Tough times and a selfish question. I want to buy bluewater cruiser. How do you think boat prices will play out?

Not much chance of going far to look at one right now but what do you think of yacht prices with the coming virus problems? Possible 1M job losses. But I don't know how much affect this has on owners of 30 year old bluewater cruisers that I'm interested in. I had trouble finding info what happened in the GFC.

I looked a 38' Moodys. 140k here. 80k in Greece. Hard to justify buying it here with that price since I don't care to sail straight back.

I sold my Crowther Cat during the GFC paid $139000 for it a couple of years before (which was a fair price) put it on the market and the GFC hit. Everyone who would normally be in the market for a boat was all of a sudden not buying, and everyone who owned one wanted out. It was the perfect storm of pain. I ended up selling it five years later for $70000. I still beat myself up over it, but in reality, that's how it goes sometimes.....

Wonderfulx said..
Tough times and a selfish question. I want to buy bluewater cruiser. How do you think boat prices will play out?

Not much chance of going far to look at one right now but what do you think of yacht prices with the coming virus problems? Possible 1M job losses. But I don't know how much affect this has on owners of 30 year old bluewater cruisers that I'm interested in. I had trouble finding info what happened in the GFC.

I looked a 38' Moodys. 140k here. 80k in Greece. Hard to justify buying it here with that price since I don't care to sail straight back.

No not selfish, just reality.
I am still planning to buy a cat in about 12 months, currently about 300-350k range,
Plan A...To re mortgage my house and put tenants in to cover loan while sailing.
Plan B... Sell house and buy outright, stock boat with corona and vanish

Now will my place be worth less in 12 months? I think so.
Well boat prices drop, hell yes, some will need the cash.
But people with nice boats will proberly be able to afford to keep them and ride out the storm.

It will become a buyers market is my 2 cents worth

I want to buy bluewater cruiser.

30 year old bluewater cruisers that I'm interested in.

I looked a 38' Moodys. 140k here. 80k in Greece.

You looked at 30 year old 38 foot Moody for $140,000?
Didn't you feel it was just a little overpriced?

gary

Wonderfulx said..
Tough times and a selfish question. I want to buy bluewater cruiser. How do you think boat prices will play out?

Not much chance of going far to look at one right now but what do you think of yacht prices with the coming virus problems? Possible 1M job losses. But I don't know how much affect this has on owners of 30 year old bluewater cruisers that I'm interested in. I had trouble finding info what happened in the GFC.

I looked a 38' Moodys. 140k here. 80k in Greece. Hard to justify buying it here with that price since I don't care to sail straight back.

I think a Moody 38 is a high-end yacht and that is not going to vary much. People who own these don't feel anything when there is an economic downturn. Probably anything over a hundred grand will just wait it out. Older boats that the bank will not loan money on are the ones that will become good buys for those people paying cash. It's the same old story, sit around with a pocket full of cash and wait.
The 20 grand boats today will be still 20 grand in six months time.

Ramona said..

Wonderfulx said..
Tough times and a selfish question. I want to buy bluewater cruiser. How do you think boat prices will play out?

Not much chance of going far to look at one right now but what do you think of yacht prices with the coming virus problems? Possible 1M job losses. But I don't know how much affect this has on owners of 30 year old bluewater cruisers that I'm interested in. I had trouble finding info what happened in the GFC.

I looked a 38' Moodys. 140k here. 80k in Greece. Hard to justify buying it here with that price since I don't care to sail straight back.

I think a Moody 38 is a high-end yacht and that is not going to vary much. People who own these don't feel anything when there is an economic downturn. Probably anything over a hundred grand will just wait it out. Older boats that the bank will not loan money on are the ones that will become good buys for those people paying cash. It's the same old story, sit around with a pocket full of cash and wait.
The 20 grand boats today will be still 20 grand in six months time.

It is not often that I disagree with Ramona, but I think $20k boats today will be $10k boats in a few months time. Even before our looming recession the $25k boats of 2 or 3 years ago are now going for $10k to savvy buyers. Suckers will be harder to find in a recession.

And then there are plenty of adds like this one I have been watching for a while with a price tag of 339k

"She is currently in charter in Airlie Beach and is in 4C Survey for a maximum of 6 people. The boat is professionally maintained with regular services on all equipment, with a valuation last year by an independent surveyor resulting in a rating of 'very good condition' overall. You can keep in charter and continue to benefit from forward bookings with the charter companies, or sail on her privately wherever you desire."

