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Barquito
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The economy really sucks. Many are forced to sell their boats to pay the bills. There are tons of boats on the market now, so prices are lower...

Are they? I have no doubt it is a buyers market, but, could someone provide some specific examples of boats for sale (or sold) now that are going for much less than in the past years. I have a hard time pinning this down because of the huge difference in prices due to age and equipment.
 

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The economy really sucks. Many are forced to sell their boats to pay the bills. There are tons of boats on the market now, so prices are lower...

Are they? I have no doubt it is a buyers market, but, could someone provide some specific examples of boats for sale (or sold) now that are going for much less than in the past years. I have a hard time pinning this down because of the huge difference in prices due to age and equipment.
I have no doubt that the prices are down some, but I have not seen any vast falling of prices. In fact, given the difficulty of getting financing and the ever high costs of new boats, the used market seems to be holding its own pretty well. At least that is the case where I am. I cannot pretend to speak for everyone.

I think what holds the prices of many boats up are the boat loans. If money is tight and you need to get rid of your boat, it is not as if you can sll it for less than the note. In fact, given a 10% commission, you get restricted on your bottom line. If you could afford to pay to get rid of it, you pribably would not be selling it in the first place. On the flip side of this, I have seen a lot of new boat manufacturers getting really creative on how they sell their boats. Do they have more leeway in their pricing? I don't know... probably. But they can throw a lot of extra options in that might have really cost you in a different market.

Just my opinions. It is based upon observatio nand not scientific studies!!!

- CD
 

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██▓▓▒▒░&
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Couple of months agao, all the tenants at a dry storage marina (about 500 units) on Florida's Gold Coast got notified they'd have to find someplace else to store their boats within 30 days, IIRC.

The news behind the news was that a repo company had taken over the entire facility, in order to store repossessed power boats. And once they repo the boats--they're sold again, for as much as they can get, but you know that has to be less than they used to be getting when they've got so many to get rid of. Boats don't gain value as they age--they need to be sold off.

Sailboats? A different market, but if your house has been foreclosed and your employer cuts you back to part time...don't you think that boat is going to be sold too? The whole economy has tanked, how many boat owners can wait two years to get their fairy tale prices, unless they abandon the foreclosed home and move onto the boat?
 

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We have been actively shopping for boat lately. I have been following prices via Yachtworld for the past year or so. Asking prices are down some. Many of the best "deals" are on boats requiring lots of work. Good, well maintained boats are still asking the best prices.

I'm sure there are distress sales. A broker told me of one that is close to repo so they will probably do a short sale with bank approval. It wasn't the boat we were looking for.
 

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O'Day 27 in excellent condition and surveyed was recently listed for $7500 (a respectably good price for that boat in great condition) - sold for $5500. So there's an indication of the market. A couple years ago the owner would have gotten his $7500 or better.
 

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Learning the HARD way...
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Some of you know that I have been looking closely at a particular make and model of boat for the past 3 years. The boat is a mid to late '80s fiberglass cruiser that has been described as "the Chevy of boats." Three years ago, realistic asking prices for that boat were in the $60-70K range. There have always been between 6 to 9 of these available in YW at any given time.

One dreamer (whose boat is still for sale) was asking $97K, and there was one virtual wreck for $49K. I know of one couple that bought one of these boats for $40K, then spent +30K fixing her up, and then sailed around the Carribean for a year.

In that time I have seen asking prices come down slightly, but the number of boats available has jumped. Right now there are 14 of this model available, with asking prices from $59-89K. The dreamer that wanted $97 is now asking $88.9K, and the guy that put $30K into his $40K boat is asking $69K. I don't know whatever happened to the virtual wreck.

I lost my job in the fall of last year, but I am *still* looking, and hope to find one for less than $50K.
 

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Bombay Explorer 44
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Just have a look at the National Liquidators web site. A recent Hunter 45 there asking circa 155k; compare that with the hopefuls on Yachtworld.
 

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The only boat I really pay attention to is the Fisher motorsailors (only boat the wife says she would go anywhere in), I have been staring at them for years and do not notice any real difference in asking price.
 

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snake charmer, cat herder
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there were 3 boats of sail for sale in avalon, catalina that were in excellent shape and equipped --the s2 35 footer went for 1200 dollars. yes, twelve hundred dollars. in good shape. the catalina 30 with electronix went for 3000 dollars. she was also in excellent shape. there was another absurdly low one also. these goood deals are not found in yacht brokers --they are found individually sold. the yacht broker needs his fee and will not lower below a set price --his commission is dependent upon bottom line. the lowest commission the yacht broker will accept is 3000 dollars--and that is for anything less than a boat that will sell for his ten percent commission. so if your boat is 15000 dollars or 30k, the commission for the broker is 3000 dollars. these deals boats are not in any brokers list---you have to actively search for these on foot in person and have cash in hand. goood luck. oh yes--there was a westsail 32 with rebuild on engine--worked great--sold for 7000 dollars. that was in ft myers fla.....theswe are no tisolated deals--this is happening all over--many folkls cannot afford the broker, so they sell by self for cheep. i got my formosa 41 for 10000 dollars.
 

