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Subject: Re: [world-cruising] Re: Buyer's Market
From: Bryan Genez (capella@XXX.XXX)
Date: Sun Apr 06 2003 - 13:38:17 EDT
Matt,
Yes, you can use a broker as a buyer's broker. In fact, the contracts we
use (from YBAA) specify that the brokers are representing the parties they
bring into the deal; i.e., if there are two brokers, one represents the
buyer and the other the seller. Of course, if one broker represents both
buyer and seller, then you have to decide if you're comfortable.
BUC books are wildly off. Sorry, but that's a fact. BUC has a habit of
showing depreciation for years on boats that have actually appreciated in
value. Just look at any Practical Sailor review of any boat...you'll see
that retail prices go up and down. BUC is very slow to pick up market
trends. Unfortunately, many believe BUC is the boat version of the Kelly
Blue Book for cars. It is not. There are too many different boats, and
many donšt see sales for years at a time...so BUC just "assumes" what they'd
sell for. I can go into greater detail if you want, but the bottom line is
that BUC should be used very cautiously in determining the value of a boat.
Until about 18 months ago, many higher-quality sailboats were appreciating
in the market. Seller's aren't dumb; they want maximum dollar, so the boats
were going up in price. As I mentioned earlier, the $150-500K market is not
depressed, prices are coming down, and there are some bargains to be found.
-- Best,Bryan (KB3HMZ) "Capella" Valiant 40 #158 Annapolis, MD
MFCorcoran wrote:
> Bryan, > > Thanks for the comments. Its good to have a broker's perspective in the > mix. > > One thing I noticed when I started looking about 18-24 months ago was that > many boats were priced 20-30% above their BUC value. The book values seem > to have risen over the past year or two in order to compensate for this, but > I still see many boats priced with a substantial premium. > > Maybe this has something to do with the boats I am considering being a bit > less disposable than others (PSC Dana and Mariahs, project tayanas, maybe > Westsails, Cape Dorys, etc) but just as you point out that many buyers want > to play halfsies (halvsies?) many sellers (possibly encouraged by brokers > seeking listings ;)) seem to be pricing their boats well above what would > appear to be fair value and the corrallary is that their is also no sale > unless a buyer is willing to pay the price. One striking example pointd out > by another prospective Dana buyer is that payments on a used 10-15 year old > PSC Dana for 50K (at used interest rates) are pretty comparable to payments > on a new Dana (@XXX.XXX > > Is there a boat broker equivillent to the "buyer broker" arrangements you > see in real estate sales? I think I would feel much more comfortable with > such an arrangement. As it is, I feel like I am pretty much on my own in > the negotiating process and even a bit adversarial with the brokers -- > relying on their duty as a fiduciary to present my offer rather than relying > on their advice in sttructuring my offer. > > Thanks again, > > Matt > > > ----- Original Message ----- > From: "Bryan Genez" <capella@XXX.XXX> > To: <world-cruising@XXX.XXX> > Sent: Sunday, April 06, 2003 11:31 AM > Subject: Re: [world-cruising] Re: Buyer's Market > > >> svsynergy wrote: >> >>> 5. Don't hesitate to offer a low price for the boat. There is always >>> room for negotiation in your price range. >> >> This may sound trite, but it's an important issue that many buyers fail to >> see. >> >> Unless the seller agrees to your price, there is no sale. >> >> Just because your research proves to your satisfaction that the boat you >> want is worth a specific amount does NOT obligate the seller to sell it to >> you at that price. >> >> Just because you're negotiating, does NOT obligate the seller to negotiate >> with you. >> >> Many buyers engage in the game I call "halfzies". They start negotiations >> at a given level, with the idea that they'll go halfway between that level >> and the asking price. Then they congratulate themselves on their >> flexibility, but fail to understand why the seller isn't so flexible. >> >> It takes two to tango in this business too. Don't be unreasonable in your >> expectations. Getting a boat at one-third of it's value is unreasonable. >> >> Adding to Rick's list: >> >> It's far better to be sailing on a boat you can own today, than to spend >> most of the rest of your life looking for a "good deal". >> >> -- >> Best, >> >> Bryan (KB3HMZ) >> "Capella" Valiant 40 #158 >> Annapolis, MD
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