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Old 26-12-2012, 08:22   #331
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Re: Is the Market Really this Bad ?

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Originally Posted by Celestialsailor View Post
I would disagree...Especially with a house. My house in Hawaii tripled in price from 2000 when I bought it to 2005 when I sold it. then waited until 2009 to buy back into the California market. I have been mortgage-less ever since.

Did you live on the street between 2005 and 2009?
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Old 26-12-2012, 14:50   #332
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Re: Is the Market Really this Bad ?

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Did you live on the street between 2005 and 2009?
Or perhaps on a boat? Or renting? Or in his parents basement? Lots of options besides homeless.
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Old 26-12-2012, 15:06   #333
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Re: Is the Market Really this Bad ?

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Did you live on the street between 2005 and 2009?
Or perhaps on a boat? Or renting? Or in his parents basement? Lots of options besides homeless.
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Old 26-12-2012, 17:09   #334
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Re: Is the Market Really this Bad ?

I'm wondering if he bought a different house at similarly inflated prices.
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Old 26-12-2012, 18:48   #335
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Re: Is the Market Really this Bad ?

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Originally Posted by wolfenzee View Post
My brother bought a house for $1.4mil a couple of years ago and it is now worth $500K....I told him if he paid $1.4 for the house it is because that is how much it was worth to him. You don't buy a boat as a finacial investment (possibly a spiritual investment). You pay what the boat is worth to you.
$380K for a boat?....<than half that you can get a 60'loa (50'lod) classic design wooden sailing schooner...with all the bells and whistles.

Yes, and if your $1.4 million home is worth only $500K to others, you're stuck with it. Your stuck with huge mortgage payments, your stuck with huge property taxes, hazard insurance, your just stuck! And if you suffer the misfortune of unemployment, you just might have to find another place to live without needed good credit.
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Old 26-12-2012, 19:56   #336
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Re: Is the Market Really this Bad ?

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Originally Posted by foggysail View Post
Yes, and if your $1.4 million home is worth only $500K to others, you're stuck with it. Your stuck with huge mortgage payments, your stuck with huge property taxes, hazard insurance, your just stuck! And if you suffer the misfortune of unemployment, you just might have to find another place to live without needed good credit.
seems to be the same problem with a lot of folks that were introduced to hurricane Sandy..Lots cant rebuild because they were upside down before the storm hit...I have a good idea where a lot of those folks will be heading...
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Old 26-12-2012, 19:59   #337
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Re: Is the Market Really this Bad ?

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I'm wondering if he bought a different house at similarly inflated prices.
Selling in a high market does not always make you better off - unless you want to be the richest guy in the camping ground.
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Old 26-12-2012, 20:08   #338
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Re: Is the Market Really this Bad ?

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I hate to break it to you but if you account for inflation you're down about 45K. However if you invested the money you saved on a mortgage you might break even. You've got to live somewhere. However in the future the First 42 will begin to lose value where as a few acres somewhere will certainly gain value.

EDIT: This is all academic. You only live once.
I have funds invested in many places, and even thou the 42 might have lost value due to inflation, The investment was profitable.. with the purchase of the boat, the company paid for all investment and maintenance including slip fees, and still does.
The business could own a boat,and not a home, all the loss is in paperwork and not in funds.. and in the future, even thou the value has decreased due to inflation, the market value will hold on the FIRST 42.. its now 30 years old and about at its bottom of its price.
And I did purchase property about the same time as the boat.. the value of the property is about 1/3 of its purchased price, but was bought to build on for the future so the price of what it was and what it is now has no meaning to me..
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Old 27-12-2012, 17:00   #339
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Re: Is the Market Really this Bad ?

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Selling in a high market does not always make you better off - unless you want to be the richest guy in the camping ground.
Ah but when you do, then buy the boat your home sweet!!!
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Old 28-12-2012, 09:39   #340
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Re: Is the Market Really this Bad ?

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Originally Posted by Randyonr3 View Post
... The company paid for all investment and maintenance including slip fees, and still does ...

... The business could own a boat,and not a home, all the loss is in paperwork and not in funds ...
And then take full depreciation tax deduction! Sweet!
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Old 30-12-2012, 08:21   #341
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Re: Is the Market Really this Bad ?

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Six sold in the US in last two years per soldboat.com (plus two project boats) and they went for $66K, $115K, $70K, $110K, $125K and $175K. Average was $110K which is exactly what the most recent one sold for (7/12), so $100K see about right to me.
There is one in San Diego selling for $119K that has $200K in recent upgrades.
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Old 30-12-2012, 09:43   #342
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Re: Is the Market Really this Bad ?

Are folks talking about the same First 42? When I look here I see one listed on the first page for $119, but all the rest are under a $100--most well under. And those are asking prices.
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Old 30-12-2012, 10:52   #343
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Re: Is the Market Really this Bad ?

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Originally Posted by deluxe68 View Post
There is one in San Diego selling for $119K that has $200K in recent upgrades.

Pretty boat!

But just goes to show how much smarter it is to buy an boat already outfitted than it is to start from scatch.
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Old 30-12-2012, 11:09   #344
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Re: Is the Market Really this Bad ?

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Pretty boat!

But just goes to show how much smarter it is to buy an boat already outfitted than it is to start from scatch.
We are currently selling our 36.7 and will buy a cruiser, probably a 37-44 Pacific Seacraft already tested and pre-cruised.
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Old 30-12-2012, 15:14   #345
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Re: Is the Market Really this Bad ?

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Originally Posted by Doodles View Post
Six sold in the US in last two years per soldboat.com (plus two project boats) and they went for $66K, $115K, $70K, $110K, $125K and $175K. Average was $110K which is exactly what the most recent one sold for (7/12), so $100K see about right to me.
Not sure what you are looking at? Sounds like you are including the 42s7 which replaced the First 42?

Here is the sold boat report for 2010-2012 for the First 42. Interesting that there are no reported 2012 sales.

Two of these are reported to be project boats.

Soldboats.com search results 2010-2012

Model Year List Price (Date) Sell Price (Date) Location
Beneteau First 42 1984 49,900 (10/10) 35,000 (12/10) MD
Beneteau First 42 1983 43,900 (05/11) 25,000 (12/11) TX
Beneteau First 42 1986 92,500 (04/10) 82,000 (05/10) CA
Beneteau First 42 1984 84,995 (03/09) 77,000 (06/10) CA
Beneteau First 42 1984 71,500 (02/11) 66,000 (10/11) CA
Beneteau First 42 1984 44,500 (09/10) 38,500 (11/11) ME
Beneteau First 42 1981 59,481 (11/08) 43,619 (06/10) Other
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