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Broward Gabriella Aground; market update

Discussion in 'Broward Yacht' started by rocdiver, Mar 14, 2009.

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  1. rocdiver

    rocdiver Senior Member

    Joined:
    Oct 24, 2006
    Messages:
    189
    Location:
    Ft Lauderdale, Florida
    Gabriella Aground

    I hear the Repo Captain ran her aground and she is sitting in the mud in St Johns River.

    This is so unfortunate. It seems the bank would have hired her original Captain to move her. There may have been issues there too, I guess.

    Shame, I really have a soft spot for the old Browards. :(
  2. The repo captain brought her safely into a small basin with a very narrow entrance, and very little room to move. I never met him, I did not see the move, but it took skill to get in that tight spot.There was much more water in the basin at that time, but the river level has dropped. I moved the yacht with lines recently, but it may be too shallow to get into the river with this current river level. Maybe next week with an east wind for a few days the river will rise.
    At the time of the repossession there was no captain. ( "Let's see, says the owner, shall I pay the bank or pay a captain? Oh well, neither one!)
    Yacht Forums prefers not to have posts here in the classified section, but I want to defend a captain I never met, or spoke to, from allegations that he ran a yacht aground.
  3. rocdiver

    rocdiver Senior Member

    Joined:
    Oct 24, 2006
    Messages:
    189
    Location:
    Ft Lauderdale, Florida
    Tucker,
    Thanks for clarifying. I never meant to cast aspersions on the Captain making the move.

    Unfortunately, I am intimately familiar with an owner shirking his financial obligations to a Captain, coincidentally it was on a Broward as well.

    I'm glad to hear she may be able to get out sometime soon before serious damage occurs from not being able to run any cooling systems. So, she's not really sitting in mud? Just not able to get out of the basin? That would be great news. As I stated earlier, I have an affinity for the Browards, I would hate for another one to go to waste.

    Kindest regards,
    ROCKY
  4. slixdamix

    slixdamix New Member

    Joined:
    Jun 30, 2009
    Messages:
    2
    Location:
    Long Island,NY
    Latest prespective buyer on Gabriella

    Through the past 3 weeks Ihave been working vigorously to close a deal on the boat Gabriella, I had put an all cash offer in at $950,000.00 contingent to nothing my offer was a as is where is offer, the bank declined that offer.
    Due to my emotional reaction to wanting the yacht at that time three weeks ago i am relieved that the bank had rejected my offer since, I had then put an offer in for $1,000,000.00 subject to survey and seatrial, to which I had learned about an exorbident amount of problems to the vessel gabriella in fact I had my mechanic inspect the 16v92ta engines and have found that they both have low compression and should undergo a major overhaul/rebuild, after inspection of those engines, I thought it prudent to inspect the generators, through inspection, we found that the generators as well need a major overhaul/rebuild.
    While I was inspecting the vessel i also found out about a chiller unit that is inactive and the vessels climate control is not being maintained at an adequate temperature which in time will cause mildew and growth inside the vessels interior furnishing, although there is a slight smell of mildew already.
    I was also made aware of that while the vessel sits in Broward Marine's yard the vessel is not being maintained at all no measures are being taken to keep the vessel clean on its interior and exterior, if this vessel continues to be treated in this fashion its value will depreciate in value tremendously by the day.
    I am thankful now after all that i have learned throughout my survey and seatrial of this vessel that my all cash as is where is offer of $ 950,000.00 was rejected due to the afformentined, it is my oppinion that in this economy and due to the amount of vessels on the market they did not accept my offer since this vessel's true value is on $700,000.00 since it requires so much work to the engines and interior and soon its value will depreciated further if not maintaned properly or sold to a responsible owner/broker.
  5. Slixdamix,

    Here is a quote from the listing on Yacht World

    "Comments
    The yacht had extensive paint work done in late 2007 and much of the interior was redone not long before that. Like most repossessions, the yacht has been neglected lately but the exterior paint is in good condition. The teak cap rails need to be stripped and varnished. The yacht was moved recently to Fort Lauderdale, a trip of over 400 miles, and the captain reported the yacht ran well. Both generators hold voltage well and start very quickly; the main engines have no smoke while underway, but have so many hours that rebuilds are a consideration. A well-known Detroit Diesel repair facility in Fort Lauderdale has given an estimate of $99,000 for an inframe rebuild with warranty. The delivery captain who brought the yacht here had worked on the yacht for two years in the past, and knows it well, reported that one of two air conditioning chillers was not operational, some of the air conditioning air handlers were not working, the Satellite TV system had some missing antenna parts, and the fresh water system had a leak some where. Although the yacht will need some work to get it in charter condition, the attractive repossession price makes it a great value."


    I think that this is pretty clear that the yacht will need work, this is not an area on Yacht Forums for discussions, but I want other readers to know that I have advertised the yacht with an estimate for a rebuild of the mains. At the top of the first post here the engine hours and generator hours are at the top of the ad, this is a repo, not a creampuff, and priced accordingly.
  6. slixdamix

    slixdamix New Member

    Joined:
    Jun 30, 2009
    Messages:
    2
    Location:
    Long Island,NY
    BROWARD MARKET


    • 2006 Average selling price $1.83 million
    2009 Average selling price $1.21 million
    32% loss in 42 months


    • 2006 – 8 Broward's for sale
    2009 – 44 Broward's for sale
    55% increase in supply


    • 2006 14 months average time on market before sale
    2009 27 months average time on market before sale

    Trend lines of Broward sales between January 2001 and December 2005 show a loss of 11% or 2.2% annually.

    Current trend lines show a loss value between 8% and 26% annually, if we take the average of 17% the January of 2010 FMV is $996,000 – all deficiencies GABRIELLA’s main engines, generators, air conditioning, fresh water system, canvas, paint on hull, brightwork will cost any new owner $200,000 in immediate additional expense giving a $796,000 FMV in 1/10.
  7. Gabriella is sold, but not to Slidamix. He was working with another broker to whom I explained that the contract with the bank and Slixdamix at $1,000,000
    was AS IS. Yes subject to survey, but the bank vice president actually hand wrote on the purchase agreement "sold in an as is condition".
    Between the time that Slixdamis made his offer, and before his mechanics inspection, he was told that there was another back up offer for over $1,000,000. When Slixdamix asked the bank to reduce the price by by $125,000 because the mains needed rebuilding he was reminded that it was sold as is, and the bank accepted the higher offer, which was a lot more than his estimate of $700,00 to $796,000
    The new owner already owns a Broward now and thought this was a great deal to own a second one even with the work that needed to be done. Immediate plans got underway to upgrade the A/C, get the varnish stripped and redone and lots of other projects to get the yacht in excellent condition.