mikef
regular
Reged: 16/05/2001
Posts: 9302
Loc: chesham, bucks and palma,major...
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then what about the US boating market? I watched a property prog on the fishtank last night which showed loads of properties in Florida repossessed and up for sale at knock down prices. If the property market is on it's knees, then surely the boating market is even worse? So who's selling all these repo boats and where can I get a nice Chris Craft for a song?
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alt
regular
Reged: 24/10/2006
Posts: 918
Loc: Éire
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Funny you should mention, I was just talking to a property guy last night about the Florida homes being repossessed.
Waterside houses asking for 800k USD can be gotten for about 150k USD... Would be tempted to buy one and move my boat there ... your boat in your back garden, imagine it!
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MajorCatastrophe
regular
Reged: 31/05/2005
Posts: 17063
Loc: ust plague be upon you
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The property foreclosure list is here, I wonder if there is a boaty one?
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SeadogUSA
regular
Reged: 05/06/2006
Posts: 809
Loc: Stillwater, Oklahoma
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It depends on the housing market. Where I am at, the housing market is very strong. Most of the issues are where people without stable means of finance have bought homes in high price districts. They are on such thin financial ice that any downturn in fortune causes them to want out of the expensive house payments. It is a good time to buy in some markets that were overpriced to begin with.
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Lord, give me the strength to be the person my dog thinks I am.
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bumpy_the_dog
regular
Reged: 15/11/2004
Posts: 31
Loc: London
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Funny you ask that, I was in Miami last week on business and dug around to get a sense of the boat market. It seemed to me it was pretty dire with increasing numbers of desperate/distress sellers. I remember the 1989/95 property crash in the UK and the marine market was an early casualty of that as well, so probably no surprise that where houses go boats (and boatbuilders) follow.
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Poweryacht
regular
Reged: 21/05/2007
Posts: 1362
Loc: Malta - Med Sea
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the funny thing is that Azimut sold 50 new boats in the last Miami Boat Show in Feb and it is there current record,
now I think Sunseeker which also have a good US market will have done also well
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http://poweryacht.blogspot.com for News and www.youtube.com/PowerYacht for Videos
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jrb1978
regular
Reged: 04/04/2005
Posts: 7832
Loc: ality Unknown
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Not a suprise at all really if you understand the economics of the situation. Have a look, you cant buy million $ beverly hills pads for knock down rates, it is the smaller family homes in often over priced areas where people have over stretched themselves that are on the market.
You average working joe does not spend $2m on a 50ft motor yacht.
In fact, a lot of investment bankers are going to get rich of the housing troubles, being in a position to buy stock cheap and sell when the market recovers, or buy debts for way less than they are worth.
The really high end of any market id probably the most recession proof. It will be the likes of Bayliner, Maxum, Searay who will start to struggle as it will be their customers who are hardest hit.
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stelican
regular
Reged: 25/11/2004
Posts: 300
Loc: fareham hampshire
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A friend who lives in Miami recently told me that The Sunseeker dealer there had closed down
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spannerman
regular
Reged: 30/11/2002
Posts: 1071
Loc: Stavanger, Norway
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My boss has just been over in Florida to inspect the new Nortech we have ordered with two 1000 hp V 8's.m And while he was there he bought some properties on the beach front and a Dassault biz jet, business is booming here in Norway so he can hoover up cheap property in other places and wait for it to turn around.
House prices here in Stavanger are now going up faster than in Oslo.
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KCook
regular
Reged: 30/08/2005
Posts: 991
Loc: western US
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I think SeadogUSA got this right. The dumping grounds for expensive boats and real estate will be limited to hot spots on the map. Now Florida may very well be one of those hot spots. Just don't expect this to apply to the entire US.
Kelly Cook
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SeadogUSA
regular
Reged: 05/06/2006
Posts: 809
Loc: Stillwater, Oklahoma
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What I think is a bigger issue is the inflation of building materials. It is killing the architects and engineers on big projects. The original concept team will do the numbers based on current pricing. If they try to figure in inflation, they stand a chance of killing a project. The design team will come into the project after a long period of political haggling, only to find a budget that will not cover the projected costs of everything. The project I am working on now, we requested an extra 20% to cover inflation just six months ago, only to find that steel is taking an 82% hike. A lot of our costs are in piping which are following the oil prices.
The same effects are hitting a lot of the home builders and I expect that some buyers are finding the original price takes a sharp spiral by the time they get it built. The owner signs a contract for $150k, only to find a surcharged final price of $200k.
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Lord, give me the strength to be the person my dog thinks I am.
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KCook
regular
Reged: 30/08/2005
Posts: 991
Loc: western US
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Ouch !!!!
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Nautorius
regular
Reged: 24/06/2003
Posts: 4065
Loc: Boat at a Marina near you!
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Mike,
Currently in Chile and my GM has been showing me Pics of all the centre console boats his mates have imported. These boats were in dreamland a few years ago but the Repos are plentiful in the US$25-100k area. A typical Centre console, large single 4 stroke which were approx $US50,000 new, two years old US$20,000! They can not get enough of them here! Only sub 25ft boats though....
Cheers
Paul 
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Boating is the only thing that keeps me sane!
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