Originally Posted by centralyachts
Let me give it to you from 'the horses mouth'...
These are the best of times. These are the worst of times. It all depends on your perspective.
If you need or have to sell, there's never been a worse time to sell - at least in terms of what you'll get.
If you're buying and selling in the same market, there's never been a better time to buy that bigger boat. Because although you will take a bath on your current yacht, you'll more than make that up when you come to buy (at least, that's the theory).
I also agree with Richard Jordan's comments. It must be tough in Florida
. Here in Australia
there are still plenty of folks with money
who wouldn't mind buying a boat. Trouble is; they're sitting on their cash, terrified about what's going to happen next in 'Yooorp', The Banksters, The Fed, Carbon Tax, blah blah blah. And I don't blame 'em!
One half of me wants to see an end to all the global financial uncertainty, and for confidence to return to the market (good luck!), and the other wants to see the whole house of cards collapse so I can finally have an excuse to turn out the lights, close the door, and piss off
into the Pacific with my family
on our version of The Ark.
Lol, spoken like a true Australian!
+1 to all of the above in AUS.
I personally have just taken the plunge, as it is truly a buyers market and I found exactly what I was looking for right here in my own backyard.
Martinjrichter is correct. Many sellers wont consider carrying the loan, however they do realise that the market is very depressed and there are continuing costs to keep her. Here is my personal experience. I created a small 3 page powerpoint presentation outlining exactly what Martin has said.
First page was a small bio about me (as a buyer), list outlining the costs to keep her.
2nd page I presented what I (and the Broker) considered to be a fair price
, then specific reasons how I arrived at that price
($ value for replacing that blown mainsail
, standing rigging
and oh god, that putrid head).
3rd page was the payment plan showing price, interest rate, installment value and frequency, and most importantly, actual DATES. There is nothing more that a seller wants to see more is when the cash is going to land in his/her bank account.
It is wise to get the Broker on your side with this, otherwise they may work against you. Speak openly and explain why you need to do it this way. I personally was very clear with the Broker right from after the first inspection
. He understood, and activley helped me with the owner. Maybe I was lucky, you might be as well.
So why not ask about payment arrangements...no harm right?
Just my 2c, YMMV