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Go Back   SailNet Community > General Interest > General Discussion (sailing related) > Sail boat depriciation Sail boat depreciation schedule?
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Thread: Sail boat depriciation Sail boat depreciation schedule? Reply to Thread
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Topic Review (Newest First)
10-12-2006 02:14 PM
hellosailor "he is obligated to take my offer to the owner regardless "
Yes, unless he's made an agreement with the owner, i.e. "Don't even bother me unless they offer you $xxx and give you a check for $yyy to prove it." Brokers are paid to be bulldogs (keep out the riff-raff) as much as they are paid to get the boat sold.
10-12-2006 09:24 AM
longwaterline You can write the contract anyway you want. I would not send more than $1,000 to show good faith with the stipulation that the check not be cashed until the offer is accepted subject to the buyer's complete satisfaction with a marine survey. If they don't like it move on.
10-11-2006 09:41 PM
lasailor I've a question on brokers and broker fees. I'm dealing with a broker outside my area and opted not to bring in another broker to rep me. I'm stuck on the concept of me sending 10% of an $70-$80k price to someone that I've only talked to and visited his web site. Perhaps I need to "trust" more or something but when I've made an offer on my $200k house, I used $1000 as a good faith deposit. I fail to see why I'm suppose to send someone whom I don't know a check for $7k or so with his promise that it will not be cashed until the sale is done.

I sent an email off saying that I'm willing to tender an offer with some additional requirements and will not be sending along the 10%. I'll send along a nice check - but it will not be 10%. I was going to do 5% but have not heard back and now I'm thinking that 5% may be too much.

Most likely the fellow is a right and honest broker and would not cash the check until the deal is done. I just fail to see why this is the norm in the industry. That said, it is a contract and I can do what I want - I assume that he is obligated to take my offer to the owner regardless of the deposit that I send along with it.

Thoughts?

Thanks - N.
09-16-2006 08:45 AM
cardiacpaul you wrote:

Captain Neal, please excuse my nooobie questions here
Is it a common practice for buyer to have his own broker just like in real estate? If this is the case, how does the commission split between brokers? Thanks.

Its just as the good cap'n states,
the only thing I would add is that if the broker buddy you choose hasn't shown you as many boats that other brokers have listed as his own listings, I'd start expanding my brokers' mindset for him. The brokers decide between them selves what the "cut" is going to be, and that may inpact your purchase price.
09-16-2006 12:08 AM
captnnero
Quote:
Originally Posted by rockDAWG
Captain Neal, please excuse my nooobie questions here
Is it a common practice for buyer to have his own broker just like in real estate? If this is the case, how does the commission split between brokers? Thanks.
Sure, it happens all of the time. You walk into a brokerage and say, "I want to look at boat X that you have listed". After looking at X you decide it isn't the right boat. So the broker searches for a vessel outside the broker's listings rather than have you just walk out the door. Then having used that broker successfully you develop a relationship and use the same broker in the future. The exact split breakdown depends on the brokerage-to-brokerage relationship.
09-15-2006 08:05 PM
rockDAWG
Quote:
Originally Posted by captnnero
In those cases you can work closely with your broker on recent sold prices for that model for comparables.
Captain Neal, please excuse my nooobie questions here
Is it a common practice for buyer to have his own broker just like in real estate? If this is the case, how does the commission split between brokers? Thanks.
09-15-2006 03:11 PM
captnnero
snuggling

Quote:
Originally Posted by hellosailor
Nero-
Not specifically, but I'd been looking at a certain 38' production boat and seen the low end of the used offerings (low but apparently sound, no structural problems) touch down near 55k five or six years ago, and now "the same" boats are more like 80+k. Not that there weren't overlaps on both ends, but the 50-60-65k boats that were out five years ago, aren't. They're been replaced by mainly 80-90k boats.
Could be other market factors, but my general impression is that "sound" used boats in that size range have come up significantly. A more objective way to check would be, of course, the BUC books.
When you say "the same" do you mean the same year or the same age ? If its the same age then the new boat price inflation is just rolling along thru the fleet.

Sometimes it's pretty volatile. I was surprised a couple of years ago at how I got as much for a 16 year old Ericson 32 as what I paid for it five years before. In that case I think it rode the luxury tax induced used boat shortage wave from many years before. Then when I looked at all of the costs, the 10% to the broker was only a small part of the costs compared to slip fees, insurance, and maintenance. As long as you don't flip boats often, the broker fee is just noise compared to the other stuff if you don't own your slip. Of course the broker fee judgement is very sensitive to the value of the boat.

Something to keep in mind with boat value info is that the lenders and insurers like to have a tidy lookup table or formula. If you really want to know what is going on out there right now you need snuggle up to your broker and look at recent (1-2 years) sale prices.
09-15-2006 03:02 PM
hellosailor Nero-
Not specifically, but I'd been looking at a certain 38' production boat and seen the low end of the used offerings (low but apparently sound, no structural problems) touch down near 55k five or six years ago, and now "the same" boats are more like 80+k. Not that there weren't overlaps on both ends, but the 50-60-65k boats that were out five years ago, aren't. They're been replaced by mainly 80-90k boats.
Could be other market factors, but my general impression is that "sound" used boats in that size range have come up significantly. A more objective way to check would be, of course, the BUC books.
09-15-2006 02:53 PM
captnnero
Quote:
Originally Posted by rockDAWG
Yeap, Dewey really hit the nail on the head. There arenít many transactions to go by to get a meaningful number to guide a new buyer to negotiate...
It depends, it depends. Sometimes what you are buying is a high production boat, or was in the era that you are purchasing from. In those cases you can work closely with your broker on recent sold prices for that model for comparables. Without the broker you're in the dark and only looking at asking prices since sold prices fluctuate considerably underneath the asking prices. Besides the other market forces there is always the combined motivations of buyer and seller on an indiviual transaction. Even when there aren't direct sold comps, you can still poke around with the sold prices on the competitors to the target vessel to get a somewhat wider, but gut feel for what a target is worth.

That being said, no matter what you reason ahead of time, only your gut will tell you what the current deal is worth to you once the offer/counteroffer game is afoot.
09-15-2006 02:40 PM
captnnero
Quote:
Originally Posted by hellosailor
...
I haven't been taking strict notes but have seen that one some boats in a certain range, over the last five years the used boat prices have ZOOMED a good 30-40%. Not, as best I can see, from any other reason aside from the fact that new boats still cost more, and the older boats from the early 80's or late 70's have either been sucked off the market, smashed in storms, or damaged by neglect--leaving the market for a "good old boat" that much thinner and that much higher in price. ...
Hellosailor, this is quite fascinating. Can you give us a good example with that kind of appreciation since 2001 ? I'd like to get a piece of that action.
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