Notice:
The advice given on this site is based upon individual or quoted experience, yours may differ.
The Officers, Staff and members of this site only provide information based upon the concept that anyone utilizing this information does so at their own risk and holds harmless all contributors to this site.
I've been looking at an '89 wing/std, one owner which has for all intents and purposes been abandoned at my local sailing club. The boat has not moved in over two years and sits in brackish water on the Pamlico River in eastern North Carolina. The owner states that she doesn't think it has been out of the water since 1996 and it has a thick crust of barnicles below the water line. The topsides are NASTY to say the least and I know most everything will need replacing. I haven't been below decks but I don't think its leaking or anything. It has a 9 hp Johnson outboard which clearly will need to be overhauled or replaced.
The owner is asking $8500 (!) for the boat which to my mind is way, WAY more than I'd be willing to gamble. I'm thinking more like $1000-$1500. Any advice or comment?
Marine Survey. Which may require the owner hauling it out of the water. The survey will identify what damage needs to be repaired to make the boat the boat the owner thinks she has. The marine survey is similar to the home inspection and identifies problem associated with a particular boat. One would reduce your piece of mind, and you'd feel more comfortable buying the boat. You pay for the survey and the results are your, not the owners, and you get to decide if you want to proceed or call the deal off, and whether you want to share the results with the owner.
A high pressure wash will take care of most of the barnys and slime build up. And alot of scrapping will take care of the rest.
Don Peet c25, 1665, osmepneo, sr/wk The Great Sacandaga Lake, NY
BTW, I have wing keel on osmepneo and really love it. They are often hard to find, and if you can get one for a deal, I'd have to encourage you to go for it!
Don Peet c25, 1665, osmepneo, sr/wk The Great Sacandaga Lake, NY
I don't know if this will help, but here's a value comparison.
I bought my '86 FK/SR a year ago for $8,000. The seller was originally asking $12,000. The deck was clean and solid, the interior clean and dry, four good sails, and the '86 8hp Evenrude ran perfectly. The seller hadn't had the bottom done for 6 years (fresh water lake). So, I got $2,000 off for the bottom job and another $2,000 off for a "buyer's market". <img src=icon_smile_evil.gif border=0 align=middle>
I've put $2,000 into her this last year; running rig overhaul, electronics, etc. Still haven't gotten a bottom job, though. <img src=icon_smile_sad.gif border=0 align=middle>
Anyway, hope that helps.
J.B. Manley, Antares '86 FK/SR #4849 Grand Lake O' The Cherokees, NE Oklahoma
I bought an 89 wing keel tall rig in great shape except for needing bottom paint, needing a new rudder, needing teak refinishing, needing minor electrical work. Sails and rigging in great shape, interior pristine. Old evinrude 15hp that works paid 9 grand Then I bought a trailer and a new honda
It has been my experience that the buyer pays for the haulout, cleaning of the hull, and survey. But I wouldn't buy a boat without it.
Sounds like you could easily sink 5 grand into that boat.
They only made 223 89 wing keels, the rarest of the breed
I bought my 1989 SR/WK last summer for $9,000. The PO had put a $485 knot/depth on (still had the receipt). It came with the original main and 110% jib, along with a farily new 150% and a like new 170 drifter. The original 8 hp Suzuki runs starts and runs great, and the PO and his wife never spent ANY time in the cabin. The interior looks like a brand new boat; the interior cushions and cockpit cushions are in mint condition. To top it off, the summer before I bought it, the PO had a barrier coat and three coats of bottom paint.
So from my experience, $9k bought a cream-puff of a boat. I have no idea what the one your looking at is worth; but thought I'd at least pass along my good luck. I think I got a bargain, but that only proves bargains are out there.
Plus, I always get comments at the marina on the great looks of the 89 Cat 25. What a great boat!
<BLOCKQUOTE id=quote><font size=1 face="Verdana, Arial, Helvetica" id=quote>quote:<hr height=1 noshade id=quote> I think I got a bargain, but that only proves bargains are out there. <hr height=1 noshade id=quote></BLOCKQUOTE id=quote></font id=quote><font face="Verdana, Arial, Helvetica" size=2 id=quote> Mike hit the lottery! It worries me about what we paid, and the value of our SR/FK...
Thunderwhoweveryouare... (names are nice) You have some MAJOR bargaining to do. The potential is there, but a surveyor should confirm that for you before you spend, I'm thinking, maybe $6,000 for a project boat that could pay off for you. That owner must understand, or be told, that she gave up the right to anything more than half the potential market value.
