“Oceanfront property” takes on new meaning.

What could be better than owning a multimillion- dollar condo with an ocean view and on-premises amenities that include five-star restaurants, valet service, and resort-quality spas and health clubs? How about having all of those things on a luxury oceangoing vessel that makes regular stops at the major cultural and recreational events of the world like the Cannes Film Festival and Carnival in Rio de Janeiro?

Welcome to the world of onboard living. Several companies are now taking reservations for under-construction vessels that are anything but cruise ships—they are floating condominiums that sell onboard living quarters owners can use as much or as little as they please. It’s the ultimate luxury: the romance and grandeur of a first-class cruise coupled with the pride of ownership in a one-of-a-kind residence.

ResidenSea is already operating a residential liner called The World (complete with the only Clinique La Prairie spa at sea), and companies developing new liners report brisk sales of even their biggest and most expensive accommodations. All of the industry’s players have some things in common: They offer a variety of different-sized residences, they charge an annual maintenance fee, and they have designed their ships to be self-contained small cities complete with shopping, dining, and full-service healthcare facilities.

It’s important to remember that in most cases not all of the onboard amenities are included in the purchase price of a residence, and with a few exceptions it’s not like taking a cruise. Eating at one of the gourmet restaurants, for instance, will cost you the going rate for the meals. The same is true for using the onboard pharmacy and dry cleaners.

The residential liner companies usually offer custom furniture and furnishings design, and all of the floating residences promise regular calls at exotic locales. After all, cruising the ocean doesn’t seem to be the point—sailing in luxury to major world cultural events and enjoying the local flavors of distant ports appears to be the main appeal.

What Are Your Choices? Here’s a closer look at what’s available from three up-and-coming oceangoing residence companies.

Miami-based Ocean Development signed a ship construction contract in 2004 and plans to launch its residential liner, appropriately named The Four Seasons, in the summer of 2008. The company partnered with Four Seasons Hotels and Resorts on the project, which will offer 110 private residences on a vessel about the size of a 1,000-passenger cruise ship. One-bedroom residences start at $2.5 million, with two-bedroom condos going for $4 million, and penthouses for $10 million. Annual maintenance fees range from $100,000 to $500,000 depending on the size of the residence. The company also offers fractional ownership for people who only want to spend a few weeks or months on board.

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