Waiving the White Flag - Looking for opinions

[Flyguy1967]

Last year I purchased a CHB Ponderosa 48 CPMY. Good bones but A LOT of differed maintenance.

Over the past year, I have had EVERY system touched and upgraded and added (i.e. bow thruster with 24V system and charger, new transmissions and totally integrated Garmin electronics) and I'm currently in the process of replacing the Lehman 225's with Cummins 6BTAs and spending ~12k on a new canvas flybridge enclosure. Search my username and you can see my previous threads about repowering.

Truth be told, I've run out of steam.

I just spent the entire weekend sanding the doors from the sundeck to the sidedecks and I'm done. Time with my family is worth more than the time and money i've spent on the boat and its improvements thus far.

More exterior cosmetic work yet to be done but the boat is SOLID (after I have had it in my custody).

So the question for you: Should I stop now and sell or continue with the refit and then sell? During this Cornhole Virus, work has stopped on the repower project but as should be done in a week as soon as we all are able to go back to work.

Welcome your thoughts about listing "as-is" or completing and then listing.

 

[Lou_tribal]

Last year I purchased a CHB Ponderosa 48 CPMY. Good bones but A LOT of differed maintenance.

Over the past year, I have had EVERY system touched and upgraded and added (i.e. bow thruster with 24V system and charger, new transmissions and totally integrated Garmin electronics) and I'm currently in the process of replacing the Lehman 225's with Cummins 6BTAs and spending ~12k on a new canvas flybridge enclosure. Search my username and you can see my previous threads about repowering.

Truth be told, I've run out of steam.

I just spent the entire weekend sanding the doors from the sundeck to the sidedecks and I'm done. Time with my family is worth more than the time and money i've spent on the boat and its improvements thus far.

More exterior cosmetic work yet to be done but the boat is SOLID (after I have had it in my custody).

So the question for you: Should I stop now and sell or continue with the refit and then sell? During this Cornhole Virus, work has stopped on the repower project but as should be done in a week as soon as we all are able to go back to work.

Welcome your thoughts about listing "as-is" or completing and then listing.

What about stop as is and enjoying it?

Is there anything MAJOR stopping you to go on cruise with your family?

L

 

[Comodave]

If you have absolutely decided to sell the boat, can you back out of the repower? If so I would do that because you wouldn’t recover all of the money you spent on the repower. If you are absolutely locked into the repower then finish it because if the boat is inoperative then it’s value is almost nothing. You need to have a running boat for 95% of buyers. Whether it is with Lehmans of Cummins is almost no difference, however I would prefer the Cummins. But 225 Lehmans didn’t stop me because that is what I have in my boat.

 

[Frosty]

No specific "right" advice, but oh, can I identify with a big project that you may have known for awhile was taking more time/energy than it should have, but suddenly you are just OVER IT.

I'm the type that, if I can even remotely afford it, just want to cut my losses, set a price wherein I'll have people clamoring happily to buy it in its present condition, and then move on. Maybe that's why I'm not wealthy tho

I could see another person pressing on to get it to a stage where they can recoup more $$. And that's a valid choice, but for me it never works out: I lose motivation, plus I'm constitutionally unable to do things to a lower standard than "this is how I would want it for myself" (or even a different standard). So I just get bogged down more, spend more money, and lose more time.

They say there is no problem that (selling) price can't cure, so I guess it comes down to where your values fall between money/time/etc. in this situation.

I don't know if this helps at all, but you are sure not alone in this type of situation. I imagine many of us have been there, or similar.

 

[SteveK]

Last year I purchased a CHB Ponderosa 48 CPMY. ..................

Truth be told, I've run out of steam. ...................

So the question for you: Should I stop now and sell or continue with the refit and then sell? During this Cornhole Virus, work has stopped on the repower project but as should be done in a week as soon as we all are able to go back to work.

Welcome your thoughts about listing "as-is" or completing and then listing.

Did the reason you bought the boat change.
I agree with Dave about putting a hold on the repower unless needed.

From your description, the current market economy downturn, are you expecting to sell for more than purchase price. The improvements you made are a bonus someone would get but will not pay extra for.

