Sunday, November 12, 2006

Ritz-Carlton Club and Residences

690 Market Street is the Ritz Carlton's new high rise condo hotel. There are currently 6 condos listed on the MLS and interestingly 5 of them are "fractional interests". Somewhat similar to time shares, fractional interests are the opportunity to own the condo with others.

The Ritz is advertising 1/12th, 1/6th and 1/4th interest in various units, as well as normal 100% ownership interests. Obviously the fractional interests are for those who want a vacation home, and don't need a full time residence.

Similar to the Ritz Carlton is the Four Seasons at 765 Market Street, about 1 block away. Everything in both buildings are $1 million plus - including the 1 bedroom 1 bath condos. More common are the $3 million to $6 million 3 bedroom to 5 bedroom condos. The Four Seasons was built in 2001, and the Ritz Carlton is just now opening up for residency. Both feature full service amenities that you'd expect in any 5 star hotel - including room service. They also appeal to those who either need or want to be downtown near Union Square shopping, and/or the downtown and financial district business centers.

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