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Old 11-05-2020, 14:13   #1
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Lots of Hurricane boats hitting the market

We are still a year from starting to seriously look but whenever the weather sucks out I sit and browse/dream. I've noticed that in the past month or so tons of Hurricane damaged cats have hit the market which I'm sure is to be expected but it got me curious. Is it even possible to repair a boat like this one and come out ahead vs just buying one in good shape? It seems like you can get a decent Lagoon 410 for $200-225k so if you're paying $50k for a severely damaged one would you actually come out on top? I have no interest in taking on a project of this size myself, but like I said I'm simply curious.

https://www.yachtworld.com/boats/200...10-s2-3218246/


I might consider taking on something like this, but again it begs the question; would you actually come out ahead after the risk of unforeseen repairs compared to just buying one in good shape? Also once a boat is demasted in a storm is it ever really as good as one that wasn't?


https://www.yachtworld.com/boats/201...rd-44-3672583/
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Old 11-05-2020, 14:25   #2
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Re: Lots of Hurricane boats hitting the market

I would think that after a year, the ones that are feasible to fix are sold. Now you are looking at things no buyer has wanted.
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Old 11-05-2020, 14:30   #3
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Re: Lots of Hurricane boats hitting the market

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Originally Posted by nuru05 View Post
We are still a year from starting to seriously look but whenever the weather sucks out I sit and browse/dream. I've noticed that in the past month or so tons of Hurricane damaged cats have hit the market which I'm sure is to be expected but it got me curious. Is it even possible to repair a boat like this one and come out ahead vs just buying one in good shape? It seems like you can get a decent Lagoon 410 for $200-225k so if you're paying $50k for a severely damaged one would you actually come out on top? I have no interest in taking on a project of this size myself, but like I said I'm simply curious.

https://www.yachtworld.com/boats/200...10-s2-3218246/


I might consider taking on something like this, but again it begs the question; would you actually come out ahead after the risk of unforeseen repairs compared to just buying one in good shape? Also once a boat is demasted in a storm is it ever really as good as one that wasn't?


https://www.yachtworld.com/boats/201...rd-44-3672583/
Looks like The hurricane winds were so strong that the propellers were blown off their shafts
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Old 11-05-2020, 14:37   #4
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Re: Lots of Hurricane boats hitting the market

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I would think that after a year, the ones that are feasible to fix are sold. Now you are looking at things no buyer has wanted.
Is that kind of how it goes? The locals and brokers who know what things are worth and have all the local connections scoop up all the deals in the months following and just leave the junk behind?
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Old 11-05-2020, 14:47   #5
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Re: Lots of Hurricane boats hitting the market

All of the good cats have been scooped up but there are still deals to be had because of the sheer number of damaged boats.

I am currently in green turtle, one of many ground zeros for dorian, cleaning up my personal mess, and patching a friends boat. I got a 24' fiberglass traditional bahamian sloop with rig and sails, but 3 holes, for a dollar. After a month and a half she is better then shes been in years...

Some other examples. There are 2 other boats ive enquired about, both were on the hard and lost their rigs but did not fall over. A mariner 31 ketch with a yanmar diesel could be had for free, needs a mainmast (which i have) and chain plates... nicholson 31 with a cape horn windvane and otherwise very nice boat could be had for 5k need a rig and a stantion.. if you are handy and capable there is plenty of upside on both of these... a c&c 34 left the yard under its own power with no rig for $500... get out there and have some fun
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Old 11-05-2020, 21:55   #6
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Re: Lots of Hurricane boats hitting the market

https://youtu.be/7xyybKdBgrk

These guys bought a L450 that was severely damaged and are now sailing it.


The key is can you and will you do the work? If so then you can come out ahead but if not you will pay more to professionals to repair the boat than it would have cost to buy an undamaged boat
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Old 12-05-2020, 09:28   #7
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Re: Lots of Hurricane boats hitting the market

But if you look at the costs, parley did not come out well. They paid 250k for the boat and it was heavily damaged. Time and money spend we’re not worth the hassle. But they did a great job.
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Old 12-05-2020, 09:33   #8
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Re: Lots of Hurricane boats hitting the market

Not a hurricane boat but a similar story.

