Please Help Me Determine Value of Kompier Yacht

[deec]

Hello, I am hopeing that someone out there can give me some advice. I am currently in Florida (1.5 hrs from Ft. Lauderdale) trying to make some sense of my brothers estate. He died recently in a motorcycle accident. One of his possessions is a 1981 42' Kompier, Holland Steel hull sailboat. It is clear that the boat has been neglected for a couple of years. There doesn't seem to be rust, the mast is off and broken, the teak deck needs tlc, the cabin is mildewed, and there may be some wiring issues I am told. I have been told that the engine does work. My problem is that I am here from Ca. only until the 12th of Nov.and have absolutly no point of reference for any of this. I contacted a broker from Ft. Meyer who sent a man to look it over and give me an idea of it's value. He says the broker would not be interested in this boat but he would be interested in helping me. He says the boat is not worth much and if I could get 20K I should take it and run. Incidently, he is considering buying it. Red flag.
If anyone has any good reference that may apply, any suggestions on how I should proceed, or any advice I would be so grateful. I am out of my arena and completely over my head with all of this. Thanks.

[Butler]

deec,
Sorry for your loss. Don't envy you your position in trying to do right by your brother in this matter where you are on unfamiliar ground.
Best help I can be not knowing anything about Kompier boats (and only as much about steel boats!)would be to work the internet for some available Kompiers to get a sense of what they fetch and get some backround on the builder; try to find out something about their reputation. Maybe there is an East Coast broker who has dealt with these and wouldn't mind sharing some info. Check listings.
Sorry I can't offer more than that. Hopefully somebody here can do better.
Best wishes!

[skipmac]

Hi Deec,

Sorry for your loss. Sorting out something like this can be difficult even if you are knowledgeable about boats.

I did a little research on the internet and did not find a lot of information about Kompiers, but what I did find lead me to think that these are good quality boats. However in the current slow market and with the condition of your brother's boat it may be difficult to get much for it.

A couple of questions. You say the mast is broken, do you mean the mast itself is broken into two or more pieces or is it just removed from the boat for repairs of the attachments or wires on the mast?

Then, if the mast is in one piece is it aluminum or wood?

Finally, perhaps the best way to get a good idea of the true value of the boat is to pay an independent agent to inspect the boat. In the boating business they are called surveyors and I know an excellent one in that area. He is very competent and completely honest. The cost for a quick inspection and price evaluation in the water would be perhaps $200-$400. If you think this would help I will be happy to send you his name and contact details.

Good luck,

Skip

[David_Old_Jersey]

Sorry about your brother, had mine die on us 4 years ago

Anyway, for the boat Google is your freind have a looksee whether any others are for sale. I'd also stop off at Yachtworld.com. Although I am not familar with the US boat models (or is it Dutch?), I am pretty sure the boat is not mainstream so won't have a lot to compare against, if any (and the age and being steel alone would make it a more limited market).

In practice probably best comparing against anything similar length, design and material (steel) to get some sort of feel of the market - but the scope of condition will be very wide (boat photos do lie!).

My gut says very well maintained and in tip top condition approaching 6 figures......but this one doesn't sound like anywhere near that, but could be a very nice boat for the right person (loves Boat DIY and has a dream ). Someone could easily pump 20 / 30 / 50k into a boat like that, and still never get back to top dollar condition.....more likely a buyer would spend far more than the resale value (the curse of older boats ) and settle for less.

Oh, and Steel boats rust from inside out and not a material one wants to leave to it's own devices for a few years..........same as boats in general.

The above probably don't help too much ..........but I can understand why broker sniffing around (at least he has been upfront) - there is potential, but a lot of boats on the market in all sorts of shapes, sizes and conditions. Not a sellers market in any way When pricing to sell also need to consider ongoing mooring (or yard ashore) costs and maintanence bills - and that she won't be going up in price, and with no one on site (who cares) likely dropping in value.

If other people have an interest (polite for waiting for a cheque ) in the value of the boat for estate purposes, might want to consider an auction for transparency on price, even if not for value........but $20k for a quick sale is (without seeing the boat) in the ballpark, a tempter for someone.

[David_Old_Jersey]

Skipmac has a great idea on using a Surveyor - the report would also be a useful marketing tool (to show to potential punters).

[Pete7]

Deec, presumably the yacht is sat in a marina or boatyard. Have you visited the boat yourself? whilst I appreciate you have a lot going on at the moment it may be a good idea to visit the yacht with the keys and a camera. Remove any personal items on board and have a look over. Also worth keeping the boat yard informed of the situation. By all means post the photos on here if you would like opinions on the condition.

Dutch steel yachts have an excellent reputation in Europe and hopefully in the US too. However, your initial description doesn't sound good so Skipmacs suggestion of a survey is a good one to establish the value. If the brokers agent is offering $20k and a surveyor came in close with a similar value then take it. If it means he buys a yacht that is cheap but requires lots of work to bring her back to a usable condition then that would be fair. However, it could be worth much more, but only if you can find a buyer willing to take it on.