If you must sell, then sell as is.

 

[Comodave]

I feel your pain. I love working on my boats and am lucky that my wife either enjoys it too or she puts on a good face and puts up with it. Most of the time she is there working alongside me so we get time together. Can you get the family to join in working with you? Maybe a good way out...

 

[twistedtree]

I suspect the difference between as-is, and a boat that is operable and usable is the difference between selling, and not selling, almost regardless of price.


Maybe you just need a break for a while?

 

[FF]

Project boats are the hardest to sell as the next owner will have different desirements.


"Paint sells the boat " (along with dreams) so finish the cosmetics and get the boat running ,useable, a dreamer will come along.

 

[Ski in NC]

When I was building my boat, there were times where I nearly gave up. I was working a lot then, and that compounded things. Just got overwhelmed. Not enough time, not enough sleep, etc.

I would then take a break, clear my head, maybe just a few days.

Eventually I came up with a strategy. Made a punchlist for say maybe the next month. Just a list of things to do on the boat. Then when I had time, I would come in and pick ONE THING on the list and do what I could on it. And the big point here was to IGNORE everything else on the list. Just pick one simple task and do what I could in the time I had. If I finished that task, then scratch it off the list.

The problem I was having was my mind would churn all the things needed to get done and it was too much. The mind would simply lock up or start running in circles. Then nothing would get done.

Breaking it up into little manageable bites allowed my mind to rest and to focus.

It worked. Mostly!! I was able to get it done.

 

[O C Diver]

You will give it away if you don't complete it. Nobody is paying anything like market value for a boat that can't be sea trialed.

Ted

 

[Bacchus]

First question is...
Have you decided you no longer enjoy boating and want out to move on to something else or just tired of the refit but want to boat another way or with another boat?
Might impact how you proceed and even if you sell this one now!

 

[rslifkin]

I'd say finish the repower and anything else you've already started, then use the boat. Once you use the boat a bit, of a few things will probably happen: you'll regain interest in doing the projects, or you'll decide to use the boat as-is for a while and enjoy it with the family, or you'll decide it's just not for you and list it for sale.

 

[rgano]

When I was building my boat, there were times where I nearly gave up. I was working a lot then, and that compounded things. Just got overwhelmed. Not enough time, not enough sleep, etc.

I would then take a break, clear my head, maybe just a few days.

 

[Pete Meisinger]

What a tragic scenario, my heart goes out to you.

I did not do any research, just shooting from the hip on these numbers. I'm going to guess the repower alone will cost you $100,000. I'm also going to guess that in today's market your boat will bring about $100,000 (repowered or with the F.L.s running well enough to pass survey)

Look at it this way. Say you have lost several hundred thousand dollars in the stock market in the past month (or several million, it doesn't matter) It's all just a paper loss until you sell your stock. You really have not lost any money out of pocket.

Sell your stock and the loss becomes real, sell your boat now and the loss becomes real, very real

Don't sell. Take a step back, hire the rest of the work done or let it remain undone. Get the engines running and shrink wrap the boat for a year or whatever.

Your life must have taken a very real, very sour turn. Step back and let yourself recover.

God Bless,

pete

 

[Chrisjs]

This story reminds me of a situation with my brother, He bought a house in upstate NY that he thought might need some work. he is quite handy so no problem with the work or the quality of the work. He does electrical, plumbing, driwall, painting, carpentry and masonry!! Trouble was there was more required than originally envisaged. But that was not the real problem. The real problem was that he lost his job and needed to move but instead of cutting his losses, he set about trying to turn a crappy property into a perfect property before he would sell it. He ended up wasting 2 years of his life, countless hours, and large wads of cash. He replaced just about every component of the building, rewired it, replumbed it, hung new ceilings, new furnace etc etc. Then after wasting another 2 years he sold it for just about what he had originally paid for it (in its original crappy condition) because it was in upstate NY!! He ignored repeated advice to simply cut his losses and sell without putting in all the effort and money.

So the moral of the story is nobody will appreciate the effort you put in to make your boat perfect. It will still be an old boat. Better to cut your losses and try to sell it at a knockdown price with the original engines.
Just put some lipstick on the pig, do not try to make a silk purse out of sow's ear (Brit expression)!!