Dave Bristle, 1985 C-25 #5032 "Passage" SR/FK/Dinette/Honda in SW CT
Nasty topsides?...Neglected?...Sitting for a few years?...Hmmmm, this is exactly how I came to own North Star two years ago!
After buying her and putting in a little elbow grease I uncovered a boat that was, at one time, very well maintained. She shined up nice and pretty, and for the mere pittance that I paid for her(about the price of a new Honda 9.9 XL) I have a boat that now receives many compliments.
<BLOCKQUOTE id=quote><font size=1 face="Verdana, Arial, Helvetica" id=quote>quote:<hr height=1 noshade id=quote>The owner is asking $8500 (!) for the boat which to my mind is way, WAY more than I'd be willing to gamble. I'm thinking more like $1000-$1500. Any advice or comment?<hr height=1 noshade id=quote></BLOCKQUOTE id=quote></font id=quote><font face="Verdana, Arial, Helvetica" size=2 id=quote>
Getting this boat for $1000-$1500 might be a little wishful thinking, but as Dave said, a boat that has been neglected should fall below fair market value. Unfortunately, some sellers are unaware of this concept.
Thanx for all the replies and I wanted to add a little additional information that might clarify why I thought $1000-$1500 would be appropriate. The owners are clearly experiencing financial difficulty having been ejected from the club for non-payment of dues and slip fees. They have refused to move the boat after many attempts by the marina to get them to do so. There is a substantial amount of money owed to the marina for back slip rental and other charges. The couple has a second child entering college this fall. They clearly don't have much interest in the boat since they haven't visited it in two years anyway.
I don't enjoy taking advantage of other people's misery but the way I see it, making a deal with me, any deal, is better for everyone involved. The owner's put *some* money in their pocket, the marina recovers their costs and frees up a slip that has a waiting list a mile long behind it, I get a boat perfect for my area, the boat gets a new owner who will restore it and care for it. Everybody wins.
On the other hand, if the owner's don't go for my deal, the marina's lawyer takes legal action which puts the boat in the marina's hands, I buy it off them at a rock bottom price (probably just enough to cover the legal fees) and the original owners walk away with nothing. The only winners are me and the lawyer.
To my mind the first option is the best. I figure the boat needs new rigging (running AND standing), obviously a bottom job, outboard work (I know a good mechanic) and a boat load of other little things that add up to a boat worth not much more than $1500 as a starting point. Here is my reasoning:
$1500 - Cost of boat $2000 - Owed to marina $1000 - Motor work $ 800 - Haul-out and bottom job $ 600 - Standing Rigging $ 500 - Running Rigging $ 500 - Instrumentation / electronics $ 500 - Miscellaneous (offering to Neptune) -----
$7400 Total
That's a pretty good lick if you ask me.
Supposedly the interior in in great shape and the sail inventory includes main, a couple headsails and a spinnaker. I saw no poles on the boat however, and I imagine the sails are original equipment, excluding the chute. $1200 for new sails sound right? Now we're up to $8600. Pretty steep if you ask me.
Anyway, probably more information than anyone needed but I just wanted to get the opinion of C25 owners as you folks are the ones who know the boat and the market for it. Thank you all again for your help.
Thunderheart
BTW: I'm called Dallas P. (I think Dave B. was wondering)
<BLOCKQUOTE id=quote><font size=1 face="Verdana, Arial, Helvetica" id=quote>quote:<hr height=1 noshade id=quote> C27's often go cheaper than 25's... <hr height=1 noshade id=quote></BLOCKQUOTE id=quote></font id=quote><font face="Verdana, Arial, Helvetica" size=2 id=quote>
C27's are cheaper because you are buying just a boat, not a boat and trailer. New Catalina 25 trailers run $5500 at the cheap end, for a painted bunk trailer with drum brakes, to $7800 for a premium trailer, disc brakes, fully galvanized, all stainless steel hardware, and rollers instead of bunks. As crazy as it seems, it is getting to where the <i>trailers</i> are worth more than the <i>boats!</i>
Larry Charlot Catalina 25 #1205 "Quiet Time" Sacramento, CA
"C27's are cheaper because you are buying just a boat, not a boat and trailer."
True enough, bit I think I've seen quite a few of C27's going cheaper than C25 fins offered without trailers too.
Because they are overwidth they aren't easily trailered (even if you had to rent/borrow a trailer) and that means not easily transportable to new sailing venues.
When you jump to a non-trailerable boat, it opens a new can of worms. I haven't 'gone there' yet, but I think If I was making the jump to non-trailerable status, I'd go all the way up into the 30's... or consider an 'offshore capable' sub-30 suitable for cruising.
(dreams of Mexico and the South Pacific...)
