Buying & selling during a pandemic

[cstpt]

As someone who habitually watches the used boat market--mostly out of curiosity, sometimes as a call to action--I wonder what the current situation is or will be doing to the boat market. If you are a potential buyer, are you seeing deals? If you sold a boat recently, did you take a big hit on what you were hoping for? If you have a boat listed for sale, are you seeing any response? Have you decided not to list? If you live in an area where social distance is in effect, how do you propose to show a boat? The real estate world is drawing up specific guidelines for agents and clients to reduce the risk of contagion during showings. It's pretty tough to maintain appropriate distance on a boat (or at least it is on a 21 footer).

 

[aintmissb]

All great questions. A good guide is probably the housing market, which I am told by friends there has practically shut down in Toronto. For sellers definitely better to postpone if you can. For buyers, there might be bargains, e.g. with a seller who needs cash quickly. But as you say, hard to view boats in these times. What economists call a “thin” market so lots of variance in outcomes. Good luck!

 

[BB marine]

As I sit in the house with limited projects I spend more time searching for anything and everything on the internet. I have watched several items on Ebay sell. I have searched different boats on the internet more then normal lately! I went to the boat this week (in storage) to do some work and get out of the house. I called the marina before going to make sure they were letting people in. The response was we are not inviting anyone here but not turning anyone away. I have keys to the building so I do not need any interaction with marina personal. I asked over the phone if boat sales slowed? Answer not really. Most sales are being done on the phone. Surveyors make appointments on the phone. Financing can mostly all be done on the phone. By the way financing rates are very low. This has actually helped some perspective buyers push the button. Mortgage rates are below 3%. If it is a private sale right now it's going to be tough. I sold my 9.9/15hp mercury 2 weeks ago advertised on Craigslist. The deal was done over the phone. I gave full description and disclosure of condition. I would demonstrate that engine runs ,pumps, and shifts. Social distancing was achieved as best, deal done. Even though things have changed in the last 2 weeks I would still advertise or list. People are still searching probably more than ever. Answer questions over the phone, take pictures, make a video of the boat. We all have plenty of time and if nothing else a little interaction with perspective buyers thru emails or phone responses does not hurt. If someone is really interested use PayPal for a deposit. But closing the deal and delivery would not take place until this pandemic is slowed down to a safe level or over. I think it is harder for private sales or purchases now. Dealership sales I believe are still happening. For the sake of all people in the world let's hope this thing is over soon and everyone does the right thing. Stay safe and healthy.

 

[Karll]

I am trying to sell my SeaSport Explorer and had a few inquires but I haven’t found anyone wanting to come check it out during the lock down.

 

[NorthernFocus]

Social distancing aside, historically when the economy turns south boats are one of the first things people stop buying. Add the overall sense of uncertainty right now it's hard to imagine that the boating market won't take a hit.

 

[CharlesM]

I just passed on a potential purchase this week due to the travel restrictions.................

 

[boaterjoe]

I have a cutwater 28 2015, with only 300 hrs on the engine for sale and am getting NO responses on yachtworld or other sites. Pretty darn dead right now. good luck to all and stay safe.
Boaterjoe

 

[cstpt]

Aside from the economic disaster, it’s pretty hard to convince someone to buy a boat at a time when boating is banned in a growing number of places. Looks like a good summer to work on the boat assuming one has access to it. Otherwise, it may be a lost summer, I fear. For a lot of people it will be much worse than that.

 

[aintmissb]

Well, is boating banned? For example on the Canadian side of Lake Ontario? The Marinas are all closed, but if you have a private mooring is there any reason why you can't go out with your family and enjoy a few hours of blissful solitude and beauty? I agree that is not exactly "staying home" but also not putting anyone at risk. What about a kayak - also banned while cycling for exercise is not? Not trying to be a sh*t disturber, just to clarify what the current regulations are.

 

[ixlr8]

Well, is boating banned? For example on the Canadian side of Lake Ontario? The Marinas are all closed, but if you have a private mooring is there any reason why you can't go out with your family and enjoy a few hours of blissful solitude and beauty? I agree that is not exactly "staying home" but also not putting anyone at risk. What about a kayak - also banned while cycling for exercise is not? Not trying to be a sh*t disturber, just to clarify what the current regulations are.

Some states have banned all recreational boating, including kayak and canoes. Other states have not, although with most of the marina's closed, once you run out of fuel you are not going far.

 

[cstpt]

One reason for the ban is to relieve emergency personnel of the responsibility. Hard to argue, but if I had access to my boat I’d be sorely tempted. As it is, with the boat locked up in the marina, the temptation is removed. Which I suppose is the point. I have to admit it’s hard to imagine the docks filled with people at a time when we are all supposed to be avoiding contact, painful as it us to contemplate a lost summer.

 

[ixlr8]

Here none of the docks have been put in the water yet, so there is no place to keep a boat. The dock's at the launch ramps are not in yet, so no way to launch. No boats in the water here except for a few commercial boats.

 

[BB marine]

In Illinois and Wisconsin as of today the marinas are open and operational. There is suppose to be social distancing 6' and advised to relax on your boat and do not gather in groups or have Docktails with other boaters. I was at the marina working on the boat yesterday ( I call before I go there and tell them I will be out in the building and social distancing. I live in cook county and have been home isolating except to get groceries, Dr appointments, and work on the boat) My boat is stored 50 miles from my house in an area that has not been effected badly with Covid19 virus 17 confirmed cases and 6 of those cases came from a state prison that is in the county. I live in a county that has over 10,000 cases and the counties surrounding the town I live in average is 850 cases. I tell the marina employees I'm protecting you as much as I'm protecting myself. The marina seems to be functioning business as usual 20 + boats launched, the shop had four new boats getting rigged and two in the parking lot that just were deliver by truck 55' prestige and a 42' prestige. I received an email from the marina that we have a summer slip at (Reef Point Marina) that read the marina is open, social distancing is required, bath houses will be completely and professionally sanitized once a day, It is recommended to use the guidelines set by the CDC. I am optimistic that there will be a 2020 boating season. I am also optimistic that we will be back to some sort of normalcy by mid summer. My wife and I are still planning on leaving to complete our loop adventure this fall. If I'm not planning I'm giving up hope that this terrible virus will not be under control soon. Be safe and stay healthy!