 

[hollywood8118]

Get the boat running and use it for the purpose that you bought it. It doesn't have to be perfect. Also step away for a few weeks and do something else you enjoy and come back to it with a refreshed view.

If there are other reasons to sell (financial,health,moving etc. ) then get it operational, clean it and list it and move on. I know it matters not if its a house, car, boat or whatever.. stepping back often helps.


A boat need to be used to be worth it.. its like a marriage..
If we had to just endure Mon-Thursday it may not be worth it.. you need Friday and Saturday nights every once in a while to keep it fun

HOLLYWOOD

 

[High Wire]

Maybe get the family more involved with the work. My uncle used to say "No paint, no fish" when spring commissioning time for his old wood Sea Skiff. Well maybe not so fond memories.

 

[Art]

Hi Flyguy - I read through posts.

You've become quite silent. If you don't mind me asking - What is the reason you took such a strong reversal in direction? If I/we had an idea on that we might be able to better help you with suggestions... we might be able to better address your Post #1 request... just saying.

Hate to say it - but - if it's $$$ that's the motivating factor; regarding oncoming economic debacle and the in process pandemic disaster... you are in a fcken pickle. If I were in a position such as you and it was $$$ as dominating factor... currently I'd do as suggested by others. Shrink wrap it or some other way let it safely sit for a year. Used ol' 48' trawlers will be going pennies on the dollar in 2020; until things turn around - on several levels.

Best luck figuring things out!

 

[caltexflanc]

I really feel for the OP, but have seen this unhappy movie multiple times. "Project" boats make sense if all of a few things are true:

1) Fixing things up is your true passionate, very favorite thing to do
2) Boating itself is way down the list from there
3) You are very handy
4) You value your time at zero
5) Money is not an issue when it comes to sourcing materials and parts
6) Money is not an issue at all when it is time to resell.

If all of the above don't apply, even a "free" boat can likely be the most expensive example of that particular craft on the market.

 

[markpierce]

There is always something going wrong with s boat...........Enjoy it within its current capabilities....

 

[syjos]

Was the work you have done so far necessary due to the condition of the boat when purchased?

Or personal wish to improve boat?

Are you wanting to sell the boat because you are tired of working on it, decided boating is not for you, family not interested in boating, need the money or something changed in your life?

Your motivation for selling the boat would help determine your next step.

 

[bogranjac1]

What a tragic scenario, my heart goes out to you.

I did not do any research, just shooting from the hip on these numbers. I'm going to guess the repower alone will cost you $100,000. I'm also going to guess that in today's market your boat will bring about $100,000 (repowered or with the F.L.s running well enough to pass survey)

Look at it this way. Say you have lost several hundred thousand dollars in the stock market in the past month (or several million, it doesn't matter) It's all just a paper loss until you sell your stock. You really have not lost any money out of pocket.

Sell your stock and the loss becomes real, sell your boat now and the loss becomes real, very real

Get theDon't sell. Take a step back, hire the rest of the work done or let it remain undone. engines running and shrink wrap the boat for a year or whatever.

Your life must have taken a very real, very sour turn. Step back and let yourself recover.

God Bless,

pete

Some pretty good words and thoughts there from Pete.
Follow some advice I often hear from much older people from a different generation.
' Have a good long sleep over the matter and in the morning things will be better' - in other words step back and chill.

 

[Flyguy1967]

Thank you all for your replies!

I'm more than pregnant in the repower and agree a boat that does not run is worth next to zero. Besides, the marina does not appreciate your boat being towed into its slip. Needless to say I'm on the downhill slide of that project.

Reason for moving on, the mission has changed. We purchased this particular design because it was easy for our aging parents to get on and off through the cockpit and up and down, from saloon, sundeck and flybridge. Unfortunatly over the last 6 months, it's become clear that they may never be able to join us cruising again. We do like the sundeck design, but we don't need a 48' boat.

The new owner will have plenty of projects to keep themselves busy on faulty easy DYI projects but you name the system and it has either been replaced or rebuilt. Heck, 2 months ago I had the tanks drained, inspected, cleaned and fuel polished so new owner does not need to need to even worry about the fuel tanks. Bottom had been previously stripped and barrier coated, no need to worry about blisters.

