The new crop of yacht owners skews younger, and some prefer to keep their fancy toys close to shore. “They’ll have friends on the dock...they’ll sit around and brag about how great they are and how they’re legends in their own mind,” one broker said.
Ahead of his 40th birthday this past summer, Eric Dela Cruz decided to fulfill a lifelong dream and buy a yacht. With his budget, he figured it’d take no time at all.
Long Beach doesn’t have any space, Newport Beach doesn’t have any space. It’s pretty easy to find a 30-foot slip because no one’s buying 30-foot boats anymore; they want bigger.It’s a waiting game everywhere up and down the marina as yacht dealers and boat workers contend with what they say is the largest supply-and-demand disparity since the freewheeling, big-spending days that preceded the Great Recession.
When factoring in the used-boat market, more than 1.3 million boats were sold nationwide last year. Calling it a “recreational boating boom,” the marine association said 415,000 Americans became first-time boat buyers, the first increase in more than a decade.“I know it sounds kind of crazy, but 60% of the people, 70% of the people, may never take their boats out,” Carroll said.
Or as Tom Hugh-Jones, a broker for Denison Yachting in Marina del Rey, put it: “The filthy rich got filthier richer.”of super yachts last year, selling 65 vessels of more than 80 feet in length; it sold 40 more super yachts in the first quarter of this year. One of its 2020 transactions — for an $839,000 52-foot catamaran in Florida — was the fifth time a customer paid using cryptocurrency.
Supply has become so limited that Wolf has been approached by boat buyers hoping he’ll sell, not unlike homeowners who are receiving random calls from real estate agents.
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