survey report: un-identified motor vessel survey.pdf · keiser marine surveying and consulting 1985...

KEISER MARINESURVEYING AND CONSULTING

1985 Ocean Alexander 60"Un-identified Motor Vessel"

P.O. Box 17090 Seattle, WA 98127(253) 249-1914

Keiser Marine - Independent Marine Surveying and Consulting

Report of Marine Survey

Of The Vessel

"Un-identified Motor Vessel"1985 Ocean Alexander 60

Conducted byJeff Keiser SAMS SA

Prepared Exclusively for:Private Owner at the request of his bank

October 29, 2010

Keiser Marine - Independent Marine Surveying and Consulting

TABLE OF CONTENTS

TOC"Un-identified Motor Vessel" surveyed by Keiser Marine - Seattle, WA 98127

SECTION PAGE NO.

I. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .INTRODUCTION 1II. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .GENERAL INFORMATION 4III. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .SYSTEMS 5

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .HULL DECK AND SUPERSTRUCTURE 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .CABIN APPOINTMENTS 10

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .PROPULSION 14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .FUEL SYSTEM 15

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .ELECTRICAL SYSTEMS 16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .FRESH WATER SYSTEM 17

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .SANITATION 18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .STEERING SYSTEM 18

. . . . . . . . . . . . . . . . . . . . . . . . . . . .ELECTRONICS AND NAVIGATION EQUIPMENT 19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .THRU-HULLS 21

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .SAFETY EQUIPMENT 22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .LIQUIFIED PETROLEUM GAS SYSTEM (LPG) 22

V. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .SUMMARY AND VALUATION 23

TOC"Un-identified Motor Vessel" surveyed by Keiser Marine - Seattle, WA 98127

I. INTRODUCTION

1 of 25"Un-identified Motor Vessel" surveyed by Keiser Marine - Seattle, WA 98127

SCOPE OF SURVEYActing at the request of an Undisclosed Bank for the account of Private Owner, an appraisal survey was performed on the "Un-identified Motor Vessel," a 1985 Ocean Alexander 60 on Friday, October 29th, 2010 from 11:30am to 5:00pm at the Washington State Marina. The vessel's owner and papers were on board at the time of the survey. The Hull Identification Number (HIN) was identified both at the transom and upon an engine stringer. This HIN appears in a photograph on page five. The vessel was inspected while moored in the water in a covered boat house and no sea trial was performed. The reason for the survey was to ascertain the general physical condition of the vessel for the purpose of a fair market value appraisal. AC and DC power were used to check operation of the electrical systems specified in this report. No reference or information should be construed to indicate evaluation of the internal condition of the engine or propulsion system's operating capacity. Electronic equipment was checked for power up functionality only. The diesel engines were started but not loaded or shifted in and out of gear. This vessel was surveyed without removal of any parts, such as fittings, screwed or nailed boards, anchors, chain, fixed partitions, instruments, clothing, spare parts or miscellaneous materials in bilges and lockers and or any other fixed or semi-fixed items. Inaccessible areas also precluded inspection. Further, no determination of stability characteristics or inherent structural integrity has been made and no opinion is expressed with respect thereto. This survey report represents the condition of the vessel on the above date and is the unbiased opinion of Jeff Keiser, but it is not to be considered an inventory or a warranty either specified or implied. NOTE: During the course of this survey, the engines were started but not loaded or tested in a sea trial. It is recommended and understood that the vessel's Detroit Diesel engines be surveyed by a qualified marine engine surveyor to determine the condition of the engine, gears, pumps, heat exchangers, etc.

CONDUCT OF SURVEY:THE MANDATORY STANDARDS PROMULGATED BY THE UNITED STATES COAST GUARD (USCG), UNDER THE AUTHORITY OF TITLE 46 UNITED STATES CODE (USC); TITLE 33 AND TITLE 46, CODE OF FEDERAL REGULATIONS (CFR), AND THE VOLUNTARY STANDARDS AND RECOMMENDED PRACTICES DEVELOPED BY THE AMERICAN BOAT AND YACHT COUNCIL (ABYC) AND THE NATIONAL FIRE PROTECTION ASSOCIATION (NFPA) HAVE BEEN USED AS GUIDELINES IN THE CONDUCT OF THIS SURVEY.

