What are the odds?

There was a discussion yesterday about restoring boats and the associated expenses. Sure, some people just do it for the pure enjoyment. I can understand that. Check out the following link. Would love to know what everyone thinks are the odds that this fellow will sell this boat anywhere close to what he must have spent on it. This boat is located in a shed in the marina next to ours. It is absolutely awesome. I disagree with some of the things he has done, but, hey, that's just me. If you were to buy this boat you would still have to add A/C.

2009 Chung Hwa Custom Trawler Power Boat For Sale - www.yachtworld.com

It's a beauty the odds of him getting the asking price about -0- in my opinion.
Bill

To many unknowns including the actual money spent in restoration...

Without crawling over the boat and seeing in person and doing the math...speculating is only an internet pastime...not for serious boating people.

head on over to the rollover yacht and speculate there...that's even more up for grabs.

Is there actually a place called rollover Yacht? I think that funny not making fun of you the statement in itself is humorous. Perhaps you are referring to the 10 million Yacht roll over that happened a few days ago?
Bill

psneeld said:

To many unknowns including the actual money spent in restoration...

Without crawling over the boat and seeing in person and doing the math...speculating is only an internet pastime...not for serious boating people.

head on over to the rollover yacht and speculate there...that's even more up for grabs.

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Guessing that you are a more "serious" boating person than the rest of us. And, you seem to spend considerable time on the internet yourself. The only reason I made the original post was to point out that sometimes a project boat can get out of control. The results may be great but.........

What ever the value of that boat is it can only be determined by what a buyer is willing to pay and our opinions wont mean much once somebody puts the money on the barrel head. That aside the pictures show a very well turned out boat shiny and neatly done. A new boat might go for 400-600 thousand. How sound the hull decks plywood bulkheads and motor would be big factors in value. If all are as good as the boat looks it would make a good cruiser or retirement home and 200 grand might not be so crazy.

eyschulman said:

What ever the value of that boat is it can only be determined by what a buyer is willing to pay and our opinions wont mean much once somebody puts the money on the barrel head. That aside the pictures show a very well turned out boat shiny and neatly done. A new boat might go for 400-600 thousand. How sound the hull decks plywood bulkheads and motor would be big factors in value. If all are as good as the boat looks it would make a good cruiser or retirement home and 200 grand might not be so crazy.

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Exactly

Somebody looking for that type of boat might look at it, and determine its a great value.

Barpilot said:

Guessing that you are a more "serious" boating person than the rest of us. And, you seem to spend considerable time on the internet yourself. The only reason I made the original post was to point out that sometimes a project boat can get out of control. The results may be great but.........

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I'm semi-retired and have an on call job...

Like "guessing" about boats...you can only "guess" at how much time I spend on the internet....I find it a fun challenge to "challenge" internet guessers.

Sure project boats can get out of hand and push asking prices out of the question...but unless you go over one with a fine tooth comb or something about that boat is completely obvious and negates a certain price...then pick any boat out of boat world and take a guess...as it's only that.

Me personally...if I was going to pick on a specific boat...I would pick on a specific...not the asking price which we all know is a mythical number anyway.

For the person selling that boat...a bunch of random negatives doesn't do much good...how would you like it if it were your boat?

Just the same as if I go in the "for sale" section and post links to the same product cheaper elsewhere...sure you can argue it both ways...just pointing it out.

I wonder if you could fully insure a 30 year old boat for that value.

From the ad:

This boat was finished, sea trialed and has been stored ever since in heated indoor storage. The seller had a change in plans!