I guess most of the "forward bookings" will be cancelled for a while for many of charter fleets putting pressure on owners relying on the income to cover cost.

In what world are you gents living or planning to live in six months or a year time?
If you are thinking about planet Earth as we know it, l have to warn you to put on your thinking caps!

We are going to be lucky in a few weeks time if we are going to be allowed on the street to get to our boats.
We are going to be lucky in a year time or before, if we are not going to be under martial law.
Even if one finds immediate cure for the corona virus, miraculously, the recovery from the damage is going to take years.

Besides, in the meantime the real leaders of the world are working on a "clean slate" solution to start a new economic age with new rules and laws as they are seeking it ever since 2008 just how could they do it.
This upheaval of late gave them a perfect opportunity to do what they want and they are going to do it no matter what.
No matter what you do, all of us are going to be ruined from the upper middle class down, and after the reorganisation (redistribution of wealth) everyone is going to be worse off but the super rich.

God give me the mercy to be mistaken and RIP those who fall victim to the disease and its aftermath.

Craig66 said..

Wonderfulx said..
Tough times and a selfish question. I want to buy bluewater cruiser. How do you think boat prices will play out?

Not much chance of going far to look at one right now but what do you think of yacht prices with the coming virus problems? Possible 1M job losses. But I don't know how much affect this has on owners of 30 year old bluewater cruisers that I'm interested in. I had trouble finding info what happened in the GFC.

I looked a 38' Moodys. 140k here. 80k in Greece. Hard to justify buying it here with that price since I don't care to sail straight back.

No not selfish, just reality.
I am still planning to buy a cat in about 12 months, currently about 300-350k range,
Plan A...To re mortgage my house and put tenants in to cover loan while sailing.
Plan B... Sell house and buy outright, stock boat with corona and vanish

Now will my place be worth less in 12 months? I think so.
Well boat prices drop, hell yes, some will need the cash.
But people with nice boats will proberly be able to afford to keep them and ride out the storm.

It will become a buyers market is my 2 cents worth

Plan B is a road to poverty, seen a few who have done that and found they couldn't get back into the house market, not because of the yacht resale value but because housing prices tend to rise over time.

And just a point on the bottom end of the market [10k-20k] prices at that end of the market bottomed out a while ago and are now starting to rise, but slowly, again.

I'm guessing there might be a few cheap large power boats around. My thought based on the kind of over leveraged folk who I guess tend to buy them. Oh and probably a shed load of jetskis.

Nice big newish monohulls maybe but less likely I reckon based on the kind of well funded folk who buy them. I maybe completely wrong. Older monos bought by people with cash who live simple lives will surely be unaffected.

Sir Gallivant I think you will be disappointed to find things will be ' business as usual' sooner than you would like.

Closing coffee shops and restuarants etc is not the end of the world except for the folk involved.

Mining, construction, banks etc largely business as usual.

I think Sirgalivant is far too optimistic, (Hi John.)
If this isn't fixed in two months only essential services will have a job.
I am guessing thats about twenty percent of the population.
Eighty percent will not have a job.
There will only be market for food and medicines.

Today the US virus cases hit 100,000, and this figure is doubling every three days.
Thats 3.2 million cases in a fortnight and 13 million cases in three weeks.

Unfortunately the world is broken but we had it so good for so long.

Please show me where I am wrong?

Chris 249 said..

If, on the other hand, they somehow have managed to create a giant conspiracy without leaving a single real trace, then they must be the most organised bunch in the history of the universe and in that case we can't beat them anyway. But at a time when the presidents of the USA cannot keep their sex lives secret, the idea that guys who compete with each other can keep the world's biggest secret just seems ludicrous.

+1 just a human **** show

'The west is doomed, because they are willing to sell us the rope for profit which rope we are going to use to hang them.'

This above paraphrased sentence is from a Lenin's speech.

The old bastard might be dead but his followers are hell bent to use the same rope to choke the capitalist system, as we know it, to death under the 'Chineese unbrella' which might open soon.

Just give a few more months or a year and we all might see what's coming.
All this, while our 'elected leaders', whoever THEY are scrambling to rescue their corrupt system which they supported for a century and trying to hold back the tide.

Unfortunately!

It is as clear as clear can be to people who can 'read between the lines'.