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Some Ultra-Rich Buyers Purchase a Home for Their Boat

The pandemic sparked strong demand for boats, an acceptable social distancing activity. But a dearth of parking spots led some people to buy homes for the dock space.

NEW YORK – Boat sales surged during the pandemic causing a shortage of boat slips, prompting some wealthy buyers to hunt for single-family waterfront properties solely to house their new 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,” says Nathan Zeder, broker of the Jills Zeder Group. “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 says. “So we are seeing a lot of people buying waterfront and parking their boat while they plan a rebuild or create their dream home.”

Source: “Rich People Are Buying Homes Just for a Place to Park Their Yachts,” New York Post (Oct. 26, 2020)

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