We bought a boat in 2014 that had been badly neglected for over a decade. The seller was desperate so we made a lowball offer and he reluctantly took it. We have done this 4 times before.

My questions are: are you an electrician, plumber, fiberglass, refrigeration, stainless expert? How much money are you willing to spend to bring it back? Most importantly, how much time?

Project creep was our biggest problem. We thought we were addressing one problem, but when we got down there, three other problems were there, OR (saddest of all) we would create a new problem by fixing the first one.

It was 3 years living aboard and fixing before we were able to go out for any considerable time and our list of "to do's" is only 3 pages instead of 7 and none of them are life threatening, all cosmetic.

After counting the cost of the boat and the cost of the repairs and upgrades we could have bought a boat in better shape and gone sailing almost immediately.

The plusses are that we know every inch of the boat, we trust our own repairs, and although she's still not the queen of every harbor we enter, she is an eye catcher and we're proud we were able to pull this off. Just not doing it again.

Whatever you choose, good luck to you!
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Old 12-05-2020, 10:13   #9
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Re: Lots of Hurricane boats hitting the market

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Originally Posted by redhead View Post
SNIP


After counting the cost of the boat and the cost of the repairs and upgrades we could have bought a boat in better shape and gone sailing almost immediately.

SNIP
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Old 12-05-2020, 10:34   #10
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Re: Lots of Hurricane boats hitting the market

My 2 centavos... We bought a fixer upper as well, neglected over the previous 10 years, but in sound condition. I love to work on all things electrical/mechanical/structural so I was happy, because there were many things to update, replace or simply repair.

After 18 months we are finished (that’s a joke) with all repairs and upgrades, and are very happy with the outcome. We couldn’t have bought a modern boat at 45’ with all of our wants for anywhere in the hemisphere of cost expectations.

So, in short, the answer is , it depends what your wants are.

Good luck
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Old 12-05-2020, 11:12   #11
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Re: Lots of Hurricane boats hitting the market

I think as long as the boat is fine just tarnished badly, it could be a deal.


Think of a sound hull and structure, a good mast and two sound engines. Avoid any trouble with rudders too. Most of the rest in a boat can be fixed then.



But this kind of deal is for the kind of guys who like to work and CAN fix all the systems: engines, electrics, gelcoat, glazing, etc. And then some woodwork and upholstery skills are required too.


Cost? Oh, well. If you are ready to work for free ;-) and you should, then she will still come way below 100k.


Skilled and handy people rejoice. The rest of us - get a good boat in good condition pay 150k and upwards.


Last time I checked, there were no flights to the Virgins nor out. With another hurricane season coming soon, I would not touch this before September anyway.



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Old 12-05-2020, 11:48   #12
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Re: Lots of Hurricane boats hitting the market

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But if you look at the costs, parley did not come out well. They paid 250k for the boat and it was heavily damaged. Time and money spend we’re not worth the hassle. But they did a great job.


From watching their videos I recall that they are in for $250k after the repairs? That is without their many months of labour. Great job!
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Old 12-05-2020, 12:22   #13
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Re: Lots of Hurricane boats hitting the market

It may be hard to get insurance for a vessel that was previously totaled.
I bought a vessel that was in charter service for way below its value. We put 40k into her, Now I know the vessel inside out, and there is no trace of charter left on It, and everything is new or like new now.
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Old 12-05-2020, 12:27   #14
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Re: Lots of Hurricane boats hitting the market

Is the seller of a repaired, formerly heavily damaged boat required in any way to disclose that fact? As a buyer of a repaired boat, I would be looking for a huge discount, because that stigma will always be carried forward. A big selling point is always NDH-No Damage History!
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Old 12-05-2020, 12:54   #15
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Re: Lots of Hurricane boats hitting the market

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Originally Posted by nuru05 View Post
Is that kind of how it goes? The locals and brokers who know what things are worth and have all the local connections scoop up all the deals in the months following and just leave the junk behind?
That is my understanding for the new, nearly new, popular models. You might still be able to find the odd privately owned boat for sale.
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