[alberg30] Addendum to 66 ALBERG 30

[dai at pdq.net]

From: "dai at pdq.net" <dai at pdq.net>

Timothy:

Thanks very much for the input. I did check the average condition price and 
I knew that I should poke around the boat, find all that I could and make 
an offer well below the asking price. The question is, how much work is there 
to do and you are right, there will always be expenses hidden in things found 
after the sale...even after a survey.

The boat does have serious cosmetic problems, which, from what I can see, just
replacing topside would and refinishing along with a complete wordwork job 
below would amount to a grand or so from what I can tell. The boat did not 
appear to have moister inside but that was from a 1 hour or so going over the
boat last weekend.

Anyway: You have responded with some of what I needed before I go back aboard
Saturday. I think the correct offer should be around half the average value or 
less....
but that is my guess.

OTOH: The sails are decent shape, the standing rigging intact. The engine 
overhauled, though an old vitus 2 cyl.

The areas of where the Alberg 30 has troubles historically is where I am 
looking next. I want to go armed to the basin with data, and spend a long 
time checking things out. Back to my researching....

Thanks very much, 
David Bell dai at pdq.net


From: "Timothy C. Lackey" <tlackey1 at maine.rr.com>

David,

The low end of the BUC book pricing for a '66 Alberg 30 in AVERAGE
(BUC)condition--meaning ready for sale and use with no additional work
required, and equipped as generally expected for the size range, is $13,500.
Sounds like the boat you're looking at is well below BUC condition.
Therefore, you should not offer anywhere near the asking price.  In addition
to the cosmetic problems the boat seems to have, it sounds like the previous
survey may have discovered more serious problems--or else the appraised
value just didn't come close to what the stubborn owner and broker wanted.
That's why the deal fell through.  The boat has also been for sale for a
long time, indicating that there are unrealsitic expectations by the sellers
given the condition of the boat.

Depending upon the amount of work that is required to bring the boat back to
usable, AVERAGE condition (upon which the BUC values are based), you may
deduct anywhere from 25% to 80% of the above quoted value.  At a minimum,
this should reduce your offer price to 10K (25% less than BUC value) and
probably lower.  If the boat is basically in shambles, and you will have to
do some structural work, cosmetic work, mechanical and systems upgrades, and
rigging/sailing gear upgrades--not to mention current electronics--you
should offer at the very low end of the spectrum.  BTW, 80% off the low BUC
value indicates a value of $2700--not far off if the boat is in bad, yet
restorable condition.

I applaud you for having an interest in an old, run down Alberg--I hope you
are able to buy her and bring her back to life.  However, expect there to be
problems with the boat, and expect to spend a fair bit of money to restore
the boat.  Just make sure you don't pay too much for a boat based upon a
broker's asking price and recommendation--they obviously want to get as high
a commission as possible, and they never work for you--it's against their
best interests to help negotiate a low price.  In my opinion, the asking
price is too high, and is obviously driven by a broker's advice as to what
he thinks "low end" book value means.  He's wrong, if the boat needs the
attention it sounds like she does, and the value is likely much lower.  You
may also be running up against the problems inherent with an estate
sale--typically inflated expectations by the heirs as to what the inherited
property is worth.

Find a good surveyor, and get the boat surveyed!  Money well spent,
especially if the appraisal comes in way below the asking price.  Without a
survey, a low offer by you will probably be shrugged off by the seller--may
even do so with a surveyed value.  Having an unbiased survey is the only way
for you to know everything about the condition of the boat, and will give
you the crucial information you need to make a realistic offer.  Make sure
the surveyor is working only for you and isn't in the pocket of the brokers.
You will then likely get a thorough and informative report and value for the
boat, and can decide how to proceed.  Walk away from the deal if you feel
the sellers are demanding too much money based upon your survey.  You'll be
initially sad, but much happier in the long run.

Remember:  you are looking at a 34 year-old boat--albeit a great one.  There
is a limit to how much value she will ever have.  An Alberg 30 in your area
in perfect (Bristol) condition--meaning better than factory new, loaded with
extras, perfect in every way--very, very rare--would top out (max) at around
20K, according to BUC.  Likely she will be valued lower--in other areas of
the country it would be definitely lower.  Therefore, if she needs alot of
work, you must buy her for the right price--and still will probably end up
losing money if you were to sell her afterwards.  I bought my '63 Triton for
a song, realizing that she needed everything done to her, but I don't think
I could ever make money on the deal, even though my plan is to get her to
that exulted "Bristol" condition.  However, I plan to keep her for years,
and doing the work I am will make me happy and proud of the boat--but I will
lose money in the long run.

The long and the short of the above is that buying the boat would be great,
and would be great to restore her--but don't pay too much, or get into it
uninformed.  There is much involved with the renovation of an old boat, and
hidden problems WILL arise, guaranteed.  Just take all steps necessary to
protect yourself from paying too much, or getting into more than you can
handle.

Hope this helps--sorry it got so long!  Keep us informed as to what you find
out.

Tim Lackey
Glissando, Triton # 381 (very similar to the A-30)
www.geocities.com/triton_glissando



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