I. INTRODUCTION


DEFINITION OF TERMSThe following terms and words have the following meanings as used in this report Survey:APPEARS: Indicates that a very close inspection of the particular system, component or item was not possible due to constraints imposed upon the surveyor (e.g. no power available, inability to remove panels, or requirements for nondestructive testing). The deficiencies reported herein reflect the conditions observed at the time the survey was conducted.FIT FOR INTENDED SERVICE: Service for which it was designed and manufactured by the naval architect and or builder.FIT FOR INTENDED USE: Use which is intended by survey purchaser (present or prospective owner).SERVICEABLE: ADEQUATE: Sufficient for a specific requirement.POWERS UP: Power was applied only. This does not refer to the operation of any system or component unless specifically noted.EXCELLENT CONDITION: New or like new.GOOD CONDITION: Nearly new, with only minor cosmetic or structural discrepancies noted.FAIR CONDITION: Denotes that system, component or item is functional as is with minor repairs and maintenance needed.POOR CONDITION: Unusable as is. Requires significant repairs or replacement of system, component or item to be considered functional.USE OF ASTERISKS *: in the body of the report will indicate that a finding will be listed in the Findings and Recommendations section pertaining to the asterisked item, following the body of the report.

I. INTRODUCTION


VESSEL DESCRIPTIONThe "Un-identified Motor Vessel" is a 1985 Ocean Alexander 60, reported to be built at the Ocean Alexander ship yard in Kaohsiung, Taiwan. The vessel has been significantly upgraded to the level of an unique luxury yacht. The exterior has been repainted, the decks refinished, the interior completely upgraded with fine hardwoods and custom furnishings and the engines professionally serviced. Entering the main salon of "Un-identified Motor vessel" through the sliding teak doors reveal an entirely refurbished interior with custom teak flooring, cabinets, couches, bulkheads and walls. Granite counter tops have been added to the galley, heads, cabins and pilot house. All of the plumbing and toilets for the vessel's three heads have been upgraded. The cabins feature refinished teak parkay floors and custom hard wood joinery. Fine workmanship and maintenance can be seen throughout the vessel. Prepared Exclusively for:Private Owner at the request of his bank

II. GENERAL INFORMATION

GENERAL INFORMATION


. . . . . . . . . . . . . . . . . . . . . . . . . . . .FILE NUMBER: Sample Appraisal Survey . . . . . . . . . . . . . . . . . . . . . . . .NAME OF VESSEL: Un-identified Motor Vessel . . . . . . . . . . . . . . . . . . . . . . . .TYPE OF SURVEY: Appraisal

. . . . . . . . . . . . . . . .OVERALL VESSEL RATING: *** Above Average . . . . . . . . . . . . .ESTIMATED MARKET VALUE: $635,000.00

. . . . . . . . .ESTIMATED REPLACEMENT COST: $1,850,000.00 . . . . . . . . . .YEAR/MAKE/MODEL OF VESSEL: 1985 Ocean Alexander 60

. . . . . . . . . . . . . . . . . . . . . .DESIGNER/BUILDER: * Ed Monk Jr. . . . . .HULL IDENTIFICATION NUMBER (HIN): XXXXXXXXXXXXX

. . . . . . . . . . . . . . . . . . . . . . . . . . .HAILING PORT: Somewhere, Wa . . . . . . . . .USCG DOCUMENTATION NUMBER: XXXXXX (Expired December 31st 2009)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .OWNER: * Private Owner . . . . . . . . . . . . . . . . . . . . . .OWNER'S ADDRESS: Somewhere, Wa.

