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Old 23-09-2008, 06:43   #1
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to buy or not to buy, that is the question?

Our real estate brokerage in Orlando, Florida, has been excruciatingly slow for two years. Buyers are either waiting, or only snapping up bargains, and finance has all but dried up.
I have been dithering the same way about buying a fifty footer on which we hoped to live and leave the rat race for a while. Iíve inspected some beauties all over the place, but finally and regrettably decided the prudent thing for us is to hold-off for the time being. Heaven knows where the economy is heading, and I donít want to be lumbered with a hole in the ocean in which I have to constantly tip money, and which I canít re-sell if things get worse. If I had bought six months ago, like I was tempted, we would now be in a big financial fix.
I wonder how many other readers were holding off making that boat purchase, because they are concerned about the present uncertainty?
By the way, Iím not starting this thread as a political discussion on the whyís and wherefores, and I hope it doesnít degenerate into one.
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Old 23-09-2008, 07:42   #2
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JOLLY,

Something that large will no doubt be expensive. Cash is the only way to do it, if you are going to leave. The least debt the better, and hopefully an income generated while your gone................i2f
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Old 23-09-2008, 08:11   #3
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You have a real estate brokerage
The real estate market is dry
You might have the money to go "for a while"
If it was always "for a while" what's the harm in going when your field is dry?

Go now - go debt free - it's a boat buyers market - in a year or two the (real estate) market will be up and you can sell the boat and re-enter the market races.

(and yes there is a Santa Claus...)
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Old 23-09-2008, 08:45   #4
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dry market, blue water

Ahh, go ahead and buy the boat! No doubt the users of this board cover the economic spectrum, so I'll speak only from mine. My wife and I have little "available" money. We're both professionals, but with one in college and two coming up, we try and be realistic. We pay for gas (arrgg), we have a mortgage, and all that. We work. BUT...becasue we work, we finally figured we owed it to ourselves to "live the dream" at least in moderation, and purchased a 30' boat. Yes the budget is tight, but already we have many stories of happy time on the water. The boat has been a source of pleasure and pride, of escape and reward. It is a buyers market, and we got a good deal. So we just figured we could talk about it until we "got over it", or do it and live it. I completely understand having reservations, but simply suggest that moving past them, making sound decisions along the way, can have great reward. Yep, the cost is real, but so is the enjoyment. And that's why we work. So maybe, just maybe, your time is now. You've worked and have an opportunity. Go for it, or at least get out there and escape on a part time basis...you've earned it.
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Old 23-09-2008, 21:44   #5
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I belive there will always be a reason not to do it, than you will be to old to do it and wish you had. what are you really waiting for look for reasons you can and ways to make it happen.
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Old 23-09-2008, 21:55   #6
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I'd rather be a broker sailor than a rich business guy.
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Old 24-09-2008, 03:43   #7
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Quote:
Originally Posted by Jolly Roger View Post
I wonder how many other readers were holding off making that boat purchase, because they are concerned about the present uncertainty?
When I began looking for a boat, I started with the 45+ footers, the mind-set at that time being "this is what I really want". Then reality set in - I really could not justify the combined expense of a loan to buy the boat, the mooring fee, and the maintenance cost.

So my expectations shrunk accordingly - to 36', then to 30', and finally the 20's. Now that I have my basic pocket cruiser sitting in an affordable slip, I really appreciate the fact that she is paid for, the slip fee is no big deal, and I don't have the maintenance headaches of big boat systems.

And yet, if I have the urge, she will likely take me wherever that 45 footer could. Above all, I enjoy having that option.

I would go ahead and follow your dream, just adjust the scale a little at first.

BWS
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Old 24-09-2008, 04:21   #8
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I would suggest that even in the best of times, a 50-foot boat is one heck of a major investment and ongoing expense. I agree that a smaller boat might be more realistic given the current state of affairs. Of course, now that you've looked at the "big" boats, a little one might not seem so attractive. Having said that, we have a little 28-foot cutter that we think is gorgeous! There are many examples out there of extremely beautiful and functional smaller cruisers. Do your research and good luck to ya!!!
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Old 24-09-2008, 05:15   #9
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"If I had bought six months ago, like I was tempted, we would now be in a big financial fix."

