Interesting stuff, eh? Abstracts of title are cool. Touche' had a mortgage of $62,400 on it in the early 80's. Not bad for a boat with a list price of ~$19,000 in 1971. :)
Love old historical documents for the boat. I have IOR rating certificates for Touche' from the 70's. PHRF certificates from way back. Dennis C. Touche' 35-1 #83 Mandeville, LA On Tue, Feb 20, 2018 at 4:52 PM, Dreuge via CnC-List <cnc-list@cnc-list.com> wrote: > Ok, I went ahead and ordered an Abstract of Title from the USCG, and it > arrived today. > > From what I see, there was Preferred Mortgage taken out in 1981 for > $182,408.40. > > It is not totally clear to me. This seems high. Maybe it included extras > and/or assumed interest. Playing around with a mortgage calculator, I see > that a $100k mortgage at 9% interest for 15 years gives a total cost of > $182,568. But in 1981, the home mortgage rates where around 15%. Working > backwards from a total cost of $182k at 15% interest gives a mortgage > amount of $73,000. Assuming that the original owners provided 20-25% down > payment would give an estimated sale price of $91k - $97k. Same ball > park as what Ed noted. The higher price may seem more reasonable. A > search on Google shows a listing for a 1981 LF38 for $89k and a listing of > a 1983 for $110k in the Sep 1984 issue of Yachting magazine. > > > > Here is a summary of the USCG Abstract of Title----- > > ============================================================ > ===================== > This vessel was built at Middletown, Rhode Island in 1981 of Fiberglass > by C&C Yacths, Inc. for Kiki Toro, Inc. as appears by Certificate of > Theodore A. Grant, Master Carpenter for C&C Yachts, Inc. Builder > > > > > GRANTOR GRANTEE Kind Date Consideration > ------------------------------------------------------------ > ------------------------------------------------------------ > ------------------------- > > Kiki Toro, Inc <owners> bill of sale 3-23-81 $1 and og and vc > > All > > <owners> Horizon Creditcorp pref. mort. 6-11-81 $182,408.40 & interest > and pomc > > All 3-23-96 Same as total amount > > > ============================================================ > ======================= > > > > > - > Paul E. > 1981 C&C 38 Landfall > S/V Johanna Rose > Fort Walton Beach, FL > > http://svjohannarose.blogspot.com/ > > > _______________________________________________ > > Thanks everyone for supporting this list with your contributions. Each > and every one is greatly appreciated. If you want to support the list - > use PayPal to send contribution -- https://www.paypal.me/stumurray > > >
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