[alberg30] Addendum to 66 ALBERG 30

[Timothy C. Lackey]

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

George,

You wrote, "...but I would caution against relying too heavily on the BUC
books."

I think the point of my long-winded explanation was exactly that:  don't
rely on book value, other than as a starting point.  Brokers (and sellers)
tend to (wrongly) rely very heavily on book value, resulting in ridiculous
asking prices for many boats, like run-down (based on what has been posted
here) 1966 Alberg 30's priced at 13,500.

I completely agree that condition is far more a determining factor than age
in calculating current value.  My point in quoting the numbers at all was
simply to show the wide range of values that may even be supported by the
book, all based on condition.  Granted, the value does tend to lower for
older boats, not always correctly, but BUC uses actual sales data to
formulate its book values, and they are updated three times yearly to
reflect any changes.  Of course there may be a somewhat limited pool of
information, and the BUC book is not a perfect reference, but it is vastly
superior to other appraisal guides out there, and gives the best GENERAL
starting point for pricing as well as instructions and guidelines for
adjusting the value of the boat up or down according to its condition and
geographical area.  Extreme demand or supposed "collectibility" of a certain
boat may drive prices even higher than BUC guidelines "allow" for, but this
is true in any industry--cars, houses, beanie babies, etc.  The point is, in
general--lacking any excessive demand--the BUC is unique in providing
guidelines for adjusting the basic prices based on condition and region.

It is one of the jobs of the surveyor to determine where in the range of
condition and perceived demand the particular boat falls, and the BUC book
is the standard in the surveying industry to provide a starting point for
valuation.  An older boat, appraised under BUC's guidelines, can easily end
up appraised at a higher value--significantly so--than a newer model,
depending upon the relative conditions of the boats.  Once boats reach a
certain age, say 20 years or so, the values listed tend to change little
over the years, reflecting the solid, basic core value of the boat in
average condition.  Prime examples of an old boat can and will be valued
much higher.  An unbiased surveyor should be the one to make the call and
determine the condition of the boat with little regard for brokers' opinions
and true book values, but valuation has to start somewhere--and it starts
with historical sales data, which is what the BUC reflects, and "comps",
which give an indication of real sales values of like boats in the region
and beyond.

Brokers, sellers, surveyors and buyers are often easily trapped by their
perceptions of book values.  Even surveyed "appraised" values are simply one
person's opinion, based upon their own impressions, inspection and market
research.  The book should be a guideline for informational purposes, and
while the data contained therein is not absolute, it does represent a good
starting point, from which a more accurate representative value taking all
factors into account can be formulated.  I apologize if my earlier response
did not properly project that premise.

Tim Lackey



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