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Curran Street Wreck


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Hey Wheels there is a floating footpath next to me at GH, so I asked him about insurance, says he only has 3rd party but that was easy to get.

12mths ago I wanted 3rd party for my old grp boat and no one would do it! I had to take out full cover or nothing.. Weird.

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Not really a fan of his description saying it's worth $60k when fixed, when his attempts to sell it for that much before it became a wreck prove it wasn't. He obviously knows it wasn't worth $60k, because he reduced the price at least a couple of times, and it still didn't sell. Just seems somewhat dishonest. He's basically asking for someone to help him out by buying it, but lying to them in the process, or at least, misleading them by $30k~

If the seller genuinely would pay 60K for the finished product then he can say it's worth 60K. Maybe to someone else it is worth 30K or maybe 100K. The term 'worth' or 'value' is another you see a lot, are very subjective if no base or comparison is set.

 

And I do agree with you, that's not a 60K boat in the current market.

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Not really a fan of his description saying it's worth $60k when fixed, when his attempts to sell it for that much before it became a wreck prove it wasn't. He obviously knows it wasn't worth $60k, because he reduced the price at least a couple of times, and it still didn't sell. Just seems somewhat dishonest. He's basically asking for someone to help him out by buying it, but lying to them in the process, or at least, misleading them by $30k~

 

Of course it's worth $60K. Probably more. That fact that someone has not bough it for that yet, does not mean it is not worth that. For instance, Your Home might be worth say $500K. You list it. It does not sell in the first hr. Does that mean it is not still worth $500K?? What if it does not sell in the first Day, or Week? So at the moment with Housing being "hot property", it is likely to sell for that. But till it does, do you say it is not worth the asking amount??

Same with a Boat. A Boat is worth what someone will pay, yes....but summed with time for that someone to come along and the time in which current owner needs to sell. There are many Boats that have been on the market for years that are just in need of the right person. Lets face it, $60K for a vessel that size is cheap. A Family would have a lot of summers of fun out there.

My Boat is worth to me what I paid for it.

 

Thanks BP. I didn't know third party was OK for a Marina. Going to look into that.

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I see he has dropped his price to 3k starting and 10k buy now, however, if you look at the recent sail of 2 other boats, theone in wellington sold for a little over 1k and it is already on the hard. It is sad to see hat it has not sold yet, and hopefully someone would buy it and repair it. 

 

perhaps he needs to cut his losses and just give it away, what does he want the money for anyway? it seems as though it is the principle of selling it. 

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i see where I made the mistake. It was someone that had told him to reduce to $1 reserve and he would consider it.

At what point does the HM enforce it's removal or threatens to have it removed? Of which, either is going to cost him dearly.

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So let me get this right, if someone buys this wreck for a dollar on trademe, they'll need to spend $25K to have it salvaged, then another $5-10K for repairs so it floats, then another say $10 -20k to fix the interior damage and probably repair/replace the engine that is now water damaged

 

So best case $40,001.

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Wheels, What I would offer for it and what it is worth may well be separate things. It would not be what I would want at all, and therefore I would only ever have made an offer based on what I could see as being of value. Which now, is pretty much nothing at all. Prior to being wet throughout, well, I didn't see it so would not like to comment. What I do know is that pictures and descriptions on TM and the real deal are often chalk and cheese, and getting an honest and accurate description is very much the exception, not the rule.

 

What is it worth now? Well, in about 5 days ( probably monday next week at a guess so maybe 6 days ) the HM is going to get it removed, and its net worth then will be probably -$25K. And it will almost certainly be scrapped, which will add significant liability to the existing owner. I can see why he wants to sell it but is there really someone out there that stupid?!.

 

If it had been worth $60k on the current market it would have sold with a few listings at worst.  From what I can tell its been a live aboard for about 15 years. My experience with live aboards has been that they are almost invariably poorly maintained, the motor is more than questionable if they want to start it at all, and generally they have lost considerable value vrs a well maintained yacht. Yes, of course there are exceptions to the rule, there always are. I guess a good question here is had anyone who has been commenting on this thread actually been on the yacht in recent months?

 

I still take exception to people setting up give a little pages and expecting others to dig into their pockets because of losses that were under their control or able to be mitigated. Checking an insurance policy carefully is always a good idea.

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Still there this morning.

Tide was high and halfway up the deck, boat lying at about 45 degrees, i.e. will have sea water all through it.

As viewed from the Harbour Bridge.

 

If they don't move it soon, there will be so much marine growth inside they will have to do an "Assessment of Environmental Effects" just to move it. Will end up like the Rena, with its own ecosystems.

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