How long was your boat for sale?

[Hawgwash]

Plenty of material on here about how to buy a boat. Even some stuff on getting your boat ready to sell.

Lots of people have had multiple boats, so have sold multiple boats. Leaving tenders, runabouts and sailboats out of the mix and without getting too personal;

How long did it take to sell your boats and how much did you have to drop to get it done?

I'm seeing a lot of boats that appeal to US buyers moving fairly quickly; 2-4 months. For the rest a year does not seem unusual.

Those who have bought recently, how long was the boat on the market?

Lots of variables I know.

 

[dhays]

I believe the boat I bought was on the market for about 6 months? Long enough for the seller to reject some offers. My final offer was the same as an offer that the buyer had previously rejected. Kind of explains why the seller rejected my initial offer.

 

[Hawgwash]

I believe the boat I bought was on the market for about 6 months? Long enough for the seller to reject some offers. My final offer was the same as an offer that the buyer had previously rejected.

That sounds fairly typical, from what I've seen. I find a lot of FSBO boats have a high sentimental price tag to the detriment of reality.


I was also told at the show some boats were there simply as a means of beating the owner down. "See Fred, we showcased your boat to 832 potential buyers and every single one said if it was 50 grand cheaper they would buy it."

 

[Donsan]

I believe the boat I bought was on the market for about 6 months? Long enough for the seller to reject some offers. My final offer was the same as an offer that the buyer had previously rejected. Kind of explains why the seller rejected my initial offer.

Mr dhays, I noticed a 2012 North Pacific 43 for sale in Oregon this morning. Looks like it just came on the market.

http://www.yachtworld.com/boats/2012/North-Pacific-43'-Pilothouse-2961290/OR/United-States

 

[O C Diver]

My boat was on the market for several years. It took a major price reduction to get offers coming. It sold within a couple months of the price reduction. Bought it 01/14.

Think the message is that desirable boats sell fairly quickly when competitively priced. Over priced boats sit as the market isn't that strong.

Ted

 

[dhays]

Mr dhays, I noticed a 2012 North Pacific 43 for sale in Oregon this morning. Looks like it just came on the market.

http://www.yachtworld.com/boats/2012/North-Pacific-43'-Pilothouse-2961290/OR/United-States

That boat has been on the market for a while. We kept an eye on that one for a while. It is a very nice boat as near as I can tell and from talking to the builder. We didn't decide to look at it for 3 reasons. 1) It was way beyond our budget, 2) It is in Portland OR and so not terribly convenient to move North. Given my lack of experience with power yachts, and never being beyond the Strait of Juan De Fuca, I would have needed to high a deliver captain to accompany me. 3) Most importantly, my wife didn't like the black interior. The broker didn't feel the seller was highly motivated as of a month or so ago. That could have changed since.

BTW, we already purchased the NP43 that Yachtworld still shows as "Pending".

 

[Hawgwash]

BTW, we already purchased the NP43 that Yachtworld still shows as "Pending".

That is a head scratcher that I see often. Is it a lazy broker or is Yachtworld way behind in their updating?

There is a local broker still advertising a "good seller" that I know was sold last fall. Makes me think of the car lots that advertise in the paper but the special of the week blow out has always "just left the lot. Minutes ago. I'm not lying."

 

[Moonfish]

Though we purchased Traveler four years ago, I believe she was on the market for well over two years. If and when we ever decide to sell, we will brace ourselves for a similarly long period on the market.

 

[twistedtree]

I think at the end of the day, pricing determines how long it takes to sell a boat. A good deal will go fast, and over priced boats will sit. It's not rocket science. I think the year or more that it can take to sell a boat is really about the seller taking a shot at getting a high price, then slowly working their way down to pricing reality. As a seller, if you are not in a hurry, there is little to lose by taking a shot at getting top dollar. I really don't see it as any different from selling a car or a house.

 

[BandB]

Think the message is that desirable boats sell fairly quickly when competitively priced. Over priced boats sit as the market isn't that strong.

