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August 12, 2020

Despite Coronavirus Outbreaks, Cruise Ship Condos Are Gaining Steam

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There are people who live on their own boats and people who share fractional ownership of a yacht and use it a few weeks per year like a timeshare. But selling off individual cabins like condo units has so far been a rare concept, pioneered by The World luxury cruise ship, which launched in 2002 and whose 165 units start around $3M apiece.

Now, though, several companies are competing in this sector. A company based in Port Canaveral, Florida, called Oceanic Resort Condos of America is launching home sales this week on the 290-foot-long Larga Vida, with an entry price point, at $298K, that even a middle-class couple might be able to afford. The ship will be based in Miami, sailing about once a month around the Caribbean, Latin America and wherever owners decide to go. Amenities include a $3M mini-submarine that each condo owner will partly own.

Despite Coronavirus Outbreaks, Cruise Ship Condos Are Gaining Steam

ORCA is an affiliate of Sophlex Marine Management Inc. The yacht will be owned by its residents, not the developer."What we’ve done is make the business model more affordable and regional," an ORCA spokesperson said. "We don’t cruise around the world, but just in the Americas and remain in Miami…

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