August 24, 2022

The Yachts are Cool, The Topic is  Hot

While the summer heat may be sizzling hot, so are superyachts. Publications such as The New York Times, The New Yorker and Vanity Fair have been buzzing about these massive seafaring vessels — it truly is the “gilded age” of boating. Stories have run the gamut, from the growing yacht industry, to the unique new builds and epic sizes (grande please). Talk about well-planned timing! As of November, our renovated Palm Beach Marina is now accommodating superyachts up to 294’ feet, and as the good surfers we are, we’re riding the cusp of the wave.

The world has been experiencing the greatest boom ever in the yachting industry. According to The New Yorker, a record 887 superyachts were sold in 2021, two times the number sold in 2020. As The New York Times says, “During the pandemic…boats have gotten larger and more expensive.” Yacht owners are taking to whimsical designs, including customizing their vessels to look like sharks and creating secret rooms (per the Robb Report). Bob Denison, owner of the brokerage company Denison Yachting, goes on to say in The New Yorker, “Every broker, every builder, up and down the docks, is having some of the best years they’ve ever experienced”— we definitely are. After being open for less than a year, our Palm Beach Marina has over 90% of its slips reserved, and our lease revenues have well-exceeded the $8.8 million projection. 

Superyachts are the pinnacle of luxury travel, and as we know there is no better way to stay socially distant (during the pandemic) than being in the middle of the ocean. Besides, Leonardo DiCaprio may come to the rescue — yes, we’ll share our raft “Jack Dawson.” According to Vanity Fair, celebrities from Elon Musk, Matthew McConaughey, Leonardo DiCaprio, Ellen Degeneres to Chris Rock are vacationing aboard glamorous yachts all over the world. Did they pit stop at our Marina between cruising the Caribbean, Europe, and the Mediterranean? We’ll never tell.

In recent years, Palm Beach County has been transforming into a superyacht hub. Its International Boat Show has grown exponentially, and made a big public splash in The New Yorker. The show became a jumping-off point for a think piece about high-net-worth owners and their massive floating boats. Palm Beach County is currently home to three facilities that can accommodate superyachts: Rybovich, Palm Harbor, and of course, our Palm Beach Marina — the only one anchored in our extraordinary Town. As Carolyn Stone, Assistant Town Manager, told Forbes in an article about our facility, “Many of our Palm Beach Marina customers live in town part of the year and they prefer to have their yacht close by for easy access. And when you live on Palm Beach, you don’t really want to have to leave the island. It’s a paradise.” 

This lifestyle has appealed to superyacht brokerage companies internationally. TJB Super Yachts, a brokerage company based in London, is expanding into Palm  Beach this year. Their driving strategy in opening a branch was because of the $40 million renovation of the Palm Beach Marina. They boasted about our addition of ten new slips to accommodate vessels 200+ feet, our upgraded shore power, and state-of-the-art technology. "The location allows TJB Super Yachts to meet the demand for larger yachts from an “exclusive marina” projected to rival Fort Lauderdale and Miami,” says Senior Charter Broker.

From Barcelona to the United States, superyachts have been the talk of the town. Who doesn’t love a good boat story? We are just glad our renovation at the Marina was a timely success. Docking in Palm Beach gives slip holders the ability to make a brief stop along their ocean voyages and enjoy the charm, excellent service, and unique amenities of the Town. Reserve your slip today! For more information, visit TheTownOfPalmBeachMarina.com.

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