. . . . . . . . . . . . . . . . . . . . . . .PLACE OF SURVEY: Somewhere, Wa. . . . . . . . . . . . . . . . . . . .DATE/TIME OF SURVEY: October 29th, 2010 11:30am - 5:00pm

. . . . . . . . . . . . . . . . . . . . . . . . .HULL MATERIAL: * FRP (Fiber Reinforced Plastic) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .HULL TYPE: * Semi-displacement

. . . . . . . . . . . . . . .LENGTH OVER ALL (L.O.A).: * 60' . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .BEAM: * 18' . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .DRAFT: * 4'-10"

. . . . . . . . . . . . . . . . . . . . . . . . . . . . .CLEARANCE: * 17' . . . . . . . . . . . . . . . . . . . . . . . . . .DISPLACEMENT: * 65,000 lbs

. . . . . . . . . . . . . . . . . . . .PROPULSION SYSTEM: Twin Diesel Engines . . . . . . . . . . . . . . . . . . . . . . . . . .INTENDED USE: Coastal Cruising

. . . . . . . . . . . . . . .INTENDED CRUISING AREA: Puget Sound, intercoastal to Alaska (Asterisks denote source of information): * Per Ship's Papers Specifications ** Per Owner of Vessel *** Per BUC Book

III. SYSTEMS

HULL DECK AND SUPERSTRUCTURE


HULL CONSTRUCTIONHULL IDENTIFICATION NUMBER:

XXXXXXXXXXXXX

HIN

HULL TYPE/CONDITION:The Ocean Alexander 60 is a semi-displacement motor yacht hull made from solid FRP (Fiber Reinforced Plastic). The bow is raked and planking lines run from stem to stern. The "Un-identified Motor Vessel" is painted white with blue boot stripe at the waterline. The hull paint is in excellent condition with no signs of wear. A painted teak rub rail with stainless steel trim runs the entire length of the hull one foot below the cap rail. The cap rail and all exterior teak is finely varnished and in excellent condition. Where accessible the freeboard of the hull was percussion tested with a phenolic hammer and found to be free from delamination.

Hull port bow Hull starboard bow

III. SYSTEMS



HULL CONSTRUCTION(continued)HULL TYPE/CONDITION:(continued)

Hull port quarter Hull starboard quarter

BILGE:The bilge is visible beneath the engine and forward under the floorboards. The bilges are clean and free from water and debris.

DECK CONSTRUCTIONTYPE/CONDITION:

*C1, C2The "Un-identified Motor Vessel" has teak planking on the main decks and reportedly rebuilt FRP (Fiber Reinforced Plastic) decks with non-skid surface on the flybridge decks. All decks are clean and free from wear or debris. The teak decks have numerous un-sealed screw heads throughout with occasional examples of sealant failure. Four screw holes are un-sealed at the passage way between the foredeck and the pilot house. Aft Scuppers to port and starboard on the main decks were found to have gel coat cracks. Gelcoat cracking was also found on the outer flybridge to deck joint both port and starboard. The decks were percussion tested with a phenolic hammer and found to be free from delamination. No moisture intrusion was observed. In general the decks are in good condition.

Aft deck Deck port

III. SYSTEMS



DECK CONSTRUCTION(continued)TYPE/CONDITION:(continued)

Deck starboard Fore deck

Unsealed deck screws Wasted deck seals

Unsealed deck holes Fly bridge deck cracks

III. SYSTEMS



DECK CONSTRUCTION(continued)TYPE/CONDITION:(continued)

Scupper gelcoat cracks 1 Scupper gelcoat cracks 2

DECK FITTINGSWINDLASS/ANCHOR/RODE:

A chromed bronze Maxwell 12volt windlass was found at the bow. The windlass powered up. The Anchor is a galvanized Bruce with a reported 300' of galvanized chain rode. The back up anchor is reported to be a Danforth with 10' of chain and 150' of nylon rode.

Anchor/windlass

III. SYSTEMS



SUPERSTRUCTUREMATERIAL/CONDITION:

*C3The superstructure/flybridge is solid FRP (Fiber Reinforced Plastic) painted white. The radar arch is hinged to allow it to be laid back for low clearance. The paint on the flybridge superstructure appears to be original with oxidation and signs of gelcoat cracking. Gelcoat spider cracks were also found on the outer forward corners of the pilot house.

