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Has Superstorm Sandy ended the "Buyers Market"?

Discussion in 'General Yachting Discussion' started by 79OceanSS, Dec 11, 2012.

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  1. 79OceanSS, Dec 11, 2012
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    79OceanSS

    79OceanSS New Member

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    I had an email discussion with a broker in Northern Jersey who claims that current sellers are holding onto their boats and not negotiating price anymore at this time. The reason being that so many boat owners lost their vessels in Superstorm Sandy. There is a lot of insurance money out there and boaters are looking to replace their vessels.

    Are other brokers out there experiencing the same? A surge in interest in used boats?

    Interesting perspective and certainly good for owners. I'm looking to get into a 35' to 40' Aft Cabin, so probably not the best news for buyers.
  2. Capt J, Dec 11, 2012
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    Capt J

    Capt J Senior Member

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    Well, the production of new boats has been very very low since 2009, so the used market is also fewer as there are very few 2009-2011 used yachts around. A lot of the used boats have also been bought by out of the country buyers, so I would agree that there are fewer used inventory. But there are still deals to be had at least down here in Florida.
  3. 79OceanSS, Dec 12, 2012
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    79OceanSS

    79OceanSS New Member

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    Superstorm Sandy and the buyers market

    Thanks for the insight Capt. J. Maybe I need to look toward Florida for a purchase. I'm looking for a 96 - 98 Carver 355 or something like it. There are about 20 of them in this market, so the supply has not yet dried up too much. The cost of shipping up from Florida just seems prohibitive, but if there's a better inventory, then maybe it's worth it.
  4. SeaEric, Dec 12, 2012
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    SeaEric

    SeaEric YF Historian

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    I suspect that after the first of the year, there will be NY and NJ buyers coming into the used boat market having finally settled with their insurance carriers. Being a broker here on the Chesapeake - I'm looking forward to those buyers showing up here to look at our "low salt" upper Chesapeake Bay inventory, many of which are shed kept and in beautiful condition. It's still a buyers market as the low asking prices have, by now become the new normal.
  5. Capt J, Dec 12, 2012
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    Capt J

    Capt J Senior Member

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    Why look at it that way. Take the boat back from FL on the ICW, take your time, and even leave it for a week here and there. It is a beautiful trip and will be the trip of your lifetime, that you'll probably never have another reason to do again...... Just make sure it's with diesels.....LOL
  6. Pascal, Dec 12, 2012
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    Pascal

    Pascal Senior Member

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    Consudering the state of the economy and the outlook for the next 4 years, I think many "victims" of sandy will get out of boating altogether so I wouldn't say the used market is going to pick up in the near future at least not to the point of having an impact on prices
    Last edited: Dec 12, 2012
  7. SHAZAM, Dec 12, 2012
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    SHAZAM

    SHAZAM Senior Member

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    I've been saying just this for the last five years. Also factor in that some of the boat owners who lost their boats with notes to the storm may no longer be credit worthy enough to get a new loan to fund a new purchase.
  8. joyful, Dec 13, 2012
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    joyful

    joyful New Member

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    Do we have numbers of losses yet. From all the press reports and photos of marinas devastated I would have thought that there will be a bonanza once the insurers pay up for:

    1) New boat sales - hopefully the Us manufactures can gear up to avoided these all being imports.

    2) Brokerage market with what few boats still left

    3) Scavanger market for people looking for buying up insurance write offs


    Sad to say, but could be the best news for the US recreational boating trade for the next ten years or so.
  9. RVN-BR, Dec 13, 2012
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    RVN-BR

    RVN-BR Senior Member

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    Unfortunately I think ppl who lost boats often also lost many other things so maybe they will be focusing their finances and spirits elsewhere? I hope joyful is correct in his assumption however...
  10. 79OceanSS, Dec 13, 2012
    #10
    79OceanSS

    79OceanSS New Member

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    trip up the ICW.


    Man... Love to. It's tough to get out of work for a couple of weeks. Interesting thought though for sure. I wonder what kind of fuel you'd burn on a trip like that.
  11. 79OceanSS, Dec 13, 2012
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    79OceanSS

    79OceanSS New Member

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    No doubt about it.

    True for sure. I'm a Remodeling Contractor in Delaware and Chester County. One good Hail Storm can keep me roofing for over a year or so. I must say, I don't mind taking it from the Insurance Companies.
  12. carelm, Dec 13, 2012
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    carelm

    carelm Senior Member

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    79OceanSS,

    How bad did Wildwood get hit by Sandy? Back in the 50's and 60's my family used to vacation there every year. My grandparents had a summer place about four blocks from the north end of the Boardwalk. I think it was on 14th Ave.

    By the way, do you remember the Pink Flamingo? It was a converted PT boat that did cruises up and down the Wildwood coast. You could hear that boat from a long ways off and it sounded really cool.
  13. 79OceanSS, Dec 13, 2012
    #13
    79OceanSS

    79OceanSS New Member

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    Carelm.... Most of the South Jersey areas did Ok during Sandy. My Dad has a place on Sea Isle that the road between Sea Isle and Avalon got washed out. Some road flooding, I'm sure bits and pieces of damage, but nothing like the Mid areas of Jersey... Long Beach Island, Bellmawr, Breille, Seaside Hts. up to New York. Wildwood got flooded, but generally fine. No damage to boats at "Schooner Island Marina".

    I don't remember the Flamingo boat. Sounds cool though.
  14. carelm, Dec 13, 2012
    #14
    carelm

    carelm Senior Member

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    Thanks for the update. I'm glad most of it came out OK.
  15. 79OceanSS, Dec 13, 2012
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    79OceanSS

    79OceanSS New Member

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    Agreed!