July 18, 2006
The Infinity Starts Selling
If you’re interested in The Infinity, let’s hope that you heeded our advice and submitted your pre-qualification letter weeks ago, because they've started taking deposits. According to a tipster that has already reserved a unit, “They are selling very quickly.” Unfortunately we don’t know if that’s just the sales center talking, or if it’s a cold hard fact. So who’s got the numbers? Additional anecdotal evidence or sales center experiences?
∙ The Infinity Sales Center: SocketSite’s
Inside Scoop [SocketSite]
First Published: July 18, 2006 2:03 PM
Comments from "Plugged In" Readers
If you've got money to burn or nothing better to do with it, quick, make a reservation at The Infinity!!! For a mere $1.2 MM, you could live in an all carpeted, laminated pressed-board cabinets and cheap granite kitchen, and "we're not even going to tell you what brand of refrigerator you're getting" shoebox of ~1,300 sq. ft.
Posted by: Sexy & Sassy in SF at July 18, 2006 3:05 PM
Okay Sexy & Sassy, you can’t just tease us like that (on so many different levels). What’s behind the "we're not even going to tell you what brand of refrigerator you're getting" comment? And unless we’re mistaken (granted, it wouldn’t be the first time), think you’re a bit confused with regard to “all carpeted.”
Posted by: SocketSite at July 18, 2006 3:19 PM
I was there last week (on day 3). 2 bdrms facing a wall were over 900K. Generally 1 bdrms were $1000 sq/ft, 2bdrms $850 sq/ft.
They didn't even have the terms of the contract yet. Even the sales agent mentioned that people were surprised at how high the prices were. We passed, but they've called us back about 6 times already telling us to come in.
I didn't like that they didn't even have all the floor plans and prices in a single list (she wouldn't let us look at the spreadsheet with the prices).
Posted by: Mike at July 18, 2006 4:49 PM
Ok, so maybe the whopping ~7 sq. ft. of the puny kitchen is going to be hardwood; I don't even feel that merits a puny acknowledgement. Ok, and the bathroom is not carpeted. OH, and let's not forget the laundry "closet."
I was in the sales office this past Saturday. With regard to the "we're not even going to tell you what brand of refrigerator you're getting" comment, I asked the sales agent if the fridge was going to be included as standard. She said yes. I asked what brand. A resounding "I don't know" was the poor-excuse answer. I told her One Rincon included a Sub Zero as standard, to which I got no response. I guess you'll just have to plop down your deposit at the Infinity and cross your fingers and HOPE you get something worth 1/1 millionth of your money. AND the wash & dryer are included in Phase I only. Whether or not they will be included in any future phases is TBD -- pathetic.
I passed as well, simply disgusted at the over-priced mediocrity of the supposedly "luxury" condominiums that, by my standards, fall far below even the quality of my rental.
I only have two words to say to The Infinity -- so I hope you're listening, Mr./Ms. The Infinity -- good luck!!! You can beg me to come back into your sales office when units aren't selling and you've reduced them by 50%!!!!
Posted by: Sexy & Sassy in SF at July 18, 2006 5:47 PM
I have no interest in The Infinity for many reasons...but Sexy-Sassy's comments are too over-the-top, get-over-yourself. [Removed by Editor (come on deshard, you know better...)]
Posted by: deshard at July 18, 2006 6:50 PM
I went to the Infinity last weekend. There were price sheets for around 100 units released. Only those that pre-qualified are able to reserve a unit and view the actual prices of individual units. From what I saw, they are just about SOLD OUT of those first 100 units. If they don't raise prices astronomically over the next few weeks/months, they'll probably sell out just like the Rincon will. And no, I DOUBT they will reduce prices 50%! ;-)
One thing I should mention is that many of the buyers are second home buyers or international buyers looking for a pied-a-terre. They are not as fussy regarding flooring or what kind of appliance comes with the units. They will simply upgrade as they have the financial resource to do so... (If anyone's ever lived in or visited the Metropolitan up the street, they'll tell you the building is only 50-60% occupied at any given time. The same will happen to Rincon and Infinity and that's certainly not a bad thing as you'll have the amenities to yourself - gym, pool, etc...)
