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New haul-out method

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C25PYLOT
1st Mate

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69 Posts

Response Posted - 11/29/2012 : 15:22:01

I'm not sure what amazes me more this or the C25 perched on the pilings!
Thanks for the post Tom, I sincerely hope it all works out for you. Steve

Edited by - on

Stinkpotter
Master Marine Consultant

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Djibouti
9075 Posts

Response Posted - 11/29/2012 : 19:13:57

<blockquote id="quote">quote:<hr height="1" noshade id="quote">Originally posted by C25PYLOT
 I'm not sure what amazes me more this or the C25 perched on the pilings!...<hr height="1" noshade id="quote"></blockquote id="quote">Yup--keeps this old $+!nkp*++er coming back! Where else can you see that stuff?

Not to make light of these incidents--I can hardly imagine being involved in either of them. Hope things work out...

Edited by - on

TCurran
Admiral

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USA
588 Posts

Response Posted - 12/04/2012 : 13:22:16

Just heard from the insurance folks...they want to total the boat, but they're willing to give $5250 and the boat. Is it time to bring in a lawyer? (I already know Sten's answer)

Edited by - TCurran on 12/04/2012 13:50:34

DaveR
Master Marine Consultant

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USA
2015 Posts

Response Posted - 12/04/2012 : 13:48:40

Just don't call that little freckle faced Morgan guy

He's not for the people, he's for his wallet and "Ultima" (Isn't that his wife's name?)

Edited by - on

Davy J
Master Marine Consultant

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USA
1511 Posts

Response Posted - 12/04/2012 : 14:07:47

<blockquote id="quote">quote:<hr height="1" noshade id="quote">Just heard from the insurance folks...they want to total the boat, but they're willing to give $5250 and the boat. Is it time to bring in a lawyer?<hr height="1" noshade id="quote"></blockquote id="quote">
So you're saying they will give you $5250 and you keep the boat?

Edited by - on

TCurran
Admiral

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USA
588 Posts

Response Posted - 12/04/2012 : 14:52:43

<blockquote id="quote">quote:<hr height="1" noshade id="quote">Originally posted by Davy J
 <blockquote id="quote">quote:<hr height="1" noshade id="quote">Just heard from the insurance folks...they want to total the boat, but they're willing to give $5250 and the boat. Is it time to bring in a lawyer?<hr height="1" noshade id="quote"></blockquote id="quote">
So you're saying they will give you $5250 and you keep the boat?
<hr height="1" noshade id="quote"></blockquote id="quote">

Yes. I'm thinking that's not a bad deal. Was thinking a little higher ($300-$500). Their surveyor said the boat is only worth around $4500, based on what's sold recently. NADA average retail for our zip code is around $6400.

Edited by - on

britinusa
Web Editor

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USA
5404 Posts

Response Posted - 12/04/2012 : 15:25:39

Tom,
is the insurance company payout the only issue? Is the bridge management liable as well?

Did the surveyor(s) provide you with a list of what needs fixing? If so, can you do it for the payout?

I'm thinking that you either fix the boat or buy a second one and use the 1st as spares.

Lots of things involved here.

Paul

Edited by - on

redviking
Master Marine Consultant

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USA
1771 Posts

Response Posted - 12/04/2012 : 18:01:25

<blockquote id="quote">quote:<hr height="1" noshade id="quote">Originally posted by TCurran
 Just heard from the insurance folks...they want to total the boat, but they're willing to give $5250 and the boat. Is it time to bring in a lawyer? (I already know Sten's answer)
<hr height="1" noshade id="quote"></blockquote id="quote">

Nah, that's a good deal... How much is a mast?

Sten

Edited by - on

TCurran
Admiral

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USA
588 Posts

Response Posted - 12/04/2012 : 18:57:15

<blockquote id="quote">quote:<hr height="1" noshade id="quote">Originally posted by redviking
 <blockquote id="quote">quote:<hr height="1" noshade id="quote">Originally posted by TCurran
 Just heard from the insurance folks...they want to total the boat, but they're willing to give $5250 and the boat. Is it time to bring in a lawyer? (I already know Sten's answer)
<hr height="1" noshade id="quote"></blockquote id="quote">

Nah, that's a good deal... How much is a mast?

Sten
<hr height="1" noshade id="quote"></blockquote id="quote">
New mast, boom, complete standing and running rigging and lights around $3400 plus shipping, thats from Catalina. Shipping Florida's west coast to east coast isn't that much, especially if it comes with a boat to the local dealer. Just not sure I want to go through rebuilding the Catalina when I have already have another 25 footer. Leaning towards taking the money and either sell or part out the C25.

