THE BOAT BOOM OF 2020: The Unexpected Result of COVID 19 on the Yachting industry

I Was 100% Wrong

I thought that we were going to see a huge sell-off of boats from owners that were over extended on credit which would be to the benefit of fortunate buyers; however, my calls, email, site traffic and inquiries are up substantially.

I’m currently working 3 deals and will hope to have another 3 in place by the end of next week but don’t take my word alone; every broker I speak to, their phones are ringing off the hook.

A boat I put a bid on with a client the other day pinned us into a bidding war in which the end price got to above what the buyer bought the boat for (which is horrible reinforcement that rarely ever happens); one boat I showed up to see the other day cancelled the showing as the buyers were onbaord before me and boats that have been on the market for a short while are off.

Why is Demand for Yachts Up So Much?

I believe demands has spiked for the following reasons:

1) Forfeiture of The Boat Show - The Palm Beach Yacht Show, the third of the Major Boat Show circuit, was cancelled which means anyone who was putting off buying until then, is more than ready now,

2) The Season - For anyone who was buying a boat to bring up to the Great Lakes or New England, the time is now. To enjoy a short season, you typically start your purchase in February and March to make the most of your enjoyment and your purchase.

3) Luxury Isolation - Isolating and maintaining social distance is pretty darn easy when you do it on your yacht, in a gated marina, in a tropical locale. While doomsday preppers have gone underground, owners have found refuge onboard their boats.

4) Alternative - If you run a company and you host a major event or a an incentives trip for your employees or clients, guess what, you’re not doing it this year. A yacht allows you to take that same budget allocation and to make these incentives more frequent and more impressive.

5) Procrastination of A Dream - Life is short, buy a boay. If yours or your loved ones health can head south and you work without enjoying what you’ve worked so hard for, what’s the point?

So as you browse yachts for sale, be prepared to be decisive and to make a purchasing decision quickly. Inventory will contract to the lowest levels inn years which will then give seller’s leverage after long being a buyers market; go on get out and buy that yacht.