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Catalina/Capri 25/250 Sailor's Forums

General Sailing Forum

State of the economy

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FrankV
Navigator

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USA
135 Posts

Initially Posted - 09/08/2002 : 20:53:27

After 12 years at a high tech firm in Dalla, my wife is getting her notice. Boats are for sale all around us at the marina, and several large houses in the area are getting reduced prices.

We will be ok, we have saved and lived fairly frugally, so we can keep the boat, but it might be the only recreation the family has for awhile.

I hear the economy is getting better, but I just do not see it. What about everyone else? Might be a good time to get that Catalina 320, if you still have a job...

Edited by - on

pwhallon
Admiral

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USA
694 Posts

Response Posted - 09/09/2002 : 10:54:06

Hi Frank,

My real estate business is on the rocks.

My last closing was in July, and before that 1 closing in May.

1st quarter growth was 6%. 2nd quarter dropped to 1%.

I am the listing agent for a 58 home subdivision. I have 10 Spec-homes on the ground from $106,900 to $134,900 and can't give them away right now.

I have 3 customers on the fence because they can't get contracts on their homes....price range $76,900 to $89,900. WOW!

Last year, right after Thanksgiving, we were in a similar situation with 13 spec's on the ground and no customers.

Then BAM!, the market exploded and I sold 10 homes in 2 1/2 months. My builder and I thought that all was okay. Then It died again.

That's where I am now. Down to 120 days cash reserves and then go to work at Wendy's or something.

This is why I have offered my Marinette for payoff. Must eliminate the debt.

Ironically, I only need 2 to 3 contracts to close by the end of the year and all will be okay for awhile.

I can tell you this though, If we invade Iraq, the economy will tank!

Most of the people I meet are scared to death about the future and are hunkering down. They're not spending money at all.

If my Marinette had sold, I would have been able to get that $4,500.00 C-25. My plan was to park it next to my home and work like a dog to sell houses at the subdivision.

I do believe that we will NOT invade Iraq. The lack of world and local support is too weak to justify it. I beleive most people do not want us putting our troops in harms way over Iraq.

When the war talk stops, people will calm down and start spending again.

I beleive we will pull out of this. Hopefully soon.

The best way to get a feel for the economy, in my opinion, is talk to 4 or 5 realtors. If they are busy, and not in a unique market, like Vegas, then all should be okay. Real estate is the tip of the economic iceberg.

Anyone need a houes....cheap?<img src=icon_smile.gif border=0 align=middle>

Sorry so long winded.

Paul

Edited by - on

mqp
1st Mate

Members Avatar

USA
46 Posts

Response Posted - 09/09/2002 : 11:13:18

Where are you guys? Here in DC the economy is stagnant, but not so bad. Housing prices are going through the roof. I just looked at a three bedroom two baths townhouse over the weekend for $360K. Now that's just way too much for a townhouse!

--Minh

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teamwike
1st Mate

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82 Posts

Response Posted - 09/09/2002 : 15:27:12

Hey Minh,
I just moved to Columbia Maryland and (here it comes) " WE are in the same Boat". I keep asking the realtors, "If the prices are ever going to level off" and they reply, "they already have!!"
Good luck to the rest of you.
Max in Maryland
84 fksr

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Douglas
Master Marine Consultant

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1595 Posts

Response Posted - 09/09/2002 : 15:45:31

Washington State: Its not as bad as the last time the economy or Boeing went south. No one has put out the signs yet saying would the last person leaving Seattle please turn out the light. Presently we have a three county teachers strike. Boeing and the machinests are getting ready to vote on the worst contract language I have ever seen. The engineers start talks on their contract this week. One of the states largest trucking companies folded last week. Microsoft is in a down turn along with all the other companies here. Freightliner is laying off. Boeing has shed almost 30,000 Union jobs nation wide. They have sent many of our jobs to China, Japan, Mexico, Italy. They want to globalize the economy and bring our standard of living down to the rest of the world while the CEOs line there pockets. So who is going to pay taxes when there not working ! How soon will it be before our polititians wake up ? I SOLD THE BOAT AND IM UPSET.

Doug&Ruth
Boatless in Seattle
Tacoma Wa.

Edited by - on

Kirk McKay
Navigator

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USA
111 Posts

Response Posted - 09/09/2002 : 15:57:59

Hi Max,
I live just down the road in Burtonsville. I've only been here 3 years, but every time a house in my neighborhood sells and I find out the price, it makes me want to sell just to cash in!
Where do you park the boat?

