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savoir · 09-09-2011, 22:41

It's pretty rare to find a cruising yacht in repo sales. I've been to a few and the stock tends to be motor boats with big throaty exhausts, the sort of thing a coke dealer would buy.

Some of the boats I am watching have come down in price. One was reduced 30k two days ago, another by 25k last week. These are priced around 300k so you could say 10% reduction. Another came down 50k last month.

70AMX · 10-09-2011, 00:46

IMHO... The market hasn't seen anything yet....take off 75% more and still not get a sale if the Euro crashes and takes everyone else involved with it. Very real possibility....
I am waiting......and it won't be long............Very Cheap Boats....but will you have any "real money" left from the assets you didn't or couldn't protect...that is the real question....

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Capt Phil · 10-09-2011, 08:47

Good call, Dragon Lady... I just checked out a 97 footer in San Diego, bank owned and in reasonable condition. The day after I looked at her the bank accepted an offer of $450K. It was a steal! All hydraulic winches, self furling main and a hot tub on the after deck to boot! The only issue I saw was that the great room below was so hugh if you got thrown across it in a seaway, you would fly for 20 feet! Capt Phil

zeehag · 10-09-2011, 09:01

just because asking prices on some are higher doesnt mean market is better..is gonna only get worse, which means better deals on any kind of boat. FOR THE BUYER.

dave777 · 10-09-2011, 13:11

Quote:

Originally Posted by zeehag

just because asking prices on some are higher doesnt mean market is better..is gonna only get worse, which means better deals on any kind of boat. FOR THE BUYER.

Let's compare apples and oranges. Asking prices are hopes, the only thing we know for sure is that the market value is lower otherwise it would have sold already. There is a simple game played "Hmm... boats are now selling 20% below, I'll make my listing 20% higher ... selling 30% below make my clients listings 30% higher etc.".
We also have to take soldboats / yachtworld supposed 'sold' price with their grain of salt. Anyone tried selling a boat lately? Has your broker been able to get any offers near these supposed 'Pending' or 'Sold' prices?

Is there really a better source than David Pascoe for real independent facts about boats given truthfully? Sure Brunswick and the other big production builders must have hated his well known series detailing defects in construction at yachtsurvey dot com. He also touts well made boat construction methods.

Pascoe was a gadfly saying the downturn had begin in Jan 2009 just google 'Yacht Prices Are Now Collapsing'.

Pascoe was able to infer the downward trend not by taking asking prices themselves as real and without any reported soldboats dot com / yachtworld numbers. Pascoe says you can infer reality by looking at some listings. Assuming some people want to sell, and if noone is selling at the old school / bubble prices, someone is going to drop their price. Whooever has the lowest price will get some attention. When he sees a huge price range for the same class of boat, then we know you have highball sellers dreaming, and reality sellers chasing buyers.

It looks like more of the same since 2009. Big spreads for the same size boat with very little actual sales. The same boats for sale for years.

zeehag · 10-09-2011, 13:20

no one is comparing apples and oranges--boats aint sellin. period.
brokers are liars, for the most part, and only into their own commission. they are paid to lie.
and sold for prices are NOT published anywhere i am able to find em.
the economy and thus, market, is not gonna be getting better before it gets MUCH worse. sorry. dream all you want-- aint happening.
false upturns are just that. false.not something onto which to pin your dreams of selling your boat for more than someone will pay for it.

Kefaa · 10-09-2011, 14:09

It is more than whether they are selling - it is whether they HAVE to sell. I am in the mid-Chesapeake area and I have noticed the following about sailboats in the 38-45' range:
1. Boats in the 90k-150k range are for sale but not selling much below asking. Owners are sitting and waiting. Probably because they are underwater on them or can afford to wait
2. Boats under 90k are selling but need work or owner must sell
3. Brokers are saying the 200k-700k market (new and used) is dead
4. I have yet to see a "for sale by owner" in the two big marinas by me. I would love to find a boat this way. That is 10% of fees to negotiate.

Randyonr3 · 10-09-2011, 15:16

Quote:

Originally Posted by zeehag

boats aint sellin. period.

Maybe not where you are but around here, things are busten lose.. my shop is right next door to a Yacht Sales and there has been a steady line of traffic to their front door all day.. When she left late last night she mentioned that she had written 6 offers on friday alone..
One of the boats she sold last week needed new canvas, I gave the guy an estamate of 14,500 for the job.... he stopped buy with a check for the deposit of 50% to put him on the list to get the work done..
Now if boats are not being sold and money is so tight, what in the hell is going on around here...........

zeehag · 10-09-2011, 15:38

even in paradice there is no steady line into a yacht sales office--not even in best of times. you need to maybe remove your rose colored glasses and look around you.

Dragon Lady · 10-09-2011, 15:39

Yeap as I said some markets are down and others are doing fine. You can speculate all you like about how low boats should be selling for, but at the end of the day they will only sell for the price that the owner accepts.
Now if the owner is a mortgage holder looking to reclaim what they can, you could do well. But if the owner is in a secure financial position and they are smart they will hold on for better days even if it's years away.
Don't assume everybody has to sell, and not all brokers are liars.

Randyonr3 · 10-09-2011, 15:44

Quote:

Originally Posted by zeehag

even in paradice there is no steady line into a yacht sales office--not even in best of times. you need to maybe remove your rose colored glasses and look around you.

you keep thinking things are bad, and I'll keep taking the checks to the bank....

capnorv · 10-09-2011, 19:04

I've bought and sold boats in the last year and bought a waterfront house 1 1/2 years ago, and have been unemployed for 14 months. All are paid for and am finally going back to work. Do I consider this an uptick in the economy? Not on your life! I consider it having reasonable expectations and a whole lot of good fortune! Anybody who thinks there's good times just ahead needs their head examined.

Dragon Lady · 12-09-2011, 17:26

It's sounds like the market is going to turn very soon, especially in Europe.
Here we go again.

zeehag · 12-09-2011, 17:33

here we go again with false turns. lol
is a rocki8ng horse and a rollycoaster.
will do this fake up bs until it dumps then will be down a while then rise ever so slowly.