On sale too long ?

[b07llk]

Hi all,
First I like to say this is the best forum on the web. I've just recently retired and figured since I've spent the last 53 years on land it's time to give water a try for the next 10 years or so. I've owned a 23' cuddy for a couple of years so I already have my feet wet(so to speak). I'm currently looking for a twin engine cruiser between 35 - 45', two staterooms and years 1995- 2005,
in Flodida and around 100k. After months of looking at Yachtworld.com, iboats.com and Boats.com I'm leaning towards Regal, Searay or Carver for a good liveaboard boat. My question is, when you see a boat for sale for several months is this a bad sign.

[Pblais]

when you see a boat for sale for several months is this a bad sign.

Boats don't sell quickly. When you see an ugly boat that smells then that would be a bad sign. All boats need something after they are sold just be sure you can handle that burden too. You'll need a boat survey in any case so just don't fall in love until it's fully checked out. For the most part the bad signs are the things that you can see or test or survey. Neglect is a problem when a boat hasn't been used in a long time. It usually results in added expenses. You should expect some of those in your price range. It's not bad just something to deal with.

[b07llk]

Thanks Paul,
After reading this forum and all the other info on the web I'd have to pretty dull not not to get a survey. Anybody else out have any opinions (I'm already laughing) on which would be the best choice, Regal, Searay, Carver or others.

[hellosailor]

I'd argue that if a boat hasn't sold in 90 days, there's something wrong.

Could be it is geographically had to get to. Could be it is simply overpriced. Could be the bulkheads are rotted out and the broker as usual claims to know nothing about that.

Then there are also fast and slow times of year--who wants to buy a boat in October and pay a winter storage fee where it is too cold to sail or work on it? (Well, if the price is right...after all, the owner is paying to store it anyway!))

It is't so much "too long" but "Why has it gone unsold for so long?"

[Vasco]

Boat sales are a function of the economy. Right now the US housing market has tanked and boat sales have slowed. I would suggest that if you sell your boat within 90 days in today's market you are doing very well. Everybody's looking for a bargain. The fact that a boat has been on the market for a while doesn't really mean anything. It might be an unrealistic seller. Lots of folks put their boat's on the market just in case the right buyer comes along. If it doesn't sell they keep on enjoying the boat. Others are in a financial bind and have to sell. I would not let the length of time a boat has been on the market deter me from buying it. In the final analysis, a good survey tells you whether a boat is worth it or not, not the length of time it's been on the market.

[AnchorageGuy]

Originally Posted by hellosailor

I'd argue that if a boat hasn't sold in 90 days, there's something wrong.

Could be it is geographically had to get to. Could be it is simply overpriced. Could be the bulkheads are rotted out and the broker as usual claims to know nothing about that.

Then there are also fast and slow times of year--who wants to buy a boat in October and pay a winter storage fee where it is too cold to sail or work on it? (Well, if the price is right...after all, the owner is paying to store it anyway!))

It is't so much "too long" but "Why has it gone unsold for so long?"

As a long time broker, service manager and even a lowly tech I can with some experience say I have very, very, very,very,OK, seldom seen a used boat sell in 90 days regardless of the price condition or location. That is not to say it does not happen but it is the exception rather that the rule. Your decision to purchase a boat should be based on the vessel being appropriate for your needs, in good physical and mechanical condition and within your budget. Using how long it was on the market as a criteria will cause you to miss the boat so to speak on that one just right for you.

[delmarrey]

Originally Posted by b07llk

Hi all,
First I like to say this is the best forum on the web. I've just recently retired and figured since I've spent the last 53 years on land it's time to give water a try for the next 10 years or so. I've owned a 23' cuddy for a couple of years so I already have my feet wet(so to speak).

I would say you need to find a friend that has been around boats over 30' for a long while to hold your hand, so to speak. Powerboats under 25' are basicly like marinized automobiles.

Getting into the larger ones have bigger and different problems. Hull construction, on board electrial system (DC and AC system), multiple thruhulls, anchor windless, multiple tanks w/ plumbing, chargers/inverters, navagation electronics, engine hours, seamanship and knowing all the problems related. And how to fix them. Or, at least, knowing what Murphy has his hands on.

Looks can be deceiving. One needs to know how all this stuff works to know if it's any good. Especially, on something over 5 YO. Electronics/elect. motors over 5 years can be out dated or have corrosion, if been sitting for long. That's where the sea trial comes in.

The underwater running gear may need work if left unattended. Molds and rot can set in, in a boats that's left unused for awhile.

A powerboat between 35 & 45 at 100K is going to need some work most likely, unless you happen across that rare deal (A divorces, illness, death or desperately needs the cash).

But with patience and lots of research the right one can be found. BTW off season for given areas is the best time to shop. That's when the disgruntled
really realize they don't like boats.

[GordMay]

Originally Posted by Pblais

Boats don't sell quickly...

I don’t think it’s very unusual for a boat to be on the market for 3 months, or even more.
Like automobiles & homes, boats can represent a significant investment; but unlike the former, boats don’t have millions of potential purchasers.

[hellosailor]

One of the key factors in selling anything is finding buyers--and part of selling a boat or aything else in a reaosnable time (90 days) means someone has to hump their butt getting the word out that it is for sale. With Yachtworld, the rest of the internet, multiple listing services (which some brokers don't want to use because they don't want to split the commission, let's face it)....even magazine ads, where there's a longer print lead time but STILL....Time is of the essence.

The longer the boat sits around, the greater the odds of a leak, or some other problem. Even plain mildew or rain incursion. And then of course the broker doesn't want to go clean it up, either.

There's always going to be a cyclical point where you can say "the economy (or the weather, or the time of year, or petroleum futures, or bankruptcy at Pacific Seacraft) or something is just a local depression, wait six months and prices will come up enough to be worth it."

Yeah sure, maybe. But if your goal is to sell the asset--and put the money to better use or investment--90 days is not unreasonable except maybe in the middle of a New England winter, and even then, a sharp buyer knows that can be a great time to buy. Once 90 days turns into six months....come on, someone has lost the entire sailing season, or yard labor/work season, and the thing is just becoming a yard queen.

Same thing for mansions and Picassos...there's very little besides whiskey in the cask that appreciates with simple age.

[Jackstee]

Hi Guy's

We should also remember the location, is it a specilaised boat, difficult to view etc.
I bought one that was advertised for nearly 12 months. Difficult to get to and a 26 foot cat.

It was a good deal and due to the long time on on the books I got 5 grand off it.
Not a bad deal.

Steve

[Ex-Calif]

Originally Posted by Jackstee

It was a good deal and due to the long time on on the books I got 5 grand off it.
Not a bad deal.

Steve

One could argue that the delayed sale was about the price...

We talk about buyers and boats as if the two groups are homogeneous. They aren't.

It boils down to a specific person finding a specific boat at a specific price. That's how free market economy works. Both the seller and the buyer will feel satisfied that they both made a good deal. As an outsider I may look and say the buyer got ripped off. But what do I know about what the buyer wants.

Also consider the seller. I have a friend who has 10 cars. He always takes his current car to the dealer to trade it in when he buys a new one but as he says, "the dealer won't give me what I paid for it" so he keeps it. He seriously thinks that he should get all, or nearly, all his money back.

I have another friend with a boat for sale. He told his wife what he's got into it and he's set the price at that. It's overvalued and has been for sale for 18 months. His wife is happy because the boat is for sale. He is happy because at that proce point it won't sell.

So - you can sell any boat at any time if you are willing to lower your price point to include enough buyers.