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Old 06-01-2015, 11:16   #1
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Turn an Island Packet PY Cruiser into an SP Cruiser?

I recently purchased a 2008 Island Packet PY Cruiser that was a repo, and it was relatively cheap. However, it is a rather "different" boat without a big following, so I realize it might be hard to sell when the time comes.

I was looking at the prices of similar year model SP Cruisers the other day, and noticed the asking prices were all around $400K. That sounds high to me, and I realize those are ask prices, but assuming they might eventually sell for maybe $350K I started wondering if I could get IP to retrofit my PY into an SP.

I called the Island Packet, and they can do the refit, for the price of around $80K. That would put me in at around $240K for a 2008 SP "refit" with brand new sails and rigging.

I'm not a big sailor, so I don't really need the sails other than maybe for stabilization and "get home" purposes, but the numbers seem to say the refit might be worth it. Am I missing something?

Thoughts?
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Old 06-01-2015, 11:25   #2
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Re: Turn an Island Packet PY Cruiser into an SP Cruiser?

There is a 2007 on YW for $280,000. If you could get close to that for a 2008 version you would be better off selling it as is.
Island Packet PY Cruiser boats for sale - www.yachtworld.com
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Old 06-01-2015, 11:39   #3
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Re: Turn an Island Packet PY Cruiser into an SP Cruiser?

Yeah I saw that one. Been for sale for awhile.

I'm not interested in selling right now-- maybe in a couple of years.

I was just surprised at the price differences between the PY and the SP.

Do you sailors think the market is pretty good for the SP? Is it a desirable boat? Would you buy a "factory refit"?


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Old 06-01-2015, 12:15   #4
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Re: Turn an Island Packet PY Cruiser into an SP Cruiser?

I would buy an IP factory re-fit in a heart beat, in my opinion a factory re-fit would increase the value of a boat, but be real sure on your numbers, I've seen very few people recoup money spent on a boat, very few.
Do it because you would want it, not because you'll make money on it, because I don't think you will
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Old 06-01-2015, 12:18   #5
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Re: Turn an Island Packet PY Cruiser into an SP Cruiser?

I believe IP is trying to stay alive in hard times, and is trying different things in the hope something will take, not everything is working for them. I'm sure it's build quality is there, but when you try to break into a new market, with very well respected and established competitors, it's tough.

Now these are just my opinions, worth not much
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Old 06-01-2015, 12:53   #6
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Re: Turn an Island Packet PY Cruiser into an SP Cruiser?

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Originally Posted by a64pilot View Post
be real sure on your numbers, I've seen very few people recoup money spent on a boat, very few.

This is what worries me. The numbers make it look too easy, and I know that's normally not the case.

I know there is not a big market for my boat. I bought it because it was relatively new and about the price of some 1980-1990 era trawlers I was looking at. It's a well built boat IMO, but doesn't have the room of a typical trawler, and it's a little odd looking. But maybe there is not much of a market for the SP Cruiser either?

I wonder what these used SPs actually sell for?


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Old 06-01-2015, 17:38   #7
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Re: Turn an Island Packet PY Cruiser into an SP Cruiser?

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I wonder what these used SPs actually sell for?


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Without that number, how can you make any of the others work? Enjoy the boat, have fun with it, I'm sure it's a quality boat, but until you have a very good idea as to resale value, I wouldn't put money in it, expecting to get it back at resale. Boats are a very poor investment, my accountant rolled his eyes when I told him I was buying a boat.
I think you will find out, not as much as you might think, I'm going to go out on a limb as guess most looking for that type of boat have never heard of Island Packet or few have. Name recognition adds a lot to the value of a boat, I think.



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Old 07-01-2015, 05:37   #8
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Re: Turn an Island Packet PY Cruiser into an SP Cruiser?

Got ahold of a brokers report. The 4 SP Cruisers that sold in the last 3 years in the US had an avg price of just above $300k. So yeah, not much room for error. High price of $335k, low of $280k.




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Old 07-01-2015, 05:44   #9
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Re: Turn an Island Packet PY Cruiser into an SP Cruiser?

Doesn't sound like you are really in love with the boat.
With what you paid for it, I believe you are in a position to "flip" it and make some money, then maybe buy what you are in love with.
You did seem to get an outstanding deal.
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