Yacht Market Update

His narrative about the decline doesn't make sense. How can you have a 33% YOY decline, with 4 out of 5 categories reporting increases of 6.5% (<26 ft.), 7% (36-45 ft.), 10.75% (46-55 ft.) and 24% (>55 ft.) and a decrease in only one category -3.5% (26-35 ft.). He's cut and pasted something wrong....
 
Something isn't right here! I've tried all winter to attempt to find a 2008-2009 310 (dual sterns, freshwater, DTS, trailer) and I can't afford because of my $130,000 budget. Clearly the 2010-2011 330 which is the same size is WAAAYY out of our range. I've finally given up. Everyone seems to be sitting upside down. It's a good thing that we bought our 280 in 2005 new, because we got it for $84,000. (We bought trailer and put in genset separately). Try to pick up a new 310 (~same size as older 280), and you'll find how much the market is going up. It has suddenly cost a lot of money to cruise, and I'm glad that we bought when we did. Are any of you running into the same problems?
 
We purchased our boat in Jan. 2012, prices were all over the map and horse trading was part of the game. We started off looking in the 1998 to 2002 year range first looking at the 330 DA, then to the 310 DA, 320 DA and finally the 340 DA. Talking to salesmen on the phone some dropped the price 20K and looking at to identical boats they were priced 25K apart, it was very frustrating but finding the right people to deal with resulted in our purchase of a 2002 340 DA. Nothing more frustrating than spending 11 hours on the road to look at a boat with all sorts of issues.

Dan
 
Yes, but notice what he said. If you price it based on the market it will sell, otherwise it will never sell. There are probably a lot of people upside down and can't price their boat based on the current market and therefore they are waiting for a sucker to come by. I have been looking for over a year and continue to see the same boats hangin around for a long time with the high price tag. Buyers know the market and know when to pull the trigger!
 
Something isn't right here! I've tried all winter to attempt to find a 2008-2009 310 (dual sterns, freshwater, DTS, trailer) and I can't afford because of my $130,000 budget. Clearly the 2010-2011 330 which is the same size is WAAAYY out of our range. I've finally given up. Everyone seems to be sitting upside down. It's a good thing that we bought our 280 in 2005 new, because we got it for $84,000. (We bought trailer and put in genset separately). Try to pick up a new 310 (~same size as older 280), and you'll find how much the market is going up. It has suddenly cost a lot of money to cruise, and I'm glad that we bought when we did. Are any of you running into the same problems?

Your market is too narrow. Finding a 310 with a trailer will be hard!
 
My dealer is sitting on an unsold 2009 310DA (280) and an unsold 2011 330 (310DA). I bought my 280DA in 2005 and we are still upside down. Our house will be paid off this year so we are going to pay the boat off in a hurry (3years). I don't care about the tax write off any more. I just makes me sick to see 280DA's selling for 45K. I paid 80K for mine in 2005. It is a 2003 model that sold new in 2004. It had 40 hours on it when we bought the boat. I am in the same boat ( no pun) as everyone out there looking. And at the end of the day I may still keep the 280 if it is going to cost me 90K to move up to a 310 (330). I don't need a trailer but you are still looking at 120 for a nice (no-salt) 310 with stern drive.
 
I am not sure I agree with the decline part, this year alone 2012 I have already closed 3 large boat sales (in mid winter mind you) and have 6 more myself waiting on sea trials in the spring. Our company as a whole has I believe 10 more waiting on sea trials and closed on 8 boats since 2012 started.

This has formed to be our best season yet, the largest percentage I have seen off asking price has been about 9%. There is however a large flaw with trying to decipher % off asking price. The asking price means nothing if the boat is above or below market value. We are seeing that if a boat is priced near market value we are getting very close to asking prices.

2 Vessels I have recently taken deposits on have sold for asking price because of the condition of the vessels. If you are trying to sell a boat that is less than good condition in this market you will be overlooked until all of the clean and bristol boats are gone (which is never). Moral of the story is that one brokerage companies view of the industry is hardly an industry standard. I think the days of offering obscenely low prices on boats that are truly nice are gone and people are realizing that to have a nice boat they may need to pay more after they watch their dock neighbors deal with repo boats that had a ton of deferred maintenance!

Some are better than others and some utilize their tools of the trade better than others. The savvy brokers will always be successful, and the less than motivated salesmen will fall to the wayside. This will be our best season yet since The Mariner Network's inception in 2002.

We all had out tough times in 2009/2010 but we have been on an upswing since late 2010 early 2011.
 
I'm not a broker and I don't sell boats, but I am an observer of the industry in a location that gives me a good view point. The OP's referenced piece has so many flaws in it that it is apparent to me that it is little more than a brokers effort to gin up some interest so his phone will ring.

Around here, there is a void of decent boats on the market . For example, there are no Sundancers between 30 and 40 ft on the market. The more professional brokers are having a very good year, but its not 2004. They work for every listing and sale. Sure, there are a number of over-priced boats on the market that have grown stale with inactivity, but nice boats sell quickly for very close to asking $. Buyers will always try to devine a formula for pre-determining a discount to asking price, but it is a fruitless effort. The only way to determine what a buyer will take is for you to fill out a contract, write a deposit check and make an offer.
 
I'm not a broker and I don't sell boats, but I am an observer of the industry in a location that gives me a good view point. The OP's referenced piece has so many flaws in it that it is apparent to me that it is little more than a brokers effort to gin up some interest so his phone will ring.

Around here, there is a void of decent boats on the market . For example, there are no Sundancers between 30 and 40 ft on the market. The more professional brokers are having a very good year, but its not 2004. They work for every listing and sale. Sure, there are a number of over-priced boats on the market that have grown stale with inactivity, but nice boats sell quickly for very close to asking $. Buyers will always try to devine a formula for pre-determining a discount to asking price, but it is a fruitless effort. The only way to determine what a buyer will take is for you to fill out a contract, write a deposit check and make an offer.

I could not agree more!
 
The problem is that the market is really narrow or overpriced in general for the 2007-2009 310's. I don't necessarily need a trailer with the boat, as I will have one built. I had a chance to buy a 310 in 2007 for ~140,000 new. I should have taken it at that time.
 
There is a lot of activity at the DC area Sea Ray dealer this spring. Lots of boats for sale and lots of sold signs on other boats in the slips. Asking prices for the used Sea Rays seem to have gone through the roof. This is normally a high resale price area, but they feel even higher this year. Maybe its just a normal spring pricing thing. I bought both my boats in the fall so I've never priced during the spring.
 
Last year I listed my 320DA on a Saturday and had an offer the following Saturday. My boat was always kept clean and maintained so if someone happened by it was almost as if we staged it. The guy had been looking for a year and one look made him place an offer. We right priced it and even left a little wiggle room. I was fortunate since I was able to buy it for a song and even though I did some upgrades I actually came out ahead even after the 10% commission. That won't happen very often but the key is to keep the boat in. Tip top shape so the potential buyers love it and price it right for the market. If you are upsizing and take a bit of a loss you will make it up on the next purchase anyway as long as your negotiating skills work in your favor.
 

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