Flybridge Flybridge helm

Flybridge gelcoat cracks Pilot house gelcoat crazing

ADDITIONAL EQUIPMENT AND ACCESSORIESDINGHY/TENDERS:

The "Un-identified Motor Vessel" has a Caribe DL-13 tender with 50hp four stroke Yamaha outboard mounted upon the flybridge deck. The tender is launched by a davit mounted to the flybridge deck. The tender was not inspected but appears to be in good condition.

III. SYSTEMS

CABIN APPOINTMENTS


INTERIOR DESCRIPTION:SALON/CABIN LAYOUT:

The interior of the "Un-identified Motor Vessel" has been completely renovated with fine hardwood joinery and custom furnishings. From the aft deck the main salon is accessed through sliding tinted glass doors with teak frames. A custom teak couch with drawers below is found to starboard and to port, a teak chair stands beside a custom teak L-shaped settee with built in cabinetry. The galley is found immediately forward to port and the guest head is found opposite to starboard. The galley, heads, cabins and pilot house have all been upgraded to matching brown flecked granite counter tops. Adjacent to the stand up refrigerator is a stand up washer/dryer behind louvered teak doors. New teak flooring is found throughout. The walls and bulkheads have been recovered in finely varnished teak paneling. The headliner is also new. The salon, galley and head are all in excellent condition. The pilothouse is accessed though the hallway to starboard. The pilothouse also has a custom settee and table with new leather adjustable helm seat. The port side of the pilothouse opens to a finely varnished teak staircase leading below to the cabins and master stateroom. The cabins have refinished teak parkay floors with fine teak cabinet joinery. Outside the cabins, the shared cabin head is found to starboard. The master stateroom also has fine teak joinery with custom floor to ceiling teak closets. Japanese sliding shades are installed in front of the port holes to port and starboard. The master stateroom has a private head with tiled shower/bath tub. The pilothouse, staircase, cabins, master stateroom and heads are all in excellent condition.

Salon port Salon starboard

Salon HD TV/stereo

III. SYSTEMS

CABIN APPOINTMENTS


INTERIOR DESCRIPTION:(continued)SALON/CABIN LAYOUT:(continued)

Galley Washer/dryer

Salon head Pilothouse settee

Pilothouse helm Forward staircase

III. SYSTEMS

CABIN APPOINTMENTS


INTERIOR DESCRIPTION:(continued)SALON/CABIN LAYOUT:(continued)

Cabin starboard Cabin port

Shared cabin head Private stateroom

Private stateroom head

III. SYSTEMS

CABIN APPOINTMENTS


INTERIOR DESCRIPTION:(continued)CABIN HEATING:

The vessel is heated with a new Hurricane hydronic diesel heating system. The system powered up and produced heat throughout the vessel.

Hydronic heater

GALLEYAPPOINTMENTS:

The "Un-identified Motor Vessel" has a well equipped U-shaped galley with four burner Seaward propane stove/oven, double stainless steel sink and stand up Amana refrigerator/freezer. Large granite counter space is found above custom teak cabinetry with additional cabinets secured to the cabin ceiling. The galley is in excellent condition.

III. SYSTEMS

PROPULSION


MAIN ENGINESTYPE AND CONDITION:

*B1, C4The "Un-identified Motor Vessel" is powered by twin Detroit 8VD2 diesel engines. The engines are reported to have 3392 hours each. At 2694 hours the engines were reported to have been broken down, all gaskets, heat exchangers, hoses, clamps, belts and alternators were re-newed. Current hours displayed since the over haul is 698 hours. The engines have proper fluid levels and appear clean. Slight corrosion was detected at wet exhaust flanges of both port and starboard engines. Signs of a cooling water leak was detected on the port engine's cooling system flange.Sea strainers were clean with no sign of leaks. All hoses, clamps and belts were in serviceable condition. The engines started easily and produced ample cooling water with no unusually colored exhaust smoke. No oil leaks were detected and no unusual vibrations were observed while the engine ran at a 700rpm idle. No unusual leaks were found at the stuffing boxes. The stuffing boxes were reported to be serviced at the same time of the engine over haul. In general the engines appear to be well maintained.

