

[cardiacpaul]

for salvage boats, you could try this place.

http://www.boatus.com/hurricanes/liquidators/

[seabreeze_97]

No current photos on the ad, and this dude actually think he will be taken seriously? Nuts.