Prices range from $700 Sq/Ft for a flat in one of the '8 story' buildings up to $1300 Sq/Ft for an unobstructed bay to downtown views on the upper floors. I believe the prices are comparable to what the Rincon are selling for.
I personally don't care much about whether there's carpeting or cheap appliances (if you're spending a million+ for a condo, what's a few thousand to upgrade the interior?) The LOCATION, VIEWS, AND LIFESTYLE are what you're paying for. Units at The Brannan are going for $1000+ Sq/Ft for units with NO VIEWS and $1500 Sq/Ft for views and those buildings are only 18 stories high! Other mid-rises in S Beach and SOMA are selling at a higher $$ per SqFt than either the Infinity or the Rincon. Heck, even the Watermark is selling at a higher price point than Infinity and that building is way inferior in terms of location and amenities!
And for those that may have misunderstood what actually comes with the units, Infinity's Info sheets states:
Bosch stainless steel gas cooktop and oven, Bosch stainless steel microwave, Bosch Integrated, brushed stainless steel dishwasher, Watermark satin stainless steel faucets.
Walnut cabinets, master bath vanity top is Dark Emperador polished marble from Spain, limestone flooring, Master tub/shower are Bella Crema limestone, and Watermark satin stainless chrome plumbing fixtures, and Kohler sinks and toilets.
Now I'm no expert on appliances, flooring or fixtures, but those sound like pretty nice standard equipment to me!
And finally, I didn’t reserve a unit at either the Infinity or Rincon, I’d just like to give a different perspective on those developments. I’m sure there are just as many fans as there are detractors....
Posted by: John at July 18, 2006 7:28 PM
Funny John, you almost sound like a salesperson. Thankfully, we don't have to feel sorry for the buyers at this building when they lose 30%-50% since they all must have a lot of money they are willing to lose.
Posted by: SoonToLose at July 18, 2006 9:22 PM
Nope, not a salesperson. I'm also a fan of One Rincon and The Brannan. I think urban development and high rise living is long overdue in the Bay Area. It helps preserve open space and is environmentally friendly.
Btw, those people that can afford to buy those high rises won't necessarily lose their money. People only lose when they sell and why do you think these richies will sell when they're down??
Posted by: John at July 18, 2006 11:39 PM
Another way of looking at this is that "purchasers" are essentially buying a Call option on an apartment for 5% down. If prices really do decline significantly before occupation of the building, purchasers presumably could choose to walk away and lose their deposit. Then purchase a resale unit for 10% less :-)
Posted by: Amen Corner at July 19, 2006 11:09 AM
The experience was wonderful. It's strictly by appt. only for those that pre-qualified thru their lender. So no fighting the crowds or waiting hours to talk to a sales person like One Rincon.
I don't know why (marketing?), but the Infinity doesn't attract crowds like the Rincon. I've been there on Sats and Sundays and there's never more than a few customers there at a time. It's quiet and relaxing and the salespeople there are very friendly and knowledgeable.
I personally think the location is much better. It's only a block from the bay and closer to Financial district. I always wonder how people are going to get to the Rincon during commute hours when thousands of cars are headed toward the 1st St. ramp to the bridge. It can be a traffic nightmare up there!
Pricing are the same as the Rincon I think. Floors in the teens run ~1.0-1.2M for 2bd. Floors in the 20s and 30s run 1.2M and up depending on location.
Posted by: Joseph at July 19, 2006 2:21 PM
No, I don't think it's the marketing. I think people are balking at the unexpected pricing.
Posted by: Sexy & Sassy in SF at July 19, 2006 3:50 PM
Rincon was/is a better deal.
Posted by: Sexy & Sassy in SF at July 19, 2006 3:51 PM
"I always wonder how people are going to get to the Rincon during commute hours when thousands of cars are headed toward the 1st St. ramp to the bridge. It can be a traffic nightmare up there!"
