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Old 02-11-2016, 02:29 PM   #1
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Boat Economics

Is a boat that's been on the market since last August likely overpriced for this economy?
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Old 02-11-2016, 02:49 PM   #2
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Difficult to generalize. Could be more about that particular boat, the features it offers, how wide a market those features appeal to, etc.


Or it could be overpriced.


Depends.


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Old 02-11-2016, 02:57 PM   #3
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Too many variables, but worth considering is that if its been on the market for a while it is likely dead weight financially for the seller and they may be more motivated to sell - especially if they have payments to make on the new boat already.
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Old 02-11-2016, 03:03 PM   #4
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Prices are going up and used inventory is dropping.
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Old 02-11-2016, 03:23 PM   #5
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Quote:
Originally Posted by scurvy-yard-dog View Post
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.
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Old 02-11-2016, 04:09 PM   #6
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Or it might be a boat one cant give away.
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Old 02-11-2016, 04:09 PM   #7
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Where is it located? Frozen north? My understanding is the market drops off in the fall and picks up in the spring.
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Old 02-11-2016, 04:11 PM   #8
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Simple answer: Yes. Otherwise it would have sold.
Maybe I am deceiving myself but we put boat on the market in August and it has been in winter storage since October in the Great Lakes. I don't consider it over priced. If the boat were in FL, my opinion might change.
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Old 02-11-2016, 05:45 PM   #9
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It used to be 1-2 yrs was not that far off for a boat to sell. Have times changed?
How did you determine an asking price?

If someone is interested in your boat could they do a sea trial? If not then perhaps your boat has been on the market for only 2 months.
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Old 02-11-2016, 10:21 PM   #10
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The boat is in Delray Beach, FL. and is for sale by owner. It was initially listed last August. I'll have to learn boat values. I saw 2 boats earlier today online for sale by owner that were the same model, model year, length, engine, etc. and the price difference in the 2 was about $60k. Apparently there are differences in the 2 boats but it's not something that's easily discernible for a beginner. Part of it could be cosmetic, part could be maintenance and part could be ego. That's the part I need to figure out.
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Old 02-11-2016, 10:53 PM   #11
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Could be a difficult seller (in general, a great source of great deals), or under-exposed to the market, but otherwise it must be overpriced and probably significantly so.
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Old 02-11-2016, 11:49 PM   #12
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"Boat" and "Economics"
...non sequitor...



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Old 02-12-2016, 06:19 AM   #13
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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
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Old 02-12-2016, 07:01 AM   #14
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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
I think those are the ones where they open the storage areas and take photos of EVERYTHING and put them on yacht world. Anyone in their right mind would give up early and not even contemplate the boat being sold.

If I were a broker, I would:
dejunk / declutter the boat.
clean the boat well
remove any personal effects (at least temporarily)
get a pro photographer to take good photos of the boat
post selected photos of the boat
Add info on each photo so it doesn't say "Photo 15" but describes the photo.
Make sure all the parts in the description are clearly worded and correct.
Typo check the whole thing before I click submit.
then I would read the posting again once it is on Yachtworld and make any corrections needed there.
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Old 02-12-2016, 07:14 AM   #15
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Since year one,, "Paint Sells the Boat"has been the mantra.

Even truer today with folks with Zero boating background as buyers.

They want to come aboard with their toothbrush and a photo for the wall, and put put away on a new adventure.
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Old 02-12-2016, 09:23 AM   #16
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Our boat was listed with a broker for a year. No one came to take a look. Two friends had sold their boats earlier. Dropped my broker and listed with theirs. Boat sold in less than three months with the second party that looked at it.
The right broker makes all the difference.
And no, I am not a broker.
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Old 02-12-2016, 09:54 AM   #17
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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?
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Old 02-12-2016, 09:59 AM   #18
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"Is a boat that's been on the market since last August likely overpriced for this economy?"

DEFLATION has hit the world after two decades in Japan.

That means every day things get cheaper , money becomes more valuable.

So "overpriced " is only if there has not been a price reduction today.

For the decades "I like your house , I will come back next year and buy it cheaper ,"has been the Japan motto.
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Old 02-12-2016, 10:18 AM   #19
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Dog

A 37 year old sailboat is not an easy sell. It looks like lots of them are for sale, further adding to the conundrum. Cost to rerig, new sails, rudder shaft rebuild, keel bolts, engine replacement etc could all enter into the go forward costs.
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Old 02-12-2016, 10:36 AM   #20
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Quote:
Originally Posted by scurvy-yard-dog View Post
Should I sell my house quickly where I could make an offer, what kind of offer would a boat like this bring?
You can make any offer you want but I would expect a selling price of 90% of the asking price then a further reduction might be negotiated for any issues found during the survey. A lot will depend on how many other buyers are interested and how badly the seller wants to move boat. I am aware of a seller who sold an absolutely pristine 1984 Southern Cross 35' for about $50K. I don't think Endeavour has quite the desirability of the Southern Cross which is a true blue water boat.

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.
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