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America’s Cup sends rentals into the stratosphere

Fri, 12 Jul 2013 08:52:36 +0000

Would you pay $18K a month to rent this place, because it has a view of the Bay and thus the race action?

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The home, perched atop Clarendon Heights, is one of many being marketed as a temporary rental specifically suited for fans of America’s Cup, and is actually the least expensive example we’ll offer today. Per its write up through Trulia, this is a 3 bed, 2 bath, “available June 15th through August 15th.” For the weekly rental price of $5,000, up to 12 people could share the home, which includes “sweeping views of the Ocean, Golden Gate Bridge, North and East Bay” plus two-car garage, patio, and utility costs (as long as they don’t exceed $250 a month, which if 12 people actually stay there, is possible).

$18K a month is a bargain, going by this next example:

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A relatively unremarkable loft-style condo of 2 beds, 2 baths, this 2,300 square foot unit is advertised as follows: “Available July-Sept 2013. Sleeping 6 comfortably, look no further for a conveniently located place to stay for the upcoming America’s Cup races.” The views aren’t featured (we can’t tell if there is one) but the fact that it’s walkable to the Embarcadero is. For that, you’ll pay $25K a month (that includes utilities and cable, plus one car parking).

Moving still higher on the monthly rent, we land at this home somewhere on Francisco Street with a view of the action from its roof deck.

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With 6 beds and 4.5 baths and a Marina District address, this condo asks $30K a month. Advertising on Trulia promises: “the master suite features a private deck, and there is a rooftop deck with extensive views of the Golden Gate Bridge, Alcatraz… and full view of the Americas Cup Events this summer.”

Is America’s Cup fever really this hot?

Can homes close to, or with a view of, the fabled race really command prices like these? The comments await.

Anna Marie Erwert writes from both the renter and new buyer perspective, having (finally) achieved both statuses. She focuses on national real estate trends, specializing in the San Francisco Bay Area and Pacific Northwest. Follow Anna on Twitter: @AnnaMarieErwert

Article source: http://blog.sfgate.com/ontheblock/2013/07/11/americas-cup-sends-rentals-into-the-stratosphere/

RezLux Expands San Francisco Luxury Vacation Rentals

Wed, 23 Jan 2013 14:22:58 +0000

In response to demand from both homeowners and people looking for vacation rentals,RezLux has expanded its premier home rental service to year round.

San Francisco, CA (PRWEB) January 22, 2013

San Francisco, California (January 15, 2013) – In response to demand from both homeowners and people looking for vacation rentals, RezLux has decided to expand its premier home rental service to year round. RezLux will still have a highly curated portfolio of “America’s Cup Ready” properties (see RezLux.com) in anticipation of the upcoming sailing event in the San Francisco Bay area. However, clients are seeking luxury home rentals, and the affiliated concierge services, throughout the year.

“San Francisco is one of the greatest cities in the world,” said Charlie Martin, Managing Director of RezLux LLC, “and visitors come here every month of the year for culture, attractions, and great food in addition to world class events. To meet the needs of our rental clients, we simply had to extend our service to year round. While vacation rentals remain our major focus, we have even done longer term leases in response to requests from clients either relocating to the Bay Area or visiting for an extended period.”

RezLux has succeeded, according to Martin, because the firm has removed the two most common risks in the home rental industry.

The rental clients will find when they arrive at RezLux properties the same quality and luxury as they viewed on the RezLux website. The RezLux principals who are all locals to the Bay Area, are world travelers, own luxury homes themselves and have handpicked each property in the RezLux portfolio; and
All deposits and rental payments are handled through the trust account of the local agency of Sotheby’s International Realty so both rental and homeowner clients can feel secure about their funds.

The RezLux level of service has convinced numerous homeowners to list their special houses with RezLux, resulting in a unique portfolio of luxury properties.

RezLux LLC is a firm specializing in the rental of luxury homes in the San Francisco Bay Area. The firm was formed in 2011 and its three professionals have over 60 years of real estate experience. For more information, see RezLux.com or call 415-689-6739.

For the original version on PRWeb visit: http://www.prweb.com/releases/prweb2013/1/prweb10331924.htm

Article source: http://www.chron.com/business/press-releases/article/RezLux-Expands-San-Francisco-Luxury-Vacation-4212581.php

Swanky Marin mansion sold for… big bucks

Mon, 31 Dec 2012 06:47:00 +0000

(12-30) 17:32 Pst Belvedere – One of the swankiest properties on the Bay Area market has been sold – but the price and the owner are for now a mystery.

