Real Estate market falls but…
Real Estate market falls but…Yacht Building is booming. Yes! It’s really so! At least some parts of the economy don’t suffer from the trends…
Just some quotes to prove this:
… the super-rich are still lining up to pay tens of millions of dollars for mega yachts. The well-heeled buyers of the floating mansions are increasingly coming from emerging economies — in the Middle East, Russia and South America. The source of their wealth runs the gamut — technology, venture capitalism, new industries….
“Nobody is buying these yachts because they need them,” said William S. Smith III, Trinity’s vice president. “They’re buying them because they want them.”
There are about 3,800 yachts over 80 feet in service around the world now. About 1,800 of those have been built since 2000. The study predicts that that by 2010, there will be 5,000 such yachts on the water.
“There’s not enough supply,” said Ed Slack, editor of International Boat Industry. “It takes two years to build some of these yachts and the demand hasn’t slowed down.”
So far, Trinity’s largest vessel has been a 192-foot yacht that would carry a replacement price of $60 million to $65 million. The company is working a 242-footer that will have a price tag in excess of $90 million.
And to prove this new projects in this sphere of business are opening. As I see the Mr.Boating site (http://www.mrboating.com/) that faced very slow growth now is being renewed. They see the market possibilities and don’t want to miss them. So, let’s see…