Currently maintaining two holes in the water...'77 Venture 23 and new to the family, '78 Catalina 25
I like your thinking about negotiation. Add this, the marina people may deal also on the $2000. If they know you intend to stay there with the boat and will pay regularly, and if they know back-paying the slip fees is a deal breaker for you. I would approach them separately from the owner and offer half what is owed. Remember, run-down boats are a turn off to prospective new tenants, so the marina has an interest in pretty, well-maintained boats.
Although Hey Jude is a '82 fin keel, her condition was just like you describe for the wing. The owner was deceased, the widow's son motivated to sell, the boat had not been touched in two years. In '98, the going price for my kind of boat in SF was $6500-$8000, no trailer. The guy advertised it for $5, took $3500.
Good luck!
Jim Williams Hey Jude C25fk/sr 2958 Half Moon Bay, CA
Yeah, I do believe that I can get the marina people to reduce (and possibly negate) the fees owed to them if I can simply move the boat out of there. The marina in question is a non-profit organization and simply wants the slip freed so that other members of the club who have been on a waiting list can get a shot at the slip. I am not a member of the club (I just crew down there during races) so keeping the boat there is not an option. I intend to park the boat on the hard, do most of the restoration myself, then put it in fresh water until my membership application is approved (next 12-18 months). The club has plenty of dry slips available (no waiting) so at that point I could get an older trailer and park the boat there. The wait for a wet slip is longer, but time is on my side since I'm only 40 and most of the boat owners there are well into their retirement. I expect the turnover rate to increase steadily in coming years.
I feel almost Machiavellian when I consider these things. However, I didn't create the situation, I am simply taking advantage of it. Sailing is a pragmatic activity after all and I consider myself a pragmatist. I guess one has to strike a balance between one's principles and the realities of the world.
Here's some food for thought on the price range/depreciation of a C-25. The first C-25 Wing keel I ever saw was a 6 mo. old '89 model (used) sitting on an EZ-loader trailer in a dealer's lot. The asking price was $28,000.00!!! Even though time has gone by, most boats just sit much more than they are used and are really not abused, except cosmetically (one hopes). So a price in the $6000-$10,000 range for a wing boat that may need a little TLC ain't bad, 'cause they were pretty spendy at one time.
<BLOCKQUOTE id=quote><font size=1 face="Verdana, Arial, Helvetica" id=quote>quote:<hr height=1 noshade id=quote> boat has not moved in over two years and sits in brackish water on the Pamlico River in eastern North Carolina. The owner states that <hr height=1 noshade id=quote></BLOCKQUOTE id=quote></font id=quote><font face="Verdana, Arial, Helvetica" size=2 id=quote>
Very important to have this boat professionally surveyed, and the underhull cleaned and inspected. If the boat has never been hauled since '96, it is very likely to be badly blistered unless a PO put an epoxy barrier coat on at some point prior to '96. Restoring a badly blistered Catalina 25 costs up to $3000 here in Sacramento, probably about the same in North Carolina. Another worrisome area is the deck core around the chainplates. It rains a lot in N.C. (I lived in Charlotte for three years, so I know all about those regular summer thunderboomers!), and if mainteneance of the sealant under the chainplates has not been kept up, the deck and cabin bulkhead around the upper shroud strap could well be dry-rotted.
Larry Charlot Catalina 25 #1205 "Quiet Time" Sacramento, CA
The 89 model 25's were laid up with vinylester resin, which is more blister resistant. When I had my 25 surveyed it had hundreds of small, dime size blisters, which scared me. To make a long story short, they turned out to be paint blisters, and the hull is OK. The boat was in Lake Norman near Charlotte NC, one of the worst places in the country for blistering as it is warm, over 80 degree in the summer, fresh water. Salt water is less conducive to blistering verses fresh water. One of the things I like about my 89 wing is the flat floor, no 2 inch step running down the centerline of the cabin. But I agree that if ever any boat needed surveying, this is the one. Good luck, and keep us posted
I "third" the survey--regardless of what it does for your decision, if you buy the boat, you need the information. Participate in the survey.
Regarding the rest of your list... The standing rigging just might be fine (as long as the chainplates are all OK). If the motor needs $1000 in work, a new motor may be a better investment. As Frank says, blistering is a bigger problem in fresh water, and with older gelcoats. Your critical areas that will determine whether this is a reasonable project are deck core (plywood) and hull condition (any ice damage or other damage). I doubt that you can judge these on your own.
You may have a great opportunity--the C-25 is a tough, resilient boat!
