Quote:
Originally Posted by Star0210
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.
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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.”