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

(Kevin N. Hume/S.F. Examiner)
City College union deal staves off layoffs, class cuts

One year agreement allows community college time to improve its finances

A Homeless Outreach Team member speaks with homeless people along Jones Street in the Tenderloin on Wednesday, May 6, 2020. (Kevin N. Hume/S.F. Examiner)
Breed proposes another street outreach team to divert calls away from police

San Francisco would launch a new street outreach team to respond to… Continue reading

Chelsea Hung, who owns Washington Bakery and Restaurant in Chinatown with her mother, said the restaurant is only making about 30 percent of pre-pandemic revenues. (Kevin N. Hume/S.F. Examiner)
Chinatown’s slow recovery has business owners fearing for the future

Lack of outside visitors threatens to push neighborhood into ‘downward spiral’

A worker sets up irrigation lines to water almond tree rootstocks along Road 36 in Tulare, Calif. (Gary Coronado/Los Angeles Times/TNS)
Gov. Gavin Newsom extends drought emergency to 41 California counties

Faith E. Pinho Los Angeles Times In a stark indication of California’s… Continue reading

Gov. Gavin Newsom announced a new stimulus plan on Monday. (Kevin N. Hume/S.F. Examiner file photo)
More Californians would get new $600 stimulus checks from the state under Newsom plan

Sophia Bollag The Sacramento Bee Two-thirds of Californians would get an extra… Continue reading

Most Read