Pete

[deec]

Hello, first, thank you all for your replies. A few more details: the boat is dry docked in my brothers back yard pretty much in the middle of nowhere. UHG! Not the best place to be seen. As best as I can tell it will run approx. $2500.00 to move it somewhere else. I found a receipt in his papers. He was billed in Jan. of 2010 for approx. that amount to have it moved into his yard. I am estimating it was moved 10-15 miles.
So, I will try to fill in my gaps to answer your questions.
yes, I have seen it (every day I wake up and it's still there....darn)
He had it surveyed in 1997, bottem line then, said replacement value was 350k in current condition 125k, It is a custom built boat so no comps are available, the maker is in Holland, the hull appears to be a solid molded piece of steel, YES I would love the name and number of someone local that is honest and has an educated eye, the gentleman that is helping and interested in possibly buying has offered to let me birth it at his location (I pay the moving fees) for $50 a month while he cleans it up and tries to find a buyer. If he sells it he would get a percentage of coarse. I have a man coming over today to help me clean it up. Wash the hull, clean it out, and try to knock some of the mold down inside.

[deec]

Opps! didn't mean to post that yet. Anyway.....

I could also use to know what a fair percentage would be for my seller. I would like to be as generous as possible (kids in collage so that is really limited) without being stupid. Any ideas?
Again, thank you for your replies. Thank you soooooo much.
Dee

[deec]

P.S. - the wooden mast is broken into several pieces. Looks more like firewood to me.

[Mexdon]

Deec, my sympathies for your loss.

While I cannot help you personally may I suggest that you post some photos on this thread. There are many very experienced people on this forum who if they could see what you are talking about could give you a much better idea of A: the value of the boat from a fixer up purchaser point of view and B: what it will really cost as a DIY project to bring the vessel back to "as new"

[skipmac]

Hi Deec,

Sounds like you do have some problems to deal with. The broken mast will seriously reduce the sale value of the boat, much more than the cost to replace the mast. That is just the nature of the market. A used mast might be found for a few thousand dollars. New would be around $25,000 (just a guess as I have never had to buy a new mast, knock on wood).

The cost of $2500.00 to move the boat 10 miles sounds extremely high. I had my 42' boat trucked out to the middle of the woods to be close to home while I rebuild it. Moved it 80 miles for $1100.00. This was just the trucking costs. The boat yard will bill on top of that a few hundred to take it off the truck and drop it into the water but should not be more that $500-$600 in your part of FL.

Contact for trucking

Tom Wagner
Home: 813 792-0398
Mobile: 321 689-3431

Surveyor

Ed Rowe Associates
Work: 772-589-7463
Fax: 772-589-7346
Mobile: 954 328-5780
E-Mail: eroweassoc@comcast.net

Assume like most of us you have a job and sounds like you have a family to deal with, but since the boat is on your brother's property and costing nothing to keep it there, if it is possible I would recommend you wait to move it until some of these details are sorted out.

As far as the percentage to pay a broker to sell the boat, this should standard in the business. If I recall it was 10% years ago. Check with a couple of brokers in the area to compare.

The offer to dock the boat for $50 sounds very good IF the broker will do a good job of caring for and selling the boat. What would he charge for cleaning up the boat for you.

I would be very cautious about selling it to the broker unless you know and trust him or have second and third opinions about the deal.

PS,

I have no personal or business relationship with the trucker or the broker other than using their services. If you call either do tell them that Skip from Gainesville said hello. Maybe I'll get a discount on my next dealings with them.

[ozskipper]

Hi as others have suggested get a survey. Then speak to a few brokers- several. It may even be worth having a small amount of general tidy up work done to make it more resalable. Even just a good coat of paint will help with that. good luck with it.

[David_Old_Jersey]

Originally Posted by deec

Opps! didn't mean to post that yet. Anyway.....

I could also use to know what a fair percentage would be for my seller. I would like to be as generous as possible (kids in collage so that is really limited) without being stupid. Any ideas?
Again, thank you for your replies. Thank you soooooo much.
Dee

Can't remember what the usual % is in the USA (but everything is subject to negotiation), but the fee comes out of the sale proceeds - and is not paid up front by the Vendor!

A Broker will have a standard contract (read carefully - especially on that $50 mooring fee)..........Just also to say, if this broker wants the boat himself, then he can go f#ck himself if he also wants to collect a fee on the deal

Also just to say, that if there is not a buyer already lined up then the sale will be measured in months.....and potentially into years (especially if the pricing was wrong and the lesson not learnt - lots of folk / boats fall into that one).

Boats = a PITA

[Pete7]

Deec, whilst you are wondering what to do about the yacht if you are going to clean it up, then bleach and white vinegar (yes really) are your friends against mildew, use on all surfaces.

Then ventilation followed by ventilation and finally more ventilation. Open all cupboards, lift all cushions and ventilate underneath. Do not seal up the boat or mildew will be back with a vengence. Air must be allowed to flow freely around without rainwater getting in.



Pete

[jerrymc]

My $.02 worth...

Take the $20 Grand & get on with whatever else needs to be done to settle the estate. The boat, now, is a major liability, requiring some level of expertise & experience to adequately resolve, which is probably beyond the scope of your immediate task.

Sorry for your loss..it is never easy.