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Fewer power boats to look out for?

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jaclasch
Navigator

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USA
104 Posts

Initially Posted - 12/07/2008 : 21:18:03

I found this article quite interesting regarding the dumping of expensive toys. Any of this sort of thing happening around your area?

http://jimhightower.com/node/6668

James
1983 FK/TR
Tiempo Dorado

Edited by - on

Nautiduck
Master Marine Consultant

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USA
3704 Posts

Response Posted - 12/07/2008 : 22:15:15

<blockquote id="quote">quote:<hr height="1" noshade id="quote">Originally posted by jaclasch
 I found this article quite interesting regarding the dumping of expensive toys. Any of this sort of thing happening around your area?

http://jimhightower.com/node/6668
<hr height="1" noshade id="quote"></blockquote id="quote">

I'm keeping my eyes out for an abandoned Nordic Tug 26. Let me know if you see one.

Edited by - on

britinusa
Web Editor

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USA
5404 Posts

Response Posted - 12/08/2008 : 06:01:23

Not heard of 'dumping' boats around here. However, Sadly, I do know of people getting their powerboat repo'd. And the last few visits to Black Point Mairina in Miami (it is the best marina in south florida, has 10 ramps and hundreds of parking spots for truck and trailer) has seen empty lots! When out on the water, we saw more sail boats than ever. On Thanksgiving, we anchored overnight and there were about the same number of PB as there were sailboats. This is a MAJOR change! In the past we would say 'Snap' when we saw another sailboat in the anchorages, we were outnumbered by better than 100:1

We anticipate that the ramp fees will go up sharply this coming year. In 05 we paid $10 per night or $120 per year, it went up to $160 per year in 08. But with the massive drop in PB usage that has to change!

That may predict an upcharge in the State Park fees too, however, this thanksgiving weekend, there were more boats and tents at Elliott Key harbor than ever (virtually no boats outside it though!!!). The park fees are now up to $20 per night from $15 per night in 05.

The odd thing is that powerboat usage has not bounced with the cost of gas. We had Gas reaching almost $5.00 earlier this year, we're now down to $1.77 (regular) So I guess it's not only the cost of gas that is affecting powerboat usage.

Of course, Florida is the 6th worst state in the nation for foreclosures. It was reported this weekend that 10% of Florida mortgages are at least 1 month behind payment and ~7% are in or on their way to foreclosure. Locally only 40 homes (in our zip code) have sold this year and our property value has dropped 25% this year alone (over 50% in the last 4 years!)

So we are keeping our eyes out for a 30+ sailboat, but that market really does not seem to be hurting so much! Happily!

http://www.sun-sentinel.com/business/sfl-flzforeclosure1206sbdec06,0,737334.story
Paul.

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dlucier
Master Marine Consultant

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Virgin Islands (United Kingdom)
7583 Posts

Response Posted - 12/08/2008 : 10:10:19

In my neck of the woods, it is painfully obvious that boating, particularly powerboating, is taking a beating from the economy. Over the last few years, my marina has seen a significant drop in demand for slips where in years past there was a waiting list. This past season, our 125 slip marina was probably just 75% full. I'll bet it'll look like a ghost town next season. On top of that, due to costs, my marina is only dredging to 3 feet at low water which may impact those with keels greater than 3ft.

Come spring, I'm sure there will be loads of people trying to give their boats away to get out from under slip/yard fees.

Edited by - on

redviking
Master Marine Consultant

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USA
1771 Posts

Response Posted - 12/09/2008 : 06:06:37

Quote: "our property value has dropped 25% this year alone (over 50% in the last 4 years!" - "So we are keeping our eyes out for a 30+ sailboat, but that market really does not seem to be hurting so much! Happily!"

When my wife and I decided to take the plunge and become full time cruisers nearly two years ago, we did so partly because of my belief that we were heading towards a complete crash. Not to sound survivalist, but we are prepared to live for over a year without US currency. We have euros, gold coins, and a couple of silver bars aboard to insure that we can buy fuel and food if all goes bust.

I like to tell people that GW put me out here. It's true. His environmental policies and lack of enforcement created a trickle down effect that helped me nearly shut down a business employing 28 people, not to mention countless vendors. I make more money sans staff doing a little consulting etc here and there!

All from a boat!

I always used to say that if all hell broke loose that I'd have the yard launch my C25 and off I'd go. Thankfully I have a bluewater boat now, so that reality is a bit safer. For those of you thinking about an escape plan - consider a bigger boat and jump off. Even at a dock, you'll pay 600 bucks a month or so, much less than a mortgage on a house worth half what you paid for it!

Anchoring out is free - still, and some cruisers live off of less than $6000 a year! We are at about 4 times that, but even so - I am pocketing more cash in this lifestyle than I would be on land!

Thanks again GW!

We saw a lot fewer power vessels on the ICW this year, and a whole lot more anchored out. It's either docks, fuel or insurance. I'm hoping to salvage a Nordhavn 40!

sten

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britinusa
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USA
5404 Posts

Response Posted - 12/09/2008 : 06:22:36

Sten, we hear you! Peggy & I had considered doing just that, but the stocks and 401K both took a major hit. We won't be heading that way for at least a year or two. I celebrate my 60th in February, but we're both in pretty good and getting better shape, so it's doable.

Paul & Peggy.

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Nautiduck
Master Marine Consultant

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USA
3704 Posts

Response Posted - 12/09/2008 : 15:37:43

Guys, it is not "Mad Max - Road Warrior" time just yet.

We are in a recession. It will pass, your 401(k) will recover and life will go on.