A brand-new Belvedere Island mansion in Marin County , trumpeted by real estate agents as “Villa Belvedere,” was scheduled to be auctioned off Sunday to bidders willing to fork over at least $25 million.

But before the auction, the developer accepted an offer from a buyer, said auction consultant Guy Masters.

Masters said that under a non-disclosure agreement, he could not reveal the selling price or buyer of the 15,500-square-foot, seven-bedroom home and its surrounding 1.14-acre waterfront lot. He would not say whether the property had sold for more or less than the $25 million asking price.

“I can only tell you it’s under contract,” he said.

Developer Jeff Paster spent about $34.5 million buying the property and building the massive edifice, which was completed early this year. It was first listed for $45 million, then $35.88 million before it was slated to go on the auction block.

The layout of the mansion, designed by architect Sandy Walker, is perhaps more stunning than the asking price, which was considered a bargain for such splashy digs.

Nearly every room offers picturesque views of the Golden Gate and Bay bridges, San Francisco, Alcatraz Island and the bay, which real estate agents noted would come in handy for the millionaire buyer who fancies watching the 2013 America’s Cup races from the comfort of home.

The posh pad also includes eight full and two half-bathrooms, solar panels on the roof, wall-mounted iPads to control room conditions, a temperature-controlled wine cellar, a screening room, an indoor sauna, an elevator to all three floors, an outdoor pool and spa, and a terrace paved with fossil stones.

The Belvedere mansion is the latest of an increasing number of luxury homes that are on track to be sold while not in foreclosure, a welcome change from recent history, real estate agents said.

Properties that were recently sold at comparable prices include a $100 million Los Altos Hills mansion and a $28.8 million mansion on Broadway in San Francisco. Other homes in the Bay Area have sold for $23.5 million to $33 million in the last five years, according to the real estate researcher DataQuick.

But homeowners who have their hearts set on the Belvedere home – and who still have a few extra million bucks left over from Christmas – needn’t despair.

The developer “is accepting back-up offers if someone wants to make another offer,” Masters said. Interested buyers can contact real estate agent Olivia Hsu Decker at (415) 435-1600.

Stephanie M. Lee is a San Francisco Chronicle staff writer. E-mail: slee@sfchronicle.com Twitter: @stephaniemlee

Article source: http://www.sfgate.com/bayarea/article/Swanky-Marin-mansion-sold-for-big-bucks-4155987.php

Pacific Union International Supports Artemis Racing in America’s Cup Competition

Tue, 16 Oct 2012 07:07:27 +0000

SAN FRANCISCO, Oct. 15, 2012 — /PRNewswire-iReach/ — Pacific Union International is pleased to announce its support of Artemis Racing, Challenger of Record for the 34^th America’s Cup, through an exclusive marketing partnership. Through this partnership, Pacific Union will offer its real estate professionals and clients unique content and hospitality opportunities.

(Photo: http://photos.prnewswire.com/prnh/20121015/CG93458)

The America’s Cup, dating back to 1851, is the oldest and most prestigious trophy in the sport of competitive yacht racing.

Pacific Union’s support of Artemis Racing helps celebrate the historic arrival of the America’s Cup to San Francisco. “We found an amazing amount of synergy between the mindset of the Artemis Racing organization and the philosophy of Pacific Union,” said Mark A. McLaughlin, CEO of Pacific Union. “We both have cultures of intense excellence, teamwork, and making ‘extraordinary’ our benchmark for achievement.”

“Artemis Racing truly represents elite performance and achievement, which are traits we see in our own teams every day,” said Felicia Chan, vice president of brand marketing for Pacific Union. “And being able to support Artemis Racing’s efforts in our own backyard allows us to share the excitement of America’s Cup racing with Pacific Union’s clients, partners, and real estate professionals.”

Artemis Racing has already demonstrated its competitive fire. In the second America’s Cup World Series event of the 2012-2013 calendar Artemis Racing finished a very credible third out of eleven, beating some of the best racing teams in the world.

The next stop for Artemis Racing and the America’s Cup World Series will take place in Venice, Italy, in April and then on to Naples, in May 2013. Artemis Racing will then compete in San Francisco in the Louis Vuitton Cup in July 2013 and if successful they will advance to challenge ORACLE Team USA in the America’s Cup Match in September 2013.

