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archershipshttp://www.sun-sentinel.com/business/local/sfl-ybquick04dec04,0,4662477.story?coll=sfla-business-headlines
Used cruise ships resurface as condos
-- Tom Stieghorst
South Florida Sun-Sentinel
Posted December 4 2006
The condo craze went to sea awhile ago with The World, a cruise ship managed by Miami-based ResidenSea. But another Florida firm has added a twist to the concept.
Condo Cruise Lines International is marketing units on used ships, making the process both faster and less expensive than building a vessel from scratch.
"Many lines retire their midsize ships early, most with decades of useful life left," said Mark Boyd, president of the Destin-based company. Boyd's idea is to acquire the ships and combine the staterooms into 1- to 3-bedroom luxury suites.
The first vessel to undergo condo conversion is the Orient Queen, a 560-foot floating gambling vessel bought from Chinese owners. It is getting a $22 million to $25 million refurbishment at a shipyard in Singapore and will emerge in April as The Murano, according to Robin Stuart, CEO of Voyage Partners, which is marketing units.
Condos start at $382,000 and run to $1.3 million, but a four-week fractional share of a unit goes for as little as $90,000 Stuart said.
A spokeswoman for the Florida Division of Land Sales, Condominiums and Mobile Homes said it does not regulate condo sales on ships, even for companies incorporated in Florida, so it is caveat emptor for buyers.
Stuart said deposits on units are held by an escrow firm, but confirmed there is no third party regulator for consumers to consult. "
http://www.condocruiselines.com/
"Our company searches the globe for medium-size cruise ships to change over to condo ships. These ships, with decades of useful life left, are converted into luxury cruise ships.
Each time we target a new vessel for purchase, we take reservations for the allotted condo suites. The suite prices vary from ship to ship and depend on the size unit the purchaser desires. Once the ship is bought the condo owners can do whatever they want with their suites ...they can live on board, turn the suite into a floating office, or rent it to the vacationing public through our affiliation with major luxury cruise travel agencies worldwide. According to CLIA (Cruise Lines International Association), "Luxury cruise prices vary by the season, itinerary and destination, and range from $400-$1000 per person, per day".
That's $5,600 to $14,000 per week! Suggested rental prices on our ship fall between $3,000 and $6,000 per week year-round.
Condo cruise ship suite owners might, for example, take a four month world cruise and rent the suite out another seven months and make a sizable profit."
Used cruise ships resurface as condos
-- Tom Stieghorst
South Florida Sun-Sentinel
Posted December 4 2006
The condo craze went to sea awhile ago with The World, a cruise ship managed by Miami-based ResidenSea. But another Florida firm has added a twist to the concept.
Condo Cruise Lines International is marketing units on used ships, making the process both faster and less expensive than building a vessel from scratch.
"Many lines retire their midsize ships early, most with decades of useful life left," said Mark Boyd, president of the Destin-based company. Boyd's idea is to acquire the ships and combine the staterooms into 1- to 3-bedroom luxury suites.
The first vessel to undergo condo conversion is the Orient Queen, a 560-foot floating gambling vessel bought from Chinese owners. It is getting a $22 million to $25 million refurbishment at a shipyard in Singapore and will emerge in April as The Murano, according to Robin Stuart, CEO of Voyage Partners, which is marketing units.
Condos start at $382,000 and run to $1.3 million, but a four-week fractional share of a unit goes for as little as $90,000 Stuart said.
A spokeswoman for the Florida Division of Land Sales, Condominiums and Mobile Homes said it does not regulate condo sales on ships, even for companies incorporated in Florida, so it is caveat emptor for buyers.
Stuart said deposits on units are held by an escrow firm, but confirmed there is no third party regulator for consumers to consult. "
http://www.condocruiselines.com/
"Our company searches the globe for medium-size cruise ships to change over to condo ships. These ships, with decades of useful life left, are converted into luxury cruise ships.
Each time we target a new vessel for purchase, we take reservations for the allotted condo suites. The suite prices vary from ship to ship and depend on the size unit the purchaser desires. Once the ship is bought the condo owners can do whatever they want with their suites ...they can live on board, turn the suite into a floating office, or rent it to the vacationing public through our affiliation with major luxury cruise travel agencies worldwide. According to CLIA (Cruise Lines International Association), "Luxury cruise prices vary by the season, itinerary and destination, and range from $400-$1000 per person, per day".
That's $5,600 to $14,000 per week! Suggested rental prices on our ship fall between $3,000 and $6,000 per week year-round.
Condo cruise ship suite owners might, for example, take a four month world cruise and rent the suite out another seven months and make a sizable profit."
no subject
Date: 2007-01-27 08:54 am (UTC)You own the condo, but someday in the foreseable future the ship on which that condo is will be scrap metal.
Does the ship have a pre-ordained date to be put to rest?
An unusual realestate investment given the condo will reach a point where it begins to depreciates in value (to zero).
Unless the condo come with rights to equal space in some successor ship?