Irma and the local boat market

[CatNewBee]

What puzzles me is, there will be a lot black sheep out there that will try to sell this hurricane damaged boats overpriced on the marked after some cosmetics as "well maintained" with no issues - especially the un-insured ones where you cannot check the boat history.

[BlueBuddha]

Regarding the points made about the charter boat market, note that before the storm this industry was fairly balanced in terms of the number of new owners vs. charter companies' needs to replace older boats phasing out. Now the companies will have a largely increased need to replace their fleets. Some of this increased need will be met by previous owners with insurance checks but many of these owners will not get back in the business and thus there will be a gap. So although from the boat manufacturer perspective there will be an increased demand for new boats, charter companies will likely have an unmet need for new owners and may be forced to reduce their brokerage commissions to incentivize those on the fence. In sum, my prediction for new boats is that the market will be very tight for those buying non charter boats but there will be some attractive offers (in the form or reduced selling brokerage commissions) at the shows from the charter companies in need to replace their fleets.

[model 10]

Our Florida broker just got in touch and sounds excited. Wants to lower the price a bit and get agressive. Even undamaged $30K cruising boats are gonna be in demand.

[CatNewBee]

Originally Posted by StuM

No worries and no use.

If it is always slipped, why own a boat?

Well ever heard of Noah's arche?
He's probably a prepper, waiting for the promised global warming flood, I guess.

[ranchero76]

I looked closely at drone footage of Nanny Cay...Unbelievable amount of very nice boats damaged. Really nice ones, $500K and more (before Irma). Both catamarans and monohulls. Many did not sink, but were dismasted/hull damaged by debris/other boats, ripped off bimini etc. Including ones on hard. Most likely there's at least some water in them, so damage amount increases every day. Not sure if all of these boats were insured (including these on hard). Not all of them might be total loss.
But I think some of them will be fixed by their owners and will be for sale at "slightly reduced" price. Not in near future though, right now there does not seem to be any possibility to work on them.

[GordMay]

Speaking about Florida citrus (devastated by ‘Irma’), Atif Kubursi, professor emeritus of economics at McMaster University in Hamilton said:

"... Pure economics tell you that if you have something in short supply, the price will rise. The extent to which it will rise depends on three factors. First, the extent to which the supply has been knocked out,. The second is the extent to which it can be replaced, say from Brazil or Mexico. Mexico and other places are really in trouble. And the third one is the extent to which people are going to go without ..."

➥ Higher orange juice prices on the way in wake of Irma's damage to Florida groves - Toronto - CBC News

This might just as well apply to post-storm(s) boat prices.

[SecondBase]

Originally Posted by sailcrazy

People get hit just crossing the street....does that stop you from ever walking across a street? Storms happen....so does life. Adjust, shop for insurance, take whatever corrective measures feel "right" for you...but don't stop living! Come on...get real! We've kept our boat in Asia (12 years in the Philippines-and they get really big typhoons), in the Medd, and now 3 seasons in the Caribbean. We deliberately looked for storm safety considerations and facilities before we picked the marina we chose to leave our boat for the storm "season" over the last 3 years. A direct hit.....well, stuff happens. But take reasonable precautions, shop for insurance to mitigate the risks, and enjoy. But don't stop living! PS...our boat survived Irma without issue, up on the hard, stands chained together, strapped down to massive buried concrete beams, well above and removed from the bay, protected by mangroves, inside a chainlink fence that's locked and guarded 7/24, with insurance, in Puerto Rico.

How did you make out?

[sailcrazy]

Second Base...with the poor-to none cell phone coverage and wifi, communications have been very, very limited. But based on 1 photo and 1 limited phone conversation....we are still upright, inplace, no hull or visible damage, our solar panels and windgen are still in place, no holes or hull damage, and all looks good. But the marina is still not allowing people to get close to the boats or go inside, so until that happens we will not know for sure. But....so far it looks like we're unscathed!

[R2boat]

Check this video out...it addresses a lot of the questions posted..."irma and the used boat market'...if you are headed to the US Boat Show, you need to see this...
https://youtu.be/A4N-TkpEQRo

[svRoundAbout]

We had our boat in Nanny Cay marina. Our insurance declared it a total loss but does not want the boat. They said there are way too many boats and so it now falls upon the owner to handle the task of disposal.

I think this may be the case of a lot of other owners who are in a similar situation. If people are looking to get a good deal, there are going to be a lot going up for sale, especially down in the islands.

My husband just flew back this weekend to get some of our belongings, especially our children's things, off our boat. He said there were already quite a few buyers walking around the yard who were looking to purchase damaged boats.
~Stef

[Passage West]

Already seeing new marketing with videos from Moorings trying to attract new owners into their program to cover the costs they've now committed to with Leopard.

[GordMay]

Greetings and welcome aboard the CF, Passage West.

[Iaangus]

SV RoundAbout, Any other information on the procedure of buying and selling of these damaged or destroyed boats would be appreciated. Are the buyers looking for a single boat to rebuild or are they wanting to buy multiple boats for reselling either whole or in pieces? Hopefully you can get some value out of your boat to cover disposal. There will always be some salvageable pieces.

[ranchero76]

Originally Posted by svRoundAbout

We had our boat in Nanny Cay marina. Our insurance declared it a total loss but does not want the boat. They said there are way too many boats and so it now falls upon the owner to handle the task of disposal.

I think this may be the case of a lot of other owners who are in a similar situation. If people are looking to get a good deal, there are going to be a lot going up for sale, especially down in the islands.

Hmm, interesting information. I've created post in "For sale/wanted" section, trying to collect information and cooperate with other guys interested in damaged boats. Anyone who interested or willing to help - welcome!

http://www.cruisersforum.com/forums/...ml#post2493339

[l2ridehd]

My boat was in Fajardo PR and came through with just a very minor hit on the dinghy which was on the foredeck. Less than a $100 damage. It was on the hard with all sails and running rigging removed, bimini removed, and strapped down to concrete tie downs. Some wind blown rain got in, but again very minor.

My biggest problem is trying to contact anyone there to schedule a splash. Phones and power is still out. Want to get it back in the water early November if possible and do some sailing.