Cheoy Lee 46 LRC $130k, Ft Lauderdale FL

[boatruptcy]

If you're happy with your transaction, who cares? It's his boat now and he can ask anything he wants. That's not greedy, immoral, unethical or even surprising. I just sold a specialty vehicle to a specialty dealer, I knew he was going to relist and make money. I'm happy for him because he paid me cash and didn't waste my time, hope he made a killing because I was happy with the price he gave me.

Just because someone buys low and sells high doesn't mean he hasn't created value as a previous poster mentioned. That specialty dealer is going to get someone financing on the vehicle and they will be happy to have it.

[RT Firefly]

Greetings,
Mr. ks. Yes, we determined the asking price BUT with our brokers advice. I have absolutely no evidence that there was any "cahoots" involved.

[Larry M]

I see she’s still for sale. Let’s see, you have your cash and he has a deprecating asset that he hasn’t been able to sell so far? If he had sold it right away then I’d have a question.

[twistedtree]

Keep in mind that RT sold the boat, and the new owner has not. Only time will tell if they made a profitable move, or a dumb-ass move.

[BandB]

Originally Posted by RT Firefly

Greetings,
Mr. Mr. ks. Re: your post #35. Kinda raises the question of OUR broker's advice on what to price the boat at, doesn't it? C'mon. $100K more than what we were listing for?

Well, my mother definitely raised the question of her realtor's suggested pricing. Sold in one week at listing price. Now, finally convinced her after the buyers kept reducing the price and netted less than they paid over 2 years later.

A friend of ours has acquired a bunch of rental homes in our area. All were purchased at considerably less than asking. Occasionally, she'll put one on the market at a substantially higher price. She has no real desire to sell, but will at that price.

Real estate and boat prices have been heavily impacted by price inereases but also now heavily impacted by asking prices never achieved. There is a huge difference between what some have asked and the market. It's a bit of this conversation.

A: What do you want for it?
B: Not for sale.
A: I'm sure there's a price that would at least make you listen?
B: Here is my make me listen price.
A: Laughs and moves on to next topic.

A lot of "make me listen prices" out there or "Make me an offer I can't refuse." And then occasionally it works. Buyers dying to own specific boat and not caring at all about price.

[Mako]

Originally Posted by Larry M

Let’s see, you have your cash and he has a deprecating asset that he hasn’t been able to sell so far?

That's right, and if he tosses his money into the stock market now (say Tesla at $600 and waits till end of year when it returns to $1200), then he'll be laughing all the way to the bank (or discount brokerage house).

[RT Firefly]

Greetings,
Mr. M. Nope. Just waking up in the morning is a gamble to me. Nix the stock market.

[Comodave]

When we sold out house in Arizona we told the broker what we wanted, he said it would be a long time selling at that price, years. I said ok let’s see. It sold in 17 hours at $5K over asking to the first people that looked at it. You never know how something will sell, or not sell, until you put it up for sale.

[twistedtree]

Originally Posted by BandB

conversation.



A: What do you want for it?

B: Not for sale.

A: I'm sure there's a price that would at least make you listen?

B: Here is my make me listen price.

A: Laughs and moves on to next topic.



A lot of "make me listen prices" out there or "Make me an offer I can't refuse." And then occasionally it works. Buyers dying to own specific boat and not caring at all about price.

We encountered exactly this selling our house. Neighbors who had been after us for years to sell to them. Finally decided we were open to selling, and threw out an insane number. I had a contract in 24 hrs for the asking price and no contingencies. “Crap, what do we do now” was my wife’s and my next discussion. It created quite a panic to get home, get moved, etc.

[bumpkin]

In normal times, the market tells you the appropriate price by length of time on the market. How long was the boat on Yachtworld before you had an acceptable offer? If it was the morning of day one, it was possibly underpriced considering the new price. In this market, if you were on Yachtworld for a week you were probably correctly priced.

The first of May I found a suitable boat. There were 3 instances of the same boat down to the year. I bought the cheapest of the 3. The 2 more expensive options, one $55,000 more and the other $96,000 more are still out there.

Did I buy undermarket? My boat was on the market for a week and the owners were happy to not have to show the boat to more potentials. So I would say, sadly no, it was market price.

Watch your old flame and see when she moves on. That will give you a definitive answer. Nice boat BTW

Mike

[Art]

Originally Posted by bumpkin

In normal times, the market tells you the appropriate price by length of time on the market. How long was the boat on Yachtworld before you had an acceptable offer? If it was the morning of day one, it was possibly underpriced considering the new price. In this market, if you were on Yachtworld for a week you were probably correctly priced.

The first of May I found a suitable boat. There were 3 instances of the same boat down to the year. I bought the cheapest of the 3. The 2 more expensive options, one $55,000 more and the other $96,000 more are still out there.

Did I buy undermarket? My boat was on the market for a week and the owners were happy to not have to show the boat to more potentials. So I would say, sadly no, it was market price.

Watch your old flame and see when she moves on. That will give you a definitive answer. Nice boat BTW

Mike

Mike - Did I miss em on a post... you got photos of the boat purchased?

[Blissboat]

The buyer of RT's Cheoy Lee LRC paid RT's price and took a depreciating asset off RT's hands, unlocking RT's capital and bandwidth to go look & maybe buy the kind of boat that he actually wants and can use.

The new owner now has his capital tied up in a boat that requires dockage, insurance, maintenance and (assuming he is serious about flipping it for a profit) marketing and sales effort. Any prospective buyer who is halfway serious won't take long to discover the boat's sales history, then the bargaining will begin. A deal might or might not happen, but as the days pass by, the boat will continue to require everything already mentioned, while the value of a dollar erodes at approx. 8% annually.

If the buyer of RT's boat bought it to use it, that's one thing and all is good. But if he just bought it to flip it, RT got the better part of this deal, IMO.

Capitalism is one of the things that makes this a great country. Not the only thing, to be sure, but one of the things.