The Aquatic Life

	Cruise Control

I don't like to admit it, but the only reason my friend, who refers to the ocean as "sexy," comes to visit is to catch a glimpse of the river flowing two blocks from my house. She blames her Greek heritage.

Greek or not, humans have always been drawn to water, which has prompted much of classical literature, precision war strategy and various nautical disasters. But we always come back, mystified by that vast expanse of liquid, often wondering what lies beneath. (I, for one, spent hours at the beach as a child searching for mermaid tails.)

The occasional cruise holiday is such a tease, knowing you'll have to return to homes firmly planted on less tantalizing terrain. While few of us would advocate a Waterworld scenario, especially one with a fatalistic, sun-bleached Kevin Costner, many of us have entertained wild dreams of a life on the high seas.

Finally, two innovators are taking water living to a new reality.

Oceanfront Property

Although it looks like a grand cruise ship, the Magellan will be a home address, not a vacation spot.

"We see it as the perfect marriage between travel and living," says Teri James, a representative of Residential Cruise Line.

This is the cruise that never ends -- the Magellan will circumnavigate the globe every two years, with 300 ports of call in 150 countries, letting passengers take the ultimate vacation from the comfort of their own homes.

The Magellan, which is being built in Aker Yards, France, was designed by internationally acclaimed ship architects Petter Yran and Bjorn Storbraaten. It's set to launch in spring 2010.

Already the hype is escalating and raising some very high brows.

At the Men's Luxury Toy Expo in Arizona last month, Residential Cruise Lines representative Jeff Wells said a greatest advantage of owning one of the coveted ocean-bound condos is that it's an financial asset. Plus, "everyone has the best view in the house," he continues. "Vacation homes just sit in one place." A condo in Florida will always be a condo ... in Florida.

Generally, Magellan buyers are looking for a place to call home, but to some it's a stellar business investment. "There's a gentleman who's buying quite a few units that he will use to wine and dine his clients," James notes.

While a good mix of people showed interest at the Expo, the average serious buyer is around 50 years old and retired (unless you've got a very patient and well-paid personal pilot, getting to the Manhattan office from Tunisia, Panama or Fiji would be rather trying).

For the younger crowd, there's a partial ownership option. Buyers can choose which months to live aboard and then can rent their condos for the rest of year like any other residency.

The numbers of full and fractional owners are split 50-50, says Wells.