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Or, it didn't handle or operate like the owner thought it would. You don't put that much money and effort into a project and then "change your plans".

my thought is on a project like that, to start with a more significant vote. Perhaps a 42 or 50 foot. the labor expend it is basically the same, and then at the end that has a much higher value

Even those who restore professionally for profit, get carried away when they restore something for their personal use or collection. One thing to look at what you pay and spend when you're thinking of it as a businessman and only spend what has a return. Buy low. Make each improvement one that will pay. But when you're looking at it for yourself, your heart overrules your mind. Or you just recognize this is pleasure, not business. We were at an antique auction recently and a man in the business who never overbids suddenly was going sky high. We looked on with shock. Until we saw afterwards his wife jumping up and down with joy and going over to the piece he'd just bought her for the house.

rwidman said:

Or, it didn't handle or operate like the owner thought it would. You don't put that much money and effort into a project and then "change your plans".

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Or perhaps, as in the case of my PO, "change of plans" is a discreet way of saying owners health deteriorated. After my PO spent 1 1/2 years and an exorbitant(relatively speaking) amount of money restoring their dream boat, they both suffered debilitating injuries that left them physically unable to enjoy their dream. My PO wound up purchasing a single level deck style houseboat that was ADA accessible. It never leaves the dock but provides them with joy on the water.

There's as many stories as there are boats for sale.

Nice looking boat. A lot of exterior wood trim could be a pain, and cramming two separate bedrooms in a 35-foot hull is pushing the envelope. Regardless, too bad the owner had a "change of plans" and didn't live his dream.

markpierce said:

Regardless, too bad the owner had a "change of plans" and didn't live his dream.

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It's also possible that building that boat was the actual "dream". There are lots of "armchair sailors", probably quite a few "construction yard sailors" as well.

Well, I frankly believe he's in a fantasy world with that even as his starting price. It's an old boat, regardless of how many times it's called a 2009. It's power is certainly subject to question in my mind. Any offer made would be so subject to withdrawal once a sea trial and survey was done as it's anyone's guess how it actually rides. It's pretty. That I agree.

I'd also want to find out from the seller what changed. Seems like they would have mentioned health if that was the situation. Change in plans is to nebulous. Engine built in 1984. Does it say anywhere when the boat was built? All the "New new new" in the ad really turns me off. Yes, I'm not one to buy restored boats, but I still have an issue with their attempts to present it as almost new. $120,000 tops.

refugio said:

It's also possible that building that boat was the actual "dream". There are lots of "armchair sailors", probably quite a few "construction yard sailors" as well.

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So true; for some folks the hobby is the boat, not necessarily boating. Nothing wrong with that. What interests me here is why the 5 year wait to sell it.
Fact is, it is a 1984 34' single engine Chung Hwa that has had some nice cosmetic work done on it and sat unused for 5 years. Asking price 50%+ more than 36ft Krogen Manatees of the same or newer vintage.

1980 krogen Boats For Sale

caltexflanc said:

So true; for some folks the hobby is the boat, not necessarily boating. Nothing wrong with that. What interests me here is why the 5 year wait to sell it.
Fact is, it is a 1984 34' single engine Chung Hwa that has had some nice cosmetic work done on it and sat unused for 5 years. Asking price 50%+ more than 36ft Krogen Manatees of the same or newer vintage.

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Asking price nearly double larger Chung Hwa's from the same period and appearing to be in good condition.

Barpilot said:

I wonder if you could fully insure a 30 year old boat for that value.

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Sure- not much of a challenge at all, give a hauled survey documenting condition and valuation. It's no different from finding a 1977/2012 vessel on yachtworld (1977 hull, 2012 refit).

eyschulman said:

What ever the value of that boat is it can only be determined by what a buyer is willing to pay and our opinions wont mean much once somebody puts the money on the barrel head. That aside the pictures show a very well turned out boat shiny and neatly done. A new boat might go for 400-600 thousand. How sound the hull decks plywood bulkheads and motor would be big factors in value. If all are as good as the boat looks it would make a good cruiser or retirement home and 200 grand might not be so crazy.

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I think what you said "it's determine by what a buyer will pay for it".
I built a boat the wrong type for what my needs turned out to be. It's very easy to spend lots of money on a boat and not be realistic of what a buyer would be willing to pay.
I wish the seller luck but it's not a 2009 no matter how many times they repeat it.
Bill