Ted

Reread what Ted wrote 100 times. Memorize it.

Quality and appropriately priced boats are in great demand. Overpriced boats sit for months and years. Many don't even get offers and they become stale. Nothing harder to sell than a stale listing. Boats in poor condition are always difficult to market. The person wanting to buy a project is going to want a "wholesale" price.

It's really no different than the housing market. You see one house sell within days and another sit for years. Our house in NC sold in three days and never made it to MLS. Our house in FL which we purchased had been on the market two years. First it needed a new roof. Once that was done, the price was much too high. Finally they dropped the price 8%. Then another 3% by the time we saw it. We bought it for 17% off the reduced price and 26% off the original price. Most people weren't even looking at it because of price. Also, they initially showed no interest in reducing price.

A lot of listings of boats are "fishing expeditions." The owners will sell if someone will pay their asking price but they are fine holding onto it, so not seriously committed to selling.

 

[IRENE]

Posts #9 and #10 are exactly in alignment with my experience and observations.

I probably spend too much time looking at boats, but it is part of my boating hobby and the education will be valuable when it comes time for the passagemaker.

 

[tpbrady]

Last boat we sold was originally bought for $74,500 in 2012 and sold in 2015 for $75,000 in 2 1/2 months 1500 engine hours and 9000 miles later.

Last boat we bought was probably on the market for 6-8 months. Price was a little high for age and condition. Both brokers (mine and theirs) worked hard to get the sale finalized.

Tom

 

[psneeld]

Certain boats/ models will command a higher price...just because they are what they are for some.

Sometimes you have to wait long enough...but not if it is eating into the difference at a high rate.

 

[Phyrcooler]

As a seller, if you are not in a hurry, there is little to lose by taking a shot at getting top dollar. I really don't see it as any different from selling a car or a house.

Unless you are in SoCal or some other high cost area. Here the cost just to sit is easy $1,000 a month for slip, bottom cleaning, insurance, etc. Add that to the scales when weighing your options!

 

[Peter B]

In my case, nearly two years, but sales are quiet here in Oz, and I don't think the brokers are trying all that hard. In that time I've dropped the price about 40%. I don't really want to go much lower. I think I'd rather just keep here. Maybe sell the house to retire instead. Of course the wife might not be pleased. She might have to go. Question is...which she..?

I jest...of course...I think...

 

[danderer]

We've sold our boats within 2 months to the first or second person who has looked at them. They've been in good condition and well-equipped, and we don't try to squeeze every penny out of the deal.

Last boat we bought was of a popular model and so there were 5 of them available within a couple hundred miles. Looked at all of them. The one we bought was on the market for just a few weeks and we jumped on it when we found it.

We saw other "identical" boats that weren't as well cared for or were over-priced (10%-20% higher than the one we bought). These sat on the market for literally years.

 

[Peter B]

I think it's fair to say, those who can afford to buy new or nearly new boats, i.e. less than ten odd years old, live in a different world when it comes to buying, and even moreso when selling, from those who have to buy older fixer-uppers in order to get out there...

 

[psneeld]

I think it's fair to say, those who can afford to buy new or nearly new boats, i.e. less than ten odd years old, live in a different world when it comes to buying, and even moreso when selling, from those who have to buy older fixer-uppers in order to get out there...

They live in a different set of brokers offices for sure...yet nice that most do anchor and dock (well for the most part) and are as friendly with us "po" folk as they are.....

 

[2dboat]

Listed our 1963 34ft Chris Craft May 2014 with a broker who knew wood boats. Sold her in August 2015, to the only person who ever made us an offer. For the 15 months "Charmed" was on the market we continued to use and enjoy the boat and maintain the boat to the same high standard so it was no hardship for us. In retrospect we had an easier time selling the wood Chris Craft and got a better price than other folks selling old glass Trojans and Sea Rays the same size [or a little bigger]. I really think I could have dropped the price 50% and it would not have mattered you just have to be patient if you personal circumstances allow it.