They will likely use their feet to get their. It's a fairly radical idea, I know, but it's just crazy enough to work. While I agree that right now the Infinity is clearly a better location, in 4-6 years that will likely not be the case. Read up on what is going to be happening as part of the Folsom corridor project and it will be readily apparent that the area right around Harrison and 1st is going to be dramatically different come 2011/2012.
Posted by: 1RinconBuyer at July 19, 2006 4:19 PM
Sure is a lot of opinions on this matter.
Has anyone EVEN reserved a unit at One Rincon or Infinity??
If so, you must think it's a good investment. Can you tell us why and help liven up an already lively discussion?!? ;-)
Posted by: SF Living at July 19, 2006 4:31 PM
Yes, I have a reservation at One Rincon. 17th floor, 2-2, floorplan 06---purchase price....under $1MM, only just barely. The 06 floorplan is on the northwest corner of the building and from my floor, will have unobstructed views of downtown, the golden gate and twin peaks.
I was also pre-qualified at the Infinity and after visiting with them was less than impressed with the quality of the finishings and the floor plans overall. About the best thing I can say regarding Infinity is that is has a great location and that the architect has tried incorporate some desk/office-type space into a few of the floorplans, which is nice.
I think the point made earlier about people with money to burn is likely true regarding the quality of the finishings being offered at the Infinity. Either they will use the unit as a pied-a-terre or will just spend the extra dough in order to upgrade. However, if you are looking for top-notch finishings, One Rincon wins hands down.
Posted by: 1RinconBuyer at July 19, 2006 4:48 PM
ok, i've been reading this particular blog for a couple days now and waiting for some actual buyers to comment cuz I reserved a unit at Infinity.
1RinconBuyer, i'll admit you got a great deal! You must got in early because I was quoted 1.1MM for Plan 6 on 19th floor just last week. Did you reserve at the 'preview party'??
The reason I bought at Infinity vs Rincon is, as 1RinconBuyer stated, the location. While Rincon will be stunning when completed and a landmark, I just had a problem will the traffic noise and pollution especially during commute hours. Joseph made a good point regarding the freeway onramp. What's gonna happen when there's an accident on the lower deck? Traffic will be clogged for blocks on all directions leading up to Rincon. And walking or hanging out at the courtyard won't be that pleasant with all the honking and traffic and smoke just yards away.
Infinity's location is wonderful. It's just a short one block from the Embarcadero and the Bay and closer to the Financial district and BART.
And regarding the Folsom project, Infinity IS located on Folsom so the area is just prime! :-)
I agree the quality of the finishings is not as nice, but I reserved a unit in the 30s and any floor above 28 has all upgraded appliances and flooring included. The ones below 28 will be the cheapies...
The price I paid? $1000/sqft for a 2/2 corner unit with pano views of the south bay to twin peaks. Not great, but reasonable I feel...
Posted by: InfinityBuyer at July 19, 2006 5:18 PM
Bottom line is price here. To answer InfinityBuyer's question, yes, I did get in early, on the second day of preview week to be precise. I sort of had a feeling that I was getting a great deal given the floor plan 06 and given the floor and your post just confirmed suspicions. We were at about $800/sq ft. I assumed that my unit on an equivalent floor would likely be going for significantly more and relatively quick.
I also think the difference in price points between the Infinity and One Rincon really comes down to the construction financing with respect to each. The Infinity was not as concerned with locking up financing as was the case with One Rincon and therefore One Rincon had a to be a little more cautious with its price points, at least for a minimum number of units
I think InfinityBuyer's point about the traffic would likely be more relevant for those living in the town homes and those living in units on the lower floors. For someone like myself, I usually don't leave my office in the Fi.Dist. until around 7:30 so it's likely that I would never see the traffic in any case.
