Mega yacht sales turning the corner

Mega yacht sales turning the corner

By Arlene Satchell, Sun Sentinel
9:07 a.m. EDT, June 5, 2013

Sales of mega yachts are turning the corner in the improving economy, according to some South Florida-based yacht sellers and builders.

So far this year, there’s been a notable upswing in interest for new custom-built yachts of 80 feet or more in length and less price slashing on pre-owned boats of this caliber, industry specialists say.

“We’ve reached the bottom of the [mega yacht] market,” said Mark Elliott, yacht consultant and charter agent at International Yacht Collection in Fort Lauderdale, noting that in recent years it’s been a buyer’s market due to the recession and a pullback in luxury spending. “Right now we’re seeing yacht sales starting to increase and our inventory shrinking.”

Sales of yachts 60 to 100 feet have been “very strong,” and the firm is starting to see “some life” with yachts priced $15 million or more.

A brokerage in North Palm Beach reported that sales activity year-to-date has been “steadily busy” compared with the same period in 2012.