Luxury getaways in S.F.

Imagine owning and living in a spacious, two-bedroom apartment in a historic building in the heart of downtown, with concierges catering to your desires. The cost? Less than $300,000.

The catch? It’s only for three weeks out of the year — which works out to somewhere north of $11,000 a night.

Of course, for the wealthy, that’s still less than buying a $1 million-plus condo that only gets used for twice-a-year shopping-and-opera getaways. And that, in a nutshell, is why luxury fractional-ownership vacation homes are making their way to San Francisco.

Fractional ownership differs from a traditional time-share in that the buyers own part of the property, a deeded interest that can be passed on to heirs or sold to a new owner.

A relatively new and booming type of real estate, fractional sales in 2005 nationally totaled $2 billion, according to a 2006 report by NorthCourse Leisure Real Estate Solutions. That was in increase of 27 percent from 2004 and 283 percent from 2003.

The first in The City, the Ritz-Carlton Club and Residences, is scheduled to open this fall, Ritz-Carlton Director of Marketing and Sales Robert van Dijk said. The project, in the de Young building at 690 Market St., includes some 57 already-purchased regular condominiums, and 44 fractional-ownership condos scheduled for 12 owners each.

Another project, the Fairmont Heritage Place, is being built by Fairmont Hotels & Resorts with a spring 2008 opening planned. Resort Equities, a boutique firm, is currently listing an eight-fraction penthouse apartment at O’Farrell and Powell streets.

At the Ritz-Carlton, the fractional buyers don’t pick their condo, though they are legally listed as part-owner of one of them, van Dijk said. Owners can also stay in an unused fractional condo for around $150 to $200 a night beyond their allotted three weeks, which is far less than these buyers typically pay for a much smaller hotel room, he said.

<p>”Our one-bedrooms are larger than the average two-bedrooms in The City,” van Dijk said. The owners also get concierge services, twice-daily housekeeping and other luxury amenities, he said.

Van Dijk said the Ritz service reputation is what attracts some buyers. So far, the company has sold around a quarter of its 528 fractional slots, he said — many to people who already own one of the regular condos or another Ritz fractional property.

kwilliamson@examiner.com

businessBusiness & Real Estate

If you find our journalism valuable and relevant, please consider joining our Examiner membership program.
Find out more at www.sfexaminer.com/join/

Just Posted

SFMTA will install transit-only lane on Beale St this week

A two-way bike protected bike path and wider sidewalks to follow

Boy, 6, fatally shot on Fourth of July remembered for his smile, intelligence

A 6-year-old boy who was fatally struck by gunfire while watching fireworks… Continue reading

Effort to ‘undercut’ proposed ballot measure to split up Public Works fails

Voters would be asked to create a new Department of Sanitation and Streets

Mayor taps former Supervisor Malia Cohen to serve on Police Commission

Mayor London Breed on Monday nominated former Bayview neighborhood Supervisor Malia Cohen… Continue reading

AIDS Memorial Quilt displayed at SF City Hall

The 23rd International AIDS Conference kicked off Monday with a display of… Continue reading

Most Read