Boaters are trading up in down economy

The 103-foot Princess Yoli Ni spent most of its life cruising around Mexico, the Bahamas and the Florida coast before its owner traded up to a 125-footer.

The biggest yacht at the Newport Boat Show, which kicks off today, the Princess Yoli Ni, is a steal at $1.75 million, said Northrop and Johnson yacht broker Paul Daubner.

“There’s a lot of trading going on now,” a lot of people are up-sizing as well as downsizing,” said Daubner, who has been attending the boat show for the past 10 years.

“Some people are getting out altogether, so there are deals to be had,” he said.

The Princess Yoli Ni features a full-sized kitchen with stainless steel appliances, and dining room, a master bedroom with dual his-and-her bathrooms, and guest quarters that sleep four. The living room includes a full-sized, granite-topped bar and a plasma television.

Many people are taking advantage of the sluggish economy to upgrade to larger boats, Daubner said.

This year’s Newport Boat Show has fewer boats than last year, about 260, down from last year’s record-breaking 350, but deals abound, said organizer Duncan McIntosh.

The nasty recession means sweet deals for many potential buyers, he said.

“I think it depends on where they are, if you’re getting into boating, it’s a great time, because the deals are there,” McIntosh said.

For the first time in years, marina slips are available in many places, he said.

“Interest rates are as low as they’ve ever been and sellers know the market is fairly cold, so they are willing to negotiate,” McIntosh said.

For the upwardly mobile yacht enthusiast, the most expensive boat at this year’s show is a 79-foot Johnson yacht that sleeps six, for $4.9 million. The boat can cruise at speeds up to 20 knots.

Still wrapped in plastic, the boat is only about 2 weeks old, fresh off a ship from Taiwan, said Bill Panter, who works for Art Brooks Sea Co., which is selling the yacht at the boat show.

“I think the yacht industry has slowed down a lot in the past year, but there are probably a lot of good deals out her for people who are looking,” Panter said.

IF YOU GO:

WHAT: 36th annual Newport Boat Show

WHEN: Noon to 7 p.m. today, 10 a.m. to 7 p.m. Thursday through Saturday and 10 a.m. to 6 p.m. Sunday.

WHERE: Lido Marina Village, Newport Beach

COST: Ticket prices are $12 for adults and free for kids 12 and younger.

INFO: Call (949) 757-5959 or visit newportinwaterboatshow.com.

Reporter BRIANNA BAILEY may be reached at (714) 966-4625 or at brianna.bailey@latimes.com.