This is very important, do you think things will have changed (for the better) six months from now?

Good luck!
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Old 24-09-2008, 06:10   #10
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I am way too old (by most standards) to be out sailing much less to buy a sailboat when we already live on a 37-foot dcmy. To hell with all that nonsense, we just bought an older thirty-foot sloop and are enjoying it as much as the one we lived on fifteen years ago. I no longer have time to wait six months for anything I really want to do, so I do it now, but prudently. Our new (used) sailboat is in excellent condition, has a great engine and was priced very low, so after months of hunting we purchased it in one week from the first time it was seen. Time goes by so fast it's a shame to waste a moment of it or pass up a great opportunity. If you can afford it, go for it.
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Old 24-09-2008, 06:33   #11
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Also as a Real Estate Broker... buying a cruising boat is the same as buying a house... Only buy when a "deal" presents itself. It is your responsibility to determine what the deal is by your understanding of not only the economics of the purchase but what your goals are in your boating and non boating areas of life.

I bought a 36 footer just over a year ago and while I only spend 4 to 5 months on her for now... that will change in near term and by 2010 I hope to have the majority of my time on the boat in the Caribbean rather than here in Florida. It is a matter of priorities and only you and any significant others, have to identify and then do the math.

Remember when you take your last dieing breath... you will probably not not say I wish I could spend another day at work.... or... I wish I had spent more time at work than I did at sailing... Even if you love your work... which I do... of course I'm in a more specialized area of Real Estate than most brokers / agents.
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Old 24-09-2008, 09:49   #12
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Originally Posted by BoatTed View Post
I am way too old (by most standards) to be out sailing much less to buy a sailboat when we already live on a 37-foot dcmy. To hell with all that nonsense, we just bought an older thirty-foot sloop and are enjoying it as much as the one we lived on fifteen years ago. I no longer have time to wait six months for anything I really want to do, so I do it now, but prudently. Our new (used) sailboat is in excellent condition, has a great engine and was priced very low, so after months of hunting we purchased it in one week from the first time it was seen. Time goes by so fast it's a shame to waste a moment of it or pass up a great opportunity. If you can afford it, go for it.
Hey BoatTed,

Had to laugh! We're not millionaires but I sure as heck didn't need to overly worry about the cost of our recent boat purchase, a little 28-foot cutter, and I got nothing but time to fix, bitch, cruise and enjoy the good life living onboard her down in the lower latitudes of the Keys. We can have anything we want in this life... we just can't have everything we want in this life! So choose carefully, my son.

Cheers!!!!
Steve
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Old 24-09-2008, 10:47   #13
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This is very important, do you think things will have changed (for the better) six months from now?
Good luck!
No I don't; and as I said, if we had bought six months ago we would now be in a proper financial pickle, so I actually feel quite relieved having made the decision to hold off, until if am more confident about buying. OK, I might loose the boat I dream of, but others will come along.
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Old 24-09-2008, 11:24   #14
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It's a great time to buy a sailboat in Florida! Hurricane season, @#!&% economy, banks are hamstrung. I'm serious, by the way. Everyone is uncertain and scared. You can cut yourself a hell of a deal if you have the cash. Take off for a couple of years, see a bit of the world, and then come back after things turn up; if you have to come back. Is this really a decision? Or do you have "cleatitus?"
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Old 24-09-2008, 11:39   #15
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I'm new here. I'm not (yet) a sailor, but I'd say "go for it".

The economy sucks - but, if you have the cash (or a way to buy now) then I think now is the time. It seems to me like the prices are good all over.

My wife and I are looking for a boat now, and will probably purchase something before next spring, even before we can sail. (Don't get me wrong, I'll KNOW about what I am buying before I buy it ).

I just turned 51, and we've talked about doing this ourselves on and off for years, and whoever said it above is right, "There will always be a reason NOT to do it".

I've come to the conclusion that you have to DO something to make it happen, rather than wait on life to hand you something.

just my non-sailor advice.
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