It was definitely a tough call because I currently live about 1.5 blocks from the Infinity now and that spot is absolutely perfect and I love the fact that they are building their pool as an indoor pool (I mean, this is SFO, One Rincon needs to get real about the whole outdoor pool thing in SFO). One other difference I noticed was that One Rincon includes a storage locker with the sale of their units whereas at the Infinity you have to pay an additional amount for a storage locker.
I think both projects are great, but like I said above, price was king here.
Posted by: 1RinconBuyer at July 19, 2006 5:45 PM
I'm kicking myself for passing on One Rincon at 875K now that I've really had a chance to compare the two (vs. Infinity). I forget what floor that was, though. I'm actually interested in the second building at One Rincon, so maybe I'll try again when it opens up for sale.
I still might reconsider The Infinity for Building 2 w/unobstructed view of the bridge!!! Now, that's a view I wouldn't mind shelling out a nice deposit for.
I see I've managed to ruffle a couple feathers in here ... eh-hem. But I don't see anything wrong with wanting something of value for my money; it doesn't make me spoiled [I saw a certain someone's post before it was edited (I make my own money, by the way, so it's not like I'm a silver spoon like Hilton)]. My whole point is that when your competitor is offering a very comparable product for what I feel is a relatively significant price difference, it doesn't make sense to have to pay more to upgrade. But, hey, we're all entitled to our own opinions without having to resort to name-calling. That's so ... sophomoric.
Posted by: Sexy & Sassy in SF at July 19, 2006 6:15 PM
One other point to consider, in response to both Joseph and InfinityBuyer's concern over traffic and noise around One Rincon, is that the area right around Main and Folsom (i.e., where the Infinity is located) becomes an absolute mess of traffic and noise as well. I live at Beale and Folsom so I see it first hand. Whenever there is an exodus of cars from the city, that area becomes a parking lot. The problem is that cars are either trying to get to I-280 via the Embarcadero/King St. or are trying to enter the bridge from either the northern entrance (by One Rincon) or the southern entrance, which requires that cars drive down Main, or right next to the Infinity.
Point being, living at the Infinity will not allow you to avoid the very same problem you describe. Ideally, the city planners would either move or add more on-ramps to the bridge further west so that the congestion could be alleviated in the Rincon Hill area. Don't know if anyone knows whether or not that has been discussed by the city.
Posted by: 1RinconBuyer at July 19, 2006 6:32 PM
Oh, and there is a one-year holding period where the buyer is not permitted to sell the unit at The Infinity. I'm guessing construction of Building 2 would be well under way and deposits being taken by then.
Posted by: Sexy & Sassy in SF at July 19, 2006 7:01 PM
Yes I would agree with 1RinconBuyer. If I had a chance to buy a unit at Rincon for $800 sq ft, I would have jumped at it. Now it's too late at both Rincon and Infinity (I think Infinity had some real good deals i.e. $850+ sq ft on their first 2 releases, but those are long gone...).
I wonder what'll be the pricing at the 2nd buildings at Rincon and Infinity. Those views will be awesome!
And even at $1000/sqft, it doesn't seem bad compared to both The Brannan and 88 King. The resales on the upper level view units average $1200-1400/Sqft!! And those building top out at 18 and 14 stories! Anyone care to inject their opinion??
I mean, if Infinity and Rincon turns out to be really nice developments, could they one day be worth $1500? $1600 /SqFt???
Posted by: InfinityBuyer at July 19, 2006 8:02 PM
Even prices at the Metropolitan right down the street from Rincon resale up to $1200/sqft and all those nice bay and bridge views they have will be blocked in a couple years by Infinity and the Fremont towers.
Am I wrong to think the Infinity is *reasonably* priced and Rincon was a bargain??
Posted by: InfinityBuyer at July 19, 2006 8:13 PM
InfinityBuyer – There are a number of 18th floor units at the Brannan that are asking $1400-$1500/sqft, but they’re definitely the exception and not the rule. As far as 88 King, it doesn’t command the same premium as the Brannan (#1204 was reduced $200K before going into contract at around $850/sqft; and #1306 has been on the market for three months and reduced once), and the jury is still out on how the new buildings (Infinity, One Rincon, etc.) will affect prices in any of these ‘old’ buildings (Brannan, Towers, etc.) once they actually come online. That being said, they’ll be worth $1500-$1600/sqft one day. It’s just a matter of when.
