Cabo Rico 38 Project Boat

[aj.je...@gmail.com]

Hell All-

Anyone have an idea of a fair value of a 1982 CR38 project boat? No sails, Motor frozen, teak decks peeling (core wet), stripped cabin etc, bulkheads punky in spots, cap rail toast etc. No navionics

Any help appreciated. I love the boat and am now somewhat obsessed but not able to see a value clearly

Regards

In love with a CR38

[Mickey Panayiotakis]

Hi AJ

I've no idea, but that hasn't stopped me before :)

Maybe it helps to look at it backwards: a top-shape 1982 CR38 may sell for 70, optimistically.

• A  rebuilt engine will be about 5-10k
  
• Deck fix, 25k, if you do it yourself though about 10k
• Bulkheads, depends on where--maybe another 5-10k?
• caprail, I've no idea.
• add another 5k for electronics
• add another 5k for other stuff, rigging, paint, wahtever wil come up.

So--maybe 10-20k if it's in as bad a shape as you say? 

mickey

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[aj.je...@gmail.com]

Thanks-

Trying to put a number on it, I figure another 10K for sails- there are none presently. I love it though. Not sure what to do

On Friday, November 10, 2017 at 10:46:51 AM UTC-5, mickey wrote:

Hi AJ

I've no idea, but that hasn't stopped me before :)

Maybe it helps to look at it backwards: a top-shape 1982 CR38 may sell for 70, optimistically.

• A  rebuilt engine will be about 5-10k
  
• Deck fix, 25k, if you do it yourself though about 10k
• Bulkheads, depends on where--maybe another 5-10k?
• caprail, I've no idea.
• add another 5k for electronics
• add another 5k for other stuff, rigging, paint, wahtever wil come up.

So--maybe 10-20k if it's in as bad a shape as you say? 

mickey

On Fri, Nov 10, 2017 at 10:10 AM, <aj.je...@gmail.com> wrote:

Hell All-

Anyone have an idea of a fair value of a 1982 CR38 project boat? No sails, Motor frozen, teak decks peeling (core wet), stripped cabin etc, bulkheads punky in spots, cap rail toast etc. No navionics

Any help appreciated. I love the boat and am now somewhat obsessed but not able to see a value clearly

Regards

In love with a CR38

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[jamie]

Are you buying or selling?

Jamie

[Mickey Panayiotakis]

You can get it cheap and put in the manual labor yourself, you'll have a great boat!

[LB Home]

I agree with Mickey.  If you have the money there are better CR's around. That just like a lot of work to bring it back.

Larry

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[John Crispin]

Approx 25-30k to have a boatyard remove teak decks, re-core decks, re-fiberglass and paint.  I did this myself using about 5000 for material, but 400-450 hours of my labor. New engine runs 17-20k installed by boatyard. New sails should be 8-11k. Knowing all that I wouldn’t pay more than 15-20 for the hull, but at the end you will have a beautiful boat. Make sure you check water and fuel tanks too as this can also add up quickly.

John Crispin

S/V Perspective 

1983 CR 38

Sent from my iPhone

On Nov 10, 2017, at 11:44 AM, Mickey Panayiotakis <svb...@gmail.com> wrote:

You can get it cheap and put in the manual labor yourself, you'll have a great boat!

--

[Tom Fuhs]

 

A boat in that poor condition should sell for $1.  Everything will cost much more than you think in both time and money.  If the boat is free and you have the skills and time, then I believe it’s a worthwhile endeavor.  And I only say that because a CR38 is a worthwhile candidate for project like this.  A lesser boat in that condition is only a candidate for the landfill.  -Tom

Sent from Mail for Windows 10

--

[aj.je...@gmail.com]

Thanks for responding guys-

Jamie, Im buying... Perhaps. Will have to come to an agreement with the current owner regarding purchase price. I have not had her surveyed (and probably will not) nor have I seen her bottom. There are other concerns but I do love her! I will probably offer in the 10-12k range and see where we go. Honestly I think that is still too much but don't want to insult the owner (original) and he thinks the boat is valued much higher I believe

[LB Home]

I would insult away. Feelings be damned. Not many would tackle that job.  Money you save is money for the boat.

