BOATING
At Fort Lauderdale yacht show, they're looking but not buying
Despite rough economic times, the Fort Lauderdale International Boat Show opened to large crowds. But few of the visitors are buying the luxury yachts on sale.

BY DAVID GELLES
dgelles@miamiherald.com
A sea of white fiberglass spilled into the Intracoastal Waterway as more than 1,500 boats -- from inflatables to superyachts -- awaited buyers Thursday on opening day of the 49th Fort Lauderdale International Boat Show.
Despite predictions by organizers that overall attendance would be down 10 percent due to the sagging economy, large crowds walked the docks -- though most were window shopping, not writing checks.
Neal and Maura Mitchell, of Lighthouse Point, said they were at the show to look but not purchase. ''We're going to roam around and look around and dream a little, but probably not buy because things are tough this year,'' Neal Mitchell said.
But there were bargains to be had.
At the Boater's World booth, Tom Markey, East Coast sales manager for Zodiac Marine, said sales at his Pompano Beach dealership had fallen off a cliff. Markey usually logs 80 sales at the show. This year, he said, ``If I sell 25, I'll be thrilled.''
About a dozen Zodiacs were on display, but prospective buyers were hard to find so Markey had resorted to mark-downs on the boats, which range in price from $661 to $107,000. ''We've dropped the price severely,'' he said.
Quin Ducharme, who came with his wife Christine from Lafayette, La., was among those looking for deals. ''The boating market right now is soft, very soft,'' he said. ``Prices are coming down; companies aren't doing any financing. These guys are starving to death.''
But he said his desire for a new boat might be complicated by what to do with his current craft: ``I have a 59-foot Voyager and I couldn't give it away right now.''
FEELLING THE PINCH
Higher-end dealers were feeling the pinch, too. ''If we could sell five boats, it would be a miracle,'' said Troy Raszka, a marketing director for Lazzara Yachts. Lazzara, based in Tampa, brought a three-story floating salesroom to the show. There potential buyers could check out specifics on the company's eight superyachts, which cost between $4 million and $10 million and were moored outside.
For those in the market for a new boat, paying for it will not be as easy as it was just a few months ago. Allan Baum, vice president of Fort Lauderdale-based mortgage broker Elite Financial, said he has been doing significantly less business since July.
Baum, who typically finances purchases of boats costing between $100,000 and $1 million, said it was the more expensive vessels that were still being sold. ``The little boats -- 20 to 25 feet -- that market is dead. You can't give those boats away.''
Despite the credit crunch, Baum said financing is still available for qualified buyers. ''I have banks that are lending,'' he said, adding that he was offering all those who qualify a 6.65 percent fixed interest rate.
There were also a few positive signs. Show organizers said there is a slight uptick in fees from exhibitor registrations, and advance ticket sales on the Internet were up.
''I'm stunned at the size of the turnout,'' said Dane Graziano, chief operating officer of the show's producer, Show Management. ``The lines are as long as they've ever been. It's a good sign.''
Some brokers were banking on those interested in the superyacht category -- a market segment that has held up despite the economic downturn.
LOTS TO LOOK AT
For the super-rich and those who want to be, there was plenty to look at. More than 75 yachts longer than 100 feet were at the show. Among them was the 163-foot-long Casino Royale, which was offered at $41.5 million. The James Bond-themed boat, which is four stories tall and requires a crew of 10, features a marble inlaid roulette wheel.
Despite the current recession, plans are in the works for many Fort Lauderdale International Boat Shows to come. At a press briefing Thursday morning, organizers announced a planned $500 million renovation for the Bahia Mar Marina that will include a public park and new Waldorf Astoria hotel.
Show Management announced that it had signed a deal to keep the show at Bahia Mar through 2020.
No major hiccups were reported during opening day, but before the show began, five boats were boarded by U.S. Customs and Border Protection and fined for bringing international waste into the United States.
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