Paul Cayard, CEO of Artemis Racing, strongly supported the idea of a partnership with Pacific Union. Cayard is a seven-time world champion, two-time Olympian, former America’s Cup skipper, and member of the Sailing World Hall of Fame.

“I have been lucky enough to experience firsthand the commitment to clients shown by Pacific Union, and their drive to exceed expectations at every turn,” Paul said. “Those qualities are a perfect fit with Artemis Racing, and we are excited about working together.”

About Artemis Racing

Artemis Racing is the Challenger of Record for the 34th America’s Cup. Artemis Racing competes in the America’s Cup World Series, RC44 Championship Tour, and Vulcain Trophy. Artemis Racing represents the Royal Swedish Yacht Club (KSSS).

About Pacific Union International

Pacific Union International is the San Francisco Bay Area’s premier luxury real estate brand operating in seven regions, including the Contra Costa County, the East Bay, Marin County, Napa County, San Francisco, Sonoma County, and the Tahoe/Truckee region.

Pacific Union offers a full range of personal and commercial real-estate services, including buying, selling, and relocation.

Locally owned, Pacific Union’s leadership operates with an entrepreneurial mindset and unwavering commitment to deliver exceptional service and expertise to ensure deep, long-standing client and agent relationships.

For more information, please visit us at www.pacunion.com, get our real estate news and insights at blog.pacunion.com, or find us on Facebook (facebook.com/puintl) and Twitter (@pacunion).

Media Contact: Felicia Chan, Pacific Union International, +1-415-314-4929, felicia.chan@pacunion.com

News distributed by PR Newswire iReach: https://ireach.prnewswire.com

SOURCE Pacific Union International

Article source: http://www.heraldonline.com/2012/10/15/4339002/pacific-union-international-supports.html

With America’s Cup on the horizon, Southern Marin real estate market could heat up – Marin Independent

Sun, 10 Jun 2012 06:49:40 +0000

Click photo to enlarge

LJ Blake is hoping his hillside home in Sausalito that offers sweeping views of the bay will be of interest to well-heeled individuals who want to check out America’s Cup races.

“We just want to get as much as we can for it for as long a period as possible,” he said, with a laugh. “What are they estimating? A billion dollars coming to the Bay Area as part of America’s Cup? We want to stick our fingers in there and get just a bit of that.”

The America’s Cup match will pit the American defender — Internet mogul Larry Ellison’s team — against a foreign challenger on San Francisco Bay in a best-of-nine series set for Sept. 7-22, 2013. The Louis Vuitton Cup, which will determine the challenger, has been scheduled for July 13 through Sept. 1, 2013, also on San Francisco Bay. Travelers from around the world are expected to come to Marin and the Bay Area for the event — and they’ll need places to stay for weeks on end.

As the America’s Cup starts preliminary events in August and October this year, property owners in Southern Marin are getting serious about renting out their homes to those who follow the yachting series.

All the activity has not gone unnoticed by Sausalito city officials, who may look to regulate rentals in the city when they meet Tuesday.

With the races expected to pump $1.4 billion into the Bay Area, property owners see opportunity.

Blake would normally rent his home at 212 Fourth St. for

$7,000 a month. But he is hoping to at least double that for the America’s Cup.

“We could be in the right place at the right time,” he said.

Sausalito real estate agent Charlie Martin said some homes could go for three to five times what they might normally fetch. Martin and two partners started the real estate rental company Rezlux to cater to those who might want to rent for the America’s Cup.

“We are starting to get inquiries from homeowners,” he said. “We think people coming in will want to have a home to themselves rather than stay at a hotel.”

While Martin said there likely will be a large spectrum of homes offered, it will be the higher-end properties that will be most desirable.

“We will be trying to accommodate the high-end visitors, and a home will probably have to have special and unique qualities,” he said.

To make the experience a little more ritzy for renters, Martin is offering chef and concierge service. The company is getting inquires about rentals in Sausalito and Southern Marin, he said.

Many of the more desirable properties being rented are in San Francisco, but Marin should see some action as well, said Eric Baird, president of Relisto, a San Francisco firm also offering rental homes for America’s Cup.

“You still have premium homes in Sausalito, Tiburon and Belvedere that people will be interested in,” Baird said. “Even though those homes don’t put you right on top of the action they are still right there and just a ferry ride away. I think there is a lot of excitement out there for this.”

Sausalito real estate agent Sherrie Faber, however, is not so sure the demand is really there.

