Burgess Quarterly Sales Market Report (Q2 2013)

Market movement
The second quarter of 2013 has seen 17 new yachts to market in the 40m+ sector, 51 price reductions and 19 yachts sold. For the first time in a while, the number of yachts sold has outpaced those coming to market.

The number of new yachts brought to market in Q2 is less than this time last year, 17 versus 20, with only 1 new yacht added to the 65-85m sector. Notable new yachts to market are the magnificent 75m OCEAN VICTORY and the well maintained 50m Feadship DEJA VU. The 40-50m sector of the market is still the busiest sector with a reasonable turnover of inventory.

This quarter has also seen 3 sales in the 65-85m sector of the market including the largest yacht sold this year, LONE RANGER, with Burgess representing the buyer. This is positive news as there was only 1 new yacht brought to market in this larger size range. It was very encouraging to see more yachts being sold this quarter than those coming on for sale. There is the general feeling that the best priced yachts are really starting to sell and this is now clearing some of the backlog of inventory on the market.

Motor yacht price reductions
There were 51 price reductions this quarter, a significant drop from Q1’s 77 and a slight drop on this time last year with 52 yachts reduced in price.

The 40-50m sector had 13% of its sales fleet reduced in price and the 50-65m sector had 12% reduced in price.The 65-85m followed closely with 10% being reduced. The 85m+ sector had 1 yacht reduced in price, ALEXANDER, the 1965 122m Lubeck-Travemunde which was reduced by EUR 20,000,000 down to EUR 35,000,000.

The market is seeing reasonable signs of activity, however price reductions and a willingness of sellers to be realistic regarding the value of their yachts are still the key ingredients to getting deals done. Yachts are selling below the asking prices at the moment, averaging out across the large yacht sector at approximately a 24% reduction. This is dependent on the age, type and general condition of the yacht.

Sailing yachts
The sailing yacht market is now starting to see a gradual return of buyers, however, the very passionate owners are currently still reluctant to meet the price orientated market. There has never been a better time to be looking to buy as there is a wide selection of yachts available and the brokerage market is offering some very good deals. In the new build market, the larger end is seeing a reasonable amount of activity, however the mid to lower size ranges are struggling to compete with what the brokerage market has to offer.

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