Four of the five newly converted residences in the new Ritz-Carlton have been listed:
∙ 690 Market Street #1101 (2/2.5) 1,785 sqft – $2,490,125 ($1,395/sqft)
∙ 690 Market Street #1102 (3/3) 2,580 sqft – $3,747,500 ($1,453/sqft)
∙ 690 Market Street #1103 (2/2.5) 1,680 sqft – $2,309,000 ($1,374/sqft)
∙ 690 Market Street #1105 (2/2.5) 2,090 sqft – $3,021,500 ($1,446/sqft)
While the list price on at least one early resale has been reduced $200,000 (8%).
∙ Listing: 690 Market Street #2203 (2/2.5) 1,440 sqft – $2,295,000 [MLS]
∙ The Ritz-Carlton Adds Five More Private Residences (Now 57) [SocketSite]
Two months ago I was in there and pricing hadn’t been determined, but they said I should expect prices for the 11th floor of “about 1500-1800” psf.
Apparently, they changed their minds. I wonder if the one unit that didn’t get listed was sold at that high price.
Or you can stay in the Ritz the hotel for 1 week every month for what it costs to pay the HOA per month. Another 2 weeks for interest payments and depreciation. Not a good investment with a declining market now here.
I would find it difficult to believe that most of the buyers of these these types of units (e.g. Ritz, Four Seasons, St. Regis) are purchasing them as investments, considering the heavy HOA dues; I thought these were targeted more toward buyers for whom the condos would be second/third/etc. residences, and $3 million is change in the couch? These full-service $$$ condos seem to be a recent trend in SF and LA – I’d be curious to know about resales and how these types of condos fare as investments.
Pied A Tiere (s)
Does anyone know what the monthly HOA are?
Do they use a rental pool system and if so, what % of the rental goes to owners??