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Old 07-06-2016, 10:37 AM   #44
refugio
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City: Meydenbauer Bay Yacht Club
Vessel Name: Lulu (Refugio sold)
Join Date: Mar 2012
Posts: 1,284
Quote:
Originally Posted by Star0210 View Post
Our marina neighbor just bought a 1971 GB Alaskan 49' for dirt dirt cheap. He plans to restore it and sell his sailboat and move onto the GB.
This is a familiar story, and one not likely to end well - it's why he was able to buy it "dirt cheap" and why he will eventually sell it for even less.

Here's a great summary of these boats - "Old Woodies Rule" by the hugely knowledgeable Bob Lane.

Experienced owners taking 2 years (and almost $200K) to restore a 32' woodie, 4 years (and $150K) for an engineer to restore a 36'. I'm going to say there has probably never been a successful restoration of an Alaskan - but if so, it would be in the range of 10 years and $500K to $1mm.

As quoted in that article:
"I tell them don’t buy a project, pay a premium for the best,” he says. “In general, if a buyer is not a hands-on person and doesn’t have the time or skills, I tell them not to buy a project, but that if they do, be sure they have deep pockets.”
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