Ultra-Rich Snatch Up Waterfront Properties to Park Boats
October 29, 2020
Surging sales of boats during the pandemic has caused a shortage of boat slips due to increased demand. That has prompted some wealthy buyers to hunt for single-family waterfront properties for the sole purpose of housing their yacht.
For example, the New York Post reports that a New York City-based buyer recently purchased a 4,000-square-foot, $2 million waterfront home in Hallandale Beach, Fla., not as a vacation home but a place to park his boat.
“We have a finite amount of developable waterfront, and they aren’t building mega-yacht marinas,” Nathan Zeder, broker of the Jills Zeder Group, told the New York Post. “But during the pandemic, people are buying boats. It’s just supply and demand.” Zeder says he has a listing for a 14,000-square-foot home for $49.9 million, in which he will spotlight the dock that can accommodate a 200-foot or larger yacht.
If buyers are unable to find a place to park their boat, they may also consider a waterfront teardown or empty waterfront property too, real estate pros say.
“Boats are a COVID-safe way to entertain,” Zeder told the New York Post. “So we are seeing a lot of people buying waterfront and parking their boat while they plan a rebuild or create their dream home.”
“Rich People Are Buying Homes Just for a Place to Park Their Yachts,” New York Post (Oct. 26, 2020)
Updated: November 25, 2020