Reply
 
Thread Tools Display Modes
 
Old 08-07-2013, 11:16 PM   #1
Member
 
City: Sacramento
Country: US
Join Date: Aug 2013
Posts: 22
What value would you put on a 1983-84 Kha Shing Spindrift?

I am in the market finally! I recently looked at a 1983-84 Kha Shing Spindrift 40', because it was local and I met the owner who is a great guy. Anyways the skinny on the boat....
-twin volvos, one is toast!,
-in fresh water (somewhat fresh delta water)
- needs some major teak work on decks and inside
- front windows leaked, not bad, but the plywood is delaminating
- extremely faded gelcoat
- sun damage on entire railing
- needs paint basically on every external wood trim piece
- its at the harbor I want it at!
- had the shafts done, but before the motor went kurplunk


What I want the boat for: I am looking for a liveaboard trawler style boat. This boat has a sweet layout, and is essentially all I need. I don't mind a TLC boat at all, keeps me busy on weekends. What would you guys estimate a boat in this shape is worth? I would take pictures, but thats up to the owner and not to me. Any tips/advice/comments are greatly appreciated.
__________________
Advertisement

cseitz91 is offline   Reply With Quote
Old 08-08-2013, 04:10 AM   #2
Guru
 
AusCan's Avatar
 
City: Adelaide
Country: Australia
Vessel Name: Kokanee
Vessel Model: Cuddles 30 Pilot House Motor Sailer
Join Date: Jul 2012
Posts: 2,091
Welcome cseitz!

I'd hate to rain on your party but....
To be honest, to me this sounds like a MAJOR project. If you brought it into a boatyard for the work to be done, your bill could easily be in excess of $100,000.
The work on the teak decks alone is likely to cost over $30,000.
If you have all the skills, and worked on it yourself every weekend, it would take many years to complete the repairs. In the end, it is likely the resale value wouldn't cover the money you invested in regardless of the initial purchase price.

You may think it is fine to live in as it is but in order to stay in a marina, insurance cover is required. Your insurance company will require a good survey inspection before they will insure the boat. There may be ways around this, but check it all carefully before comitting yourself, even if someone is giiving you a boat for free.
__________________

AusCan is online now   Reply With Quote
Old 08-08-2013, 06:55 AM   #3
Guru
 
psneeld's Avatar
 
City: Avalon, NJ
Country: USA
Vessel Name: Freedom
Vessel Model: Albin 40
Join Date: Oct 2011
Posts: 15,853
Worth? A word often used in the "used" boat world that I have come to learn doesn't mean a thing.

First...many will tell you boats provide pleasure that is "worth" more than money...well these are the same guys that will beat you up when buying your boat because the stitching on the bimini cover looks "suspect".

For me...I knew my trawler was probably a throwaway...meaning I had to buy one in less than perfect shape and there was no way I was going to "restore" to original...to me not worth the time, money or aggravation. I had to move aboard and get on with life. When done with it in 20 years...if it brings money to my kids great,...if not...I'll have to will them the crush and dumpster charge. My guess it will bring something as it will be a functioning cruiser...just not spit and polish and approaching 50 years old at that point.

My boat had a relatively new rebuilt engine in her and the rest was as bad or worse than the boat you describe. I paid about 1/2 or $40,000 less than the others out there in "good" condition (+/- $90,000). After several years of slaving away on her...yes...I could probably get my money back out of her...but the sweat equity...no way. Auscan is correct that if I paid a yard to do the $50,000-$100,000 worth of work...I would certainly never get that back either.