Dave Bristle, 1985 C-25 #5032 "Passage" SR/FK/Dinette/Honda in SW CT
$1,500 sounds about right. That's what I paid for mine in similar shape. Don't pay for a survey, it would cost too much. Examine the boat carefully. Even if there is blistering, it should only add about $1,000 to the cost, along with new bottom paint. I had the yard polish the hull, too. The rest of it I did myself. Teak. Alot of the fixtures were rusted shut, so I did alot of hacksawing. Good luck!
1.) Absolutely plan on having the boat surveyed. As to when, see point #2.
2.) Be certain that all parties involved are working from the same script. Here's how I've heard it <i>should</i><img src=icon_smile.gif border=0 align=middle> go: <ul> <li>Potential buyer identifies a likely candidate.</li> <li>Potential buyer takes a look (walks around boat, tries to peak in windows without trespassing), decides to find out more.</li> <li>Potential buyer contacts seller or their broker.</li> <li>Potential buyer and seller (or broker) discuss asking price, alledged condition, equipment list, pre-existing financial encumberances (bank loans, mechanics leans, etc.).</li> <li>Potential buyer makes tentative offer based on good faith representation of the vessel, and contingent upon outcome of sea trial and survey.</li> <li>If tentative selling price is agreed upon, transaction proceeds to sea trial (test drive). During sea trial, buyer mostly concentrates on deciding whether or not the boat meets expectations, and seems appropriate to intended use. Buyer develops some sort of gut feeling about whether they want to own this boat or not.</li> <li>The outcome of sea trials is generally go/no-go, thumbs up or thumbs down. It's not usually used as a bargaining tool. Personally, I'd be comfortable asking or offering a non-refundable, deductable fee for the sea trial to discourage joy riders, and to show an earnest of intent.</li> <li>If sea trial is acceptable, the buyer selects a surveyor, and pays for the survey, including haulout and any other associated costs. If the seller agrees in advance that the boat needed to be hauled for other reasons besides the survey, there may be justification for sharing the cost of the haulout.</li> <li>Somewhere along about here, the buyer needs to see the title and compare the H.I.N. (serial number) on the title to the one on the boat. If there's any other documented equipment involved, such as a trailer (and in some states the motor), those numbers need to be varified as well.</li> <li>In my opinion, it's a <i>real</i> good idea for the buyer to be present during the survey. Simlarly, if I were the buyer or the surveyor, I'd try to avoid having the seller present.</li> <li>The surveyor presents the buyer with a confidential survey report in a timely manner. This is typically 20 to 30 pages plus photos delivered within a week.</li> <li>If the survey reveals problems not previously disclosed by the seller, then that is justification for amending or withdrawing the purchase offer. Note that marine surveyors are not in the business of giving repair estimates, or specifying detailed repair procedures. That's somebody else's job, a separate step.</li> <li>Buyer may submit some or all of the problems identified in the survey to one or more repair services of the buyer's choosing for cost estimates.</li> <li>Buyer is perfectly justified in asking the seller to either pay for the repairs to be made, or to adjust the selling price to reflect the true condition of the vessel as detailed in the survey report. (Hint: if seller chooses to have the repairs made, the buyer may not be as happy with the results as they would have been if they'd taken a discount on the selling price and then had the repairs performed to their own satisfaction after purchase.) One big factor here is whether there are problems which prevent the buyer from accurately determining the condidtion of the vessel. (If the boat in such rough shape that a sea trial is not practical, then the asking price needs to reflect the pig-in-a-poke status of the boat.)</li> <li>OF course, at some point funds and ownership are exchanged. I suggest that this be as brief and simple a transaction as possible. Try not to leave any loose ends. ("I'll bring you the rest of the included equipment later. Write me a check now, and we'll stop by the bank later to pick up the title when they're open. The trailer is parked at my brother-in-law's house, here's his address. Pay me my full asking price now, and I'll reimburse you for those repairs after you get them done." etc.)</li> <li>Process the paper work as soon as possible, so you'll find out about any legal problems.</li> </ul>
I doubt that a high percentage of boat sales include every step listed above, in that order. I'm just suggesting that you and everyone else involved have a common understanding of what's going to happen on the way to a done deal.
Good luck!<img src=icon_smile_big.gif border=0 align=middle>
-- Leon Sisson
[Preview] feature barfed again.<img src=icon_smile_sad.gif border=0 align=middle> Let's see how this looks after it gets posted.
