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Old 07-09-2017, 16:50   #1
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Irma and the local boat market

I would like to tiptoe into this thread as this storm is a true destroyer of dreams and I feel horrible for those dealing with it (my sister lives in PR). But once all is said and done, what impact will this storm have on the boat market in its area? I can't even comprehend, given so many variables, be they real life scarcity and the following insurance issues.
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Old 07-09-2017, 17:39   #2
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Re: Irma and the local boat market

Hurricane season inspires a lot of boat listings. Some boats storm damaged. Some owners awakened to the power of the sea. A young man I know just listed his < 6 month old purchase in Houston. I'm certain Harvey inspired the listing.
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Old 07-09-2017, 18:14   #3
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Re: Irma and the local boat market

If you want a project boat there will be hundreds. For those interested in a fixer upper project it is an interesting opportunity. I did this following Katrina. There were several thousand damaged boats for sale, many from insurance companies selling off those rated as totals.
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Old 07-09-2017, 23:37   #4
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Re: Irma and the local boat market

I'm glad you posted this, as I have been wondering the same thing, albeit with a guilty conscience, as so many have been so negatively affected. My heart bleeds for them... but... I was wondering what this means for the used boat market too.
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Old 08-09-2017, 01:06   #5
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Re: Irma and the local boat market

From my point of view, boat market will be down big time (that does not include salvage market). There are many reasons for that.
- Many dreamers will be scared as hell and will cancel their dreams altogether or (at least) for now,
- Some folks who were watching regular boat market, now will be waiting for insurance settlements and following salvage boat auctions, in hope to buy salvageable (not totally destroyed) boat for cheap and fix it up,
- Insurance rates almost certainly will go through the roof and it will be way-way harder to get insurance, without insurance - no financing,
- Charter companies will try to repair what's repairable (not total loss), they will have unlimited parts supply from total loss boats. Replacements for total loss boats most likely will be purchased after insurance settlements - not in near future,
- No way that someone will be in the rush to buy boat after such disaster (again, I'm not talking about damaged boats),
- In addition to ALL above there will be usual winter decline in boat market.
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Old 08-09-2017, 01:17   #6
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Re: Irma and the local boat market

Keep wondering why people on the southern and south-eastern USA (facing the terrible and angry Atlantic ocean) owning boats even bother. You are all condemned, and it is a wonder any boat insurance is made available.
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Old 08-09-2017, 01:34   #7
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Re: Irma and the local boat market

Many insurers set geographic limits with high deductibles if you leave the boat in a hurricane zone. Boats left on the hard and strapped down may have cover, but those left in the water maybe not so much. Policies usually have a "named storm" clause that sets the circumstance for coverage if you leave the boat say south of Chesapeake and North of Trinidad between July and November. I am not aware of the specific terms for all those charter boats in Tortola, one would hope that the charter companies had some sort of cover, albeit with a high deductible.
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Old 08-09-2017, 09:12   #8
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Re: Irma and the local boat market

I'm one of those currently in the market for a used boat. I live in Texas and was interested in a particular cat located on the coast. Have yet to find out the fate of that boat. I was hoping to take early retirement and start living aboard and cruising for a few years. These two storms have given me great pause on that idea!
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Old 08-09-2017, 09:19   #9
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Re: Irma and the local boat market

Quote:
Originally Posted by timbo1123 View Post
I'm one of those currently in the market for a used boat. I live in Texas and was interested in a particular cat located on the coast. Have yet to find out the fate of that boat. I was hoping to take early retirement and start living aboard and cruising for a few years. These two storms have given me great pause on that idea!
I'm in the same boat and wondered the same things:
BOAT PRICES

Am worried that this will drive prices up. And also had a couple boats in Florida I was going to go look at soon, oh well....
Will be an interesting next few weeks.
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Old 08-09-2017, 09:21   #10
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Re: Irma and the local boat market

Quote:
Originally Posted by timbo1123 View Post
I'm one of those currently in the market for a used boat. I live in Texas and was interested in a particular cat located on the coast. Have yet to find out the fate of that boat. I was hoping to take early retirement and start living aboard and cruising for a few years. These two storms have given me great pause on that idea!
Quote:
Originally Posted by Flyingriki View Post
I'm in the same boat and wondered the same things:
BOAT PRICES

Am worried that this will drive prices up. And also had a couple boats in Florida I was going to go look at soon, oh well....
Will be an interesting next few weeks.
Who says you have to keep your boat in the Caribbean? Actually, most of us are wondering why anyone would do such a thing during the hurricane season.
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Old 08-09-2017, 09:22   #11
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Re: Irma and the local boat market

Irma is a reminder of the old adage when it comes to boating, "it is best to own small(if you must own), and rent big". Unless you are a live aboard or cruising / racing for months at a time there is not much reason to own a big boat.

You can rent almost any type of large boat. If you rent just slightly off season the cost goes way down, it is less crowded and often you have better conditions / wind / weather. When you are done you hand the keys over and all the issues, expense is some one else's problem.
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Old 08-09-2017, 09:58   #12
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Re: Irma and the local boat market

I certainly would never disparage anyone from living in an area where they "have" to live, because of jobs, careers, family etc. But when it comes to "choice," living and owning property in areas from the gulf coast to the Florida Peninsula to up the east coast is, in my view, dangerous.

I spent the last 50 years in Broadcasting, mostly as a Broadcast Meteorologist, and for years and years, climatologists, meteorologists, NOAA and other government agencies have been warning about the proliferation of development in these areas. Everyone wants to live on the water, ( you ever watch "Beachfront Bargain Hunt or those other shows on HGTV?) but when a storm like Irma and now Jose comes thru, it's almost impossible to protect one's property and nearly impossible to evacuate. How do you evacuate the entire state of Florida? How can the federal government protect all these people?

I don't even know why I'm writing this because I have no answers to this problem. All I know is I "chose" to put my sailboat in Southern California, the water is too cold there for tropical storms, so all I need to worry about is earthquakes! (and weirdo's ha ha, I sail there, but I live in Arizona!)

Rick D'Amico
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Old 08-09-2017, 10:02   #13
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Re: Irma and the local boat market

Done it both ways, owned and chartered boats over 40 feet. After this disaster, I decided not to buy another boat. I will charter, enjoy, return the keys and go home. Not a world cruiser, no desire to do so, but enjoy the adventure of chartering a boat and sailing to various islands.
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Old 08-09-2017, 10:07   #14
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Re: Irma and the local boat market

If you are thinking of getting into repairing a savaged boat sooner will be better. In 6 months the weather and humidity will destroy much of what was left and could have been salvaged. But, and a big but there will be next to know support of facilities available so you will need to be mobile and self sufficient. I am very thankful I made it out of the Caribbean last season and not a fan, unless you like getting drunk in bars full of ex-pat Americans I saw little to recommend it
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Old 08-09-2017, 10:12   #15
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Re: Irma and the local boat market

As a liveaboard sailor who has had to prepare and leave his floating retirement home I can say "I'm insured!" I'm well insured to the point of buying a bigger boat would be on my list following the quibbling over deductibles and the nickel and dime BS of a total loss.

No that's not what I'm looking for and I am very happy to see the western side of FL getting more attention from Irma. I hope all my prep work pays off and that I can return to Sea Castle next week to continue my liveaboard life.

Boats come and go, but following this hurricane season there are going to be a lot of damaged, salvage boats for sale. With luck it won't be mine.
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