Buyers snap up Ritz-Carlton condominiums on Market Street

From today's San Francisco Business Times,

Break open the champagne and caviar on Market Street.

The hard deadline for non-refundable deposits on the Ritz-Carlton's Club and Residences project at 690 Market St. has come and gone, and thus far the numbers are extremely solid.

Some 40 of 51 private residences have been secured with a deposit of between $100,000 and $250,000, depending on the size of the unit. That includes one of two penthouses, which sold for $4.6 million. The other penthouse, listed at $5.3 million, is still available.

On the fractional ownership side, hard deposits are in on 58 shares, which is about 10 percent of the inventory. With fractional shares, club members pay between $200,000 to $300,000 for a one-twelfth, deeded interest in one of 49 units. About half of those who put deposits down on a private residence also snagged a share in one of the fractional units.

In total so far -- assuming all the deposits result in a sale -- the private condo sales come in around $82 million and the fractional sales about $14 million, said Robert van Dijk, the project's director of sales and marketing. [more...]

Ritz-Carlton joins condo club [SFHomeBlog]
Ritz-Carlton Club Units Selling Quickly [SFHomeBlog]