Edited by - on

redeye
Master Marine Consultant

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3476 Posts

Response Posted - 12/05/2012 : 06:54:19

Heck yes... Take the money, and sell the boat, as is. After you talk to three lawyers!

as much trouble dealing with the boat as dealing with a lawyer... Might as well do either. Flip a coin and say "GO"...

Edited by - on

TCurran
Admiral

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USA
588 Posts

Response Posted - 12/05/2012 : 07:31:45

<blockquote id="quote">quote:<hr height="1" noshade id="quote">Originally posted by redeye
 Heck yes... Take the money, and sell the boat, as is. After you talk to three lawyers!

as much trouble dealing with the boat as dealing with a lawyer... Might as well do either. Flip a coin and say "GO"...

<hr height="1" noshade id="quote"></blockquote id="quote">

Little brother is a lawyer, plan on talking it through with him first, but I am leaning heavily to taking the money.

Edited by - on

JimGo
Admiral

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USA
962 Posts

Response Posted - 12/05/2012 : 08:16:30

I'm not sure there's much to argue over. You could hire a surveyor and try to get a different estimate of the replacement cost of the boat (or find another method of getting that information from an impartial source), but the cost of getting the information may approach the difference in what you're getting versus what you'd get. That is, it may not be cost-effective to fight with the insurance company over a few hundred, or even a thousand, dollars.

As I looked around my boat, I realized there was probably $1500-2000 in "stuff" aboard her. I was sorely tempted to keep her and part her out. But then I could hear my wife complaining about having to store all the pieces while I waited for buyers to show up, and I was still going to be stuck with a hull and swing keel that I'd have to get rid of. Hauling the boat to a dump was going to eat up a good bit of the profit (I don't have a trailer) from parting her out. So, in the end, I decided to let the insurance company haul her away and salvage her themselves. I probably lost out on $800-$1000, but I'm not sure how quickly I'd have actually made that money.

Just something to think about.

Again, sorry for the loss of the boat; I've been going through many of the same conversations/issues in my head, so happy to share my thought process. I'm not saying that my choices were the right/best choices, just putting it out there for you.

Edited by - on

TCurran
Admiral

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USA
588 Posts

Response Posted - 12/05/2012 : 10:17:47

Jim,

You make perfect sense, which is why I'm struggling with the decision. This did not happen due to Mother Nature, but by pure negligence on the part of the bridge tender (who works for a Homeowner’s Association). My boat was in good working order until the bridge tender failed to remember that three comes after two and closed the bridge on it. Then compounded the problem by deciding to lift it back up. No storms, mistakes on my (or the operator) part, clearly the fault of the HOA's employee.

So part of me says to hold my ground, the other part says we're only $250 apart, take the money, sell or part out the boat.

But thank you for the advice, I do appreciate the input.

Edited by - on

redeye
Master Marine Consultant

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3476 Posts

Response Posted - 12/05/2012 : 11:00:57

<< Little brother is a lawyer >>

Sweet Then that's who I'd be talking to....

Not an easy decision... ( that's why I'd use a coin

)

Edited by - on

dmpilc
Master Marine Consultant

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USA
4593 Posts

Response Posted - 12/05/2012 : 15:49:50

"...only $250 apart..." take the money! Sell what you can off the boat, and junk the rest. Seems like there was a school in FL that needed to replace a swing keel on a donated boat; asked here on the Forum. All sorts of possibilities...

Edited by - on

Dave5041
Former Mainsheet Editor

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USA
3758 Posts

Response Posted - 12/05/2012 : 16:10:08

$250 won't buy much legal time, even if you have family lawyer. Take the money since it sounds like a good faith offer and avoid the headaches and time. The tax write off for donating the boat would put you money ahead.

Edited by - on

GaryB
Master Marine Consultant

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USA
4302 Posts

Response Posted - 12/05/2012 : 18:49:14

I say take the money with the agreement you can have whatever you want off the hull to sell but the insurance company has to take the hull and dispose of it.

BTW... is this your insurance company or the HOA's? If it's your insurance company what consequence is the HOA and bridge tender getting from this accident? They should not get away unscathed from this incident.

Edited by - on

redviking
Master Marine Consultant

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USA
1771 Posts

Response Posted - 12/05/2012 : 19:58:42

The C25 militia could be deployed.

