A tipster forwards a copy of One Rincon Hill’s Fall newsletter. And yes, we were equally as surprised to see SocketSite so prominently excerpted (see “Bloggers love us, they really do!”).
A couple of interesting items from the newsletter:
“Construction is precisely on schedule. Crews have poured the 10th floor and are forming the 11th floor. The contractor will soon begin pouring a new floor of concrete every three days. On Oct. 1, installation of the glass curtainwall will begin. Concurrently, work will start on the interiors.”
“Floors 8-27 will be ready for closing and move-in sometime late 2007. Floors 28-60 will be ready for closing and move-in sometime early 2008 (anticipated).” [Yes, move-in on the lower floors while construction continues above.] “Construction on the second tower will start sometime in 2008. An official date will be announced in coming months. Estimated completion for Phase II is mid-2009.”
“There are still more than 30 one-, two- and three bedrooms with great views available, ranging in price from $600,000 to $2.5 million, as well as 13 [out of 14] luxury townhomes along Harrison Street, starting at $1.4 million with private entrances and outdoor patios, and all the amenities in the tower homes.” [For the record, we estimated 36 available tower condos when calculating our initial Complete Inventory Index (Cii) and did not account for any of the townhomes.]
And of course, “[t]he far left lane on First Street will be a designated lane that commuter traffic cannot use. You will be able to drive straight into One Rincon Hill’s driveway and parking from there. Also you’ll be able to enter from Harrison Street traveling east or west.”
In summary, construction is on schedule, and after a blow-out opening week (“In the first week alone, buyers snapped up more than 90% percent of the 390 homes available”), it appears that net sales have been negligible over the past four months (if 43 homes remain available, it’s now 89% “sold” ).
Despite the recent slowdown, 89% “pre-sold” with over a year until occupancy is still a stunning achievement and success (as we wrote three months ago, “we’d be surprised if One Rincon has any difficulty selling out in record time”). In the back of our minds, however, we can’t help but consider the predicament of The Palms (60% pre-sold ten months ago, 65% sold today).
UPDATE: No need to download the newsletter as a pdf as we’ve redirected the link to an online version.
∙ One Rincon Hill View Fall 2006 [onerinconhill.com]
∙ SocketSite’s Complete Inventory Index (Cii) [SocketSite]
∙ First Impressions: One Rincon Hill Sales Center [SocketSite]
∙ The Palms (555 4th Street) Update: 65% Sold [SocketSite]