Engine room port Engine room starboard

Wet exhaust corrosion 1 Wet exhaust corrosion 2

III. SYSTEMS

PROPULSION


MAIN ENGINES(continued)TYPE AND CONDITION:(continued)

Wet exhaust leak

FUEL SYSTEMMAIN ENGINE(S) FUEL SYSTEM

FUEL TANKS:The vessel is reported to have four steel diesel tanks totally 1200 gallons. Fuel is filter by dual Racor filters for each engine. All fuel filters appeared clean. No fuel leaks were detected.

III. SYSTEMS

ELECTRICAL SYSTEMS


TYPE/LOCATION:BANKS:

*B2There are six separate battery banks aboard the "Un-identified Motor Vessel." There are two 8D batteries dedicated to starting each diesel engine. There is one 8D battery dedicated to starting each generator and eight 6 volt batteries that comprise the two house battery banks. All batteries have proper electrolyte levels and metered between 12.4 and 12.6 volts. All batteries are properly secured in protective boxes and the cables properly attached. One un-secured, ungrounded battery cable was found in the house batteries to starboard.

Unsecured battery cable

PANEL/CHARGER:*B3, C5The AC and DC electrical panels are found to port and starboard of the helm in the pilothouse. Over current protection is provided by breakers. All electrical panel meters and switches functioned properly and powered up their correct labeled loads except: the switch labeled Single Side band, (there was no single side band found aboard), the switch labeled intercom, (there was no intercom found aboard the vessel), and the switch labeled compass did not illuminate the compass at the helm or flybridge. The gauges of the flybridge did not illuminate. The Data Marine depth gauge on the flybridge did not power up.The vessel has a Xantrex 40 amp true charge battery charger. The charger powered up and produced a 13.8 volt charge.

AC panel DC panel

III. SYSTEMS

ELECTRICAL SYSTEMS


TYPE/LOCATION:(continued)PANEL/CHARGER:(continued)

Battery charger

GENERATORSTYPE AND CONDITION:

Two Westerbeke diesel generators are found aboard the "Un-identified Motor Vessel." An 8 kw with 2766.6 hrs is located in a sound proof box in the aft engine room to starboard. A 15 kw with 2604.4 hrs is located in a sound proof box in the aft engine room to port. The generators were started but not loaded. Both generators started easily and produced ample cooling water with no unusually colored exhaust smoke.

FRESH WATER SYSTEMFRESH WATER SYSTEM: (POTABLE WATER)

STORAGE TANKS/PLUMBING:The fresh water is reported to be stored in two stainless steel tanks totalling 350 gallons. No leaks were detected. All sinks in the galley and heads produced pressurized fresh potable water.

FRESH WATER SYSTEM (WATER MAKING SYSTEM)TYPE AND CONDITION:

A Pro Series Modular 1200 gallon per day watermaker is found forward in the engine room. The watermaker was not tested but the system appeared orderly and clean.

III. SYSTEMS

SANITATION


SANITATION (BLACK WATER)MSD TYPE/DESCRIPTION::

According to the owner, the marine sanitation device (MSD) on the "Un-identified Motor Vessel" have been completely renewed/re-plumbed and are currently two Type III (holding tanks). The holding tanks are ABS plastic tanks of undetermined capacity located forward in the bilge. The tanks services three new pressurized Mansfield toilets and are plumbed with a Y-valve to discharge manually overboard or to the holding tank. The toilets were tested and are serviceable, no visible leaks or smells were detected.

STEERING SYSTEMSTEERING SYSTEM

TYPE/CONFIGURATION:The "Un-identified Motor Vessel" is steered by a hydraulic ram and wheel steering at the pilothouse and the flybridge. A remote steering station is found outside the pilot house on the deck to starboard. All steering stations have hydraulic bow thruster control and rudder angle indicators. The bow thruster was not tested.

