There was an article yesterday on boat repossessions in Georgia that caught my attention. It was reported that at Holiday Marina on Lake Lanier business has picked up with respect to “ordinary boats” but a number of slips were vacant due to the absence of houseboats valued at more than $1 million, which lenders were repossessing in “record numbers.”
Alex Laidlaw, vice president of Westrec Marinas, said Holiday Marina has seen more than 20 of the boats leave, “which represents a pretty big population to us,“ due to foreclosures or people having to sell due to the economy. He said the marina is usually occupied at about 95 percent of its docks but is now down to about 65 percent due to the loss.
JR Schwan, who is the general manger of Holiday Boat Sales, said he has seen short sales, foreclosures and repossessions, and that a number of contractors, whose businesses were tied to the housing market, have lost their boats to creditors.
Laidlaw said he expects an economic impact study that was started on the lake in response to the area’s long drought will show that lake businesses lost about $200 million a year due to both the economy and the drought.
How are the big boats (lets say larger than 50 feet) fairing in your market? Are repossessions and/or short sales of those boats consistent with other segments? Are they greater? Fewer? Drop us a line and let us know.
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