Kirk

Edited by - on

Steve Milby
Past Commodore

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USA
5937 Posts

Response Posted - 09/09/2002 : 16:22:33

I got up this morning and the sun was shining and the birds were singing, and the weatherman said the temperature was finally going to get down into the seventies this week. I checked my blood pressure, and it is down, my arthritic pain has subsided, and my athlete's foot is clearing up...And then I fired up the computer, signed onto my favorite forum hoping to read about sailing, my favorite form of escapism, and then I started reading the messages under this topic.....downer!

Steve Milby "Captiva Wind" C-25 T/FK #2554

Edited by - on

pwhallon
Admiral

Members Avatar

USA
694 Posts

Response Posted - 09/09/2002 : 19:37:45

Yea Steve,

I agree.

sailing is a much better topic.

Paul

Edited by - on

pwhallon
Admiral

Members Avatar

USA
694 Posts

Response Posted - 09/09/2002 : 20:03:36

Hey Steve,

I just remembered this.

Don't be bummed out by those posts. All will pass for the better. And how did you get rid of athelete's foot?

And besides, "Captain Ron" is out on DVD now.

They're only $9.99 at Barnes and noble. If you order 2 items you get free shipping. I ordered "Captain Ron" and the 1956 "Moby Dick".

I love Ishmael's line, when he wakes Queequeg up at the boarding house and is confronted with his scary tatooed face and says, "better to sleep with a sober canibal than a drunken christian"...classic stuff.

Even after my depressing post I'm staying positive.

Good winds to all,

Paul

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Dave Bristle
Master Marine Consultant

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Djibouti
10005 Posts

Response Posted - 09/09/2002 : 21:41:10

Frank, Paul and Doug... Feel free to vent here! For one, many of us have been through it--I have two pink slips in my career, both coming as one of my kids was about to enter college. We can help you see that you'll get through it.

For two, you'll give the rest of us some perspective on how we should appreciate what we have--while being a little careful to protect it. When somebody we "know" has something happen to them, it gets our attention a little more than do the national statistics.

Just remember, the end of one thing is an opportunity for the beginning of something better--something we otherwise would not have even looked for.

Fair winds,

Dave Bristle - 1985 C-25 #5032 SR-FK-Dinette-Honda "Passage" in SW CT

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ssteakley
Captain

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USA
467 Posts

Response Posted - 09/09/2002 : 23:47:54

The way to deal with it is to go Sailing, if you lose your boat you know those who have one so tag along, If you have a boat take someone who just needs to go sailing,
Steve steakley

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luckystar
Navigator

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USA
236 Posts

Response Posted - 09/10/2002 : 00:51:26

Hear, Hear!

I was laid off 4 months after buying my boat. It was such a dream even to get my dirty broken down in need of TLC C25 (now I thinks she's beautiful) and I thought I'd lose her, but four years later, I've had the opportunity to regain my sanity every time I go sailing on her. And four years later she is in great condition with lots of upgrades and repairs. I'd much rather have paid the money and payments for my boat than to pay a therapist. It was the boat that got me throught the hard times!

If any of you were in my area and boatless, I'd be more than happy to have the company!!!

Patrick Burnett, Little Rock, AR
S/V Lucky Star #2707 1982 SK/SR

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Leon Sisson
Master Marine Consultant

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USA
1893 Posts

Response Posted - 09/10/2002 : 20:28:27

So are we in agreement then, that a sailboat will help preserve your sanity through times of no money/job, better than money/job will help preserve your sanity through times of no sailboat? <img src=icon_smile.gif border=0 align=middle>

-- Leon Sisson

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RichardG
Admiral

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USA
990 Posts

Response Posted - 09/10/2002 : 20:36:49

Leon:

Yes -- so much so that we named our boat after it.

RichardG 81 C25 SR/FK "Sanity"

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FrankV
Navigator

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USA
135 Posts

Response Posted - 09/10/2002 : 23:39:49

Sorry to spoil anyone's day. Things will be ok, and we can keep the boat.

I keep explaining to my wife that she can now single hand during the day while I work on! What a chance!

In aviation, I make fun of people flying a lowly 172 at 110 knots, then I realize I am sitting in an office while they are up there flying around... so, I still have a "lowly" paid for Cat 25 and we can still sail.

This will teach us to be thankfull for all of the things we do have...

Edited by - on

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