Larry

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[aj.je...@gmail.com]

Yeah, its tricky I actually like the guy

[Leslie Owen]

AJ I would not look at it as insulting the owner but as releasing him from storage fees, jack stand rental, boat insurance and worry about his baby. Don’t forget the value of your time. You are going to be committing a life span of sweat, blood and tears along with huge fiscal outlay of refit let him know you will bring his boat back to Life  

Sometimes it is not bad to walk away and make a decision that is not such an emotional one. You can also fall in love with another CR that has fewer problems. Good luck. 

Leslie

Sent from my iPhone

[LB Home]

Well said Leslie.

That boat will most likely not go anywhere soon.

Larry

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[Dave Newberg]

Leslie,

You are often the principal the voice of reason here, knowing precisely when to chime in. 

We are all wiser by listening to you.

Cheers

Dave

[aj.je...@gmail.com]

Thank you to everyone for their input

Regards

In love with a CR38

[Edgar Marin]

[Christian Gould]

Did you buy the boat?  I am considering a similar project.

Thanks

Christian Gould

New Member

[Mickey Panayiotakis]

that's an old thread, Christian :) I don't think we heard much from the original poster since 2017.

Are you on the Chesapeake?

mickey

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202-451-0318 or schedule a call if you prefer

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[Rich Cope]

I passed on one in somewhat better condition but needed new mast.  Seller was asking $20K.  My estimates were pushing $90K, plus plenty of elbow grease, all in to sail away...

[Christian Gould]

We are among the Apostle Islands on Lake superior.  I recored and rebuilt our Chesapeake for 4 years (2012) after we sailed her for 8 years and knew it was a boat we loved.

There is a CR38 in Lake Lanier Georgia ($17,000) now on yachtworld.  She needs a complete rebuild, however not as much work as I did to our 32 footer from the sounds of it, however I have not inspected the boat yet.  The broker said he did not know the condition of the Perkins.  There are no sails (which is curious), no canvas, no running rigging and no cushions.  The teak decks he said are in good condition, however I suspect these will be the real issue.

Do you know of this boat or any of its history?

Do you also know if a Perkins in "tired" condition can be coaxed to run a few years?

Lastly, what is the construction of the teak decks?  Is it a layer of glass inside the boat and then the teak is the only other layer to create the deck?  Is there a core under the teak deck?  

Thanks!

We sail out of Severna Park on the Magothy River with a friend on his Sabre 34 about every other year.  Where are you located?

Christian & Ali Gould

St. Paul, MN

s/v Sea Dog

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[cab...@aol.com]

FREE to $5000.00 I would not go over $5000. I have a 1979. I upgrade it regularly. Sail every week when in season. Myrtle Beach SC. How old are you. If you can get it sailing within a year, it will be ok as you will have FUN. If you are looking at years to get it in the water. Get something that is sailing.

Breck Caine CR 38 #19

-----Original Message-----
From: Rich Cope <rich...@gmail.com>
To: caborico <cabo...@googlegroups.com>
Sent: Thu, May 23, 2019 04:17 PM
Subject: Re: [caborico] Re: Cabo Rico 38 Project Boat

I passed on one in somewhat better condition but needed new mast.  Seller was asking $20K.  My estimates were pushing $90K, plus plenty of elbow grease, all in to sail away...

On Thu, May 23, 2019 at 3:08 PM Christian Gould <ketc...@gmail.com> wrote:

Did you buy the boat?  I am considering a similar project.

Thanks

Christian Gould

New Member

On Friday, November 10, 2017 at 9:10:29 AM UTC-6, aj.j...@gmail.com wrote:

Hell All-

Anyone have an idea of a fair value of a 1982 CR38 project boat? No sails, Motor frozen, teak decks peeling (core wet), stripped cabin etc, bulkheads punky in spots, cap rail toast etc. No navionics

Any help appreciated. I love the boat and am now somewhat obsessed but not able to see a value clearly

Regards

In love with a CR38

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[Linda Mote]

Pictures?

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[Leslie Owen]

Being objective is a better mind set when boat buying. If you are “in love” with a boat you better take a good surveyor or a parent with you while shopping. 

