Cheaper mega yachts for sale - Fox29 WFLX TV, West Palm Beach, FL-news & weather

Cheaper mega yachts for sale

By: Allison Bybee e-mail

RIVIERA BEACH, FL (WFLX) - They're worth millions of dollars and despite the economy they are still being bought. Yachts: bought and sold in Palm Beach County, but at a big discount.

They are toys for the rich: Yachts, stretching 100 feet or more and costing millions. The man to sell you one, Mike Brill, "Sales are not by any means as good as they have been, but were cautiously optimistic."

He's optimistic boat enthusiasts will start buying again, but for now, if you want a yacht, "There are some great deals. Some fantastic deals."

Brill says prices are down 50 to 75 percent from this time last year. People are still buying, it's just not ideal. Brill says, "It's not great, but there is definitely a market."

Americans don't seem to be the ones paying 11 million dollars any more. The market, heading overseas. To generate buzz, Brill's trying Craigslist and E-bay.

While yacht sales might be slightly down, Yacht yards, like Rybovich in Riviera Beach, are packed and still doing business, just at a cheaper rate. Vice President, George Whitehouse, says, "By the end of next week we will be full."

Charter businesses are down with the economy, so crews docked in Palm Beach County earlier than usual. Crews are relaxing and spending money. Whitehouse says, "The whole area needs people in yachting because they bring lots of money into the local economy. So, if they stay here longer, everybody benefits."

Yacht owners are now only getting minimal maintenance completed. Just enough to keep the yacht industry afloat.

Brill says just like the housing market it is tough to get financing for boats. Rybovitch says he offers cheap dockage rates to help people stay put and keep their boat.

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