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/
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