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Old 11-01-2009, 16:41   #1
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"Chance" to buy a wreck.

Hey!

There's a boat on land just a few hundred yards from my home. i've been going past it every day and wondered about it. The cover is blown off and it looks like no one has cared for it in ages. in fact, the last time the spot of land it stands on was payed for by the owner was in 2003. Today for the first time I stopped and had a closer look at it. The hull looks OK, no groundings, no obvious sign of osmosis or other damages. From what I can see from below, the deck is in need of at least a good clean. It's very likely to have leaks though. The boat is built in GRP by the way, some time during the 80's, it's a Malö 106 Malö 106 As I stood there looking (did I mention that the place is now a construction site and all the other boats have been moved), a man from the yacht club came by, obviously curious about who I was. We started talking and I asked about the boat. According to him it's a wreck, it suffered some damages (not obvious from where I stood) during a hurricane 4 years ago. Since then it's been on land without care. He also said that it was rumored that the engine had frozen and been blown to pieces and the same thing with the hull. Again. No sign of frostbite from the outside, might be on the inside though as the core material is balsa. Furthermore he claimed that the value of the boat had been estimated by the yacht club at $6000. the going rate for this boat in good condition here is around $105000. Or was until the financial breakdown. He didn't say who valued the boat though, if it was done by an authorized professional or some "know-it-all" from the club. The owner is known but doesn't give a damn. I have his number and I'll try to have a look at the boat. I make no illusion regarding the amount of work it could require and I'm fairly handy. At best, a new engine and fixing some water damages. At worst a completely new interior and new core material in the entire hull and deck. I estimate that my current boat would pay for the restoration and then I would have a larger boat worth 3 times what I spent on it. I estimate, based on a worst case scenario, the amount of time I'd have to spend on it to 3 years. What do you think? Is the worst case scenario doable? Changing all the core material in the hull, putting in divinycell in stead of balsa? If he'd sell it for 6000 I could give him cash in hand and I'd even have most of it back even if I had to sell the boat in bits and pieces.

/Hampus
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Old 11-01-2009, 16:49   #2
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Offer to take the boat of his hands for nothing.

If you pay for a wreck it could cost you more than you ever though
possible to get it sea-worthy:

Some boats have a "Negative Value", they are worth less than nothing.
In many cases you get ahead by paying for a very well maintained boat.

Rarely do you ever get something for nothing..
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Old 11-01-2009, 16:53   #3
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True. I'll probably know more if, or when, I've had a look at it. but I read you
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Old 12-01-2009, 05:45   #4
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If you think you would need to completely re-core the lament I can’t see it being worth anything as far as fixing it up. There may be some value in salvaging some bits and pieces.
You'll know a lot more if you can get on/in it.
Be sure to have a good look at the connection between the bulk heads and the hull.
Let us know what you find out.
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Old 12-01-2009, 13:59   #5
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The project came to an abrupt halt today when I called up the owner. I asked if he was the owner of the boat and he said: "No! It's not for sale anyway!!!" And slammed the phone in my ear. I guess I must have hit a sensitive spot there I have not given up just yet though. The boat now stands on property belonging to the construction company and I'm keeping my eyes on it to see wether the owner accepts his responsibility or if there will be a forced sale. If I get a chance to see the boat from the inside I'll update you. Meanwhile, I'll go back to installing those new watertanks in my own boat Thanks!

/Hampus
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Old 12-01-2009, 15:08   #6
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The project came to an abrupt halt today when I called up the owner. I asked if he was the owner of the boat and he said: "No! It's not for sale anyway!!!" And slammed the phone in my ear. I guess I must have hit a sensitive spot there I have not given up just yet though. The boat now stands on property belonging to the construction company and I'm keeping my eyes on it to see wether the owner accepts his responsibility or if there will be a forced sale. If I get a chance to see the boat from the inside I'll update you. Meanwhile, I'll go back to installing those new watertanks in my own boat Thanks!

/Hampus
I took on such a project in 1990.

I purchased a 1980 Passport 45 ketch that had fallen over in the boat yard. The bulkheads on the SB side were blown out, there was a hole in the hull (from falling on the big steel boarding ladder wheels), the engine had sea water in it from the exhaust water separator being higher than the engine while laying on her side. The deck was delaminated as well.

The yard's estimate to repair the vessel was over $130,000. The insurance paid off the owner as a total loss and I purchased the salvage from the owner.

I repaired the hole in the hull over a weekend and had them put the boat back in the water. I towed the boat to my mooring and started taking out the SB interior and cabin sole to install new bulkheads, re-glass the hull from the inside for extra reinforcement and complete all the repairs to prepare for a circumnavigation.

3 years and $56,000 later, the boat was finished and ready to go. That amount included all new electronics, fuel tanks, waste holding tanks, cabin sole, new 2 cyl aux diesel, new fridge/freezer, repairing masts, new chain-plates, rigging, repairing the engine etc. and about 2000 hours labor.

It was worth it to me....I ended up with exactly the cruising yacht that I wanted.....would I do the same thing on a 35' boat....no way.

I think that your valuation of $105K on that vessel may be a bit high.A mid 80's, 35' boat would have to be in pristine condition, with a lot of new gear to fetch a price like that.

If you are serious about obtaining that vessel, I'd contact the property owner and tell him that you will be responsible for removing the vessel if he will obtain the title by getting a lien on the vessel.

You should be able to get it for free. In fact, the property owner may be willing to pay you to have the boat removed. It must be costing him a fortune to sit there and if he has to dispose of it, it will cost him 2 fortunes.
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Old 12-01-2009, 15:33   #7
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Quote:
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I think that your valuation of $105K on that vessel may be a bit high.A mid 80's, 35' boat would have to be in pristine condition, with a lot of new gear to fetch a price like that.
I know that's a high price, especially compared to what you're used to in the US, but boats are a lot more expensive over here. Especially this type as it is built locally and extremely popular. There is one for sale right now at $100.000.

Malö 106, 1986, SEK 985.000, Gebraucht Segelboot, Zu verkaufen, Göteborg Schweden This one from 1986 is for sale at €91.979 which is approx. $123.500 Overpriced? Definately! Consider that it was sold for $75.000 new back in 1983. that's quite exceptional, but it's the going rate here and they usually get what they ask.

I've contacted the yachtclub about the boat to see what their position is.

/Hampus
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