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Old 29-02-2008, 14:56   #1
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Good timing, bad timing.

I am trying to sell our 1 mil. plus house, bad timing because right now it would be easier to sell a fridge to an eskimo. On the other hand, boat prices are coming down, a lot of used yachts have their price reduced. Maybe, just maybe it might work out all right in the end.
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Old 29-02-2008, 15:01   #2
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I am trying to sell our 1 mil. plus house ... boat prices are coming down, a lot of used yachts have their price reduced. Maybe, just maybe it might work out all right in the end.
Only if you're trying to buy a million dollar + yacht (oops, boat).

You don't really want to take a BIG hit on your expensive house, to save a SMALLER hit on your cheaper boat, do you?
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Old 29-02-2008, 15:04   #3
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No I don't but the knowledge that selling the house means getting a boat and back into cruising will make me think twice about any offers.
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Old 29-02-2008, 17:26   #4
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Erik C,

The realtors always say it is a bad time to sell a house. This is their way to reduce the house so it sells faster and they make their commission. Yes, power boats are coming down because oil is going up. The same thing happened in the USA in the early 1970's, but new sailboats continued to raise in price because the cost of the resin was going up like the oil.

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Old 29-02-2008, 19:27   #5
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It's still more about what you want and what you need. If you could be around to sell the house for the most money you might not be able to spend it to do what you want. There are enough people that don't know what they want. If you have escaped that problem then you are already ahead of the game.
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Old 29-02-2008, 20:03   #6
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I would sell the house. You will always be old enough to live in a house, but not a boat. Go live your dreams and when your knees are blown out, you cant get out of bed on your own and need someone to feed you...sell the boat and by the house. You may not be richer for it...but you will be richer in better ways for it. Does that make sense?
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Old 29-02-2008, 21:17   #7
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Nope,It dosen't make sense at all.First thing,boats decrease in value over time,property dosen't,it may hover but it never goes down in monetry value.Now if Eric c owns the property outright there are ways around it.If he dosen't and has a huge morgage then there could be more to the financial story than was posted.Anyone with a $1 mil house can downsize and still have a boat as well.Mudnut.
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Old 01-03-2008, 01:48   #8
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I might be the happiest man on the forum today, because I sold my house in November and had hand-over last evening. The buyer was tough, but the money is being transferred, so now I can relax knowing that I have the money in the bank to buy a boat.
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Old 01-03-2008, 02:16   #9
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SS2009,ya might have to change ya handle to SS2008 now.I have seen 6 boats that I would want to buy at the drop of a hat lately,as yet I haven't put the house on the market.You are indeed at the threshold of a great expieriance.Good on ya mate.Mudnut.
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Old 01-03-2008, 02:22   #10
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SS2009,ya might have to change ya handle to SS2008 now.I have seen 6 boats that I would want to buy at the drop of a hat lately,as yet I haven't put the house on the market.You are indeed at the threshold of a great expieriance.Good on ya mate.Mudnut.
Cheers mate!
As soon as a boat I want becomes available at a price I can afford, I'll pounce ... I would love to "have to" change my handle to SS2008.
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Old 01-03-2008, 04:47   #11
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Nope,It dosen't make sense at all.First thing,boats decrease in value over time,property dosen't,it may hover but it never goes down in monetry value.Now if Eric c owns the property outright there are ways around it.If he dosen't and has a huge morgage then there could be more to the financial story than was posted.Anyone with a $1 mil house can downsize and still have a boat as well.Mudnut.
We have no morgage and I dont want to take a loan to buy a boat. The plan is to get an apartment after selling the house and use the rest of the money for a boat. I can leave an apartment locked up for months at a time, not so this house.
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Old 01-03-2008, 05:31   #12
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Mudnut hers my 2 cents worth
Some boats do go up in price with time, look at the Berterm sport fishing boats that were built in the 60s and cost 25 k new now selling for $150k if in great shape, Ive sold boats ive had for 10-15 years at more than what I paid for them more than once-
Also real estate does go down in price and has it cycles like everything eles, if you have the time to wait it will go back up at some point , but with the way this countrys been run the last 8 years its gonna take a long time for things to have a turn around, and i beleave things are going to get a hell of a lot worse before they get better, i think were looking at only the beginning of a different world ecnomey-the USA is going to go through times they have never seen before,

My main bussness has been real estate investment for the last 15 years and ive reduced my house to half of what i was offered for it only 2 years ago and no one even looks at it, so whats a million dollar house really worth if you cant sell it? im waiting for the blood to run in the streets and then i will buy serveral more houses , and that should be in about 1 year from now when things bottom out. I saw this all coming and sold a few houses at the peak that i bought 15 years ago and bought my boat - that was the best thing ive ever did in my life was to start crusing!

