What's the Brokerage Market for the Broward 100?
We spoke to three brokers who each had a Broward 100 listed on BoatQuest.com. Here’s what they had to say about the market for buying and selling these motoryachts.
John Jacobi, Kardinal Marine; www.kardinalmarine.com
“The older Browards were popular because of the layout for charter and that’s one of the main reasons the seller of Insatiable originally bought her. They were incredibly popular due in part to a great flybridge layout and because the lower-than-average original acquisition costs afford a more aggressively priced charter rate. They don’t pretend to be high-pedigree motoryachts, such as Feadships, but they do represent a lot of bang for the buck especially in today’s market. American and international clients know that Broward is a good value proposition for a private or charter program. This 100-footer in particular has a great stern setup as part of the extension that was done about ten years ago. She’s got debutante stairs that come off the aft deck down to the swim platform, and a big lazarette area for toy stowage. The whole boat, including the full-beam saloon, is a really big comfortable layout feeling like a much larger boat than 100 feet. These boats are a prime candidate for a new owner to put in a Seakeeper [gyroscopic stabilizer] to enjoy at-anchor stabilization for relatively little investment, giving newer, more expensive yachts a run for their money in the charter market.”
Jason Dunbar, Luke Brown Yachts; www.lukebrownyachts.com
“As a social observation, the people who buy yachts tend to be very smart. They understand money, most own their business, very few work for someone else. With that in mind, I think one reason they buy the older Browards is because the value of these boats has flat-lined. No matter how much older the boat gets, they don’t sell for a lot less. The price that they buy it for is exactly what they’re going to sell it for, so the actual cost to own a yacht is operational only, there’s basically no depreciation of the asset to quantify. Another reason they buy the older Browards is because the large interiors are fun and easy to modernize. When completed, the yachts may only move seasonally, and then it becomes a waterfront mothership for the owners. The real toy that they’ll use is the big Intrepid, Grady-White, or Boston Whaler being towed by the Broward. All the little toys can be stored up on the flybridge—the Jet-Skis, kayaks, and paddleboards fit nicely behind the hot tub. The old yacht has just become an ultramodern penthouse suite, that can go from Marsh Harbour [in the Abacos], to Manhattan. When the owners fly in, the crew goes home, and the owners have total privacy. It’s not traditional yachting where the big boat is in constant motion needing a full crew. These families still get to know the boat, they learn the systems, they’re familiar with the galley and how the heads work, how to use the toys and play in the water, they just enjoy it.”
Mark Elliott, International Yacht Collection; www.iyc.com
“These are good all-around boats. They were built in Florida, so these boats are perfect in the Bahamas where everything is shallow. We’ve had Browards cross the ocean, we’ve had Browards in Europe, we have them up in New England, they’re just a very popular boat. Some say they’re like a Chevrolet, just a well-built boat in a price range that’s more affordable than most. Because you can buy just about any boat for relatively little money, you can make it what you want. If you’re saving a million dollars by buying a boat that may not be perfect for you, but a couple hundred grand can make it perfect for you, the math works. People realize they can change soft goods and colors and fabrics and décor fairly simply. You want to buy good bones, good machinery, and equipment. Then you factor in your expenses: Okay, what does paint cost? What does a good interior cost? What do engines cost? And that’s how you arrive at a price. So for me the prices of these boats are low enough where people can come in and redecorate and make them what they want so long as the bones are there.”
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