Why won't my boat sell?

[bruceoconnor]

I have had my 2001 28TE ("Deep Blue") listed with two different brokers for about 10 months, without eliciting a single offer. This vessel, which can currently be seen on the Bellingham Yacht Sales (BYS) website and on Yachtworld, is equipped as well as any 28 and has the added advantage of having all the considerable Albin "bugs" taken care of (at great expense of time and funds). I posted a message last year on the Forum as to Albin's quality control and got quite a few responses including one that said that an Albin should never be purchased new, but only from the poor schmuck who did (like me).

The boat has served me well in travels from Olympia, Washington to Glacier Bay, Alaska, in seas up to 10' (in Chatham Strait in SE Alaska). I have a multiple page listing of equipment and features of the vessel that goes far beyond the online websites. The initial listing was with a broker in Port Townsend, Washington, and the current listing is with the Albin dealer (BYS) in Bellingham. I've reduced the price from $139,500 to $119,500 - a comparably equipped new 28 would be about $200K.

Any thoughts would be appreciated.

[chiefrcd]

Albin's are traditionally a East Coast Boat and by that I mean that they are mostly found here...they are all over the world, but folks on the East Coast are familiar with them and see them all the time. I don't know if that could be the problem but it's something to think about. I know that I've seen post before where people were comparing boats in the NW and they seemed to perfer the Osprey or boats similar to that. Your price, if you compare it to East Coast 2001's in on the high side, but certainly reasonable for a boat that is fully loaded. Good luck on getting it sold.

[jcollins]

Bruce,
In that 10 month period did you or the broker document any lookers?
If so, try to get in touch with them. A friendly call or email isn't too pushy.

Some folks take that long to make up their minds.

Lastly, you are more than welcome to list your boat in our For Sale section. Not nearly as much traffic as other sites, but it is brand specific. Google spiders pick up new listings in about a week.

You never know...

[Tuxedo]

Well, I just got a contract on my boat after only 2 weeks on the market, so I'm feeling a little cocky. What did I do?

First, I priced it right. Forget replacement cost, it's a 6 year old boat. I asked the broker to run a list from Soldboats.com of 1997 - 1998 model year Albin 31s that sold in the past year. From that, I could see what they were actually selling for. I priced mine in the lower 1/3 of the selling price.

Next, I tried to make the boat look as showroom new as possible. Got all my visible junk off, waxed, cleaned, polished. shined. The fact the boat could be differentiated by new a new Awlgrip hull and wood floor didn't hurt.

Finally, I got lucky.

Not to be critical, but your boat is the highest priced 2001 28 on the market, and it has a lot of clutter. I'd get rid of the fender holders, the dingy and the mats. I'm sure all the little racks and nick-knacks are handy, but they're not helping either. I asked my wife to look at the pictures and her immediate reaction was "Too Much Crap."

Lastly, what's the condition of the blue hull? Is it as shinny as new? Six years down here, and it would be beginning to fade.

Sorry if that's harsh, but you asked for opinions.

[RicM]

I just bought a 2003 28 TE, Yanmar 315, in good to excellent condition for $115,000. The asking was $129,000. You are on the high side. Nobody cares about how well it's served you or the bugs you've worked out (that could be seen as a negative, always be upbeat). People will do funny things for $10K. Remember, you are asking more than a lot of people paid for their houses for a niche boat that other people will look at and say "Huh? For $120K I can get a 38 foot SeaRay that goes 30 knts!"

[Pitou]

Tuxedo / Congratulations and fine job !
Price & Presentation that's what it's all about.

[jcollins]

Well, I just got a contract on my boat after only 2 weeks on the market, so I'm feeling a little cocky.

Tom,
You should be a little cocky. That's great! Happy to hear you sold it so quickly but sorry to see you give up the boat.

[gerygarcia]

You may want to try posting local on Craigslist.com Might have some luck there

[Mariner]

Albins are rare here in the Northwest, but you're doing the right thing by listing it with BYS. They are the only local dealer and so when people are looking to buy an Albin, they look there first. However, you need to have it priced right. As I'm sure you're aware, BYS is located four hours north of Seattle. You only make that drive if you're serious about the boat. Sometimes not all buyers are serious until AFTER they see it. We knew we wanted an Albin, and flew to San Francisco to buy ours.

However, if you want it to sell faster, and for a higher price, you may want to list it with a broker in Seattle or simply have it located farther south where people can see it more easily. It'll get more traffic.

I disagree with the assessment that there is "too much clutter" on the boat. This is a northwest boat, and you're looking for a northwest buyer. They won't be as bothered by the clutter (of which I don't see much). You may, however, want to remove the inflatable from the roof for a new set of pictures. Same with the fenders. The inflatable mounted up there makes it look smaller than it is. Most boaters here would have that mounted on Weaver or Sea Line Snap-davits. Buyers will assume that it is up there because the swimstep will not accomodate it and be turned off. You and I know that you have it up there becuse it is safer in 10' seas, but your average Joe Boat Buyer isn't going to think that.

This week the weather will be perfect for getting a wonderful set of new pictures for the listing.

As far as pricing goes, that's really a discussion you need to have with the broker. They will know best what price will entice a buyer and what will not. For the record, I think your boat looks great and would buy it myself if I had the money.

[SCHUTZEE]

I have had my 31TE listed for months with only two inquires. I think it is priced fairly @ $149,000. I see a lot more Albins on boats.com and Yachtworld recently. I guess the market is crowded and price sells. I have asked my broker, with whom I have not been impressed, to run a report on soldboat.com as per Tuxedo's excellent post. I guess my boat need a little more spit and polish to stand out. At this rate, looks like I'm keeping her.

[Albinflorida]

Three things sell boats, Price , condition and exposure. In this over saturated, slow market, the best condition boat for the lowest price is the first to sell. Unfortunately with Albins success comes lots of boats on the market. We have and do represent some pristine boats which have had little action or low offers. It is a sign of the times.
Also remember you are not selling just to the Albin buyer. Much as I hate to say it, there is a lot of competition out there. At one time Albin had little competition in the downeast, pilothouse style boat market. No longer. There are many to choose from, new and used.
If she looks good and is advertised well, the only variable you can change is the price. Good luck.

Doug Jenkins
Massey Yacht Sales

[Donya]

Bruce,
FYI, Deep blue was one of the boats that we looked at, and would have made an offer but it lacked on thing that I considered a must.... a transom door. I have bad knees.... Other matters have now made put everything on hold.

Good Luck,
Don

[bruceoconnor]

Thanks to all for their comments which have been most informative and helpful.

[SCHUTZEE]

I am completely discouraged. I have priced my 31 very agressively. It is in excellent condition for a seven year old boat. One potential buyer complained about three one inch scratches in the hull and the lead that the factory installed in the aft compartment. It seems to me that people are unrealistic. If you want a perfect boat, wite a check to Albin for $275,000 for a new one!

[Mariner]

The problem has a lot to do with what's going on in the financial world right now. Lending money is tight. A large chunk of my business (I sell mortgages) is (or should I say, was), cash-out or home equity lines used to purchase boats, or pay off high interest, non-tax-deductible boat loans. Most large boat purchases that are not paid in cash, are actually financed by a home mortgage. The market for second mortgages has all but dried up, meaning that much of the money that used to be available for doing things like buying a boat, is now gone.

Even money for traditional boat loans is drying up as banks attempt to shore up the huge losses they're taking in their mortgage wings.

Just like it will affect the housing market, this will impact the large boat market by removing many potential buyers from the pool.