As far as “first 2 releases...long gone,” in The Infinity we’re dubious. Do you know how many units were in these releases and when they were sold? We’ve been told that they are doling out inventory as units sell (i.e. no hard releases).
Thanks for 'plugging in!'
Posted by: SocketSite at July 19, 2006 8:51 PM
I guess you can call them 'soft releases' :-)
I was able to view the prices sheets and the first two sheets had lower prices these were released the first couple days of sales. Those were all pretty much sold out. Each 'release' had around 2-3% increase. But yes I think you're right, when they run low on inventory the builder releases more units.
That's great you think they'll be worth that much one day! I just hope it's sooner than later...
Btw, if for some reason prices do go down and/or the economy tanks, can the developer sell the 2nd buildings(rincon and infinity) at lower prices than the first??
Posted by: InfinityBuyer at July 19, 2006 9:48 PM
Keep in mind that it’s highly unusual for a sales office to let you browse their actual inventory/price sheets (and ‘sold’ isn’t always sold).
And yes, the developers could reduce prices on the second towers/later releases (or if the economy/market really tanks, just not build them...).
Posted by: SocketSite at July 19, 2006 10:22 PM
There is a slim chance that they do not build the second tower. They are pretty much locked into building the second tower. The option they have is whether or not to build 201 Folsom, which is supposed to be a near-mirror development right across the street to the west (on the current postal office site). They are currently holding onto that option and as I understand it, already have full entitlement, which is a huge chunk of the battle for a developer.
Posted by: Will at July 20, 2006 9:10 AM
"While I agree that right now the Infinity is clearly a better location, in 4-6 years that will likely not be the case. Read up on what is going to be happening as part of the Folsom corridor project and it will be readily apparent that the area right around Harrison and 1st is going to be dramatically different come 2011/2012."
Hah! No way. There will always be a bridge onramp there. There will always be tons of traffic there.
Besides, as someone else pointed out, the Infinity, NOT 1 Rincon is on Folsom. Have you ever tried to walk around the area during commute hours?
Posted by: Mike at July 20, 2006 10:04 AM
Adding to Mike's comment - i think Rincon will be very impressive, especially viewing it from the bridge, but location wise Infinity wins hands down. Location, location, location, that's what real estate is about :-)
Rincon will have better views thanks to the hill it's built on, but I would hate to walk up that hill every day, not to mention fighting the traffic.
Also, Infinity is one block from the lovely Embacadero area. Imaging taking a short walk down there in the evening and enjoying the bay views after dinner, or taking a Sat afternoon jog... Can't beat that! ;-) Rincon is a good 4-5 block walk down the hill to the Embarcadero. Not a bad walk, but not that easy...
Maybe that's why Infinity has a higher price point - location of the land they sit on.
Posted by: Joseph at July 20, 2006 10:58 AM
Looks like 115 reservations to date: http://www.socketsite.com/archives/2006/07/the_infinity_a_study_in_contrast_1.html
Posted by: SocketSite at July 20, 2006 12:19 PM
Wow. People plan to *drive* from the Financial District to either of these towers? And San Franciscans would complain about climbing little old whittled-down Rincon Hill every day? This sounds more like comments from Costa Mesa than 94105.
Posted by: Jason at July 20, 2006 12:32 PM
"Hah! No way. There will always be a bridge onramp there. There will always be tons of traffic there."
Not so sure that your statement is a slam dunk. If you've been following the development of the Rincon Hill neighborhood very closely, it's clear that the SPUR group (www.spur.org) and other redevelopment groups working on the project have invested a lot of time in planning the future of that neigborhood. There was a great article about the plan in the Nov. 2005 issue of 7X7.
