So tired of Yacht Brokers

[Carriem1102]

As a purchaser currently under contract for a boat in that size range mid 90s there are factors that i consider. Undoubtedly the replaced fuel tanks are a big bonus. Teak decks for us was a no no, but not everyone worries so much about that.. Lack of generator and air-con also eliminated many boats for us. Leaky windows, likely with water pooling down near fuel tanks and stringers also was a hard pass. (after our first boat failed survey for rotten stringers).. Canvas in good condition is super important too, along with the usual requirement for excellent engine maintenance, reasonable hours etc. A big problem in Florida is the difficulty of insuring older boats over about 30 years and we sold our 1987 sailboat for that reason. Another factor in Florida is the u.v and salt deterioration that is significant especially on old boats. Facebook marketplace seems to be a popular venue for boat sales. In fact many boats we first looked at were on there, with broker representation. If your boat is priced right, it will sell but one has to be realistic about the price for a 40 year old boat.

 

[Pprior]

Is the Florida insurance thing for insurance at all or can you still get liability and just cover losses yourself?

 

[slowgoesit]

Is the Florida insurance thing for insurance at all or can you still get liability and just cover losses yourself?

Easy to get liability only insurance. And it covers us with the boat at our home here in Central Florida in Fresh water all year around.
When our full coverage went from $1,900/year to $8,600+/year, we canceled, and got liability only from State Farm for $353.50/year.
Been boating since 1978, never had a boat claim. Last other insurance claim was over 10 years ago . . . .

 

[Wrong Harbor Harry]

I’m interested in buying your GB36.
harryt1952@yahoo.com
Private Party

 

[a340driver]

My beautiful 1988 Grand Banks 36 has been listed for 6 months with a broker and the 6-month listing agreement has expired. I offered to lower the price and she said not to but she only brought 2 potential buyers. We have put in new fuel tanks, and so much more below decks, and freshly varnished transom and rails, but this broker could do nothing. I hesitate to sign up with another broker. . . should I try to sell her myself? Her name is 1000 Miles from Nowhere (or as I refer to her "Miley"). Now Boat US is requiring a Condition and Valuation Survey, so I got one complete. Now they are knit-picking a survey that listed condition as "Above Average." I suspect they just don't want to insure her anymore. I just want to sell the boat, which is behind my house, so I can move off this expensive South Florida waterfront location. This is my husband's and my 7th boat, so I know the definition of a boat and just want to clear some of my expenses after the partial refit we did last year. Should I sign with another broker or post her info on this board?

Have you sold your boat?

 

[River Song]

Have you sold your boat?

Not yet. We have an interested party but nothing final yet.

 

[PierreR]

There are two price breaks with boats and two drops in the number of buyers as a result. The first happens at 20 years. Many traditional lenders will not lend on boats over 20 years. As a result, you have a drop in price and fewer qualified buyers.
The second drop is at 30 years where traditional lending all but dries up and many insurers also drop out. Past 30 years you are into cash buyers and home equity buyers so the number is greatly reduced. Past 30 years you are hard pressed to get much of the money you spend fixing a boat up so look for something cherry and let the last guy take the improvement hit.
I bought a boat 45 years old. Annual upkeep and use has been nearly 35% of the purchase price. My boat is less than 4% of my net worth. I love it and can afford to use it and lose it and I like tinkering with it. My buying mistake was still thinking poor. I bought the right fixer upper. I bought the right boat for the right price, have the money, the talent and the time for fix it up. I miscalculated the resale due being beyond 30 years and my body being too old to enjoy the job as much. The next guy buying my boat will reap the benefits of my education.

 

[River Song]

As a purchaser currently under contract for a boat in that size range mid 90s there are factors that i consider. Undoubtedly the replaced fuel tanks are a big bonus. Teak decks for us was a no no, but not everyone worries so much about that.. Lack of generator and air-con also eliminated many boats for us. Leaky windows, likely with water pooling down near fuel tanks and stringers also was a hard pass. (after our first boat failed survey for rotten stringers).. Canvas in good condition is super important too, along with the usual requirement for excellent engine maintenance, reasonable hours etc. A big problem in Florida is the difficulty of insuring older boats over about 30 years and we sold our 1987 sailboat for that reason. Another factor in Florida is the u.v and salt deterioration that is significant especially on old boats. Facebook marketplace seems to be a popular venue for boat sales. In fact many boats we first looked at were on there, with broker representation. If your boat is priced right, it will sell but one has to be realistic about the price for a 40 year old boat.

 

[Shrew]

As a buyer, I sure hope the selling price will drop, but so far it hasn't that much (at least not in the boats that we're looking at).

No offense to 'fault_tolerance' but this is an example of one large part of the sellers challenge.

1) Interest rates are up
2) markets are down with murmurs of recession
3) perception is the boat market bubble hasn't taken a down turn (or bottomed out)
4) general economic uncertainty (layoffs, poor investment returns, etc)

Everyone sits and waits when these conditions rear their ugly heads.

 

[Wtrguy]

This is great information on this thread.

We've had a M26 on the market for over a year now and finally got a hit. Took prospective buyer out for trials last weekend. Transferring ownership at the end of the month. No brokers involved in something this small but our next purchase will definitely require one. Now we know at least some of the obstacles to watch for.

Unless you have a very high demand vessel, it seems like a buyer's market right now, at least to me.

 

[SteveK]

I’m interested in buying your GB36.
harryt1952@yahoo.com
Private Party

Have you looked at the boat? Bought it maybe?

 

[River Song]

I have a buyer and a great contract, but he is having trouble getting insurance coverage due to his limited boating experience.

 

[TodOneD]

Can you say more? I too have limited boat experience... but was under the impression that less than 40 feet, hiring a training captain would be convincing and yield insurance.

 

[Diep]

I think insurance is very hit or miss.

Just bought a 42 with no prior ownership experience. Some operation of smaller vessels was demonstrated on a resume. Multiple carriers you see advertising on TV quoted. Broker reached out to specialty insurers and got either no quote or high quotes with captain requirements.

I have no direct knowledge, but expect that credit score, driving record, homeowner and auto/home claims history may also play a heavy part with some carriers. These factors are excellent in our case and may be why the volume carriers were willing to write. When we have more experience I suspect we will lower our cost.

We hired a captain anyway. Well worth it.

 

[redline]

I think insurance is very hit or miss.

Just bought a 42 with no prior ownership experience. Some operation of smaller vessels was demonstrated on a resume. Multiple carriers you see advertising on TV quoted. Broker reached out to specialty insurers and got either no quote or high quotes with captain requirements.

I have no direct knowledge, but expect that credit score, driving record, homeowner and auto/home claims history may also play a heavy part with some carriers. These factors are excellent in our case and may be why the volume carriers were willing to write. When we have more experience I suspect we will lower our cost.

We hired a captain anyway. Well worth it.

Who did you end up getting insured with? I have heard good things about Boat US for less or no experienced boaters... although the premium might be higher (better than no insurance in my book).