Thursday, May 25, 2006

I Knew I Saw More Boats for Sale

A few weeks ago I commented that I was seeing lots of boats for sale on people’s lawns up and down the Shore. At the time, my observation was only anecdotal. The Wall Street Journal’s Terri Cullen, in her Fiscally Fit column this morning confirmed my suspicion that there are more boats for sale this year compared to earlier years. In Terri’s column today she writes about how she was pricing boat slips at Shore marinas and found out that many marinas are offering discounts because of fewer customers.

I think that the lack of interest in boating this summer probably mostly reflects the increase in gas prices. However, to a lesser extent I bet many boats were purchased with home equity loans over the past three years and for many people those loans are getting harder to handle. If that is the case, then it should be no surprise that more boats are not making it into the water this year or they are being sold outright.

Excerpt…

“OK, so the captain is back on board. My job as first mate is to address another issue that comes with a big boat -- the cost. With the Bayliner still drydocked, we needed to make a decision whether or not to lease a slip at our old marina this year. It's a big decision because slip fees are usually the boat's greatest expense -- last year, our marina jacked up their prices to $125 a foot, or $3,375 for the season. In the past, getting into a lower-cost marina required calling early in the year to get on a waiting list, but this year they were calling us. And at least one marina manager commented on the number of boaters who have decided to trailer their boats this year -- or just stay home.

Sensing a buyer's market, I called around and compared fees and services. Some marinas were willing to throw in the cost of electricity and fresh water for cleanup; others were offering to match slip fees of lower-cost marinas, despite being closer to the bay. (Marinas closer to the bay typically cost more, but it takes less time and gas to get to open water, and you avoid the navigational hassles of marinas up-river.) One marina we've visited before and really liked offered to lease us a slip at $95 a foot for a total of $2,565, or about $800 less than what our old marina planned to charge us this year. Sold.”

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26 Comments:

Blogger njcoast said...

6 of the "Tradewinds" houses have been marked down AGAIN. Originally priced $4,784,000. now $3,750,000.- that's a $1 million haircut!

Thursday, May 25, 2006 6:07:00 PM  
Anonymous About:Blank said...

This is not just happening on the shore, but in most parts of the country. When the bubble burts, it's going to be messy.

aj

Thursday, May 25, 2006 7:46:00 PM  
Anonymous Anonymous said...

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Friday, May 26, 2006 11:32:00 PM  
Anonymous Anonymous said...

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Saturday, May 27, 2006 1:11:00 AM  
Anonymous Anonymous said...

...or its just the fact that more people sell boats in spring...

Saturday, May 27, 2006 6:31:00 AM  
Blogger pesche22 said...

the women is shameless

Saturday, May 27, 2006 7:20:00 AM  
Anonymous rbyzell said...

this gilded age is coming to an end i think, and we're all better off for it, most of us anyway. there is a big article in this saturday's barrons about the second home market that "is" crashing. wow, a million off the tradewinds homes, i love it! oh, and so much for mayor pringle of belmar crazy idea to turn the belmar marina into a yacht club for the rich like newport r.i. i used to go fishing there with my grandfather and father. there is still hope!

Saturday, May 27, 2006 9:41:00 AM  
Anonymous Anonymous said...

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Saturday, May 27, 2006 3:31:00 PM  
Anonymous Anonymous said...

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Saturday, May 27, 2006 4:29:00 PM  
Blogger Real Estate said...

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Sunday, May 28, 2006 4:27:00 AM  
Anonymous Anonymous said...

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Sunday, May 28, 2006 11:15:00 AM  
Anonymous Anonymous said...

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Monday, May 29, 2006 3:33:00 AM  
Blogger Tom DC/VA said...

You just have to install a turing test here...

Monday, May 29, 2006 4:34:00 AM  
Anonymous Anonymous said...

You people are a bunch of know-it-all assholes, finding glee in others miseries. Shame on you all, I hope awful things happen to every one of you vicious haters.

Monday, May 29, 2006 5:44:00 PM  
Anonymous Anonymous said...

..."You people are a bunch of know-it-all assholes...

THANK YOU!!!

THE TRUTH HURTS AND MUST BE HITTING YOUR NERVE... :)

Monday, May 29, 2006 10:18:00 PM  
Anonymous Anonymous said...

Nothing beats a good blogging trip, but I think I have to get back to work on my own real estate sites. May as well stop on a high note, which your blog seems to be. Thanks for the read. Visit my site if you have a chance.

Monday, May 29, 2006 11:39:00 PM  
Anonymous Anonymous said...

Enjoyed reading some of your blog. Nice to take a break from my own real estate work. Selling homes is getting to be a challenging business right now. Good luck, and thanks for the read. Visit my site if you have a chance.

Tuesday, May 30, 2006 9:13:00 AM  
Anonymous Anonymous said...

"You people are a bunch of know-it-all assholes, finding glee in others miseries..."

The only people who will end up miserable are people who got GREEDY...GREEDY...GREEDY. Those of us that bought houses we can actually afford with the intention of using them as a place to live and raise our families will be just fine.

Tuesday, May 30, 2006 12:20:00 PM  
Anonymous Anonymous said...

My grandmother lived down the shore (LBI) and I was there a lot as a kid. I thought when I grew up I'd be able to buy a house...guess hoping that the prices will fall makes me a know-it-all asshole too.

Tuesday, May 30, 2006 1:26:00 PM  
Anonymous rbyzell said...

everyone please read last weeks barrons. great article about the vacation/second home market collapse. anyway, to the person calling us ass-holes. what about the people, the mom and pop places put out of business so that greedy pay-for-play politicians and developers could build ugly mcmansions? what about wealthy people "noveau rich" wanting jersey shore towns and beaches all for themselves and discarding the working class folks and visitors who have lived and visited there for generations? i can't wait until some of those mcmansions are turned into mcbeachclubs!

Tuesday, May 30, 2006 4:52:00 PM  
Anonymous Anonymous said...

I'd like to see prices come down too! I wish I knew it all, and yes, sometimes I can be a bit of an a-hole :)

Tuesday, May 30, 2006 4:56:00 PM  
Anonymous Anonymous said...

the only problem with waiting for the bubble to burst is you have a lot of company....all hoping to BUY

Wednesday, May 31, 2006 3:00:00 PM  
Anonymous Anonymous said...

I can't wait until you scumbags turn into worm food

Wednesday, May 31, 2006 6:11:00 PM  
Anonymous Anonymous said...

............Anonymous said...
I can't wait until you scumbags turn into worm food

..........somebody is getting to you.... could it be your aren't selling many homes lately? :)

Have a great day!

Thursday, June 01, 2006 11:19:00 AM  
Anonymous Anonymous said...

If you're selling your home, consider . Faded walls and worn woodwork reduce a lot more than house appeal. They cut into your price. Invest in a few cans of paint. Brighten up the interior. .

Saturday, June 24, 2006 11:40:00 PM  
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Thursday, July 20, 2006 5:30:00 PM  

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