another question

[special k]

now that i've targeted the albin 28 as my next vessel another question arises.

with approximately 1000 copies of this popular boat made why is it so many (nearly 10% or more) of them are for sale? even very late model brand-new boats

at first i thought some hidden reason causing dissatisfaction among the owners, but i haven't heard any negative comments. also the prices differ wildly
among similarly equipped models. 20-30k

doesn't anybody keep these boats more than a few years? would like to hear from any long time owners of albins with thoughts or comments.

cheers! mk

[Pitou]

now that i've targeted the albin 28 as my next vessel another question arises.

with approximately 1000 copies of this popular boat made why is it so many (nearly 10% or more) of them are for sale? even very late model brand-new boats

at first i thought some hidden reason causing dissatisfaction among the owners, but i haven't heard any negative comments. also the prices differ wildly
among similarly equipped models. 20-30k

doesn't anybody keep these boats more than a few years? would like to hear from any long time owners of albins with thoughts or comments.

cheers! mk

Today I believe it is mostly economy driven and as always there are those of us who get 2 to 3 ft.itis every few years ..... though my Albin is not for sale I am feeling the affects of the disease right now . Boy a 31TE would be nice.

[chiefrcd]

I say the economy also, in the past there were as few as 20 listed on Yacht World....now there are several pages.

[special k]

i'd agree that the economy is influencing the offering of these boats for sale,however, the asking prices seem to make me believe that the owners either don't want to sell or they are unaware of supply side economics. some of these boats have been on the market for many months.
a boat is not worth what you WANT it is worth what a buyer will PAY. i'm on the sidelines waiting for the right boat at a right price. i am ready to purchase but sellers must come to terms with the 25% reduction from their emotional attachments. i am not flush with cash, just looking for opportunity to upgrade my own boat.

too harsh?? i always believed that a sure sale immediately was better than waiting for a "hope-for" sale.
just my $.02
btw, i would LOVE to be able to get a 31 te over the 28........just 100k short in my boat budget.

[Jeff Lavallee]

There is a thread on here with a list of sold prices. Check it out. They are not getting the asking price.

[jcollins]

i'd agree that the economy is influencing the offering of these boats for sale,however, the asking prices seem to make me believe that the owners either don't want to sell or they are unaware of supply side economics. some of these boats have been on the market for many months.
a boat is not worth what you WANT it is worth what a buyer will PAY. i'm on the sidelines waiting for the right boat at a right price. i am ready to purchase but sellers must come to terms with the 25% reduction from their emotional attachments. i am not flush with cash, just looking for opportunity to upgrade my own boat.

too harsh?? i always believed that a sure sale immediately was better than waiting for a "hope-for" sale.
just my $.02
btw, i would LOVE to be able to get a 31 te over the 28........just 100k short in my boat budget.

The economy has increased the used boat market. That is a fact. More boats. Take a look at Searay, Silverton, Regal, etc. The market is flooded.
There are different types of sellers. Those that want to sell and those that HAVE to sell. Albins are notorious for holding value. Anyone that purchased a used Albin a few years ago, like me, was surprised to find the "book" and even loan value less than the actual purchase price. On the other hand there was repo, a 31 I think, that recently sold on the eastern shore for WAY under value. The bank just wanted to sell. I don't think that one was on the market for more than a week or so.
I just ran a search on boats.com for 95-96 TE28 and found the range 31k to 85k. The one at 85k was a convertible w/ Cummins. The 31k was a hardtop w/ Peninsular.

Fortunately for me I don't want to or have to sell but if I did I would start in the mid 70s for mine given it's condition. Would I take 50 if I HAD to sell to save my home? Yes. Can't live on a 28 with 2 dogs, a wife, and all my stuff.
You are in a good position that you are a buyer. Wait long enough and the deal will come along. Maybe even that 31.

[Legacy]

I had my 28 for 8 years before moving up to the 35. One thing I notice is that some boats sold are not ever removed from listings so brokers who had that listing still get traffic. Economy is #1 reason for so many boats on the market. I've been asked to give another talk to some boating industry business owners on how to market in an awful economy. They universally say they are holding on by a fingernail and others just won't make it. Fingers crossed though, I think we've hit the bottom and will be in for a decent uptick in the coming 6 months.

