FORT LAUDERDALE, Florida (AFP) — On the sun-splashed Florida peninsula, the US foreclosure crisis is sinking lavish lifestyles on land and at sea and luxury yacht owners are increasingly finding themselves high and dry.

The listing for a recent attractive property swallowed up by the crisis appeared to be a sea-front condominium: two bedroom/two bath, outdoor grill, water views, elegant and spacious. Satellite television and temperature-controlled wine cabinet included.

But it was a 60-foot (18.3-meter) yacht, docked amid a crush of other luxury marine toys at a Fort Lauderdale boat yard.

“We’re busting at the seams,” said Jason Lessnau, recovery manager for National Liquidators, the largest marine repossession company in the United States.

The longer the mortgage crisis lasts, the more yachts end up in his boat yard — double and triple parked.

“Our sales numbers are up, our recovery numbers … every single number you can think of is through the roof for us right now,” he said.

With its deflated real estate market, Florida has become emblematic of the United States’ housing woes after the real estate bubble saw prices spike then collapse.

Now, as the recession deepens and home prices keep diving in value, the problem is creeping beyond homes and high-rises, and prompting a hike in boat foreclosures too.

Experts say many boat owners made the same mistakes as homeowners.

The easy credit that fueled the real estate boom also brought carefree spending and no-money-down loans for maritime toys. Boats tend to lose their value more quickly than cars, so many owners soon owed more than their boats were worth.

The economic slump pushed prices still lower, but the bills kept rolling in.

Boat owners usually fall behind on their payments when they are hit by job loss — another side-effect of the economic downturn — or divorce. Like car loans, boat loans allow the bank to recover its collateral if the owner defaults.

A stark measure of the trend comes right off resellers’ inventory sheets. National Liquidator president Bob Toney says boat repossessions have nearly quadrupled over the last two years. He’s leasing four additional boatyards to keep up.

“A 350 percent increase in business is not all fun and games,” said Toney, who has seen many longtime clients and associates hurt by the downturn. “It creates some heartburn and stomach acid once in a while.”

Toney has also noticed a shift in the size of the boats repossessed. National Liquidators typically receives repossession orders for boats between 20 and 38 feet (6.1 and 11.5 meters) in length. They range from flashy speedboats to weather-worn sailboats to sturdy cruisers.

But there are several luxury yachts in the yard these days, suggesting the rich are not insulated.

“We’re seeing more 60- and 70-footers (18.3 and 71.3 meters) and a few in the mega-yacht field, 100-plus (30.5 meters),” said Toney.

“Some of those are owned by people you read about in the newspaper.”

About half of repossessed boats are turned over voluntarily by owners, sometimes stripped of valuable equipment, like radar systems. The other half are ‘involuntary’ transfers, meaning repossession teams tow them away quietly in the wee hours of the morning.

With its long, serpentine canals, Florida offers a fantastic hiding place for boats that don’t want to be found.

Repossession teams usually arrive in low-profile dinghies to avoid detection.

One person sets up the tow lines while another cuts the boat free and a third person disconnects electrical lines. A seasoned repo team can tow a boat off a dock in less than 60 seconds.

Sometimes the boats still contain the trappings of yesterday’s excess: discarded champagne bottles, drugs, a jet ski.

Lessnau, the recovery manager, said larger boats often end up overseas after auction.

Buyers with euros see especially deep savings.

“They can purchase at an instant discount and ship the boat back to Europe. That’s still a strong market,” he said.

Strolling through the boat yard, Fabienne Varela and her husband said even in dollar-terms they have seen prices slashed almost in half since the housing collapse.

While they feel bad for those losing their boats, “We’re trying to take advantage of the economy,” Varela said. “That’s what (President) Obama says. Spend, spend, spend.”

How about a Manhattan apartment for $50? A single-family house for $250? What’s the catch, you say? Well, size might be an issue.

The Metropolitan Museum of Art is selling properties in its famous 9,335-square-foot scale model of New York City. The Panorama of the City of New York was originally built in 1964 for the World’s Fair, but it has not been updated since 1992, although some 895,000 structures exist, including every street, bridge, and skyscraper in the five boroughs, The New York Times reports.

Now, however, the museum is renovating the model and selling off pieces of real estate through its Adopt-a-Building program. Prices are a steal. For only $10,000, developers can even pay to have their projects added to the panorama and receive the corresponding deeds to the properties. According to the Times, the New York Mets have already paid to have their new Citi Field erected.

New models are built by City College architecture students, and the funds will go toward maintaining the Panorama and the educational programs associated with it.

One thing that the model shares with its real-life subject, however, is the inevitability of bargaining when it comes to making an offer. Says David Strauss, the Met’s director for external relations, “There is always room for negotiation when working with the general public. Like in the real estate market.” Some things just can’t be scaled down.