“Unless you have a great view of the race course, I don’t think people will seek out homes,” she said. “A lot of people will be coming in their yachts and staying in the higher-end hotels or maybe on the west shore of Belvedere. A few homes in Marin may be rented that have the panache that these travelers are looking for. But most want to be close to the action in San Francisco.”

People are expected to come to Marin for the races. As many as 11,500 people a day could line the shores of Southern Marin to watch the America’s Cup on race weekends, according to an environmental impact report on the ritzy yacht race prepared by the city of San Francisco.

Sausalito is expected to see the most visitors in Marin for the race — 5,000 during peak periods on the weekends. Another 3,500 people are expected to come to Fort Baker, the Marin Headlands and other areas just north of the Golden Gate Bridge. Tiburon and Belvedere are expected to see 1,200 people a day during the race on weekends.

Sausalito city officials are looking at how to address potential impacts to the city. While there may be some hardships, they also realize there is a chance to cash in on the event from affluent yachting fans who want to spend and rent in the town. At Tuesday night’s City Council meeting, council members will look at new vacation rental regulations.

“With the pending America’s Cup, staff anticipates an increase in tourism and local hotels may not have the capacity to accommodate the visitors’ lodging demand,” reads a city report on the subject.

Noting the city can only offer up a little more than 100 rooms in hotels, the city is proposing to temporarily allow for rentals for fewer than 30 days in residential areas including arks and houseboats. These short-term rents are currently prohibited in all residential areas.

The rentals would only be allowed during race periods. Property owners would have to pay for a $283 permit to rent their homes. Properties would need to be rented for at least seven days.

Mayor Mike Kelly wants to check the pulse of the community on the issue.

“We have to move slowly and carefully on this and see what the residents and business community, including the hoteliers, think about it,” he said. “We will see if people find it favorable. I’m sure the community will let us know what they think.”

Contact Mark Prado via email at mprado@marinij.com

RENTALS DISCUSSION

The Sausalito City Council meets at 7 p.m. Tuesday to discuss short-term residential rentals related to the America’s Cup races. The meeting will be in City Hall at 420 Litho St.

Article source: http://www.marinij.com/sausalito/ci_20814635/americas-cup-horizon-southern-marin-real-estate-market

SportsMark named agent for America’s Cup Club

Mon, 28 May 2012 11:09:40 +0000

A Bay Area sports marketing company has some sizable and far-flung gigs on its plate these days – the London Olympics in July, the 2014 World Cup in Rio de Janeiro, and, oh yes, the America’s Cup in San Francisco.

SportsMark Management Group, headquartered in San Rafael, has just been named “corporate hospitality management partner” for the 34th America’s Cup and the exclusive sales agent for events sponsored by the America’s Cup Club.

That means the company will manage numerous events, beginning in August, at the America’s Cup World Series, with a special viewing area, gourmet meals, a hosted bar and an opportunity to have your picture taken with the trophy itself at a tented venue next to the Golden Gate Yacht Club.

It will be doing the same for land- and water-based events, including inside the restricted race perimeter between Piers 27 and 29, during the Louis Vuitton Cup and the America’s Cup finals in 2013.

“This is extremely important for us, because it’s based in the Bay Area, in our backyard,” said Keith Bruce, president of SportsMark, which has offices in London and Sao Paulo, in addition to San Rafael.

Bruce wouldn’t disclose details of the deal, except to describe it as a “business partnership with a revenue share arrangement.” With an estimated 200,000 visitors a day expected, the arrangement is worth many millions, it’s probably safe to say.

“There will be strong demand for America’s Cup Club hospitality packages,” said Stephen Barclay, interim CEO of the America’s Cup. “We are very pleased to have SportsMark, a leader in global sports hospitality management, join us as a partner.”

The feeling, we suspect, is entirely mutual.

Ready for fun: Should there be any yachting fans among the 100 or so local employees of EVault, they’ve been relocated to San Francisco at the right time.

This month the cloud storage and data backup and recovery company, owned by Seagate Technology, moved its global headquarters and offices in Emeryville and Santa Clara to San Francisco’s South of Market area, on Third Street near Moscone Center.

“It’s much more vibrant, much more fun, and our customers love coming to the city,” said Terry Cunningham, EVault president and general manager.

Well, maybe not all 35,000 mid-size corporate customers who have signed on to EVault’s cloud-based services. The 15-year-old company, acquired by Seagate in 2007, has offices and operations in New York, Chicago, Salt Lake City, Ontario and the Netherlands.