Good luck.

Rick

[Cape Codder]

The economy, the economy, the economy.

[jcollins]

Yadda, yadda, yadda.

Getting tired of hearing about it Bob? Me too. I resolve to myself. No more economy talk.

[pcthornton]

I'm with you guys! Enough with the economy, already. We've been largely "talked" into this bad economy by politicians in Washington that want things to be bad, so that they can come to the rescue! This has been lead by a certain new President who shall remain nameless, who prefaces everything he says by saying "the deficit I inherited," even though he is tripling the deficit! I know political partisanship is probably frowned upon on this website, but when the party containing the insane control freaks (you know which party I'm referring to) pushes through legislation that will require us to buy "carbon credits" to fight so-called "climate change" (another hysteria/crisis that they've created) because of the boats that we own and run, or when they raise taxes on fuel, or when diesel prices go back up to $4.99/gallon and these idiots won't allow perfectly environmentally safe oil drilling in ANWR where we have 100 years worth of oil, then maybe we'll wake up!

[Denis]

I know the economy is very bad for a lot of people right now. But I have been waiting for my whole adult life for the real estate market to be like this and to have the loan rates so low is a blessing. One mans loss is another mans treasure. The same is true for someone looking for a boat in this market.

[powerboater56]

This is a wonderful time to buy a boat. I just closed on a 2005 Albin 35 Command Bridge that was for sale by a bank through a repossession yard in Michigan. I paid what would have been about 50% of the asking price in 2007 -- my guess is the price would be about 65% of an average selling price in this market for this model and year Albin. The price I paid came out to 65% of the "fair market" value in the surveyor's report.

I have two friends who are yacht brokers, and they say the market is dormant. According to them, go ahead in put in offers of 50% of asking. Albins hold their value, but as you say there are so many on the market right now there are bound to be anxious sellers who have to unload their boat. It is sad to think of people who are in financial distress, but the upside is that buyers are able to acquire and enjoy boats they have dreamed about but couldn't afford before prices slumped.

One can only guess how long it will take for the buyer's market to swing back to a stable market or even a seller's market, but the inventory of used boats for sale is so large it seems likely prices will keep heading south for another 6-12 months. At some point the market will swing back particularly because the recession is wiping out a whole tier of boat manufacturers and dealers. For 2009 and possibly 2010 there will be almost no new product put on the market, and the supply of used boats will gradually work down to the point where there is a better balance between buyers and sellers. But for now, it is a fabulous time to be buying a boat, particularly if you are patient and disciplined in your search and bidding.

[jcollins]

I'm with you guys! Enough with the economy, already. We've been largely "talked" into this bad economy by politicians in Washington that want things to be bad, so that they can come to the rescue! This has been lead by a certain new President who shall remain nameless, who prefaces everything he says by saying "the deficit I inherited," even though he is tripling the deficit! I know political partisanship is probably frowned upon on this website, but when the party containing the insane control freaks (you know which party I'm referring to) pushes through legislation that will require us to buy "carbon credits" to fight so-called "climate change" (another hysteria/crisis that they've created) because of the boats that we own and run, or when they raise taxes on fuel, or when diesel prices go back up to $4.99/gallon and these idiots won't allow perfectly environmentally safe oil drilling in ANWR where we have 100 years worth of oil, then maybe we'll wake up!

I know. The moderators have been patient but I'm guessing we will be told to "take it to the bilge" soon. Also I just said I was done talking about it but here I am again. Now..I am really, really, done talking about it.
By the way, the certain nameless president is Obama. There, I said it. The FBI will be knocking on my door soon.

[zinbaad]

Yes Gentlmen please keep it on topic.

[jcollins]

Sorry Zinbaad

doesn't anybody keep these boats more than a few years? would like to hear from any long time owners of albins with thoughts or comments.

Special K,
Yes! I bought mine in Dec. 2005. I plan on keeping for many years. It is the perfect size for my wife and I. If we had a couple of kids I could understand getting three-foot-itis. But, kids do grow up and don't always want to be with Mom and Dad.
I will also admit that the 35 was my first choice. Since I single-hand alot, this boat is perfect for me. When I hit the super lotto I will purchase a bigger boat. But, I will keep the 28 as a tender.