scurvy-yard-dog
Veteran Member
Is a boat that's been on the market since last August likely overpriced for this economy?
Is a boat that's been on the market since last August likely overpriced for this economy?
Simple answer: Yes. Otherwise it would have sold.
I have seen boats for sale that are way over market price one broker said some husbands do this to keep the wife happy that he selling the boat but truth known he has no intention to
Should I sell my house quickly where I could make an offer, what kind of offer would a boat like this bring?
Well, it is listed at Horizon Marine Center (the broker listed in Yachtworld) so I'm not sure how it's FSBO. Perhaps because the broker spelled the manufacturer's name wrong (Endeavor vs. Endeavour)?The boat is listed here. Endeavour boats for sale - YachtWorld
It's the 9th one down in the far left hand column.
Endeavour 37 A-PLAN (1)
I'm not ready to buy it because I have a house to sell but I'm trying to learn how to tell if a boat is being offered at a fair price. Should I sell my house quickly where I could make an offer, what kind of offer would a boat like this bring?
If you plan to keep it in FL, I would hope you are keeping in mind insurance rates are very high in FL due to tropical storms even though we have had any in 11 years.
Well, it is listed at Horizon Marine Center (the broker listed in Yachtworld) so I'm not sure how it's FSBO. Perhaps because the broker spelled the manufacturer's name wrong (Endeavor vs. Endeavour)?
You've clearly got the itch for this boat, but I have to say it looks like a very average boat, from a very average builder, with average equipment, in somewhat below average condition. The sun damage, the water damage evident on the bulkhead at the chair locker, the overall neglect - this boat was respected and invested in some time in the past but it really looks let go to me notwithstanding the replacements in the past several years.
I can't spot the air conditioner - where is it? I did see a vent in the saloon so I believe there's something somewhere, but I suspect it's marginal for this boat in a hot climate.
As to your question about selling your house quickly - and presumably realizing a lower price - I don't know your market or how fast you earn your money, but it would almost certainly be a poor decision from a net worth perspective. But if you've got the fever there's really no way I can communicate all the warning bells I'm hearing.
Well because it's Friday afternoon and I'm trying to avoid doing some work, here's some more - value it for what it costs (that would be zero!).This is the kind of feedback that is helpful to me and I thank you.
My thoughts on what to offer may offend some people ( especially the sellers).I'm not ready to buy it because I have a house to sell but I'm trying to learn how to tell if a boat is being offered at a fair price. Should I sell my house quickly where I could make an offer, what kind of offer would a boat like this bring?
Well because it's Friday afternoon and I'm trying to avoid doing some work, here's some more - value it for what it costs (that would be zero!).
Let's assume you do a deal at $30K. And a sea trial, haulout ($250), and survey ($300) shows nothing major wrong. There are lots of minor things, but let's just assume that it is what it looks like. So it runs, no major issues with structure, engine, or rigging. Most of the gear works. All of the safety gear is missing or out of date, but you're on your own. $30K, plus 6% Florida sales tax, and it's yours.
Insurance: $50/month (you can't get moorage without insurance)
Moorage: $400/month (wild guess here, $10/ft)
Utilities: $30/month for power, water's free, no TV, you might get wi-fi
Maintenance: $300/month minimum. I'm figuring you find someone who can maintain the boat for $25/hour & 3 hours/week. You could spend zero one month, $200 the next on a fresh water pump. This isn't going to get the woodwork in yacht club condition, but maybe it won't deteriorate further. Over time you might get some skills and tools and be able to take over most of this yourself, but then you're also not going to be earning money so there's some opportunity cost. And parts are expensive.
So...$800/month to keep the boat in essentially the same condition, tied to the dock, you living aboard. If you want to start using it then you're going to pay for fuel. You're going to end up doing more maintenance (and that generator looks sketchy). You'll pay guest moorage fees (or if you anchor out nearby, maybe you can "cruise" for very little).
But there are some surprisingly expensive pieces of equipment on that boat. The PV panel on the aft arch. The dinghy on davits. The windlass. The SSB radio. The winches. All of them are well used and...something might go tits up at any point. So you're going to need to keep a reserve fund to pay for replacing them as they reach end of life. $200/month reserve would, again, be minimum.
So...$1,000/month to live on a boat on the water. It won't be an end tie in a swanky marina with lots of facilities and it won't cover refurbishing and improving the boat, but it could be equivalent to "rent".
And then it's time to sell the boat. No hurricanes, no major change in boating tastes, but...let's say it's now 10 years down the road and the boat is 10 years older. What's it worth then? $25K? So you lose another $5K, and another $2,500 in brokerage fees when you sell it.
Tons of assumptions, but that's not an unreasonable scenario.
My thoughts on what to offer may offend some people ( especially the sellers).
So in short, boat sales are nuts. I've given up trying to be rational about it.
Thanks, Refugio. Good to know but many of them I'm aware of, like slip fees, insurance, utilities and maintenance. Those are the ones that I know about, although I have no idea the details of maintenance. My plan is to set $10k to $20k aside just for emergency repairs and then the ongoing maintenance can come of out my budget, which I know I won't use every month.
The things that are beyond me are things like extra added fees that only someone living on a boat would know about. Did I read somewhere that you have to pay fees for cruising the waters of certain islands or that a trip through the Panama canal could cost $17k?
I do appreciate the insight and I'm consuming everything that I can. Again... thanks.
Keep in mind Refugio is on the west coast and not in FL. If you keep a boat in FL during Hurricane season, your rates will be 4-5 times higher for say a 36' boat than what he has suggested. There is a reason so many boats head north before hurricane season besides the weather.