WATER WORLD: "If you have to be working on the road, it's awfully nice to be right on the ocean," says Mercury Investment's Karen Stelmak.

Ocean Sands Spa & Resort Residences in Pompano Beach -- a 5-year-old, 89-suite condo/hotel formerly named Spa Atlantis -- was purchased in late 2005 by Mercury Investment, a team of three from Duluth, Minn. The partners have renovated the rooms and added features, including high-speed wireless internet access.

The oceanfront property was already known for its full-service spa and fitness facilities, says Karen Stelmak, vice president of asset management and one of the Mercury partners. The spa has seven massage treatment rooms and a new 50-minute caviar facial for $135. The fitness center has studios for aerobics, yoga and pilates and a rooftop track for walkers and joggers.

"We modeled it after what we like when we travel," Stelmak says.
The suites, which range from studios to two bedrooms, have workstations plus separate sitting areas. Each has a kitchenette and a washer and dryer.

The director of condo services functions as a concierge for owners.

Prices start in the low $300,000s for purchase. Rental rates range from about $200 to $500 a night in season and $149 to $350 a night in the summer.