Pilothouse helm Flybridge helm

Remote steering station

III. SYSTEMS

ELECTRONICS AND NAVIGATION EQUIPMENT


ELECTRONICS AND NAVIGATION EQUIPMENTSHIP'S ELECTRONICS/NAVIGATION EQUIPMENT:

Type: Make: Model: Functional: VHF Icom IC-M602 Powered up Depth Gauge Raymarine/Datamarine E80 Powered up Radar Furuno model unknown Powered up Auto Pilot Simrad AP28 Powered up Marine Video Splash cam/Lilliput model unknown Powered up Engine monitors FloScan model unknown Powered up Compass Ritchie (2) model unknown Functioned GPS chart plotter Raymarine E80 Powered up Navigation monitor Xenarc model unknown Powered up

ELECTRONICS OTHER:OTHER:

The "Un-identified Motor Vessel" has reportedly renewed all of the electronic navigation equipment and helm gauges in the pilot house and flybridge. All gauges powered up except the depth gauge on the flybridge. The pilothouse, salon and flybridge are supplied with a CD stereo system with a Harman/Kardon speaker system with subwoofers.

Plotter/depth/autopilot Plotter/radar

III. SYSTEMS



ELECTRONICS OTHER:(continued)OTHER:(continued)

High res nav monitor Rudder angle/engine monitors

VHF/marine camera monitor DC monitor/CD player

New pilothouse gauges New pilothouse gauges 1

III. SYSTEMS



ELECTRONICS OTHER:(continued)OTHER:(continued)

New pilothouse gauges 2 Flybridge helm

THRU-HULLSTHRU-HULLS:

COMMENTS:All through hull seacocks are serviceable. The main engine through hull seacocks are tightened down with securing nuts and were not exercised.

III. SYSTEMS

SAFETY EQUIPMENT


SAFETY EQUIPMENT (UNITED STATES COAST GUARD)NOTE:

*A1 Regulation Item: Number Location Functional Life Jackets 4 Class II Tender Yes Throwable PFD's 0 Class IV N/A N/A Flares 4 Helm Current Fire Extinguishers 4 Type B-1 N/A No current tags Sound producing device 1 Helms Yes Oil Discharge Placard 1 Engine Rm Displayed Garbage Placard 1 Galley Displayed Waste Management Plan 1 Helm In Drawer Rules of the Road 0 N/A N/A Navigation Lights 4 Bow, stern and Stern light was

mast intermitent Steaming is 360 degrees

OTHER:*A2, A3, B4, C6- Fire extinguishers should be inspected and tagged.- This vessel needs one approved ring life buoy.- This vessel needs to be provided a copy of Rules to Navigation.- The stern light is intermittent and the steaming light illuminates 360 degrees rather than 225 degrees.

BILGE PUMPSLIST:

The vessel has four 12V bilge pumps with float switches. All four bilge pumps powered up manually from the DC electrical panel. The float switches were not tested.

LIQUIFIED PETROLEUM GAS SYSTEM (LPG)LIQUIFIED PETROLEUM GAS SYSTEM (LPG)

TYPE/CONDITION:*A4, A5, B5There is one propane systems found aboard the "Un-identified Motor Vessel" that serves only the propane stove/oven in the galley. The propane locker is located under the flybridge seat to port. The propane tank is properly configured and plumbed but is only loosely secured with a single light line. A stereo subwoofer is also wired in the propane locker. Disposable propane bottles were found in the aft lazarette.

V. SUMMARY AND VALUATION


STATEMENT OF OVERALL VESSEL RATING OF CONDITION:It is the surveyor's experience that develops an opinion of the OVERALL VESSEL RATING OF CONDITION After a the survey has been completed and the findings have been organized in a logical manner.The grading of condition, developed by BUC RESEARCH, and accepted in the marine industry, for a vessel at the time of survey, determines the adjustment to the range of base values in the BUC USED BOAT PRICE GUIDE, for a similar vessel sold within a given time period, as a consideration to determine the Market Value.The following is the accepted marine grading system of condition:''EXCELLENT (BRISTOL) CONDITION'', is a vessel that is maintained in mint or bristol fashion - usually better than factory new - loaded with extras - a rarity.''ABOVE AVERAGE CONDITION'', has had above average care and is equipped with extra electrical and electronic gear.''AVERAGE CONDITION'', ready for sale requiring no additional work and normally equipped for her size.''FAIR CONDITION'', requires usual maintenance to prepare for sale.''POOR CONDITION'', substantial yard work required and devoid of extras.''RESTORABLE CONDITION'', enough of hull and engine exists to restore the boat to usable condition.

