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Subject: Re: [world-cruising] Buyer's Market
From: Bryan Genez (capella@XXX.XXX)
Date: Mon Apr 07 2003 - 12:32:54 EDT
Interesting. Thanks.
However, I'll stand by the actual experience of the market here in
Annapolis. We're having real problems finding slips to put our listings in.
We encourage people whose boats are distant to bring them here for sale, and
we're full! All we can do about slips now is sell the boats that are in the
slips, to free one up.
Magazine revenues are way down. My take is that the internet, with "real
time" information, is much more valuable than print, which has a 6-8 week
deadline. We still advertise, but by far, our clients are coming from
internet contacts.
I cannot imagine a broker refusing to show one of his listings. Just can't
imagine it. If the seller of that boat found out, he'd have cause for a
lawsuit. That's incredible!
Bottom line, though, is that maybe our business revenues are down 10% +/-
over peak years (1999-2000). Definitely not the cataclysm that some are
reporting.
JAXAshby@XXX.XXX wrote:
> In a message dated 4/7/2003 11:35:14 AM Eastern Daylight Time, ca
> pella@XXX.XXX writes:
>
>> FWIW, my experience differs from your opinions. There are still many buyers
>> out there, and I see them daily. As I said earlier, there is a facet of
>> the
>> sailboat (and probably the powerboat) market that is down. That is the
>> boats that cost about the same as a home, that buyers finance like they
>> would a vacation home. The less expensive boats are selling quickly -
>> probably less risk to the buyers; and the more expensive boats are still
>> selling at the same rates we've seen for years. I guess the wealthy still
>> are.
>>
>
> Bryan, I too spent long years in the selling business, though in high-tech
> rather than the marine business (which my father was in). Because my income
> was closely affected by larger economic issues I watched such very, very
> closely, sorta what I eventually called "watching the wooly fur on the
> catapillars".
>
> That said, there are a couple of issues in the used sailboat market that
> clearly give me the willies (while I most certainly wish to buy a different
> boat at a very acceptable price, I also most certainly want the marine
> vendors to make continuing profits for in fact I need the vendors this year,
> next year and the years after that).
>
> One issue: I've heard marina owners say, "It's 1992 again", 1992 being the
> absolute bottom of the previous bad market. I am not sure it is 1992 again
> and think it more likely it may be 1990 again, or even 1989.
>
> Another issue: brokers act like they are very discouraged salespeople right
> now. Brokers don't return any email inquiries about any boats. period.
> And they are not all that good about returning phone calls. Indeed, call a
> broker today and he is not likely to be "in the office right now". If they
> do call back, it's a few days or more.
>
> In addition, several brokers have told me they wouldn't even show me a boat
> (no matter how far I traveled) unless I *before hand* signed an agreement
> offer, with certified check for deposit.
>
> Either one of those items are the mark of salespeople who believe there "is
> no use in trying".
>
> Another issue: 4 years ago -- when I was searching for my "perfect boat"
> having watched the prices of everything I thought I wanted skyrocket each
> year -- I could put into say a yachtworld.com search for sailboats 31' to
> 45', $1 to $40,000 and get soooooooooooooooooooo many hits it could take
> hours to weed through them. Soooooooooooooooooooooooooooooooo many hits I
> would limit searchs in $2,000 increments above $1 to $10,000, *and* search by
> gas or diesel, *and* search by hull material, *and* in 2 foot LOA increments.
> Even then there way too many hits for anything other than a dedicated long
> review.
>
> Today, there are so few boats listed I can easily review the hits of ALL
> sailboats over 31" and under $30,000 (prices have dropped with some former
> $60,000 listings now at sub $30k prices) in one group without spending much
> more than a few minutes as compared to the hours and hours and hours prior.
>
> Boat owners have stopped listing their boats (probably most hoping for a
> "return to normal" and others more or less giving up). And most (not all)
> boat salespeople are acting like their next job will be flipping burgers (I
> was in the sales business long enough to know smell of fear on salespeople).
>
> And, it was reported to me face to face by someone know was most certainly in
> the position to know, sailing magazine ad revenues are down up to 40% in some
> cases.
>
>
> [Non-text portions of this message have been removed]
>
>
>
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>
>
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>
>
-- Best,Bryan (KB3HMZ) "Capella" Valiant 40 #158 Annapolis, MD
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