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theswe are no tisolated deals--this is happening all over--many folkls cannot afford the broker, so they sell by self for cheep. i got my formosa 41 for 10000 dollars.
I'm trying to figure out how this happens.
Owner needs to sell boat.
Broker will not sell below the minimum he things it is worth
Owner waits a year or two with no nibbles with broker
Owner sells on own.


Do you think that is the normal progression?

I agree that the brokers seem to be a stabilizing influence and will sometimes not even relay an offer they feel is too low.

Maybe another path is that the boat is worth maybe 15,000 but needs some work worth maybe 2,000 that unless done makes it show poorly.
The broker will only sell for 11,000 but the owner does not have the money to put up front and will sell for 9,000.

The point I'm making is that something is going on because the 10% the broker makes does not go to the seller on a fsbo.
 

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snake charmer, cat herder
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I'm trying to figure out how this happens.
Owner needs to sell boat.
Broker will not sell below the minimum he things it is worth
Owner waits a year or two with no nibbles with broker
Owner sells on own.


Do you think that is the normal progression?

I agree that the brokers seem to be a stabilizing influence and will sometimes not even relay an offer they feel is too low.

Maybe another path is that the boat is worth maybe 15,000 but needs some work worth maybe 2,000 that unless done makes it show poorly.
The broker will only sell for 11,000 but the owner does not have the money to put up front and will sell for 9,000.

The point I'm making is that something is going on because the 10% the broker makes does not go to the seller on a fsbo.
this seems to be the deal , yes. i have been selling a boat for 3 yrs--worthy of 30k i cannot even get an offer of 10k on--i will not sell her for that low--i am not in a hurry--i can wait out the market failure--i am lucky--there are many who are not so fortunate and have to leave their boats in the marina for the marina to sell or who get tired of having the broker be an arse and go out on own or sell thru a friend or word of mouth. i got my formosa for 1ok...i am fortunate--she does need work, but all boats do ---even allegedly perfect ones. waaaay before the market failed, back in 1993, i was offered a columbia 50 for a total of 50k---they were selling for 120k then--LOL--i wouldnt even buy it for 50k-----could have been a mistake --but i doubt it--donot know--will never know---these deals come up if you walk the marinas and talk with folks -- not just look online or surf the web or seek thru brokers. there are many ways to find goood deals for hardly any money--but you have to have cash in hand and be willing to take boat away now.......which means you have to have a place to stash the boat immediately where there is a 2-10 yr waiting list......oh yes--the broker who is supposed to be showing my boat i have for sale hasnt called me one time in 8 months---do ye think he wants to sell my boat??? nnnnnaaaawwwww.....not hardly...LOL---good thing i donot have to sell to stay alive LOL.....or good deals--look on craigs list or ebay...there are very inexpensive big boats there--depends on the day you look---it varies.. the yacht brokers are no ta good test of this market---the cheep lists are better tests. or walk the marinas and see what they have repo'd for lack of slip fee payments
 

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They also sold a 1983 or 4 37' Tayana in Ft. Lauderdale that didn't look too bad for less than $25k. It didn't look too bad...no abuse showing but not much cosmetic care either.
 

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Bombay Explorer 44
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You have to watch the YachtAuction site, most of these boats are owned by banks and if they do not get offers the price comes down pretty quickly.

I don't rmember the exact figures but a 80s 44 ft Chinese takeaway was originally listed at about 110k then dropped to something in the 70s in 10 k steps. Gone now. Hope the buyer noticed the spongy foredeck.
 

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Craigslist is the place to find cheap boats. Because it does not cost anything to place an ad, the sellers of low cost boats are more likely to go there. The readership is huge and nationwide, and yet you can search locally. I can regularly find C30s from 10-12K and C27s from 3-5k. It applies to powerboats, too. Things that were selling for 18-20k a year ago are 10-12k now. A big consideration here in SoCal is that it costs so much just to park the boat. There are boats literally given away for free just to get the owner out from under the slip payment. Someone here holding out for 3 years to get the price he wants for a 30 footer would have spent 18k in slip rental alone. Sellers know that, especially on the lower priced boats, getting rid of it quickly is more important than quibbling over a few, or even several, hundred dollars.
 
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