Bristol 51.1 Sailing
ANNAPOLIS - It is no secret the economy has been pretty tough on yacht sales the last 6 months or so. At the US Sailboat Show in October, you could see dismay on the faces of the show attendees as the stock market took another several hundred point plunge. Sales were few and far between. Several attendees confided they intended to purchase a new boat this year when they made their plan to travel to Annapolis, but, quickly changed course as the clouds of the economic situation clearly appeared on the horizon. Even the sales machines of Beneteau, Jeanneau, Hunter, and Catalina were off by all accounts. Many folks realized their dream needed to be deferred.
Fast forward to January 2009. The phone started ringing when we returned from our holiday slumber and it hasn't stopped! This time last year, I was in Florida for two weeks, because it was a welcome break during a traditionally slow time. As I write this, there is no way I could take the time off due to the demands of my business and my clients needs. Trust me, I am definitely not complaining.
Two months ago, I was seeing many, shall we say "overly hopeful" offers on yachts. Many buyers thought, surely the average boat owner would be practically begging for them to buy their boat. The end result: many rebuffed buyers who still have no boat and a lot of sellers effectively selling their boats to reasonable buyers, at market price.
If you know anything about sailboat owners, they are not the type of folks who go out and buy a boat on a whim, because they had a few extra bucks to burn. Sailing is in their soul and sailing is a necessary part of their life. They made the sacrifices in other part of their lives to afford their boat. I know folks who debate whether to buy a pizza on Friday night or save the money for a mooring at their favorite port, in the upcoming cruising season. Consequently, most sailboat owners are not in a position where they are required to get rid of the boat at any price.
If you are seriously in the yacht market and looking for the bottom of the market to get the best deal, you may have already missed it. The recent activity I've seen suggests there are more serious buyers in the market and prices have begun to stabilize. Every broker in my office has at least one boat under contract. My polling of other brokers up and down the East Coast suggests the micro-markets of New England and Florida are moving too.
Don't get me wrong, there are great deals out there and you should move swiftly to take advantage of them. Many sellers are not rejecting reasonable offers and they are engaging serious buyers in negotiation. Although, it is natural to want the best possible deal and maybe a pound of flesh too, it may take a year for prices to completely stabilize and for you to realize you got exactly that by buying now.
Fast forward to January 2009. The phone started ringing when we returned from our holiday slumber and it hasn't stopped! This time last year, I was in Florida for two weeks, because it was a welcome break during a traditionally slow time. As I write this, there is no way I could take the time off due to the demands of my business and my clients needs. Trust me, I am definitely not complaining.
Two months ago, I was seeing many, shall we say "overly hopeful" offers on yachts. Many buyers thought, surely the average boat owner would be practically begging for them to buy their boat. The end result: many rebuffed buyers who still have no boat and a lot of sellers effectively selling their boats to reasonable buyers, at market price.
If you know anything about sailboat owners, they are not the type of folks who go out and buy a boat on a whim, because they had a few extra bucks to burn. Sailing is in their soul and sailing is a necessary part of their life. They made the sacrifices in other part of their lives to afford their boat. I know folks who debate whether to buy a pizza on Friday night or save the money for a mooring at their favorite port, in the upcoming cruising season. Consequently, most sailboat owners are not in a position where they are required to get rid of the boat at any price.
If you are seriously in the yacht market and looking for the bottom of the market to get the best deal, you may have already missed it. The recent activity I've seen suggests there are more serious buyers in the market and prices have begun to stabilize. Every broker in my office has at least one boat under contract. My polling of other brokers up and down the East Coast suggests the micro-markets of New England and Florida are moving too.
Don't get me wrong, there are great deals out there and you should move swiftly to take advantage of them. Many sellers are not rejecting reasonable offers and they are engaging serious buyers in negotiation. Although, it is natural to want the best possible deal and maybe a pound of flesh too, it may take a year for prices to completely stabilize and for you to realize you got exactly that by buying now.
You can search for great deals by clicking here.
Bill Day - CPYB
Crusader Yacht Sales
Annapolis, MD
No comments:
Post a Comment