That's a pretty thorough list Leon, but like you said, <BLOCKQUOTE id=quote><font size=1 face="Verdana, Arial, Helvetica" id=quote>quote:<hr height=1 noshade id=quote>"I doubt that a high percentage of boat sales include every step listed above, in that order." <hr height=1 noshade id=quote></BLOCKQUOTE id=quote></font id=quote><font face="Verdana, Arial, Helvetica" size=2 id=quote>
I really want to thank everyone for your responses. Excellent, excellent advice from all. Especially "Gloss" for the info about increase blister resistance, "Leon" for the VERY thorough list of steps in the buying process and "Jheard" for relating his experience with a "project" boat.
As far as a survey, here is my reasoning. If I thought the boat was in pretty good shape AND I thought the sellers knew this, AND they were in a position to say no to a low-ball offer, AND I was willing to pay the $8500 asking price, I'd say yes to the survey.
However, since I feel like there is a *really* good chance that I will get the boat for $1500-$2000 because of the particular circumstances, I'm thinking of forgoing the survey because of the signifigant percentage of the overall price a survey would represent. In addition, the survey MIGHT reveal that the boat is in much BETTER shape than it appears. This would put increased psycholocal pressure on the owners to stand firm, even though in the end I believe they are in a losing battle.
The way I see it, even if I pay $2000 for the boat and it turns out to be just covered with blisters, the deck is dry-rotted, the engine is unrecoverable ... whatever, I could probably cut the thing up for scrap and re-sell enough of the salvage to recoup $700-$800. That would cut my loss to around $1300. I wouldn't like it but it wouldn't kill me.
However, if I get it for $1500 and it turns out to be in pretty good shape, then cool. I put a little money into it and I get a great little weekender that my wife and I can use as a floating condo on the coast.
What do you all think of this reasoning?
Again, here is my pitch to the owners:
Option 1: You can take $1500 from me, put it in your pocket and walk away. Option 2: You can pay $2000+ you owe and try to fix and sell youself. Option 3: Do nothing and lose the boat to lien holders.
Options 1 and 3 work out about the same for me either way though Option 1 is best. The legal system is a nessessary tool but laywers are like Nuclear Weapons, once you use 'em they screw up everything.
Option 2 *might* be better for the owners but I doubt it. I don't think they have the money, the time or the inclination.
I personally have no problem if this deal doesn't work out. Considering that last weekend I saw I guy buy an Irwin 30 on the spot for $1000, I know there are deals to be had. I just think the upside potential to this one is pretty sweet.
Please continue to comment. I appreciate it and I'm learning alot.
<BLOCKQUOTE id=quote><font size=1 face="Verdana, Arial, Helvetica" id=quote>quote:<hr height=1 noshade id=quote>However, since I feel like there is a *really* good chance that I will get the boat for $1500-$2000 because of the particular circumstances, I'm thinking of forgoing the survey because of the signifigant percentage of the overall price a survey would represent.<hr height=1 noshade id=quote></BLOCKQUOTE id=quote></font id=quote><font face="Verdana, Arial, Helvetica" size=2 id=quote>
I didn't get a survey on North Star for the same reason,...I bought her for a fraction of her actual worth(that, and I self-survey).
You are under no obligation to share the results of a survey with an owner. If you can get the boat for 1500 to 2 grand, I'm sure your self survey would be sufficient. Even if you had to replace all the teak, and do a bottom job you will be OK. I'm sure you can tell if the sails are servicable
Don Casey wrote a good book called Inspecting the Aging Sailboat. There is also an article on our website for Self appraising a 25.
Keep us posted
By the way, thanks for the compliment on my advice. I'm not as dumb as I look
Thunder... If you feel it's very likely you'll buy the boat, even for $1500, IMHO, the information you'll get from a professional surveyor should be well worth the additional $250-300. Just following the guy around with a clipboard is a valuable few hours. Moisture meters point out problems (like hardware that needs rebedding) very few of us could spot. A sharp ear with a little hammer picks up some other issues in the deck and hull. A temperature scan on the motor points out potential blockages in the cooling channels. Trained eyes can give you a clean bill of health on your rigging swages and chainplates that could save you $800 in replacement costs that could be deferred for a at least a few years, or could point out some critical flaws you could easily miss.
In short, think of it as a professionally organized priority list for the hundreds of boat units and many hours of sweat-equity you're about to invest. Get some references and check for accreditation.
Remember: BOAT stands for Break Out Another Thousand. <img src=icon_smile_wink.gif border=0 align=middle>
Dave Bristle, 1985 C-25 #5032 "Passage" SR/FK/Dinette/Honda in SW CT
Notice: The advice given on this site is based upon individual or quoted experience, yours may differ. The Officers, Staff and members of this site only provide information based upon the concept that anyone utilizing this information does so at their own risk and holds harmless all contributors to this site.