Cunningham said he’s looking to double the staff in San Francisco over the next couple of years. And there just so happens to be another 28,000 square feet available on the floor above its new location.

One door closes …: As Grubb Ellis winds down – it declared bankruptcy in March – Cornish Carey is ramping up.

On Friday, the Santa Clara real estate company is announcing it has taken on 28 senior brokers from Grubb Ellis, including its former San Francisco executive vice president, Daniel Cressman, who was named executive managing director at Cornish Carey.

That brings the number of the firm’s brokers to 310 in eight offices in Northern California. “The opportunity for a commercial real estate firm to hire a large number of highly regarded quality agents at one time is extremely rare,” noted the firm’s CEO, Chuck Seufferlein.

Cornish Carey partnered with New York’s Newmark Knight Frank in 2010, which in turn was bought by BGC Partners, a global financial and property brokerage company, also from in New York.

Last month BGC took over the bankrupt Grubb Ellis and integrated it into Newmark Knight Grubb Frank – as opposed to the formally named Cornish Carey Commercial Newmark Knight Frank, which Cressman and other Grubb Ellis alumni have now joined.

We’re sure it’s one big family. “It’s the best move I’ve made in my 30 years in the business,” says Cressman.

Clothes horses: One of the objections raised by folks who wanted to keep the Gold Dust Lounge in Union Square – before deciding this week to head for Fisherman’s Wharf – went along the lines of “Jeez, we don’t need another chain clothing store in the area.”

That was a reference to Express, the apparel chain with 14 other outlets in the Bay Area, which is scheduled to take over the space being vacated by the bar this week.

Last time we checked, Express was due to open on the corner of Powell and Geary streets in the fall. However, the three-month dispute between the Gold Dust Lounge’s proprietors and the building’s owner has set that back a bit.

“I don’t have any specifics on a timeline but we will most likely open in 2013,” said spokeswoman Barbara Coleman.

Not to despair, however. Another big retail store is set open in the fall, just one block down from the Gold Dust Lounge on Powell Street. That would be Uniqlo, a Japanese discount chain that has three outlets in New York and more planned in various parts of the United States.

The chain’s 29,000-square-foot “West Coast flagship” will be at 111 Powell St., cheek-by-jowl with Gap‘s flagship, HM and Urban Outfitters.

Calling San Francisco “a world leading center in innovative technology,” Tadashi Yanai, CEO of Uniqlo’s parent company Fast Retailing Co., said last month, “We look forward to working closely with the people of San Francisco to help us create the best possible store.”

Andrew S. Ross is a San Francisco Chronicle columnist. Blogging at www.sfgate.com/columns/bottomline. E-mail: bottomline@sfchronicle.com Twitter: @andrewsross Facebook page: sfg.ly/doACKM

Article source: http://blog.sfgate.com/americascup/2012/05/25/sportsmark-named-agent-for-americas-cup-club/

Bay Watch: Sailing Fans Start Scoping Out San Francisco

Wed, 25 Apr 2012 07:17:03 +0000

By SARAH TILTON

With the America’s Cup sailing into San Francisco Bay next summer, some local homeowners with views of the race are renting out their homes to yachting fans willing to pay for a front-row seat.

SAN FRANCISCO—As this city gears up for the 34th America’s Cup next year, a race of a different kind has already begun: one to snag the best views of the sailing regatta.

Peter Jacobsen, a semiretired dentist from Yountville, Calif., isn’t taking any chances when it comes to ensuring a view of the America’s Cup racecourse on San Francisco Bay. Dr. Jacobsen and his wife, Gwendolyn, last year paid $158,000 for a fractional interest in a one-bedroom unit at a ritzy condo development right by San Francisco’s waterfront.

Enlarge Image

Gilles Martin-Raget and America’s Cup Event Authority

The silver trophy for the America’s Cup

The deal guarantees just 35 nights a year at the property—but importantly, a Bay-view unit for two weeks during the America’s Cup finals scheduled for September 2013.

The Jacobsens shelled out the six-figure sum even though they already own another fractional interest at the property that they bought for $182,000 in 2009. But that unit doesn’t have a guaranteed view, and with the regatta approaching, “we needed more time and it was an opportunity to lock in the perfect view,” says Dr. Jacobsen, 67 years old.

More than a year before the event, sailing fans are scouting out prime vistas for the America’s Cup. The chase for best perch has inspired a real-estate scramble, with some agents setting up shop specifically to locate rooms with a view for elite clients.

Other people are scoping out places closer to the action.