 

[timjet]

My last sailboat sold in 6 months. It was priced competitively at a time the economy and used boat market was down. I sold it for $8000 less than I paid for it.

I bought my current boat about 3 months later from a very pissed off seller. He could not admit the boat was not worth what he thought it should be worth and thus sat on the market for some time largely unused. When he finally realized he was not going to get what he wanted he listened to his broker and priced it reasonably. He was pissed that he lost so much money on depreciation and took that out on me. I had a grand or so invested in haul out and survey fees, but should have walked.

I hope I only loose $25000 or so when I sell my current boat. At over a $1000/mo to keep it, I will also price it competitively. The experiences with this boat were priceless, so well worth it.

 

[troutbridge]

Hi , May I join your chat about buying/selling boats please. I am in England and have a Eurobanker sedan flybridge 32ft 1978 80hp ford diesel ,there is a pic on my page . We bought it about this time last year and we have had new bedding,curtains, water tanks ,diesel tank . rewired ,new mast lights ,new galley top, fridge, and sink ,new toilet and basin ,new batts and charger . But in the last few months my health has gone down the tubes , it seems I have a neurological complication causing my pelvic floor to constantly spasm causing me a great deal of pain and discomfort 24/7 ,so traveling is out and now our dream of enjoying the boat is finished .We know of only 3 other boats like ours in England ,but we wondered if you guys knew of more where you are as we are trying to make a realistic price to sell,the only thing left to do is cosmetics like the wood and painting ,to say i'm depressed about the whole thing is an understatement as you could imagine .If you can be of any help to us ,thank you .

 

[Codger2]

We've sold our boats within 2 months to the first or second person who has looked at them. They've been in good condition and well-equipped, and we don't try to squeeze every penny out of the deal.

We have done the very same thing. The secret in selling a boat relatively fast is defined in the above post.

 

[Puffin_NT32]

My last couple of boat purchases have all been trade-ins... new 28' O'Day purchased, then 4 years later, traded in for a new 31' Island Packet. Then 14 years later, the IP traded in for new NT32. My boats were well maintained, documented, and surveyed, and in all cases, the dealers offered me "market price" for the trade-in boat. I realize I paid more for the new boats, but all were purchased at major boat shows and were "boat show special priced". In fact, I got a better discount with the Island Packet because the dealer paid to use the boat for regional boat shows from January to April.

Really a question of convenience. Don't have the patience to wait to sell a current boat before purchase of newer/different boat. I only wish we could trade up or down houses as easily.

 

[Hawgwash]

My last couple of boat purchases have all been trade-ins...I realize I paid more for the new boats...

Trades is something I have been wondering about.

A fleet lease manager and riding buddy called one day and said "git yer fat arse down here and come by cab." Rode out the door with a bike for half price. X-rider wanted a Mustang so bad he was a dealers dream. Only thing buddy said to me; "if you ever see the guy, don't tell him what you paid for the bike."

There was a nice boat on the market here that I thought was at least 50k US overpriced. Rumor says it was traded in and could possibly be had for 75k less than previous asking. Must have been some fancy dancing there.

Are boat trades as cloudy as vehicle trades?
Does the broker actually register ownership of the trade in?
Do all transactions show on Soldboat?

To the original question; a broker at the show on Thursday said "take your time, there isn't much out there right now and what there is hasn't sold for a reason."

I liked that candor.

 

[Heron]

Bought mine before it formally hit the market. My broker sleuthed it out. Boat I was looking for, at the price I wanted to pay, and only 50 miles from home... Sometimes you have to get ahead of the curve!

 

[Hawgwash]

Bought mine before it formally hit the market. My broker sleuthed it out. Boat I was looking for, at the price I wanted to pay, and only 50 miles from home... Sometimes you have to get ahead of the curve!

There you go. Though it seems fashionable to toss all brokers in a sack and whack at them like a piñata, when you find a good one he's worth his weight in spuds.