I called my bank recently and told them i was having troble making the payments on a few of my rental homes and asked what they can do to help me, i was told on the phone they would be willing to take 20% off of what I owed if i could refi with a different bank so that shows you the banks are in real troble- I got this from only 1 phone call, i think the price of boats are going to drop hard soon too
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Old 01-03-2008, 07:09   #13
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We have no morgage and I dont want to take a loan to buy a boat. The plan is to get an apartment after selling the house and use the rest of the money for a boat. I can leave an apartment locked up for months at a time, not so this house.
See,I knew ya could downsize and still have a boat.Best thing is you will still have a land based home.Lots of fun heading your way.Mudnut.
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Old 01-03-2008, 09:01   #14
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Mudnut hers my 2 cents worth
Some boats do go up in price with time, look at the Berterm sport fishing boats that were built in the 60s and cost 25 k new now selling for $150k if in great shape, Ive sold boats ive had for 10-15 years at more than what I paid for them more than once-
Also real estate does go down in price and has it cycles like everything eles, if you have the time to wait it will go back up at some point , but with the way this countrys been run the last 8 years its gonna take a long time for things to have a turn around, and i beleave things are going to get a hell of a lot worse before they get better, i think were looking at only the beginning of a different world ecnomey-the USA is going to go through times they have never seen before,

My main bussness has been real estate investment for the last 15 years and ive reduced my house to half of what i was offered for it only 2 years ago and no one even looks at it, so whats a million dollar house really worth if you cant sell it? im waiting for the blood to run in the streets and then i will buy serveral more houses , and that should be in about 1 year from now when things bottom out. I saw this all coming and sold a few houses at the peak that i bought 15 years ago and bought my boat - that was the best thing ive ever did in my life was to start crusing!

I called my bank recently and told them i was having troble making the payments on a few of my rental homes and asked what they can do to help me, i was told on the phone they would be willing to take 20% off of what I owed if i could refi with a different bank so that shows you the banks are in real troble- I got this from only 1 phone call, i think the price of boats are going to drop hard soon too
G'day Ram,Yep I sure do forget how crappy things are in the states.Just goes to show people how fragile the world of finance really is,it did seem a bit strange that a rental property carn't pay the morgage it's owed.I suppose re-financing and looseing 20% off what ya owe would give you a bit of edge.Hope ya do well.
Luck has it that I am not in that position here in OZ,we bought our house real cheap(80,000)5yrs ago,and the median price has trippled.Without knowing this was going to happen I guess it was a case of right place/right time.I hope you realize that buy your standards,I'm a bit on the poor side of the tracks.I think we are nearing the peak also.We pay 50% less per wk on our morgage than the equivelent of what it would cost to rent(considerably a lot less before the intrest rate rise BTW) so it was a sensible move on our part to buy.Mind you ,people with a $600 pw morgage around our area are not as comfortable.At the moment we only pay $135 pw. People that buy a 40 something yr old bertrem"s for 150K need thier heads read IMO.For that I could buy a 08 36' yacht and be real happy Anyway,all I sugested to Eric C,was that having a $1mil house it would seem better to downsize and still buy a boat to cruise.The fact that 2nd hand boat price's go up is only relevent to the price's of new boats rising in cost.If ya bought a Berty in the 60's for $25K and still owned it now,ya probably spent the difference of what it sells for now in maintenence and repairs,But,property is a different kettle O fish,otherwise you might not have been able to buy that boat you did to go cruising.Mudnut.
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Old 01-03-2008, 09:10   #15
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I would sell the house. You will always be old enough to live in a house, but not a boat. Go live your dreams and when your knees are blown out, you cant get out of bed on your own and need someone to feed you...sell the boat and by the house. You may not be richer for it...but you will be richer in better ways for it. Does that make sense?
Yes it makes sense. Richer in better ways or have more money. I'll take richer in better ways.
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