Rental prices for the America’s Cup are already soaring. Landlords are dangling options such as a $60,000-a-month rent for a home in the posh Pacific Heights neighborhood during the race. Although results remain to be seen, agents say prices could go as high as $100,000 a week during the finals.

“It will be a real land-grab for the good stuff,” says Rick Teed of Sotheby’s International Realty.

The anticipated demand for a race view stems partly from the relative rarity of the America’s Cup taking place in America. The race hasn’t been held in the U.S. since 1995, and in recent years has taken place off the coast of New Zealand and Spain. (The race was named by the New York Yacht Club after the schooner America, which beat the British in a race in 1851.)

The Cup has never been held in San Francisco Bay, which race officials describe as a “natural amphitheater”—as opposed to the open ocean where the regatta usually takes place. That means some prime views of the event can be had from land this time rather than from the decks of spectator boats.

America’s Cup

The race is coming to San Francisco through the efforts of Oracle Corp.

founder and chief executive Larry Ellison, whose yacht and sailing team won the 2010 America’s Cup in Valencia, Spain. The winner of the race, which is typically held every three to four years, decides where the next competition will take place. The billionaire also owns a home in San Francisco with first-class views of the Bay.

But Mr. Ellison may have an even better seat than that for the regatta. An America’s Cup spokeswoman says Mr. Ellison will be on board Oracle Racing’s boat during the races. Through a representative, Mr. Ellison, 67, declined to comment.

The Cup itself, a sterling silver trophy that gets its own seat on airplanes, comes in a custom Louis Vuitton case and always travels with a companion, the Cup spokeswoman says. It is kept in a secret location when not on tour, she says, but will be displayed during the race in San Francisco.

The heady rental numbers are spurring some homeowners to try renting their home for the first time. Marjorie and Larry Schlenoff listed their 3,162-square-foot four-bedroom San Francisco home, which they have lived in since 1999, for $35,000 a month for a long-term lease encompassing the Cup period. For shorter stays around the time of the Cup, the price is higher: $15,000 a week, says Mrs. Schlenoff.

“We’ve never rented our house,” says Mrs. Schlenoff, a psychoanalyst and nonprofit founder. But with the home’s vistas and location near San Francisco’s Golden Gate Yacht Club, she says she and her husband see the regatta as a unique opportunity and the house as a “business asset.”

She listed her home through rental agency ReLISTO, which has multiple homes available for the Cup, including a $3,500-a-month studio with no views to $60,000 a month for a 5,000-square-foot Pacific Heights house with panoramic Bay views.

Charlie Martin, a real-estate agent in Sausalito, Calif., launched a group called RezLux in February specializing in Cup rentals. In addition to real-estate needs, he says he will also provide personal chefs and concierge services for the race. So far, he has handled calls from potential clients in England, Japan and New Zealand. “We’re starting to book,” he says.

Some homeowners say there is no way they will rent their home during the Cup because they want the panoramas for themselves. Venture capitalist and America’s Cup Organizing Committee member Tom Perkins, who owns a 60th-floor penthouse in San Francisco, will be watching the Cup from there.

“It’ll be just about the best place to watch,” says Mr. Perkins, 80, adding that he plans to have “lots and lots of people over.” Mr. Perkins, who once owned one of the world’s most expensive yachts, dubbed the Maltese Falcon, says he has several pairs of binoculars and a World War II telescope ready for the festivities.

Others are plotting a cheaper course to view the regatta. Sean Randolph, president of the Bay Area Council Economic Institute, says he plans to watch the Cup from a kayak in a buffer zone that will be created on San Francisco Bay for nonmotorized boats. While Mr. Randolph’s home in Marin County, north of San Francisco, has a view of the Bay, it doesn’t overlook the Cup’s racecourse, and he doesn’t want to shell out thousands of dollars to rent a property.

“In a kayak, you’re sort of participating because you’re on the water and you’re a little closer” to the action than on land, he says.

For John Kostecki, a sailor on the Oracle sailing team, the best views of the race are free. In particular, he recommends a stretch of waterfront near the Marina Green, where spectators can get close enough to hear sailors’ conversations. “It’s quite deep and the boats can come quite close,” he says.

Write to Sarah Tilton at sarah.tilton@wsj.com

A version of this article appeared April 25, 2012, on page A1 in some U.S. editions of The Wall Street Journal, with the headline: Bay Watch: Sailing Fans Start Scoping Out San Francisco.