One drawback that would most certainly hinder the area's long-term residential development would be heavy heavy traffic congestion and noise occuring in the neighborhood. Therefore, I just cannot believe that there is not a mid to long-term plan already in place to alleviate significantly the current problem, whether by reconfiguring or adding on-ramps to the bridge that would spread out the traffic. If not, I would have to agree with others that, not just the One Rincon Hill project, but the entire neighborhood would struggle to develop as currently planned (and that includes the Infinity and projects around it). Nobody looking to live in the area permanently would want to deal with that.
Does anyone have any intel on infrastructure plans for the Rincon Hill/Transbay project as it relates to alleviating this problem by the bridge?
Posted by: 1RinconBuyer at July 20, 2006 12:42 PM
"Therefore, I just cannot believe that there is not a mid to long-term plan already in place to alleviate significantly the current problem, whether by reconfiguring or adding on-ramps to the bridge that would spread out the traffic."
Believe it. I do follow the neighborhood development closely and there isn't such as plan, AFAIK. Besides, the bridge is more of a state responsibility. They're planning on parks, larger sidewalks, streetscape improvements, and rezoning, but NO new onramps.
Check out http://www.sfgov.org/site/uploadedfiles/planning/Citywide/pdf/soma_2_06_workshop_handout.pdf and http://sfcityscape.com (which has a lot of general planing info)
Posted by: Mike at July 20, 2006 1:47 PM
If that's in fact true, it's going to be a major problem for the redevelopment of the neighborhood in general. I just don't see a large group upper middle class residents wanting to put up with that day in and day out because right now it's a nightmare.
I live right in the middle of Rincon Hill (the redevelopment zone), but fortunately I live on the closed-off part of Beale and that is my only saving grace.
Someone better wake up to the problem, and quick, because even with a redevelopment plan that includes "parks, larger sidewalks and streescape improvements", if it still means that a person would have to walk through their neighborhood listening to a effectively a parking lot full of screaming and exhaust-emitting cars that are trying to get on the bridge, those things won't really mean a whole heck of a lot to that person.
Posted by: 1RinconBuyer at July 20, 2006 2:25 PM
"If that's in fact true, it's going to be a major problem for the redevelopment of the neighborhood in general. I just don't see a large group upper middle class residents wanting to put up with that day in and day out because right now it's a nightmare."
It is true. Which is why I can't see paying 1 million + to live at the foot the bridge. I guess when you close on your unit you'll find out.
Posted by: Mike at July 20, 2006 2:33 PM
It is hard to believe there isn't a plan to alleviate the traffic. Especially since they're planning to make Folsom the next 'Union St'.
Imagine all the bumper to bumper traffic from the Financial dist. draining off Bush and Battery across Market and straight up 1st to the Bridge. The corner of Folsom and 1st would be a mess, much like the non-stop congestion on 4th and Mission (Metreon area).
Let's just hope and pray there is or will be some plans to divert the traffic...
Posted by: Joseph at July 20, 2006 2:37 PM
Gee, Mike, could it be that you possibly work for or on behalf of one of the competing projects?
Your absolute certainty on this matter is disturbing, at best.
Posted by: 1RinconBuyer at July 20, 2006 2:38 PM
"Gee, Mike, could it be that you possibly work for or on behalf of one of the competing projects?"
No. I've lived on Second Street for 6 years. There's a plan to rebuild the Transbay Terminal and tear up SOMA for years to bring Caltrains to 1st and Mission, so I've paid close attention to neighborhood issues.
The fact is that there aren't major plans wrt to the bridge onramps (if there are, I'd love to see them). It'll always be traffic choked. Sorry to rain on your parade. That's why I was so surprised about 1 Rincon. It's going to be a noisy place to live and a difficult place to get in and out of.
Posted by: Mike at July 20, 2006 2:51 PM
Then there are a large group of people that have invested enormous sums of money and time on the Rincon Hill/Transbay redevelopment plan and have somehow overlooked one of the most glaringly apparent issues one would laddress when taking on a such an ambitious project of this magnitude.
