Whilst the constant price reductions have begun to slow and a renewed sense of realism has emerged with pricing, Bishop believes there is more work to be done. “The vast majority of listings have asking prices completely unrelated to the eventual selling position; and unfortunately, this ‘real estate’ approach to selling is borne out of the longevity of some listings, and the significant price reductions which are announced after the yacht has been for sale for 12 months”. This real estate effect does little to help move yachts off the market. Bishop continues, “to be blunt, yachts are depreciating assets, unlike houses, so it is completely counterproductive to list a yacht at an inflated asking price in the hope that the asset will retain its value in the long term”.
The week running 4 – 10 November saw two sales completed, four new central agencies announced, and three price reductions made.
The largest sale this week was 2008 Tamsen built 40m Namaste, priced at €7,500,000 through Peter Insull’s Yacht Marketing with Fraser Yachts bringing the buyer.
The other sale this week was completed through Stockbridge Yacht Brokers with 2003 HJB built 32.3m Carl Linne, with a price tag of €3,950,000 with YPI introducing the buyer in the transaction.
New Central Agencies
Central agencies fell back down this week to four announced following on from last week’s 10. The new listings had a total combined length of 165.42m, with their combined asking prices totalling €46,830,785 ($58,410,935).
The largest new CA announced this week was 1998 Trinity built 45.72m Attitude, priced at $23,900,000 through Chany Sabates III at International Yacht Collection.
Richard Earp at Fraser Yachts holds the new listing for 1993 Feadship built 43m Eclipse, on the market at $11,950,000.
Mikhail Zhitnikov of MZ Yachts has placed newly built at Rybinsk this year, 32.7m Forty Two, on the market for €6,600,000.
Kevin Merrigan and Wes Sanford of Northrop & Johnson have placed 2009 Baglietto built 44m Apache II, for sale at €11,500,000.
Price reductions were halved again to three this week following last week’s six. The following yachts are still on the market and looking for a buyer:
The largest yacht to be reduced this week was 47m Mon Plaisir, built by Heesen in 2008. She is currently on the market through SuperYachtsMonaco for €21,500,000.
Christian Daves of Denison & Daves has reduced 2009 Westport built 34m High Cotton, to $8,200,000.
The final reduction this week is through John Cohen of Merle Wood & Associates with 1999 Trident built 38.4m American Pride, listed at $6,900,000.
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