I think you all have helped me with the decision (or confirmed what my gut is saying) and therefore, as soon as the 6BTAs are in and sea-trialed, we will get her on the market and move on. But first, I need to finish sanding and varnishing the doors

 

[Flyguy1967]

Concerning the cost of the repower. Cummins have about 1,100 hours on them and are out a boat that had been totaled by fire. Owner sold me the hulk for $12,500. Took the engines and generator up the the mechanic and they have been totally gone through with any questionable parts replaced with new. Total repower cost ~$50K.

 

[Art]

Concerning the cost of the repower. Cummins have about 1,100 hours on them and are out a boat that had been totaled by fire. Owner sold me the hulk for $12,500. Took the engines and generator up the the mechanic and they have been totally gone through with any questionable parts replaced with new. Total repower cost ~$50K.

Lucky you for engines! Best luck in sales...

 

[O C Diver]

Thank you all for your replies!

I'm more than pregnant in the repower and agree a boat that does not run is worth next to zero. Besides, the marina does not appreciate your boat being towed into its slip. Needless to say I'm on the downhill slide of that project.

Reason for moving on, the mission has changed. We purchased this particular design because it was easy for our aging parents to get on and off through the cockpit and up and down, from saloon, sundeck and flybridge. Unfortunatly over the last 6 months, it's become clear that they may never be able to join us cruising again. We do like the sundeck design, but we don't need a 48' boat.

The new owner will have plenty of projects to keep themselves busy on faulty easy DYI projects but you name the system and it has either been replaced or rebuilt. Heck, 2 months ago I had the tanks drained, inspected, cleaned and fuel polished so new owner does not need to need to even worry about the fuel tanks. Bottom had been previously stripped and barrier coated, no need to worry about blisters.

I think you all have helped me with the decision (or confirmed what my gut is saying) and therefore, as soon as the 6BTAs are in and sea-trialed, we will get her on the market and move on. But first, I need to finish sanding and varnishing the doors

That sounds live a very good plan! Don't use the boat too much after seatrialing as you might start to like the extra room.

Ted

 

[smitty477]

Thank you all for your replies!

I'm more than pregnant in the repower and agree a boat that does not run is worth next to zero. Besides, the marina does not appreciate your boat being towed into its slip. Needless to say I'm on the downhill slide of that project.

Reason for moving on, the mission has changed. We purchased this particular design because it was easy for our aging parents to get on and off through the cockpit and up and down, from saloon, sundeck and flybridge. Unfortunatly over the last 6 months, it's become clear that they may never be able to join us cruising again. We do like the sundeck design, but we don't need a 48' boat.

The new owner will have plenty of projects to keep themselves busy on faulty easy DYI projects but you name the system and it has either been replaced or rebuilt. Heck, 2 months ago I had the tanks drained, inspected, cleaned and fuel polished so new owner does not need to need to even worry about the fuel tanks. Bottom had been previously stripped and barrier coated, no need to worry about blisters.

I think you all have helped me with the decision (or confirmed what my gut is saying) and therefore, as soon as the 6BTAs are in and sea-trialed, we will get her on the market and move on. But first, I need to finish sanding and varnishing the doors

This sounds like a great plan from where you stand.
I would market it as soon as possible and aggressively and get to the next stage of your plan. Full sets of detailed descriptions and many hi-res pictures presented to as many potential buyers as possible.
Good luck with your journey...

 

[Pete Meisinger]

My advice still remains the same. Finish the engine job and cover the boat and re evaluate in a year or so.

The used boat market is crashing right now. You will be lucky to get the cost of the engine job out of a boat which is not "perfect", because there will be "perfect boats out there with "For Sale" signs on them competing for the used boat dollar.

pete

 

[Rufus]

Photos? Price after you finish the engine installation? PM me if you like.

 

[jimfrens]

As a buyer, I don't want a bunch of unfinished projects. Finish what's been started, enjoy the boat for a while, then put it on the market. It may take some time to find the right buyer, so be patient.