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Does a distress sale set the market?

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Old 12-07-2008, 08:41 AM
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Originally Posted by fountainracing65 View Post
it sure does in real estate. any apprasial will show the low dollar home. its killing the housing market with the "short sales". i would assume the same applies to boats...cars....ect. sucks but that is a sign of the times. Funny thing...never seen people on here *****in when they were getting top dollar for there crap. BUYERS market.


I would have to agree it does in Real Estate, why not the boat market...
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Old 12-07-2008, 08:48 AM
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It is a terrible time to be selling anything. If this is whats going on in the used market what is going on in the new market?
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Old 12-07-2008, 08:58 AM
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simple, the only determing factor of what something worth is what someone is willing to pay for it. anything else is percieved/sentimental value.
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Old 12-07-2008, 09:15 AM
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I think any sale will set the market (with the exception of really cheap deals that are once in a lifetime).
http://yachtauctions.com/detail.asp?stockNo=19514
http://yachtauctions.com/detail.asp?stockNo=19606
http://yachtauctions.com/detail.asp?stockNo=18714
http://yachtauctions.com/detail.asp?stockNo=19573
http://yachtauctions.com/detail.asp?stockNo=19554
These guys are setting the prices for the most they think they can sell the boat for in the next two weeks, actual sale price can be higher or lower than their starting bid. Example the sunk 38 Powerplay was 65K minimum bid and it sold for 30K. They sold a 37 OL with Pfaff 900's and missing #6's that same week for 91K and minimum was 110K.

Some that need much better pricing:
http://yachtauctions.com/detail.asp?stockNo=19465
This boat was only 150K new when Hideaway was trying to sell it.

If you own a similar boat to these that you are trying to sell then they are your competition but you don't need to necessarily lower your price to these prices.

If you don't need to sell it now, then don't. You won't necessarily get less in the future but I wouldn't expect you to get more (boat will still depreciate and it will cost you more in maintenance).

Last edited by Jupiter Sunsation; 12-07-2008 at 09:18 AM.
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Old 12-07-2008, 09:24 AM
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It is a terrible time to be selling anything. If this is whats going on in the used market what is going on in the new market?
Well most of the Miami boat show (Feb 2008) Cigs are still still unsold. In years past they were sold at the show and on the poker run the next weekend.

The dealers won't want to discount any boat but the fact is it is winter and they now own leftovers. They have a hard number that they need to get to break even but that number grows every month with the floorplan costs so at some point they have to sell it potentially for a loss and they will be less likely to order new boats for the floorplan. I think Baja Will mentioned he lightened up his floorplan significantly this year to avoid losing money on the floorplanned boats.
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Old 12-07-2008, 09:56 AM
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Maybe a bit off subject. But has anyone tried or heard of anyone negotiating a lower monthly payment on a boat loan, like what's happening with home loans right now? In Michigan I've read of banks working with homeowners to lower there payment to an amount they can handle in order to avoid having to repo their property. Wonder if anyone's doing this with boat loans? The banks definitely don't want anymore boats, so maybe they would be willing to take a little less interest and not have to collect another boat.
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Old 12-07-2008, 11:02 AM
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I really don't see all real steal deals out there, I really don't. I also don't see many performance boats at the repo auctions. This market sucks but no one is giving anything away. The real problem is that alot if not most that are for sale the owners are way to far upside down and can't sell them for what they owe on them because they were so over priced to start with and we were dumb enough to sign on the line for something that the ONLY guarantee is that you ARE going to loose at min 40% the second you sign on that line. What other bis/market in the world has or can servive like that. Well I think it is starting to bite'm back and I hope they learn. Sorry just saw I got off on a rant that I didn't plan to. enough.
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Old 12-07-2008, 11:13 AM
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Quote:
Originally Posted by bmanafort View Post
It is a terrible time to be selling anything. If this is whats going on in the used market what is going on in the new market?
New boat sales are certainley suffering. I wonder what effect that will have on used prices down the road? In 3-5 years how many used 08's or 09's will be out there? If that number is limited it should escalate used boat pricing.
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Old 12-07-2008, 11:18 AM
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It's simple. If I see a twin step TG go for 100K I'm looking for that same deal or better. I would never pay 125K after seeing one go for 100K, all options on the boat being equal of course. I think in this sense a distressed sale could possibly help set the market lower especially if the sale is widely known.
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Old 12-07-2008, 11:20 AM
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Humm,, "short Sale" "Distress Sale" or hell just "For Sale"

Their are some great deals out there, but banks are not going to give it away, trust me I make them low ball offers all the time. Your not going to buy a 100K boat for 20K its not going to happen, but their are situations where you may get a 100K boat for say 60K, but I stress you need cash to make it happen and their not going to advertise it, also plan to put 5K back into it.

Now do some great deals on boats bring the market down, (yes and no) if their are many of the same boat with cheap pricing then YES, however if it a one off, no name, what ever boat the NO.

As for my floor plan I am happy to say is at ZERO going into 2009.

WILL
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