Not trying to be a wise ass just worry you will be in a situation where you spend more than you will ever recoup when you go to sell and you spend more time working on the boat and not getting to sail it. 

Leslie

s/v Tango, CR 34, Hull #2

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[LB Home]

Someone posted the motor had been submerged they thought.  Pictures I saw it did not appear the boat was submerged from the cabin pics.  Plus if it was it would be fresh water. ???  

I have thought of making the drive to see it but really don't have the time for that size project.

Larry

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[LB Home]

Breck

Totally agree with that. Lot of boats out there.

Larry

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[John Kenan]

Agreed as well. Make sure you know all of the issues that need addressing, and a surveyor will be worth their weight in gold especially with a project boat (disclosure - I did not hire a surveyor). I bought CR34 hull #19 in Oriental NC. Even though I paid a smaller fraction of the asking price and know my way around boats, I want to believe now anything over zero was too much. But that is not realistic, is it? They are all projects, some more than others, and the right 'bones' presents some intrinsic value. I know this CR has solid intrinsic value which sold me on it in the first place. That said, I realize now I could have saved a few thousand dollars more had I sniffed out every last problem, instead of most of them, and I would have been fair in doing so. But the infatuation, along with trusting too much in my own experience and the advice of others whom I trust (and who were very familiar with her but did not possess my agenda), hurt me somewhat. And though I am not set back terribly, those lost savings are not chump change, and those few thousand dollars could solve a lot right now. Think of the difference in what you could save as double - if you pay 'X' amount too much, that deed is done, and prevents you from using 'X' towards restoration. Double whammy.

I am doing all the work myself, and can absorb a certain amount of latitude expense since I'm not hiring labor. So far, I have not spent a dime since buying her and hauling her to my home - and have her almost completely gutted inside and out, and ready to start tabbing in 4 new bulkheads - then the rebuilding can begin, with overall parts/supplies estimated around $25K - no labor. If you are not able to do the work yourself, be very careful - labor adds up quickly, especially on top of parts. 

With my project, what I paid for her and with new parts, I believe I will still come out well ahead (if I were to sell afterwards). Most importantly, have fun doing it (which I am), which means making sure you don't have serious regrets (I have some, but not serious ones).

Hope this helps.

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[Mickey Panayiotakis]

Hi Christian & Ali

If you're on the Magothy, send me an email or call/text. I'm a few rivers south of Annapolis and will be happy to show you around Bahia and maybe go for a sail if interested.

TO your questions:

> Do you also know if a Perkins in "tired" condition can be coaxed to run a few years?

Probably other owners here have more diesel knowledge. My only issue with my Perkins is the leaks, but I'm working on a way to contain. I had mine rebuilt, mostly because of many leaks. And it's started leaking again. Besides that, they're pretty solid engines and parts are easy to find.

> Lastly, what is the construction of the teak decks?  Is it a layer of glass inside the boat and then the teak is the only other layer to create the deck?  Is there a core under the teak deck?  

The decks (at least on a 1980 boat) are standard balsa-cored FRP with teak overlay. The teak is screwed on, as evidence by the bungs. If water has intruded into the core, it's possible the core is wet or in some cases rotted. Note the cockpit sole core in my case was ply, and rotted. If the balsa is not rotted, removing the fiberglass to get to the core will likely damage it, and you'll have to lay new core and new glass.  If hte teak is in decent shape, you may be OK.

Old photos:

here's the deck with teak:

http://slowresponseteam.com/destinations/bahia/boatwork/images/deck3.jpg

with the teak recently removed but gunk still there:

http://slowresponseteam.com/destinations/bahia/boatwork/images/deck6.jpg

With teh gunk mostly cleaned up:
http://slowresponseteam.com/destinations/bahia/boatwork/images/deck9.jpg

with some glass and wet core removed:

http://slowresponseteam.com/destinations/bahia/boatwork/images/deck12.jpg

Note also that the icebox insulation could be open-cell foam, and if the deck or deck fills above it leak you may have wet insulation which may have damaged the bulkheads around it. Easy to check, just soudn the bulkheads on either side of the icebox.

CHeers

mickey

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