Furthermore, you seem to keep focusing on the foot of the bridge and 1 Rincon as though that is the sole problem area, and that's just flat out wrong. The entire area bounded by Spear, Bryant, 2nd and Folsom is equally problematic (although not as concentrated as that spot at the moment). I've been watching it for 2.5 years now. I can't even go to the grocery store in my car during peak traffic times because Folsom at Beale is a parking lot.
Bottom line, you're being way too myopic on this topic. Hey, what do you know, that rhymed.
Posted by: 1RinconBuyer at July 20, 2006 3:01 PM
Yes, the entire area has traffic problems. But closest to the bridge is (obviously) the worst.
There are plans for the traffic, they just don't involve new bridge on ramps and "traffic diversion" (to where?). Parking limits, congestion fees (like London), more services, and improved transportation are talked about. But the traffic won't just magically go somewhere else.
Posted by: Mike at July 20, 2006 3:20 PM
Those things are all true, but if you provide additional bridge access points further west along Harrison and Bryant, that may alleviate some congestion towards the eastern end of the city. If there are 6 possible entrance ramps, as opposed to 2 or 3, all within a 5-6 block area, that will definitely make a difference.
Posted by: 1RinconBuyer at July 20, 2006 3:33 PM
I put down a reservation at One Rincon about a month ago, and since then I've been obsessed with the Rincon Hill area. Socketsite and its readers/commenters have provided great insight.
Out of curiosity, I've been checking in on The Infinity's sales office periodically for the past month, most recently on the 17th. Some observations:
1. The curve of the walls is pretty sweet.
2. The Infinity comes with white, corrugated cabinet doors. With each visit to the sample home, I've noticed that the area around the cabinet hardware becomes darker and darker from all the touching. It reminds me of the area on my buddy's white iBook where his hands rest. It's quite nasty.
3. The sales people at The Inifity are much more pleasant than those at One Rincon. Granted, I was at One Rincon on the 3rd day of sales, and it was mad hectic.
4. There is no question that The Infinity's location is better. One Rincon will enjoy a more prominent position in the City's new skyline and will be great to look at driving into the City, but for all practical purposes, Infinity wins out here. That being said, the two projects are located within a 5 minute's walk of each other, so big whoop. Afterall, this is SF, not LA; I think I can manage the extra 3 blocks. And living by the Bay Bridge, from what I hear, is gonna blow, but I have to wonder, is it really? I don't think I'll mind.
5. What is up with The Infinity's Luxury Home/Penthouse of 3,365 sq.ft priced at $7,000,000. Seven bloody million?
Posted by: 49giants at July 20, 2006 3:42 PM
"4. There is no question that The Infinity's location is better. One Rincon will enjoy a more prominent position in the City's new skyline and will be great to look at driving into the City, but for all practical purposes, Infinity wins out here. That being said, the two projects are located within a 5 minute's walk of each other, so big whoop. Afterall, this is SF, not LA; I think I can manage the extra 3 blocks. And living by the Bay Bridge, from what I hear, is gonna blow, but I have to wonder, is it really? I don't think I'll mind."
I think that pretty well sums it up. Both projects are going to be phenomenal, and each will have its pluses and its minuses....I don't think their is a clear cut better project. It really just depends on the individual.
Based on one of the earlier posts here, I learned that I've already made $100K on my 1 Rincon unit and I haven't even gone into contract yet. So I'm definitely a happy buyer right now.
Posted by: Anonymous at July 20, 2006 4:19 PM
We should definitely spend tens of millions of tax dollars to re-route the ramps to the most important traffic conduit in the area so that 300 millionaires can drive two blocks to Whole Foods at 6:15 on a Thursday in comfort.
Posted by: Urban Planner at July 20, 2006 8:55 PM
"I learned that I've already made $100K on my 1 Rincon unit and I haven't even gone into contract yet"
'Instant equity' eh? lol.
