Setting the Budget: How far your real estate dollars go

You’ve settled on California’s Bay Area for your vacation home and now the hunt begins. It’s no surprise that the area has some of the highest real estate prices around, but when you look at destination clubs, private residence clubs, condo-hotels and hotel residences, the options expand even more. Here is what your dollar will get you across several price points.

Under $200,000

What you get: Absolutely nothing. In fact, the local MLS recently listed one 380 square foot studio for just under this price benchmark.
Best options: Consider an entry-level destination club plan. Exclusive Resorts has one plan for $129,000 with ten nights of use but its other plans with more nights start at $239,000.
Watch out for: Seedy whole ownership apartments that may take you back to your college-living days.

$200,000 to $500,000

What you get: Fractional properties are a good bet in this price range.
Best options: The Ritz-Carlton Club in downtown San Francisco has one-twelfth fractions of one-, two- and three-bedroom condos starting at $230,000, while the Fairmont Heritage Place at Ghirardelli Square, opening in early 2008, has one-tenth fractions that include 35 days a year of use and start at $250,000. On the southern end of Napa Valley, the Orchard at the Carneros Inn has one-tenth shares of two-bedroom cottages for $275,000, while further north buyers of the Lodges at Calistoga Ranch get one-tenth shares of two-bedroom residences for $435,000.
Watch out for: High annual fees. It’s the dirty secret of buying a fractional home. At more than $10,000 a year, such dues can match what you would pay at a wholly owned development.

$500,000 to $1 million

What you get: A wide range of real estate options from fractionals and condo-hotels to destination club plans.
Best options: Think destination clubs, since there are a wide swath of club plans in this price range. Solstice, which has one property planned for Napa has membership plans for $615,000 and $975,000. The higher-end plans at Quintess,LRW which has homes in Calistoga, go for $635,000 and $850,000. Golfers may consider a fractional option the Mayacama Residence Club, which is selling one-fifth shares of three-bedroom villas in Sonoma starting at $650,000.
Watch out for: Wine withdrawl. A destination club only comes with a limited number of nights, so don’t expect to be hitting wine country every weekend.

$1 million to $1.5 million

What you get: Smaller whole ownership options
Best options: The new residences at the Ritz-Carlton, San Francisco start at just over $1 million and have resort-level amenities and a concierge.
Watch out for: Upgrade envy. You might have one of the smaller units in the building.

$2 million+

What you get: Large, ultra-luxury condominiums at hotels.
Best options: Think grand hotel living. Residences at the St. Regis in San Francisco carry price tags of $2.75 million and equally lofty views from their perch on the upper levels of this South of Market hotel.
Watch out for: Racking up room service bills. After all, that porterhouse is only a phone call away.

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