I am willing to bet you can get a used mast and rigging for a grand.

I still say legal, loss of use, and the offer is shallow...

sten

Edited by - on

Stinkpotter
Master Marine Consultant

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Djibouti
9075 Posts

Response Posted - 12/05/2012 : 20:40:52

I don't live in your area, but the NADA number sounds high for an '84 swinger. I'd probably take the offer. That boat will forever be one that was wrecked in Sandy and then repaired--not a good history for an eventual sale.

Edited by - on

TCurran
Admiral

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USA
588 Posts

Response Posted - 12/06/2012 : 04:27:37

Gary - it's the HOA's insurance.

Dave - wasn't wrecked in Sandy. I thought the NADA number was pretty close for this area. A quick check on Yachtworld and Boat Trader for a 82-86 Catalina 25 in Florida finds 3-4 boats, all over $9k, which I think is HIGH! But it also means I can't replace with the amount they give me.

Sten - always a good idea, storm the gates!

I am waiting to hear back from the HOA, they agreed to make it right when it happened. They took full responsibility and aren't happy about the insurance stance over $250. Come Friday I will probably accept the offer, actually thinking of letting them take to boat.

I really appreciate all the advice, suggestions, and insights. You all pretty much validated what I thought.

Edited by - on

Ape-X
Admiral

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USA
662 Posts

Response Posted - 12/06/2012 : 04:47:20

offer of $ and boat seems good: There are many options, how much other damage is there? just the standing rigging and mast???

Remmeber on yacht world, that is a broker asking price, so likely inflated 7-10% to cover brokerage fees. $250 apart really is nothing, might as well call it even

Edited by - on

TakeFive
Master Marine Consultant

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2272 Posts

Response Posted - 12/06/2012 : 05:01:39

<blockquote id="quote">quote:<hr height="1" noshade id="quote">Originally posted by TCurran
 ...A quick check on Yachtworld and Boat Trader for a 82-86 Catalina 25 in Florida finds 3-4 boats, all over $9k, which I think is HIGH...<hr height="1" noshade id="quote"></blockquote id="quote">
Asking prices often have little to do with actual value. That's why so many of the boats you see stay on the market for such a long time. The ones that are priced right sell much faster, and often don't make it onto the website.

Find a broker who has access to soldboats.com. That's where the brokers put in the actual sale price. That will give you a better idea, but still sometimes artificially high because a few brokers enter inflated numbers for.

Of course, old C25s are often not "broker boats." Many brokers around here have a minimum brokerage fee of $3000, which means boats under $30,000 tend to be sold by private listings. Nobody in their right mind wants to sell a $10,000 boat with a $3000 broker fee, and clear $7000 for it.

Edited by - TakeFive on 12/06/2012 05:04:12

TCurran
Admiral

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USA
588 Posts

Response Posted - 12/06/2012 : 05:46:52

I understand broker's fees, asking price, etc (I manage a marina). I know my boat wasn't worth $9k, don't believe too many C25s are.

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TakeFive
Master Marine Consultant

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2272 Posts

Response Posted - 12/06/2012 : 06:13:21

<blockquote id="quote">quote:<hr height="1" noshade id="quote">Originally posted by TCurran
 I understand broker's fees, asking price, etc (I manage a marina). I know my boat wasn't worth $9k, don't believe too many C25s are.
<hr height="1" noshade id="quote"></blockquote id="quote">
Oops, I guess you know more than I do then.

I do find that many people quote the 10% figure for brokerage commission, not realizing that some brokers' minimum fees make the percentage much higher on small/old boats.

Edited by - on

TCurran
Admiral

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USA
588 Posts

Response Posted - 12/06/2012 : 07:05:36

<blockquote id="quote">quote:<hr height="1" noshade id="quote">Originally posted by TakeFive
 <blockquote id="quote">quote:<hr height="1" noshade id="quote">Originally posted by TCurran
 I understand broker's fees, asking price, etc (I manage a marina). I know my boat wasn't worth $9k, don't believe too many C25s are.
<hr height="1" noshade id="quote"></blockquote id="quote">
Oops, I guess you know more than I do then.
<hr height="1" noshade id="quote"></blockquote id="quote">

Wasn't saying I did, just trying to say I understand the business and realize $9K is not realistic, but it is a measure of some sorts. Did not mean to offend or imply I know all.

Again, I appreciate everyone's opinion and insight, this thread's pretty much confirmed what I was thinking.

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