As a result of my investigation, as shown in the SYSTEMS AND FINDINGS AND RECOMMENDATIONSsection of this REPORT OF SURVEY, and by virtue of my experience, my opinion isOVERALL VESSEL RATING:

ABOVE AVERAGE



STATEMENT OF VALUATION:1. The ''FAIR MARKET VALUE'' is the most probable price in terms of money which a vessel should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus.

My analyses, opinions and conclusions were developed, and this report has been prepared in consideration of the Uniform Standards of Professional Appraisal Practice. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:a. Buyer and seller are typically motivated.b. Both parties are well informed or well advised, and each acting in what they consider their own best interest.c. A reasonable time is allowed for exposure in the open market.d. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; ande. The price represents a normal consideration for the vessel sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.Sources for valuationa. BUC 2010b. NADA 2010c. Yachtworld.comd. Sold boats in the Northwest regionComparable vessels that contributed to this valuation include:1.) May, 2010 a 1985 Ocean Alexander 60 with similar condition/equipment and twice the engine hours sold for: $615,000 in Seattle, Wa2.) February, 2010 a 1985 Ocean Alexander 60 with similar condition/equipment and twice the engine hours sold for: $605,000 in San Diego, Ca.3.) NADA Suggested list price $645,000Therefore, after consideration of the reliability of the data, the extent of the necessary adjustments and condition of the vessel, it is your surveyor's opinion that the ''FAIR MARKET VALUE'' of the "Un-identified Motor Vessel" is:

$635,000.00Six Hundred Thirty Five Thousand Dollars and Zero cents

2. The ''ESTIMATED REPLACEMENT COST'' indicates the retail cost of a new vessel of the same make/model with similar equipment offered by the same manufacturer. ''ESTIMATED REPLACEMENT COST'' of the subject vessel is:

$1,850,000.00One Million Eight Hundred Fifty Thousand Dollars and Zero cents



SUMMARY:In accordance with the request for a marine survey of the "Un-identified Motor Vessel" for the purpose of evaluating its present condition and estimating its Fair Market Value and Replacement Cost for appraisal purposes, I herewith submit my conclusion based on the preceding report. The subject vessel was personally inspected by the undersigned on Friday, September 29th, 2010 and was found to be in excellent condition with substantial upgrades throughout the vessel. Good house keeping is found throughout the vessel. It is the opinion of this surveyor that the vessel, "Un-identified Motor Vessel" should not be operated until deficiencies A1, A2, A3, A4 and A5 are repaired or renewed. Other deficiencies within the list should be attended to in a timely fashion.In addition, a value was requested for the boat house that protects the "Un-identified Motor Vessel." This boat house was custom built to 77'x25' with customized elevation to house the boat without having to lower the antennas. The construction is wood framed and roofed and includes 110 AC wiring, security cameras, electric roll up door and larger storage space. From my research of similar boat houses for sale in the Washington area, it is estimated that the boat house by its self is valued at $84,000.00

SURVEYOR'S CERTIFICATION:I certify that, to the best of my knowledge and belief:The statements of fact contained in this report are true and correct.The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased professional analyses, opinions, and conclusions.I have no present or prospective interest in the vessel that is the subject of this report, and I have no personal interest or bias with respect to the parties involved.My compensation is not contingent upon the reporting of a predetermined value or direction in value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulate result, or the occurrence of a subsequent event.I have made a personal inspection of the vessel that is the subject of this report.This report is submitted without prejudice and for the benefit of whom it may concern.

Jeff Keiser SAMS SA

ATTENDING SURVEYOR:

survey report: un-identified motor vessel survey.pdf · keiser marine surveying and consulting 1985...

Documents