What Do You Think Is the Current State of the Sailboat Market ?

[lake norman 285]

What are your thoughts on the current state of the sailboat market??

I have noticed that the boats currently on the market are priced much higher than boats were a year ago when I purchased my Hunter 285.

Also, two boats in my marina each sold within 3 weeks of being put on the market. One boat was a 25ft Catalina and the other was a 28.5 Hunter.

[Khagan1227]

From what I've seen the market is getting better, but some areas, like Florida are still pretty depressed. Lots of boats there with few buyers.

I'm just basing my observations on what I've seen while looking.

[Kettlewell]

Don't let your local observations fool you, it is a buyer's market. Sales of new boats are absolutely the worst they have been in decades, and boat dealers are going out of business. Everyone keeps saying it has turned the corner, but if it has it has only just turned. Also, don't let high asking prices fool you--many of these folks are willing to deal. Just be ready to walk if they won't deal--there are always other boats out there.

[barnakiel]

I have noticed a couple of very low priced, very decent boats. Looks like owners of some nearly immobilaria state boats can no longer pay their berths. Bargains.

The expensive boats just priced where they used to be - high. Alas, you may get a deal if you make a reasonable offer. Bargains, but only in the middle range - HR, Morris, an Ovni perhaps.

My feeling is that the market is where it always is - the rich get richer and hold their positions. The poor get poorer and the desperate ones are selling off.

b.

[Curmudgeon]

Even when times are bad, the rich always have money. Having said that, I read an article in the NYT to the effect that the superyacht market is the worst it has ever been.

[zeehag]

maRKET FOR SELLING SUCKS AND HAS FOR OVER 4 YRS-- WONT GET BETTER SOON.. I AM STILL TRYING TO SELL A DECENT BOAT WITHOUT SELLING SHORT....oops sorry guys-- ye know i cant typo....

[slap]

As long as the housing market is in bad shape, the boating market will not fully recover. And there are plenty of forclosed homes waiting to go on the market but are being held back to keep from flooding the market and driving prices down further.

Some people are upside down on their homes - they owe more than the house is worth. It is hard to justify taking on additional debt in that type of situation to buy a boat.

And for some their home represents a major financial asset - when that drops in value, it becomes harder to justify buying a boat.

The economy is another factor - some people may be concerned that they might not have a job in the not too distant future, and jobs can be hard to come by. They may have to work more so they have less free time for using a boat. And some have lost (or their spouse lost) their job so they won't be buying.

[SabreKai]

It took me from Dec 2007 til October of 2010 to sell Espina, which had been surveyed and insured at $29k. I will admit she was in rough shape so I listed her at $10k. Only about 5 real people contacted me, none showed up the first 12 months. Lots of Nigerian emails though. I then dropped it down to $8k, and was not going to go lower but finally the new fellow offered me $7500 and I figured might as well. Storage for another year would have been worse.

I see lots of boats for sale, not much movement. Most of the boats sold out of our club were sold off cheap because the owners (like me) were caught out with two boats when the bottom fell out. But the bottom is still out as far as I can tell.

Sabre

[sailorboy1]

I closed on a new for me boat (2001 model) last weekend. I would say that the market is currently at the low end. There are some sellers who understand and are pricing based on the current market. But it seems most are istill in love with their boat or just can not lower the price due to what they paid a couple years ago and owe too much (just like the housing market).

So I think older boats, say early 80s, there may be lots of good buyer deals. Newer boats the deal is going to depend a lot of how well off the owner was back when they got the boat (ie they don't owe a lot on it). Some with say a paid for 2000 model are going to in a better better position to sell based on current market than someone who still owes a big huck of the purchase price.

When I shoppedrecently and came across my Hunter 410 the one I got was the second lowest priced in the world (lowest was a bank foreclosed boat). It was priced around $10k less than the third priced (there were a hand full at about that price). But the rest were like 40% more than the listed price of the one I got. In the end I paid 96% of the asking price, but they also took my old Cal in trade. And I think in the current market the amount they gave was pretty close to what I could have gotten after commission.

So a buyers market, but you have to do your homework and like all boat deals be willing to walk away if needed.

[Jack Tar]

It's still a buyers market but here is Seattle things are looking up a little.

[denverd0n]

Definitely still a buyer's market. Asking prices are going up, but what are these boats really selling for? Answer: not much.

I know a guy who had an absolutely beautiful Catalina 34 for sale. He first put it on the market almost 4 years ago for $60k. Then he lowered it to $50k. Then he lowered it to $40k. Then he convinced himself that the market was looking up, so he repriced it to $45k. He recently sold it for $32k.

I notice that most of the time, when someone tells you that the market has turned and is clearly on its way back up, it is someone who is in the business of selling boats--a broker, a manufacturer's rep, or maybe even a private seller. Maybe they're just deluding themselves. Or maybe they believe that if they can convince people that the market is rebounding then it will be a self-fulfilling prophecy. I don't know. What I do know is that I've been hearing it for almost a year now, and yet I have seen no real indication that it is true.

It's the same with the housing market. The brokers and developers have been saying for nearly two years now that the market in Florida has bottomed and is starting back up. Except that it has not, and it is not. And still they keep saying it.

I'll believe it when I see it. Not before.

[dave777]

Originally Posted by denverd0n

Definitely still a buyer's market. Asking prices are going up, but what are these boats really selling for? Answer: not much.

I know a guy who had an absolutely beautiful Catalina 34 for sale. He first put it on the market almost 4 years ago for $60k. Then he lowered it to $50k. Then he lowered it to $40k. Then he convinced himself that the market was looking up, so he repriced it to $45k. He recently sold it for $32k.

Wow, about 50% of his first asking. What year was it? I'm curious how the asking and selling price compare with NADA book value.

[tropicalescape]

Originally Posted by lake norman 285

What are your thoughts on the current state of the sailboat market??

I have noticed that the boats currently on the market are priced much higher than boats were a year ago when I purchased my Hunter 285.

Also, two boats in my marina each sold within 3 weeks of being put on the market. One boat was a 25ft Catalina and the other was a 28.5 Hunter.

I had a boat on Lake Norman and saw as many as six boats sold within a 6 month span..Lake Norman seems to be an anomily(?)as there is still a lot of desposable income with the racecar business and all..most boats Ive seen sale were sold at or just below market value...it seems to be easy to sale a boat on the lake ...the coast is a different story...

[zeehag]

nada book for my 1979 ericson 35mII is $29,995. i was asking 30k, as mine was modified positively., i have received an offer i turned down flat for 6000. aint no way this aint a buyers market-- screw the seller. go buy yerself a boat. no the prices are NOT rising yet. the insult of an offer was last week. and NO i am NOT selling at ridiculously low insult the seller offers. minei sin san diego

[Richard Jordan]

From what I am seeing there's kind two markets. One is made of people looking for a deal. The other is people who just want a boat. The second group is increasing, but it is still a tough market.