Off market 45ish cat for sale?

Lots of people don't want a wood core boat. To me, red cedar is no worse than balsa. But you have to be careful with it and keep the core dry, just like balsa.

Could be that the boat is worn out and tired and pictures are not current.

Very skinny hulls with narrow bunks. 

Not a production boat.

All these affect resale value
 I agree, but think Balsa is far worse than cedar after owning  a boat with a cedar deck and one with a balsa deck.  But only one boat each is NOT enough experience to come down hard on the end grain balsa.... but I sure had to drill allot of 4" hole-saw sized holes in that balsa deck! The balsa boat was built by Valentine Howells  and the Cedar one was closely supervised by Ian Farrier ... so they were both excellent builds.

I would budget for repair to the balsa and pay less for a balsa cored boat, doubly so if the balsa goes below waterline.