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to buying a yacht that may need some attention. “It’s a
great time to refit a yacht due to shipyards and skilled
craftsman availability,” he said.
“A Feadship or Broward built in 1990 sold for $2 to $2.5
million a year ago and is priced right around $1 million
now. These older boats were well built, and putting a
half to $1 million into the refit will give you a high-quality
yacht,” said Offer. “This is a value that didn’t exist
before, and it isn’t necessarily so with later-model yachts,
say built in 1999 or 2000.”
On the con side, re-fitting an older vessel can be costly,
said IYC’s Elliot. “For example, if you’re going to put in new
zero-speed stabilizers, you might also need to upgrade the
size of the generator and hoses. Electronics can be costly,
too. Fifteen years ago SATCOM and fax were big. Today,
VSAT downloads have taken a quantum leap and virtually
eliminated the need for AV equipment. A newer yacht that
already has these might be less expensive in the long-run.
Have questions for the experts, or want to see one
of the pre-owned superyachts pictured here?
Contact the sources below:
John DeCaro, President
All Ocean Yachts
Ft. Lauderdale, FL | 954-671-0107
Mike Kiely, Sales Broker
Denison Yacht Sales
Ft. Lauderdale, FL | 954-763-3971
Bob Offer, Senior Sales Broker
Denison Yacht Sales
Ft. Lauderdale, FL | 954-801-8300
Michael Seltzer, Sales Broker
Fraser Yachts California
San Diego, CA | 619-225-0588
Mark Elliott, Broker
International Yacht Collection
St. Maarten | +599 524 6006
Ft. Lauderdale | 954-522-2323
Michael Mahan, Sales Broker
International Yacht Collection
Palm Beach, FL | 561-844-2144
“Ultimately,” concluded Elliot, “the old rule is that you
get what you pay for. If the boat has been in mothballs,
it might require a lot of work.”
How much money can you expect to save by buying a
used superyacht now?
For superyachts, said Offer, “the amount can be 40 to 50
percent off the price of a year or two ago. For vessels in
the 130- to 140-foot range, those that sold a year ago for
$11 to $13 million are all now under $10 million.”
But don’t miss a good deal waiting for a great deal,
the brokers said. “I think the deals are now, said Mahan.
“The pre-owned market will tighten as the world’s
economy gets better. The simple fact is there are only
so many pre-owned vessels on the market, and with the
downturn in new builds over the past three years, preowned
vessels will be in greater demand until the new
build orders can catch up again.”
There will still be good buys for the next year or two,
said Mike Kiely, Ft. Lauderdale-based broker for Denison
Yacht Sales, “but as the inventory dwindles, prices will
creep back up. We’re seeing new buyers now from Australia,
Venezuela and Russia.”
The bottom line is that the best deal is not only about
price, but also one that suits the needs of the buyer,
said Mahan. “A buyer needs to know how he or she
would like to use the boat — i.e. size, budget, location
of usage, number of guest cabins — and then find a
qualified broker to go to work to find the best fit for a
vessel for the client.
“In addition, there’s the issue of whether or not the owner
wants to engage the yacht in a charter program,” he
continued. “If so, the accommodations, cabin configurations
and a host of other amenities the yacht might have
to offer to charter prospects come into play.”
Buyers need to define their dream yacht, said Elliott,
“then I suggest the buyer look at 10 to 20 boats that fit
these specifications, put in an offer on one or two, and
see what shakes out as a good deal.”
Carol M. Bareuther, RD, is a St. Thomas, US Virgin Islands
based marine writer and registered dietician.
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