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piseas
Former Treasurer

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USA
2017 Posts

Response Posted - 12/09/2008 : 17:10:49

Funny but I just got my monthly newsletter from my marina manager where I keep Piseas II. One of the notices was about selling boats, which apparently many are, and wanting 30 day notice.
I cant prove it but suspect many are power boats

Steve A

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Dave Bristle
Master Marine Consultant

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Djibouti
10005 Posts

Response Posted - 12/09/2008 : 20:23:59

<blockquote id="quote">quote:<hr height="1" noshade id="quote">Originally posted by redviking
 Not to sound survivalist, but we are prepared to live for over a year without US currency. We have euros, gold coins, and a couple of silver bars aboard to insure that we can buy fuel and food if all goes bust.<hr height="1" noshade id="quote"></blockquote id="quote">Sten, I've read and listened to these collapse theories since the late sixties--about hoarding silver coins and such... Think about it--if the US$ goes down, all forms of currency, including Euros and precious metals, go with it. (Gold and silver become worthless when there's no system to establish their worth.) The only trade will be barter, and the universal barter currency will be ammunition (which will inflate as its supply dwindles and demand explodes). How could there be gas or diesel fuel with no financial system to support the shipping, refining, etc.? Sail off to somewhere? Where?? What happened to Iceland in the very beginning of our little banking crisis??

Any way, is all of that gonna happen? Is our society that helpless? Even NYC, often viewed as the most self-indulgent society, lived through a regional blackout (when the nation thought they'd turn to anarchy), and 9/11, and came out stronger from each. Neighborhoods became support groups. NYC's incredible diversity became its strength. If they can do it, do you think Providence or Kansas City can't? I know--you're expecting something worse... but people have been expecting that for a hundred years, and somehow each thing that could have been worse... wasn't.

So, whatever floats your boat (or adds to its ballast)... But I personally don't think this is Somalia. If we all thought it was, it would be.

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redviking
Master Marine Consultant

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USA
1771 Posts

Response Posted - 12/11/2008 : 07:04:37

Excellent points and positions already considered. I am NOT suggesting complete financial freakout! My real estate stuff in Boston has hovered well and is perhaps 5% off. My investments slid, but I picked up some good bargains that may provide a few work free years, or if not - didn't cost more than a couple of cars.

I guess I have a "cruising" perspective as we are worried that our credit cards and bank cards, AND GREENBACKS could become useless somewhere other than the US temporarily. Our current plan is not to snowbird it north this coming year and keep going south and ride out hurricane season in Belize or Honduras. SO, imagine more banks fail, car bailouts don't perform miracles in 3 months, my "portfolio" is inacessible or worthless, my real estate investments are worth less than the value of the remaining note, and I'm somewhere ELSE! I bought gold at $314 an ounce so I'm not losing anything by carrying it as a financial backup, and gold will always be worth something - paper, uh not so much. But if I can't access my assets or they disappear altogether, this is at least a bandaid while stuff gets sorted out.

And Dave, even after the bailout/s, banks aren't lending. It isn't Somalia, but those in power seem to think 3 million dollar parachutes to AIG execs are OK. How far will it all go? Again, glad I have a boat. BUT SSSHHHH! I don't want everyone anchoring out here!

The greenback WAS the worlds (whatever country you are in) secondary currency of choice. That position is seriously being challenged by the euro and has been for years.

Back to boats. I have asked every marina whether they have seen a drop this year, and sadly our "sport" maybe allocated to the very wealthy as many marinas are being condo'd out, thereby eliminating cost effective dockage. They simply are not making enough money and the offers are tempting.

sten

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bigelowp
Master Marine Consultant

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USA
1756 Posts

Response Posted - 12/11/2008 : 14:29:18

This summer I noticed far fewer power boats out than in past years. In fact, in my 40 years "boating" on western Long Island Sound it seemed most void of power boats and the ones that were out seemed to be smaller outboard (under 20') rather than the "yachts" that folks on the "Gold" coast seem to have as toys. That being said in September when fuel prices began to slip the number of boats increased. I have been told by some of the local marinas that the number of boats that stayed on the hard for the summer was significantly higher than in the past and the number of used larger power boats has skyrocketed. I would think that if anyone has cash and is really interested in a larger power boat this next season should be a great time to buy. And yes, I think that we are for a tough couple of years economically but this too will pass and the water will again be filled with active boats of all types.

Then again, I used 3/4 of a three gallon tank of gas all year while sailing without worring about some idiot's wake, so if no one buys maybe I won't be that upset.

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Dave Bristle
Master Marine Consultant

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Djibouti
10005 Posts

Response Posted - 12/11/2008 : 16:06:32

Peter, Sarge and I expect to be down in Darien/Norwalk for a while next summer--I'll do my best to rock your boat!

Happily, my Honda burns a fraction of what most boats my size are consuming out there--Sarge averages under 2 gallons per hour, a fair amount of that idling along the river at 5-6 knots, and the rest at 20 knot cruise. (And yes, I only used about 10 gallons for a typical season on Passage.

)

Edited by - Dave Bristle on 12/11/2008 16:12:16

bigelowp
Master Marine Consultant

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USA
1756 Posts

Response Posted - 12/11/2008 : 20:20:57

Dave -- better yet park your boat at my club and lets go sailing . . . any time you are "the old neighborhood" let me know.

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Dave Bristle
Master Marine Consultant

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Djibouti
10005 Posts

Response Posted - 12/11/2008 : 21:31:28

Peter... e-mail coming...

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