Posted by: Amen Corner at July 20, 2006 9:19 PM
"We should definitely spend tens of millions of tax dollars to re-route the ramps to the most important traffic conduit in the area so that 300 millionaires can drive two blocks to Whole Foods at 6:15 on a Thursday in comfort."
Huh? I don't even know how to respond to that. The traffic problem needs to be alleviated not so the "millionaire" residents (yeah right) can drive anywhere, but so they can actually walk around in something that actually resembles a neighborhood.
Memo to Urban Planner......the whole point of living in the area in the first place is so that you don't have to drive. You likely could even get away with not having a car at all.
Posted by: Anonymous at July 20, 2006 9:33 PM
Memo to Anonymous:
Said Mike, a few posts ago:
"I can't even go to the grocery store in my car during peak traffic times because Folsom at Beale is a parking lot."
Or perhaps this was satire? I might have missed that, since folks take their condos pretty seriously on this site. I don't bear ill will to anyone who can afford to pay $1000 a square foot for a one-bedroom apartment located on an on-ramp, but I thought that sentence was pretty funny.
Posted by: Urban Planner at July 21, 2006 10:10 PM
1 Rincon Hill Future offered on Craig’s List for $920K. 1 bedroom 1 bath unit above the 40th floor, Seller holds a reserve price is $870k.
It is assumed the Seller would pay the City Transfer tax of .75% or $6,900. Netting the Seller $913,100. With the Seller holding the property for 1 day to 1 week, to close the resale, the Seller would get to pay the IRS a 50% short term capital gain and the State 10+-% or 60% of his gain. So a net return to the Seller of $17,240.
Also the Seller is asking for a price, to be agreed upon now, of $920K or $50K over his price. Assuming the unit will not be occupied for 2 1/2 years that represents an annual gain of 2.2%.
What happens if the market turns down by the time the sale closes? Who losses the 3% deposit if the Buyer(s) do not close the sale?
1 Rincon Hill is on today's leading edge of SF high-rise construction, just ask the owners at the Metropolitan, 1/2 block away, where 16 units are on the market for sale today.
How many of the 342 owners were told by the developer/broker that 1 Rincon Hill or the 2 phases of the Infineon (600 units in 2 towers and 800 units in 2 additional towers) were going to happen, when the Met was 1st occupied in 2004? What is going to happen to the views at the Metropolitan when the 4 towers at The Infineon are completed?
Now, what is going to happen to the views at 1 Rincon and its sister tower? How high is the new building at the 76 gas station across the street to be (40+)? How about the new building at the Union Hall on the other corner (40+) and The Californian, further down Harrison? Will these new buildings block views to the east and north, from units on the 40th floor and lower at 1 Rincon Hill? How about the 4 towers at the Infinity, how will they change the views from 1 Rincon Hill? How about the new 40+ story (400+ condos) Millennium Partners building, now under construction across from the Trans Bay Terminal on Mission St?
And the best is yet to come. How will the two 850 foot tall buildings on Mission St, next to the Trans Bay Terminal change the views?
And finally, how about the 1,000 ft tall building that the Planning Dept & the Mayor are supporting? Will that block the 50+ story - 1 Rincon Hill?
The City is exploding, with the 350+ reservations at 1 Rincon Hill and 200+ reservations at The Infinity. With the leverage offered to buyers with a 3% deposit, no wonder 500 gamblers have played their cards.
But, those possible buyers better do some research, to find out what they are really going to get for a view.
Posted by: Fredeerick at July 27, 2006 9:03 PM
SOMA is so very overrated.
Posted by: Anonymous at August 23, 2006 10:56 PM
It looks like The Infinity will have lots of company in the coming months and years.
What's your opinion on what this will do to resales?
Posted by: TypeA at August 25, 2006 9:44 PM
Hi. I am new to this site.
What do you guys think about the investment value of the infinity project? I have about $1.2 million that's burning a hole in my pkt and dont know where to park it.
Is there a future for all condos coming? do you guys see the prices going up at all in the nxt 2 yrs?
thanks for any advice.
Posted by: nima nikuie at December 26, 2006 11:07 PM