Any realtor worth his Town Car knows a prime location when he sees one. The condos of The World of ResidenSea intend to call every premium seagoing spot on earth "Home Sea Home."

With the explosion in popularity of cruise travel, is it any surprise the condo concept has popped up? I can afford to be amused... what I can't afford is to fork over a few million for a condo.

The most recent incarnation of The World of ResidenSea floating condo project is somewhat subdued compared with the original which was announced last year with much fanfare. A $262.5 million contract for the construction of The World of ResidenSea has recently been signed; however, at 40,000 GRT, this ship is considerably smaller than the 85,000 GRT, $545 million vessel that Bahamas-based ResidenSea Ltd. originally proposed. The World of ResidenSea will have 110 condos for sale and 85 rental units and, according to ResidenSea Ltd., 43 of the residential units (ranging from 1,106 sq. ft to 3,242 sq ft in size, with prices from $2 million to $6.84 million) have been sold.

Promising that this is indeed becoming a reality, ResidenSea Ltd. announced that the project is completely funded, has the backing of "many prominent investors from the cruise, shipping and hospitality industries." These include Norwegian Cruise Line's Knut Kloster Jr.; Bryn Skaugen, whose family played a significant role in founding Royal Caribbean Cruise Lines; Petter C. G. Sundt, a major owner of Bergesen d.y. ASA; Atle Bergshaven, former Vice President of the Norwegian Shipowner's Association and owner of one of Norway's leading ship management companies; and Einar Nagell-Erichsen, a leader in the Norwegian hospitality and travel industry. ResidenSea also states that additional investment capital has been provided by Continental Casualty Company, one of the United States' largest insurance companies and a wholly owned subsidiary of CNA Financial Corporation as well as an indirect subsidiary of the Loews Corporation, and by Silversea Cruises Ltd., the ultra-deluxe cruise line which will manage the ship's operations.

Don't feel too bad if your invitation to purchase a unit hasn't arrived in the mail. Mine hasn't either. Who is receiving them?  Surely Donald Trump has been invited to purchase the ultimate in romantic real estate -- a share of airspace perched high above the sea. Martha Stewart, with her recent influx of billions can certainly afford one of the larger units. Perhaps the ultimate cruiser, Kathie Lee, will drop by to borrow a cup of sugar. Seriously, I have a friend who has received TWO invitations to buy a World of ResidenSea condo... alas, her little dog would not be welcome so she'll be taking a pass on the offer. Cat owners will be happy to know that each unit is allowed one resident feline. If you're interested, Christie's Great Estates is the exclusive agent and its affiliated agencies are quickly adding this property to their websites. I wonder if it's hit the local Multiple Listing Service yet.

Sorry if my cynicism is showing. It's not that I'm peeved because I can't swing the mortgage. I fully expect to see cruises sold as time shares at some point down the road. What has me so skeptical is the history of this sort of venture. I remember hearing all about "The Phoenix World City" approximately ten years ago. Planned as a massive floating resort complex, it was the pet project of Knut Kloster. Talk of it died down and I was surprised to see a video about "The American World City" on television a few years back. My, my... those three hotel towers on a barge looked familiar. That incarnation (and video) appeared designed to woo United States government backing and funding. It came as no surprise to me that a familiar name is the major champion of The World of ResidenSea... Knut Kloster, Jr.

In the meantime, yet another city at sea has emerged like the Loch Ness Monster. This one is Freedom Ship City and it's quite fantastic. With a proposed population of 50,000 souls, a runway capable of handling jet aircraft, and a marina for one's personal yacht, this is an ambitious undertaking.

It has often been said that the BEST islands in the Caribbean are the ones that float. I tend to agree with that much of the time. But whether any of these new concepts in marine life catch on or not, I think I'll stick with the tried and true traditional cruise.

If you REALLY want to live at sea, it's possible to do so without chaining yourself to a mortgage and monthly maintenance fees. For decades a unique class of cruiser has literally lived aboard certain liners. World class travelers, they jump ship only when their favorite vessels enter dry dock. That's my idea of living onboard. After all... except for Martha you-know-who, who else really wants a kitchen?