Article source: http://online.wsj.com/article/SB10001424052702304331204577351982251005646.html

RezLux Launches Luxury Vacation Rentals for the America’s Cup San Francisco

Sun, 11 Mar 2012 21:33:45 +0000

America’s Cup fans can opt for luxury “homes away from home” in San Francisco. Ditch the gilded hotel cube and live like a local with available concierge service.

San Francisco, CA (PRWEB) March 08, 2012

America’s Cup fans will be able to opt for luxury “homes away from home” while they attend the Cup events in San Francisco in the summers of 2012 and 2013. Even if most of the prime hotel rooms were not already committed, many corporate and private visitors would choose to rent homes for the comfort and spaciousness, according to Charlie Martin, managing director of San Francisco-based luxury home rental firm RezLux.

San Francisco has only 33,000 hotel rooms of varying qualities. Official projections anticipate daily visitors during the America’s Cup events at more than five times that number, which explains why most of the desirable hotel rooms are already booked.

The 34th America’s Cup competition in San Francisco will span three to four weeks in August and September of 2012 and nearly three months in 2013. Those are long times to spend in hotel rooms, even in luxury suites.

What are America’s Cup fans to do? Martin says they need to look to “homes away from home”. Such properties frequently combine the livability of a home with views of the sailing race course, proximity to America’s Cup social events and access to a concierge to arrange those last minute tickets, tours and chef-prepared meals.

“The America’s Cup competition is not an intense, one-day event but rather a multi-day experience to be savored and enjoyed,” said Martin, “The catamaran races on the Bay will be very exciting to see but the extended schedule affords visitors the opportunity to enjoy all that San Francisco and the Bay Area have to offer.”

In 2011, Martin set about to determine whether owners of luxury homes in the San Francisco Bay Area would have interest in renting their houses during the America’s Cup events. The response was quite strong and so Martin and two other professionals created RezLux. As world travelers and owners of luxury homes themselves, the three principals can anticipate the needs of the homeowners and the visitors alike.

“We know our homeowners want us to screen the possible tenants to avoid complications,” Martin explained. “Our tenants want all the quality and luxury of a five-star hotel with a concierge service at hand to fulfill any request.” Martin, a 30-year veteran of Bay Area residential real estate, personally reviews the home of each person seeking to list with RezLux and some have not met the selection criteria. Similarly a RezLux professional or, in some cases, a “secret shopper”, checks each and every third party service before the service would be added to the RezLux Suggested Service List.

“We at RezLux want our clients to enjoy the America’s Cup experience and all the glorious San Francisco Bay Area has to offer,” said Martin, “And we are working hard to ensure their stays go without hitches.”

RezLux LLC is a firm specializing in the rental of luxury homes for specific events in the San Francisco Bay Area, particularly for the 34th America’s Cup competition. RezLux has assembled a portfolio of some of the finest homes in the Bay Area available for rent. For more information, see RezLux.com or call 415-689-6739.

For the original version on PRWeb visit: www.prweb.com/releases/prweb2012/3/prweb9259848.htm

Article source: http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2012/03/08/prweb9259848.DTL

America’s Cup downsized pier pact gives S.F. a better deal

Sun, 04 Mar 2012 08:57:25 +0000

In just a few months, the America’s Cup will grace San Francisco Bay with its world-class sailing regatta. And as spectators line the waterfront to witness the boats race by, the piers around them won’t all be spiffed up with fancy new accommodations — yet that is good for San Francisco.

In December 2010, the Board of Supervisors unanimously approved a deal to host the America’s Cup sailing race, which is being staged by Oracle Racing and sponsored by San Francisco’s Golden Gate Yacht Club. The arm of the race that puts on the event was to receive long-term development rights to waterfront property in San Francisco, in return for fronting the millions of dollars needed to fix several dilapidated piers.

Yet days after the board signed the agreement, Newport, R.I., suddenly emerged as a finalist to host the race, and America’s Cup officials seemed open to holding the event there instead of San Francisco. In a move to hang on to the race, then-Mayor Gavin Newsom unilaterally changed portions of the hosting agreement, making the deal a worse one for The City than the one approved by the board.

Nonetheless, for the next year or so, planning of the event seemed to sail along, with committees and subcommittees hearing the plans and mostly rubber-stamping the approvals in a deal that wasn’t heavily scrutinized by the public or media.

