According to First Republic Bank's Prestige Home Index San Francisco's luxury market ($1 million or higher) is now at a record high of $2.96 million. That is a 1.1% increase in the 3rd quarter over the 2nd quarter of this year, and 4% higher than the 3rd quarter of 2005.
So much for the Bubble pundits - one of whom I just saw is going to try to charge for his blog. All he does is posts rants and raves about the market and people in it... now I can't see if he'll avoid this report since it flies in the face of his never ending bubble prediction.
Interestingly too is that San Francisco's luxury price of $2.96 million is higher than both San Diego's at $2.18 million and Los Angeles at $2.37 million.
Friday, November 24, 2006
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.
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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