photo: Bank payoff was $300k- sold for $85k. 

The good news for boat owners is that there's now NO shortage of boat slips or high and dry rack space available in Florida, plus fuel prices are coming down. US dollar has gone up in value the last two weeks, which is good if you're going to another country, bad if you are an exporter here. Time to buy your shotgun's, flyswatters,  double up your ground tackle and go cruising?  The boat market is similar to the stock market in that it doesn't really matter how much you paid for a stock or have invested in the stock, it's ONLY worth what the market will pay for it right now. This is a fact that sellers of anything need to wrap their minds around.  The yacht market is mirroring the Real Estate market in that prices are still falling, that's the bad news. The good news  between the two markets is that foreign buyers (MID November update- Eastern Europeans have come out of the woodwork to snatch up some incredible bargains that are available now-the FTLIBS was a bust) are buying  boats (mostly late model yachts) loading them on ships and taking them to other countries & continents.  There is still activity and inquiries on boats priced TO the market.But hasn't that alway's been true? Again-let me remind you boat owners that think you are "Sellers"-some "truisms" of the boat biz:  that usually your FIRST offer is always your best offer and If you are "upside down" (owe the bank more than the market value of the boat) you MUST be in a position to pay off the bank or you're going to own your boat forever. If you borrowed 100% of the value of the boat or traded in another boat and put that old mortgage on top of the new boat mortgage, you MUST pony up the dough at some point to get out from under both boats. Too many owners "forgot" they didn't put 20% down (minimum) or kept stacking mortgages from their smaller boats when they kept trading up, and are foolishly thinking they could use their boats for years and years and now -many years later will sell them for what they paid when they bought them, therefore, having had the free use of a yacht all this time. That's  NOT going to happen.  Once you add up your carrying costs (payments, insurance, dockage, maintenance) of boat ownership, you might wisely deduce it's cheaper to just go ahead and dig into your pockets now and pay the difference yourself between what is being offered (if you're lucky) and what you owe the bank- IF you actually want to sell. I'm noticing some banks ARE negotiating the loan payoffs, as it's cheaper for them than having to repossess the vessels and go after the seller for the difference-afterwards.   IF you can't afford to pay the payoff, or are asking prices higher than the market, then do the buyers a favor and just take your boat OFF the market since it's really not for sale anyway as you're just adding clutter. Brokers who take overpriced listings look like fools and are indeed-not professional as it's their job to inform sellers of the market. The MARKET IS THE MARKET IS THE MARKET.  Call me or email me and I'll gladly TELL you what boats are really selling for and it's NOWHERE near what one see's ASKING on Yachtworld!   For several years now, many yachts that have sold, the owners have had to dig into their pockets $60k - $100k (November update-hundreds of thousands) to actually SELL their boats to MARKET value- which isn't what the sellers and brokers wish for it to be- it's what BUYERS will pay. If "x" amount of boats are selling for "x" prices- then that's the market for that boat. Then you factor in the "vicious cycle" of boats being repossesed from owners who were upside down, then these boats are sold at auction or "short sales" at lower prices, which makes remaining owners further upside down as these new lower prices ARE now the new comp values for those model boats and so it goes- lower and lower.   No much how you wish or pray, nothing is going to change this fact. Surveyors and Lenders all have access to these comparison sales and aren't going to allow a buyer to pay more than the current market price which are now driven lower everytime another Repo or short sale occurs.   Now keep in mind though, that there are MANY brands of yachts such as Bayliner 4788's that are NOT being repoed and are holding their values decently.  It's part of the normal "supply and demand" of the market.