But lying just below the surface were voices of criticism, and rightly so. While the deal would have fixed portions of the waterfront that are badly in need of repair, the long-term costs to The City and its taxpayers did not make sense. So when Mayor Ed Lee announced Monday that two piers were being taken off the table, and the investment in waterfront rehab was scaled back from $111 million to a price tag of between $10 million to $18 million, everyone in San Francisco should have breathed a sigh of relief.

Developing prime waterfront real estate in San Francisco should not be taken lightly, nor proceed without proper public vetting. The City’s bayshore waterfront is some of the best real estate in the entire nation, and it does need to be redeveloped — possibly in a public-private deal like the one the America’s Cup Event Authority proposed. But doing so under the duress of losing a world-class event led the prior administration to agree to a shortsighted deal.

The America’s Cup is a boon for San Francisco, and city officials should do whatever is within their means to make it successful. The long-term status of San Francisco’s waterfront, however, need not be resolved so breezily.

Article source: http://www.sfexaminer.com/opinion/editorials/2012/03/americas-cup-downsized-pier-pact-gives-sf-better-deal

Regatta deal might sink San Francisco’s coffers

Sat, 11 Feb 2012 13:22:18 +0000

The America’s Cup yacht race is bringing more than big boats to town.

It also comes with a deal involving some of The City’s most valuable public real estate, and the pact with race officials needs significant changes if San Francisco’s financial ship is going to stay on course, a budget analyst’s report released Thursday says.

The business arm of the race, the America’s Cup Event Authority, plans to finance waterfront pier improvements that the Port of San Francisco cannot afford. In return, race officials would receive ownership and long-term rent-free leases after the 2013 event for some of The City’s most desirable Bay-front property to build luxury condominiums, retail outlets and other developments yet to be determined.

Although the Port normally requires such deals to include a portion of future lease revenue to be funneled back into public coffers, that’s not currently part of the America’s Cup agreement. But the report conducted by budget and legislative analyst Harvey Rose recommends a 1 percent equivalent of all condominium sales be retained by the Port and that it also should receive a cut of real estate transfer fees.

Under the terms of the current deal, the authority would initially invest $55 million in pier improvements in exchange for a 66-year lease at Piers 30-32 and ownership of Seawall Lot 330, a property already approved for condos.

The authority could then opt to do additional pier work and get 66-year leases on piers 26, 28 and 29, which would trigger repayment from The City with an 11 percent interest rate. The report recommends that a cap be placed on the amount race officials can spend on improvements, or else The City could end up being roped into repayment for up to 91 years after the event.

The report suggests The City should nix Pier 29, at the foot of Telegraph Hill, from being transferred to race officials after the event. Board of Supervisors President David Chiu has been pointing to the lucrative property as a problem spot in the deal.

“Pier 29 needs to come off the table,” Chiu said in a statement Thursday. “I’ll push to have it removed in the weeks ahead.”

Stephen Barclay, a board member of the authority and the group’s primary negotiator, has been talking tough in recent weeks, saying concessions have already been made to mitigate the financial stress on the Port. Barclay said on Tuesday he will “draw the line” with Pier 29, because it is essential to the authority seeing a return on the total $111 million it plans to spend.

“We face an urgent deadline to get construction under way, so any additional changes would detrimentally affect the balance of the bargain,” Barclay said recently in a statement.

The report also levies concern about potentially lax fundraising by the America’s Cup Organizing Committee, the nonprofit in charge of covering The City’s $52 million cost of putting on the race in September 2013.

If the committee raises its goal of $32 million by 2013 and The City can generate $22 million in hotel and sales taxes during the event, San Francisco will come out more than $2 million ahead, the report says. But if fundraising stagnates at its current $8 million level, The City’s taxpayers could be in the hole for nearly $22 million.

Local Democratic Party Chairman Aaron Peskin said the long-term fiscal impact of the race shouldn’t be taken lightly, and upcoming Board of Supervisors hearings on the matter should include discussions about how to expose The City to less risk.

“As currently structured, this transaction is still taking San Francisco and its taxpayers to the poor house, and many of us are hopeful the Board of Supervisors will insist on some rational changes,” Peskin said.

dschreiber@sfexaminer.com

America’s Cup price tag

$300M Total cost for competition

$52M Cost to The City

$32M City costs to be offset by fundraising

$22M City costs to be offset by hotel and sales taxes

$1.4B Economic benefits for Bay Area, as estimated by race officials

Sources: America’s Cup Event Authority, San Francisco budget and legislative analyst report

Article source: http://www.sfexaminer.com/local/2012/02/regatta-deal-might-sink-san-franciscos-coffers