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

Lowell High School is considered an academically elite public school. (Kevin N. Hume/S.F. Examiner)
Students denounce ‘rampant, unchecked racism’ at Lowell after slurs flood anti-racism lesson

A lesson on anti-racism at Lowell High School on Wednesday was bombarded… Continue reading

Golden State Warriors forward Draymond Green (23), shown here against the San Antonio Spurs at Chase Center on January 20, was ejected from Thursday night’s game on a technical foul after he yelled at a teammate during a play. (Chris Victorio for the S.F. Examiner).
Warriors 119-101 loss to Knicks highlights Draymond Green’s value

Team struggles with fouls, lack of discipline in play

Scooter companies have expanded their distribution in neighborhoods such as the Richmond and Sunset districts. (Kevin N. Hume/S.F. Examiner)
SFMTA board signs off on changes to scooter permit program

Companies will gete longer permits, but higher stakes

A health care worker receives the Moderna COVID-19 vaccine. (Go Nakamura/Getty Images/TNS)
City sets ambitious goal to vaccinate residents by June

Limited supply slows distribution of doses as health officials seek to expand access

U.S. President-elect Joe Biden and Jill Biden arrive at Biden's inauguration on the West Front of the U.S. Capitol on January 20, 2021, in Washington, DC.  (Win McNamee/Getty Images/TNS)
Joe Biden issues call for ‘unity’ amidst extreme partisan rancor

‘I will be a president for all Americans,’ he says in inauguration speech

Most Read