My basic feel for project boats is that the boat you describe should be less than $50,000...maybe in the $30's due to the bad engine...maybe it's a bit higher because every other system is brand new...but that's a wild guess. Sometimes boat's worth is based as much on what other similar boats are around and what's their asking price. In two months that can change dramatically.
psneeld is offline   Reply With Quote
Old 08-08-2013, 11:46 AM   #4
Member
 
City: Sacramento
Country: US
Join Date: Aug 2013
Posts: 22
I couldn't agree more on in regards to the meaning of the word "worth". I wouldn't say that the electronics on the boat are new in anyway, so thats not a huge selling point for this boat. I don't mind the work involved, in fact I enjoy it, but I don't want to over pay for something. This is a new adventure for me, and I don't want to be swallowed by it in the long run. It not about making money with me, but I sure as hell don't want to lose a ton of money. The owner of the boat owes XXXXX dollars on it, so he has a set price in mind so he can pay it off. It seemed high to me because the of the condition of the boat. It might be in the sellers best interest to put some money in the boat before he sells it to try an recoup something.
cseitz91 is offline   Reply With Quote
Old 08-08-2013, 11:56 AM   #5
Scraping Paint
 
City: Fort Lauderdale
Vessel Model: CHB 48 Zodiac YL 4.2
Join Date: Oct 2007
Posts: 3,804
Quote:
Originally Posted by cseitz91 View Post
It might be in the sellers best interest to put some money in the boat before he sells it to try an recoup something.
It would be far better for the owner to put that money into paying off what he owes rather than fantasize about recouping something if the boat ever sells.
RickB is offline   Reply With Quote
Old 08-08-2013, 12:10 PM   #6
Guru
 
psneeld's Avatar
 
City: Avalon, NJ
Country: USA
Vessel Name: Freedom
Vessel Model: Albin 40
Join Date: Oct 2011
Posts: 15,853
There was a 36 Albin near Annapolis that a broker told me wasn't a project boat...well it turned into one after I drove over to see it...

The broker confessed to a lot at that point after I glared at him...he mentioned that a guy had come in and offered $7000 for just the engine core...the boat could stay. Broker and owner said no way.

A couple of months later, after being laughed at by me and several other knowledgeable buyers (the guy was asking something like $39,000), the original guy came back...offered $6000 this time for the engine only again...the deal was made. Not sure who had to pay for the hull to be crushed up and hauled away.

Because I got some of the info from the very upset broker...I can't attest to all the details..but it sounds accurate...

Most sellers out there are in a dreamworld with these older trawlers in not very good shape...there aren't enough idiots like me to buy them all.
psneeld is offline   Reply With Quote
Old 08-08-2013, 12:23 PM   #7
Member
 
Barco Sin Vela's Avatar
 
City: Jax
Country: Estados Unidos
Vessel Name: Barco Sin Vela
Vessel Model: Nova Heritage East SD 40
Join Date: Jul 2013
Posts: 18
Following along with psneeld comment; I would think there's no telling what kind of bills the boat owes for past dockage or work performed.
Barco Sin Vela is offline   Reply With Quote
Old 08-08-2013, 01:23 PM   #8
Guru
 
City: Hotel, CA
Country: Fried
Join Date: Sep 2011
Posts: 8,328
It's human nature to dig for bargains, I did too. But the truest advice shared with me when starting my search is "there ain't nothing more expensive than a cheap boat".

Not unlike psneeld above and many others I still get tempted by project boats but in the end am damn glad I didn't buy one. My hobby is boating not boat refurbishment. IMO every boat has enough little projects to keep a guy busy putzing around without starting out with a refit. My 2 cents.
__________________
Craig

It's easier to fool people than to convince them that they've been fooled - Mark Twain
CPseudonym is offline   Reply With Quote
Old 08-08-2013, 01:47 PM   #9
Member
 
City: Sacramento
Country: US
Join Date: Aug 2013
Posts: 22
Quote:
Originally Posted by Barco Sin Vela View Post
Following along with psneeld comment; I would think there's no telling what kind of bills the boat owes for past dockage or work performed.
The boat is up to date as far as registration and dock fees go. The owner is an extremely busy person, and hasn't touched it in a year, just pays the fees, and it sits (in the slip I want haha).
cseitz91 is offline   Reply With Quote
Old 08-08-2013, 01:54 PM   #10
Senior Member
 
