Yachting enthusiasts entered a bidding war in a rare opportunity to purchase a custom catamaran built for the 34th America’s Cup in San Francisco, reflecting today’s fast-moving, record-breaking yachting market. Keep on reading to learn more about catamaran GIZMO and today’s competitive yacht market.
Catamaran GIZMO; the yacht
M/Y GIZMO is an exquisite 45-metre boat and is just one of six limited-edition designs. Built in 2012 with comfort and adventure in mind, M/Y GIZMO is designed for entertaining, boasting a large aft deck and a light-filled interior salon featuring panoramic 360-degree views of the water and a modern configuration. Exquisitely maintained, catamaran GIZMO was originally purchased by an experienced yachtsman as a tender for his racing yacht.
Catamaran GIZMO was sold above the asking price – a rarity in the yacht market - in a unique closing by a Worth Avenue Yachts Seattle yacht broker Diego Gomez.
Record-breaking yacht sales
Since the start of the pandemic, yacht sales have soared as an increasing number of wealthy individuals have sought the safe and private environment that yachts offer.
According to BOAT Pro data, the second half of 2020 was the best on record for brokerage sales since 2009, with the final three months of 2020 seeing more boats sold than any other quarter on record.
Gomez noted that at the start of the pandemic, Seattle yacht sales were driven predominantly by either small day boats or larger powerboats that could accommodate family groups while still allowing them to maintain social distance. However, he notes that catamaran GIZMO found its niche market as life started to return to a new normal and people began to gather once again.
“As the pandemic wore on, and things began to open, vaccines arrived, and people started traveling and getting together more, the desire to be together, entertain, and socialize became the preference, and that is where catamaran GIZMO shines,” Gomez explained.
Such was the demand for catamaran GIZMO that Gomez had to handle multiple offers at once, with four offers escalating throughout the negotiation phase, with a further offer coming in at the contract stage. With a combination of both in-house offers and co-op buyers, it was vital that Gomez handled all the offers to the highest ethical standards.
“The hardest moment, however, was when the final two buyers both expressed that they had to have the boat,” Gomez stated. “I’ve never had two buyers who were perfect for a boat at the same time, and truthfully only one boat like it to sell them. To finally find the right buyer for such a unique boat that is not designed for the mass market was very rewarding.”
A seller’s market
Such is the demand for luxury yachts that the yachting market is currently in favour of the seller.
According to luxury yacht brokerages, yachts are going into the contract stage within days of being listed, with some being sold before they are even formally listed. An increasing number of yachts, such as catamaran GIZMO, are now being sold for above the asking price as multiple buyers enter a bidding frenzy.
Gomez noted that in today’s fast-moving luxury yacht market, buyers should consider time, price, and risk when making their final offer to ensure it is the most competitive. Offering higher deposits and considering escalation causes can all work in the buyer’s favour.
As 2021 continues to break yacht brokerage sales, buyers will need to put in place robust offers to remain competitive and help them secure their ideal yacht.