Sellling price for a 1987 CP 23

[SAILOR dAVE]

Looking to purchase a 1987 CP 23. The boat is all original. Needs a make over. Hull in good condition with no signs of damage. sails are fair. hank on Jib. NO motor. Life lines ok. Hatch boards need replacing. interior needs to be refinished, to include new cushions/covers. No Radio or depth sounder.
Trailer is old and needs to be rebuilt.
Owner is asking 6K. Have not found any 1987 on line so not sure what to Offer. I was thinking 3K.
Any suggestions???

[skip1930]

You never pay too much, just buy too soon.

When boat shopping, we took the ferry over to Washington Island to look at a Rhodes Mariner with a small hole just above the water line from banging against a spike pounded into the dock. That tells you something about that boat's owner right?

On the way home we saw along side the road two Com-Pacs. Both were offered at Yacht Works in Sister Bay, Wisconsin.

One was a CP-19 and one was a CP-23 with diesel. Both had furlers, both had trailers, both sat right next to each other. And both were unsailed New Old Stock.
You could jump from one to the other.

The wife didn't like the 'diesel' smell, and both of us didn't like the extra $5000 [if I remember right] for the diesel on top
of the CP-23 boat's price.

I actually forget how much I paid...?
I went with the CP-19 and a zero time Mercury. Glad I did.

skip.

[Bob23]

Dave:
   Dunno...if the boat itself is nice, 6k isn't that bad, in my opinion. We are talking about a Compac 23, after all. As far as rebuilding the trailer, when I bought my 1985 23/2 about 6 or 7 years ago, the trailer needed alot of work. About 1300 clams worth. I paid 5k for the boat, trailer and 1988 Nissan 8 hp. Original sails, CDI furlter, original cushions and no radio. But she was well cared for and lightly used. If I didn't grab that boat, she would've been gone in a hour. I think the 23  base price is about 40k but maybe someone can correct me on that.
   Anyway, I'm sold on my 23. If I had the chance again, I'd do the same thing. They are wonderful boats. Let us know if you purchase it. BTW, where is it?
bob23
   
   

[Billy]

I think 6k for a 87 23 is a good deal.

[NateD]

I did some statistical analysis before I purchased my 23 a couple years ago: http://cpyoa.geekworkshosting.com/forum/index.php?topic=2892.0

There is a link to a spreadsheet at the bottom of my post. If I plug in a 1987 CP23 with a trailer, in what I would call "1" condition (Below average, old sails, very few upgrades or additions), I come out with an average asking price of $4,696, with a range of $2,825 to $6,566. So the current $6k asking price is on the high side of the range. It isn't unreasonable, but it is much cheaper to buy a boat that has been well cared for and upgraded than it is to buy something that needs a lot of restoration and refitting. Just adding a roller furler and a new jib comes out to something around $1,500. Add a used 2-stroke motor $500, or used 4-stroke $800. New trailer tires alone are going to be another $350 on the low side, plus whatever else needs to be fixed. Maybe a quality bimini ($700), foiled rudder ($400), tiller pilot ($450). Plus all of the labor you'll put in and $6k doesn't look that appealing to me.

[brackish]

Go to gallery option on Sailing Texas and take a look at the historical sales for 23's.  Keep in mind that the actual selling price was probably lower than the stated asking price.  That will help with a point of reference.

Sound advice from Nate.  What do you want to end up with?  Make a list of everything you will have to do near term to satisfy that vision and cost it out.  If you do that for every boat in the running for your purchase dollars, it will help with the decision.  My well equipped 23 was only five years old when I purchased it, however I still managed to spend $4K on it the first two years of ownership to get it the way I wanted.

And you can always make an offer.  I've had them rejected, but have never been shot for doing so.  The offer on my 23 was originally rejected, but later accepted because the owner had already purchased another boat and didn't want the carrying expense of a long listing.  I had made up my "vision" list and couldn't go higher.  In the end, we each got what we needed.

[Salty19]

Your 3K figure sounds better to me.   Explain to the seller than his boat is 25 years old, needs hundreds of hours of work to make her new again along with at least 2K of immediate improvements (motor and trailer fixes) and at least 2K more in other equipment (cushions, lines, etc).   I don't think that is an exageration..in fact the real figures to restore it are likely much higher.

Stuff adds up real fast when the project list is long!!! Especially so if you need to buy and not make items yourself, like sails and cushions.

Sounds like it's been sitting around for a long time too.  That tells me the seller hasn't cared it about much in years.  That should drive the price way down.

[wes]

I know nothing about 23s, but a year ago I bought my 1988 CP19, in very similar condition to what Dave describes for the 23 including trailer that needed rebuilding, for $3500 and I felt I got a pretty good deal. Market price for 19s in excellent condition was around $5k. I was happy to find such a structurally sound boat and decided to grab it quickly before somebody else did. I probably could have waited, haggled more - and maybe lost out. Life is too short! Based on my experience, $6000 for a 23 seems reasonable with maybe a little room for negotiation, but $3000 sounds like a lowball hail Mary to me. My advice: when you find the boat you want, move fast and don't lose sleep over whether you got the lowest possible price. Go sailing sooner. In the long run, the initial cost of these boats pales next to the costs of maintenance, upgrades, slip fees, etc.

Wes

[SAILOR dAVE]

Thanks to all for the good advice. The owners do not sound like they have a clue as to the current market. They have my number so Ill keep looking and see what turns up. I still have my old 1971 O'Day in VG condition.
P.S. some one asked as to the location of the boat... Clinton Ct. has not been in the water in 4 years. sitting uncovered. !