Adelaide's Avatar
 
City: La Conner, WA
Country: USA
Vessel Model: 1983 Tung Hwa Clipper
Join Date: Sep 2011
Posts: 365
Quote:
Originally Posted by cseitz91 View Post

The boat is up to date as far as registration and dock fees go. The owner is an extremely busy person, and hasn't touched it in a year, just pays the fees, and it sits (in the slip I want haha).
......With a bum engine. How much is he asking?
Adelaide is offline   Reply With Quote
Old 08-08-2013, 02:09 PM   #11
Enigma
 
RT Firefly's Avatar
 
City: Slicker?
Country: Bumpkin?
Join Date: Oct 2007
Posts: 9,994
Greetings,
Mr./Ms. 91. Welcome aboard. Now come back down to earth for a sec'....Let me get this straight. So there's this really nice but very busy guy who has a boat he's neglected for a year (if not more), isn't interested in either maintenance OR repairs, owes a sum of money on it and wants YOU to pay for it? Hmmmm......What value would I put on the boat? $50K AT LEAST!!!! Maybe you can get HIM to pay YOU $40K (bit of a discount because he IS a nice guy) to take it off his hands.
__________________
RTF
RT Firefly is offline   Reply With Quote
Old 08-08-2013, 02:42 PM   #12
Guru
 
bligh's Avatar
 
City: Santa Cruz, CA
Country: USA
Vessel Name: Frisky
Vessel Model: 99 Nordic Tug
Join Date: May 2013
Posts: 1,096
out of curiosity , does anyone know the ballpark cost of rebuilding or replacing one of those volvos?
bligh is offline   Reply With Quote
Old 08-08-2013, 02:46 PM   #13
Guru
 
bligh's Avatar
 
City: Santa Cruz, CA
Country: USA
Vessel Name: Frisky
Vessel Model: 99 Nordic Tug
Join Date: May 2013
Posts: 1,096
Quote:
Originally Posted by cseitz91 View Post
The owner of the boat owes XXXXX dollars on it, so he has a set price in mind so he can pay it off.
FYI: Owing a bank more than a boat is worth is very common, especially if maintenance has been neglected.
bligh is offline   Reply With Quote
Old 08-08-2013, 03:38 PM   #14
Member
 
City: Sacramento
Country: US
Join Date: Aug 2013
Posts: 22
He said he owes $50k on it, and thats what he wants for it. I thought that was high for what the boat it, and its current state. From what I have been told Volvos are expensive to repair. I would ofcourse do it myself, but that doesn't make parts cheaper. Any ideas what a ball park would be for a boat like this? Another thing, the inserts around the small ports windows, and exhaust vents have little cracks around them in the gel coat. Is this something terribly bad say if moisture gets in the cracks, between the gellcoat and fiberglass?
cseitz91 is offline   Reply With Quote
Old 08-08-2013, 03:48 PM   #15
Guru
 
City: somewhere
Country: USA
Join Date: Jan 2013
Posts: 1,356
Sounds like the owner needs to short sell this tub.
__________________
Life is a Beach
beachbum29 is offline   Reply With Quote
Old 08-08-2013, 04:03 PM   #16
Guru
 
Codger2's Avatar
 
City: San Diego
Country: US
Vessel Name: "Sandpiper"
Vessel Model: 2006 42' Ocean Alexander Sedan
Join Date: Oct 2007
Posts: 5,420
Quote:
Originally Posted by CPseudonym View Post
But the truest advice shared with me when starting my search is "there ain't nothing more expensive than a cheap boat".
My hobby is boating not boat refurbishment.
The really sad part is that "Immediate Gratification" takes over and the desire to own a boat, any boat, rules what turns out to be a very bad decision.
__________________
Codger2

My passion for improving my boat(s) exceeds my desire to constantly cruise them.
Codger2 is offline   Reply With Quote
Old 08-08-2013, 04:05 PM   #17
Enigma
 
