Reliants - Offshore 40s Marketplace
Are you interested in buying a Rhodes Reliant or Offshore 40?
These boats are 38 to 48 years old most have had varying degees of restoration. Prices of these boats vary a great deal, depending on condition, equipment, extent and quality of restoration, and circumstances of sale. Increasingly, the range of prices has expanded, with some boats deteriorating and become close to worthless, while others have been professionally restored and are now showing prices that are referenced by the price of new boats.
At the bottom of the market, one abandoned boat, out of the water for 10 years, traded recently at $10,000 The new owner got her sailing in three years. Another sistership was picked up at sheriff's sale/auction for less than that to cover unpaid boatyard bills. She had been exposed to the elements for years, and her interior bulkheads and much else suffered damage. Restoration took about two years of hard work, and her proud owner is now sailing a beautiful boat. Yet another was picked up for $3,000 from a widow, eager to dispose of her. The boat had been out of the water and partially disassembled for many years, and the main mast had "disappeared" at the boat yard.
In the middle of the market, sisterships have traded in the 30's and 40's and present their new owners with the challenges of deck, bulkhead, and other major restoration. Many boats have been substantially restored already; and their prices are higher, reflecting these restorations. Well equiped boats with partial restoration but still in need of deck work might be in the 40's to 50's. If the decks have been replaced and the boat has been repowered, the price might be in the 70's-100. Beautifully maintained and restored Reliants with modern equipment have sold in the $110-130 K range in the last couple of years.
At the top end of this market, a few owners have invested substantially in elaborate, professional restorations. At least four boats have been professionally, fully restored (structurally as well as cosmetically), at costs from $250K to $800K. Their goal is to have a boat that is essentially new. Their benchmarks are the prices of new boats being produced today for a professionally restored (by Hinkley) Bermuda 40. They are confident that a like-new Rhodes Reliant or Offshore 40 is a nicer boat than the competition, at those prices. One such restored boat was listed at $375K, another at $250K and there is yet another listed at a much higher price. One of these elaborately restored boats sold for $220K, establishing a new price level for these boats (at a time of a mediocre market).
More Offshore 40s were built than Reliants, so generally there are more Offshore 40s on the market than Reliants. Reliants appear to be priced a little above the Offshore 40 prices.
As a general rule, if you want to do-it-yourself, you might be able to find a boat at the low end of the price scale by searching from boat yard to boat yard, asking if any have been abandoned. It might not be advertised because a "project boat" would not generate enough broker's commission to be worth advertising.
Even if you provide the labor, however, the costs of materials and equipment is substantial and can easily exceed the purchase price of the boat. If you want a boat yard to do the work, it probably is sensible to buy at the higher end of the price scale where most of the restoration is done already.
Of course, if you are thinking of making an offer on a sistership, have the boat surveyed before buying; BUT beware that surveyors generally do not destroy things and sometimes don't move things, so they can't really probe vigorously into potential problem areas, and interpretation of data is not a precise science. In one case of a sistership, an initial survey concluded she was in good shape. A second survey indicated serious blister problems. But a third surveyor thought it wasn't so bad. In general, boats that have been continuously in warm tropical water are much more vulnerable to blister problems and metal deterioration than boats kept in northern waters and hauled out seasonally. The Handbook of Maintenance and Upgrades has a detailed discussion of the "normal" maintenance issues that these boats (and pretty much any boat of this age) face.
In very rough terms, about 150 sistersips exist. If on the average owners keep them for 10-20 years, this would imply that 5-10 percent would enter the market place each year, i.e. about 7-15 sisterships. My incomplete records of transactions are in line with these numbers.
information provided above and below is "to the best of my
knowledge," but certainly is not guaranteed.
NORTH, CENTRAL EAST
40, 3 cabin yawl, 1966
Offshore 40, 2 cabin E series yawl
40, 2 cabin sloop, 1972
40, 3 cabin sloop, 1967
40, 3 cabin yawl, 1966
40, 2 cabin yawl, 1968
Offshore 40, 2 cabin sloop, 1969
SERENITY, (Newport California) 65K for boat, mooring 27K. Sept. 21, 2015
Lovely condition, https://www.youtube.com/watch?v=iggN95sYq6g
Contact Terry at (949) 463-7333
40 2 cabin yawl (E type), 1968
40 2 cabin sloop, 1969
ASHLEY Offshore 40, 3 cabin yawl, 1969
Rhodes Reliant, 2 cabin sloop, 1965
none known at present