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
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
SOURCE: San Francisco MLS
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.
Whatever 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?
Here’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?