 

[BandB]

1. Are boat trades as cloudy as vehicle trades?
2. Does the broker actually register ownership of the trade in?
3. Do all transactions show on Soldboat?

1. Two levels of boat trades. First, the smaller boats, primarily on lakes but some coastal. Even more cloudy than vehicles since there is no reliable blue book or reference and since the profit margin on a new boat is so much greater. Plus there is no wholesale market or a relatively small one so the risk to the dealer is great. So, here's an example. New boat MSRP $100k, dealer cost $70k. Old boat, the dealer estimates he might retail it for $40k. He truly then wants no more than $20k in it. So, he offers to give you a $30k allowance off the new boat at $100k. So he puts the used boat in inventory at $20k and shows a profit on the new boat of $20k. Then when he sells the used boat for $35k that gives another $15k profit for a total of $35k. On a straight sale he would have sold the new boat for $85-90k and only made $15-20k. Most dealers can't afford to really have money tied up in used boats since they don't have them floorplanned.

Long ago dealers took trades on almost everything. Then things tightened and they did very few trades. They they realized how much that hurt business and went back to trades in moderation.

Now to trawlers, cruisers, yachts and all more expensive boats. Very very little trading. Only a few builders who broker and will do it. Most boats are sold through brokers used and then the new boat purchased or the new ordered while the used sells. If you're returning to the same builder your chances are greater. Regardless trades are a very small part of the business. The majority of boats you see on the builder/broker site are those that they're trying to sell as they have a new purchase or another used purchase hinging on it.

2. On smaller boats, the dealer rarely ever registers the boat in their name. They get the registration and/or title signed on the back and hold it like that. On larger boats, especially documented ones, on those few occasions they actually take ownership, they also register/document so they can finance the inventory.

3. No. Boats the don't go on Yacht World don't make it to Soldboats. The majority of those on Yacht World do make it although some brokers are sloppy and don't report the sales and other brokers don't give the accurate price. However, the majority of brokers follow the rules and report accurately.

 

[BandB]

Bought mine before it formally hit the market. My broker sleuthed it out. Boat I was looking for, at the price I wanted to pay, and only 50 miles from home... Sometimes you have to get ahead of the curve!

Good brokers remain in contact with previous customers. They know which ones might consider selling and/or have been contemplating purchasing again. Sometimes a good broker will sell the same boat 4 or 5 times in it's life. As the good broker sits and talks to a new buyer client they're already thinking of boats on the market plus those not listed that might be available and the more they listen sometimes the perfect boat for you comes to mind.

 

[Heron]

There you go. Though it seems fashionable to toss all brokers in a sack and whack at them like piñata, when you find a good one he's worth his weight in spuds.

Yup! I told my broker what I wanted, he knew of a boat in town, ran the registration and contacted the owner. Coincidentally he was just getting ready to put it on the market with another broker who was a friend of my broker. Quick sale, No Yachworld tirekickers and offers, and bought at below market. I was happy, so was the seller and brokers involved.

When I sold my last boat (a desireable Bristol 35.5 at the time) A broker approached me a year before because I had a nice, marketable boat and he specialized in Bristols.. When I was ready to sell, we negotiated a below market percentage (5%) as I knew he had buyers in the wings. Sold in a day and Buyer, seller and Broker were happy with the deal. And to put the kicker on that, my employer paid the Brokerage fee as it was a Corporate relocation that forced the sale.

The broker that sold me that Bristol listened to my wants and needs and, after looking at a few boats on the market, actually apologized for suggesting this boat as it was $20K over my budget. She was right though and knew it was the right boat for me. The boat was perfect, and I bought it... Sold it 4 years later for $25K more than I paid for it too...

I've had nothing but good experiences with the few brokers I've worked with...

 

[BandB]

I've had nothing but good experiences with the few brokers I've worked with...

I've talked about selection of brokers but think it would be great if you could share some advice to others on selecting a good broker, since you're obviously good at it or very lucky, and others seem to be either very bad at it or very unlucky.