March 20, 2012

Downtown SF Living for an Amazingly Low Price!

Thanks very much to Burbed reader Petsmart Groomer for finding one of those listings that seems like such a steal, you’ll be grabbing onto your wallet and wondering what the catch is.  Why, the catch is this consummate condo!  Why don’t you grab it before it gets away?

690 Market St #303
San Francisco, CA 94104
$105,000

120319-market-redfin

BEDS: 1
BATHS: 1.5
SQ. FT.: 1,275
$/SQ. FT.: $82
LOT SIZE: -
PROPERTY TYPE: Luxury, Tenancy In Common
STYLE: Contemporary, Modern/High Tech
VIEW: City Lights, San Francisco, Downtown
YEAR BUILT: 2007
COMMUNITY: Financial District
COUNTY: San Francisco
MLS#: 393305
SOURCE: San Francisco MLS
STATUS: Active
ON REDFIN: 47 days

Live without limits in one of the world’s most romantic cities. Located in the celebrated Chronicle Building, The Ritz-Carlton Club San Francisco offers one, two and three-bedroom fractional ownership residences coupled with casually elegant service and amenities including valet parking, personal concierge, private fitness and member storage, daily housekeeping, residents’ lounge and more. This luxurious residence is 1,275 square feet with one bedroom and one and one-half bathrooms. Fine finishings such as a fully equipped chef’s kitchen, complete entertainment center, Italian marble bathrooms and wine storage come standard. The Ritz-Carlton Club San Francisco enjoys a pristine location in Union Square and is one hour from Napa Valley.

120319-market-streetsceneWhatever could possibly go wrong here?  Sure, Market Street is busy 24 hours a day and this unit is on the third floor, but the City sounds (as well as the smells) are what you’re signing up for when you buy a place in Baghdad by the Bay, right?  And the $1,398 monthly homeowner fees might come as a surprise after you slapped down the purchase price in cash, expecting to move in and only pay a pittance in property taxes.

But note that phrase “fractional ownership residences.”  That means this isn’t your condo.  Or rather, it isn’t just your condo.  You’ll be sharing it with some other people, and the listing doesn’t bother specifying how many.  For all you know, you get to use this condo from 4 to 6 am on alternate Thursdays in months without an R during Leap Years.

And it gets even better.  This yours-some-of-the-time pied-a-terre, located close to Nordstrom and lots of homeless people, is bank-owned!

But the good news is the whatever-it-is-they’re-selling comes with a parking space, so you ought to overbid twice asking.  Have you ever tried parking around here?

120319-market-ladderHere’s unit #301 in the same building, with an asking price half of this one, for three weeks a year.  It’s been sitting all by its lonesome for almost a year (maybe the three weeks are already up).  However, #301 is in an alternate 690 Market Street, which only has 49 units in the building, while #303 has 101 units.  Good thing this 690 Market will give you so many more fractional neighbors!

Can anyone find out how much you get to “use” #303, as opposed to merely “owning” it?  Can anyone figure out how many laws of physics were violated by these two condos (with the same photos) appearing on the same website?

Comments (14) -- Posted by: madhaus @ 5:14 am

14 Responses to “Downtown SF Living for an Amazingly Low Price!”

  1. SEA Says:

    1/16 of the product for 1/8 of the price?

  2. AstroWallaby Says:

    So, the room with the ladder: are all those compartments coin-operated and filled with fresh sandwiches and desserts? If that’s the case, how many varieties of pie does the kitchen stock? How many vending machine tokens are included with the HOA fees? Do they have burritos?

    We need the answers to these questions to determine the fair market value for this place. Come on, give us some hard information here. A menu, a few graphs… even a pie chart?

  3. bmwman91 Says:

    LOL

    $1100+ in HOA dues…I wonder if all of the part-time owners pay that much? If so, I need to get into the fractional RE business as a HOA director. Living in SF makes even less sense to me now.

    I found the rules governing the use of the parking space for this unit.

    “The part-time owner may use the parking space allocated to their unit during their designated occupancy period given that conditions a – c are met: a)the vehicle parked in the allocated space must be a Toyota Prius, b)an Obama 2012 bumper sticker must be affixed to the bumper in a publicly visible place and c)the interior must possess no less than three re-usable Whole Foods-branded bags at any given time.”

  4. madhaus Says:

    This place is a bloody timeshare. I don’t get why any of the listing agencies are allowing it, as this isn’t Real real estate.

    Guess it’s time to add the timeshare tag, the term for fractional ownership we all know and loathe. Remember this beach house that pulled the same trick? This one’s even better because the fraction in fractional ownership is a mystery. 1/4? 1/20? 1/52? Nobody has any idea except the bank finding this messon their books, and maybe the bank doesn’t know either.

    I have to admit, I’ve never seen an REO timeshare before.

  5. madhaus Says:

    Heh. Looks like burbed found this place too. Unit #305 this time.

  6. nomadic Says:

    A new home pricing tool on Redfin launched last week:
    http://blog.redfin.com/blog/2012/03/whats_your_home_worth_well_see_for_yourself.html

  7. sfbubblebuyer Says:

    #6 : That thing marks short sales as comps! Good for it!

  8. SEA Says:

    #5- From 2010, “1/12 deeded ownership includes: minimum use of 21 days/year.”

    21 days = 1/12 deeded ownership? So let’s assume there are two days for changeover, we have 23*12 = 276 days. The other 90 days are probably for light bulbs and Drano.

    “And the $1,398 monthly homeowner fees”

    So one pays $100k, and then $16,800 each year for the 21 days of use?

  9. Dr. Chorillo Says:

    I would presume these are marketed to companies who host clients or out-of-town employees and want to have a nice place for them to stay “on retainer,” as it were. Especially useful if your clients should need a discrete place to visit with a local friend or two.

  10. SEA Says:

    “Especially useful if your clients should need a discrete place to visit with a local friend or two.”

    Is fractional ownership discrete?

  11. Crissa Says:

    Fractional ownership is useful for vacation or business homes – renting such is how my family managed our summer vacations.

    But out here, for some reason, they’re usually highly overpriced, and you could get a hotel room next door with full turn-down service for less.

  12. Crissa Says:

    For instance, a suite at the W for a month would cost less… I just checked.

  13. Petsmart groomer Says:

    Now you can buy the full experience.

  14. SEA Says:

    Unit 301 is down to $29k.

    I’m sure the “overbidding” will put this fractional place right where it needs to be.


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