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You Think Houses Are A Slow Sell? Try Unloading A Yacht

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http://www.nytimes.com/2011/01/22/business/22yachts.html?_r=1&ref=business

What is tougher than having one sleek mega-yacht for sale in a glutted market? The answer, for the moment at least, is having two mega-yachts on the market.

In boom times, yacht enthusiasts would order a new dream boat and keep their old one for the two or three years the builder needed to complete the new boat. Then, they would quickly sell the older yacht to impatient new millionaires and billionaires eager for their requisite status symbols.

But that equation changed with the financial crisis two years ago and took the superyacht market down with it.

Some of the wealthy have ended up like Peter A. Hochfelder, the principal and founder of Brahman Capital Management, a private investment firm in Manhattan. Mr. Hochfelder already owned a 134-foot Lürssen, named Blind Date, that was built in 1995. He commissioned a second boat in 2007, a 161-foot Trinity yacht, that he christened with the same name. It was completed in 2009.

Now, Mr. Hochfelder, who declined to be interviewed, has put both on the market, in the hope that he can sell at least one. He has been asking $9.5 million for the older yacht and $33 million for the new one, which is big enough to sleep 12 guests.

Maintaining a big yacht, after all, is expensive. Yacht specialists estimate that Mr. Hochfelder pays about $4 million a year to run his two boats.

“It was a fool’s paradise,” said Malcolm Maclean, editor at BoatInternational.com, a Web site that tracks the yacht industry. Now, he said of the owners who cannot get rid of their boats, “They have caught very bad colds.” By one estimate, 300 new boats were sold annually worldwide from the mid-1990s until the 2008 collapse, when sales dropped to about 100 boats.

More at the link.

It's the yachtless recovery.

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It's the yachtless recovery.

Went to the London Boat Show this month SunSeeker boats all sold on display and in the Marina, brought to the show prior to delivery to their Clients. Prices from £2.5 to £7 million. Picked my one out at just £3 million and am now working hard at the Euro Lottery. :)

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bought one last year, 5 and bit grand on ebay... :)

Reckon I might upsize this year.... sod all chance of buying a home, and the cash is going nowhere quickly.

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Sailing boats actually hold their value pretty well.

They seem to depreciate a bit like cars.. drop about 50% in the first couple of years, then after that it probably depends more on what state they are in than how old they are. A mid-size sailing yacht (35-40 odd ft) will hold it's value at around £30-£40k if kept in reasonably good condition.. and that can be after 20 or 30 years.

Problem with the big super yachts/gin-palaces is that they are not just a large asset to get rid of, they are also a liability. This guy is paying, what, £4m a year just to keep them in the water?

Imagine being stuck paying out that kind of cash on something you simply don't want and can't get rid of. :o

Edited by libspero

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....

Imagine being stuck paying out that kind of cash on something you simply don't want and can't get rid of. :o

That's what auctions are for ;)

I bet if he put it on ebay with no reserve it would go..........

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http://www.nytimes.c...=1&ref=business

More at the link.

It's the yachtless recovery.

Scone = Skoon = Schooner

Gowrie > Perth > Blair Atholl

Schooner -

The two-masted schooner was another favorite of the Caribbean and Atlantic pirates.

With many of the same features of the sloop such as terrific speed, maneuverability, and gun capacity . . .

Rosi-Masonic SKuLLduGGery?

Edited by erranta

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I actually considered buying a Sunseeker Martinique and living aboard.

I get a cold shiver down my spine just thinking about it. I really was thinking of doing it.

Christ.

This was about 2007 ish, when I looked then a decent one was about £85K.

Now they are going in the mid-£50K range.

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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