About 70 percent to 75 percent of the Earth's surface is covered in water. For condo developers, this means that something less than 25 percent to 30 percent of the globe can be stacked with residential units. And the percentage of available, developable waterfront property is far scarcer. Then again, what if condos could float? It's easy enough if you build them on a boat, and it's already happening – there are several examples of built and proposed ship-based residential projects that cater to folks who relish life at sea and have money to burn. To sell these units, promoters are using glitzy Web sites that gush glowing imagery of lavish living and travel adventures. And while the land-based condo boom has subsided in some previously hot markets, these oceangoing projects seek to stir up new waves. There are tradeoffs for this seafaring lifestyle. While promoters say there are plenty of advantages to ship-based condos, such as free meals and built-in travel, the monthly mainte...
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