RT Firefly's Avatar
 
City: Slicker?
Country: Bumpkin?
Join Date: Oct 2007
Posts: 9,994
Greetings,
From your description, I would honestly say about $10K. Really. Aside from the blown engine: Major teak work on decks and inside....De laminated ply in forward sections....needs paint and what CAN'T you see? The owner has a junk boat and he's looking to offload it to some sucker-YOU! Ah, it has "new" shafts...Whoop-de-do! That's all of $5K right there. Not even having seen the boat, I would hazard a guess you would have to put at LEAST another $40K into it to get it anywhere half decent. Then you have $90K invested. Check out second listing below (asking $100K)

Project: 1981 Litton Trawler 41'

1989 45' Golden Star sundeck CHB

The second vessel is on the west coast. Twice the price BUT appears to be 4X the value IMHO.
Run away from the "deal" fast!
__________________
RTF
RT Firefly is offline   Reply With Quote
Old 08-08-2013, 04:09 PM   #18
Guru
 
City: somewhere
Country: USA
Join Date: Jan 2013
Posts: 1,356
I will say that we bought a boat that most on here told me that I was foolish. It took 8-10 weeks to repair and we are still working out some of the bugs.

Main thing is it's floating in it's slip, we stay on board 3-4 nights a week and it was bought at $40K below market.

Just finishing up the detailing, systems updates before taking the next trip.
__________________
Life is a Beach
beachbum29 is offline   Reply With Quote
Old 08-08-2013, 04:31 PM   #19
Guru
 
psneeld's Avatar
 
City: Avalon, NJ
Country: USA
Vessel Name: Freedom
Vessel Model: Albin 40
Join Date: Oct 2011
Posts: 15,853
[QUOTE=cseitz91;172241]He said he owes $50k on it, and thats what he wants for it. I thought that was high for what the boat it, and its current state. From what I have been told Volvos are expensive to repair. I would ofcourse do it myself, but that doesn't make parts cheaper. Any ideas what a ball park would be for a boat like this? Another thing, the inserts around the small ports windows, and exhaust vents have little cracks around them in the gel coat. Is this something terribly bad say if moisture gets in the cracks, between the gellcoat and fiberglass?[/QUOTE

Really hard to say without really seeing it and the bottom..if it's full of blisters and never barrier coated....wow...

Just in salvage, one working motor, one core, and a few bits and pieces...minus the cost of getting rid of the rest would be down in the $10-$15,000 range I would GUESS. I would guess floating with a decent bottom...somewhere's around $20-$25000. If the interior is good except the front windows and the other systems are relatively new...maybe $30-$35,000.

Can't say for sure...but I think it would bring more if it was a single as long as the single engine was working well.

Realistically...to offer him what he needs out of it would be a real stretch in my mind....I doubt he thinks it's worth less than $50K but it sure doesn't sound it.
psneeld is offline   Reply With Quote
Old 08-08-2013, 05:37 PM   #20
Senior Member
 
Adelaide's Avatar
 
City: La Conner, WA
Country: USA
Vessel Model: 1983 Tung Hwa Clipper
Join Date: Sep 2011
Posts: 365
Quote:
Originally Posted by cseitz91 View Post
He said he owes $50k on it, and thats what he wants for it. I thought that was high for what the boat it, and its current state. From what I have been told Volvos are expensive to repair. I would ofcourse do it myself, but that doesn't make parts cheaper. Any ideas what a ball park would be for a boat like this? Another thing, the inserts around the small ports windows, and exhaust vents have little cracks around them in the gel coat. Is this something terribly bad say if moisture gets in the cracks, between the gellcoat and fiberglass?
Ok, now go find every like boat around and view, view, view. Only then will you be able to gauge the deal. With that said, engine problems are a bear and the Volvo engines are not going to be off the shelf parts. In fact, call around to some diesel mechanics and talk with them about the Volvo engines. Good luck!
__________________

Adelaide is offline   Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off





All times are GMT -5. The time now is 06:39 AM.


Powered by vBulletin® Version 3.8.8 Beta 4
Copyright ©2000 - 2017, vBulletin Solutions, Inc.
Search Engine Optimization by vBSEO 3.6.0
Copyright 2006 - 2012