December 6, 2006
One Rincon Hill: Floor Plans, Features And Amenities
First Published: December 6, 2006 12:03 AM
Comments from "Plugged In" Readers
The Amenities section states "Optional indoor valet parking"
What are the other options? Outdoor valet parking?? There's no deeded or self parking so where else are they planning to park the cars.
Posted by: Anonymous at December 6, 2006 10:48 AM
Yeah, I don't get that comment either because I am in contract at 1Rincon and my purchase contract and related documents clearly state that I have a parking license to park inside the parking garage through the use of a valet service.
Although, it does also say that if you forego the license, you will receive a $10K credit against your purchase price, so maybe that's what they mean by "optional."
Posted by: Anonymous at December 6, 2006 11:25 AM
Could it mean that we can use the valet at either the main entrance or the inside garage? I am baffled by this statement.
Posted by: Anonymous at December 6, 2006 11:57 AM
What they mean by optional is that you can give up your space for 10k.
I just called One Rincon to confirm.
Kind of stupid wording.
Posted by: Anonymous at December 6, 2006 12:02 PM
Ten K seems like a ridiculously low value to put on parking - I can't imagine that anyone would take 1Rincon up on the "option". The whole idea of disaggregating parking from the home purchase is to allow people who don't need/want cars to only buy what they need (this not only makes real estate more affordable for non-car owners, but it also frees up parking for those who want to buy additional parking).
But my understanding is that the market value of parking in a real estate purchase is something like $50K - $200K depending on the neighborhood. Certainly the way people spend boatloads of cash on digging garage spaces under SFR's in my neighborhood suggest this value..and I can only expect the value would be on the high end downtown because the supply is scarcer.
As it stands, I expect One Rincon owners will develop a private market to rent spaces to other tenants or neighbors, although maybe One Rincon will have some control over that? If renting licenses is not allowed, it looks like One Rincon basically has their non-car owning buyers over a barrel. Which could explain the ludicrous price of 10K.
Posted by: curmudgeon at December 6, 2006 1:19 PM
10k is a ripoff, no one will take that option.
A parking space in downtown SF should be worth at least 40-50k. It's another example of how a developer is trying to squeeze every penny out of you.
Or maybe since it's valet parking only, the license may not have much value in it.
At least Infinity will deduct 75k off the price if you pass up the deeded parking, which seems like a pretty generous offer...
Posted by: Anonymous at December 6, 2006 2:17 PM
The sales agent told me that the 10k is on purpose to discourage people from giving up their spaces as it lowers the value of the unit during a resale. Once you give it up you can never get it back even if the new owner wants it. I personally think it is bad for the value of the building to give up the space.
And yes, there are controls on who you can rent the spaces to. You can only rent it to residents in the building.
Posted by: Anonymous at December 6, 2006 3:07 PM
"Once you give it up you can never get it back even if the new owner wants it. I personally think it is bad for the value of the building to give up the space."
This comment doesn't make sense to me but perhaps I'm missing something. There will be a fixed number of spaces in the building. Presumably there will be a market for these spaces, and a new buyer could either rent a license from an existing owner, or perhaps buy a license from building management if their unit didn't have a parking space (perhaps not immediately, but eventually).
Bad for the value of the building? Huh? I think that people should be able to distinguish between units with parking and those without if you're concerned that the comparable sales would somehow be screwed up. That's what a market is all about. What's important is what's good and bad for residents of the building, and I would think that choice is a good thing.
The Infinity deal mentioned above seems like a much more rational proposal to me.
Posted by: curmudgeon at December 6, 2006 5:56 PM
"There will be a fixed number of spaces in the building. Presumably there will be a market for these spaces, and a new buyer could either rent a license from an existing owner, or perhaps buy a license from building management if their unit didn't have a parking space (perhaps not immediately, but eventually".
Yes, you are right that the new buyer could try to get one from another owner but the sales contract states that you will not be able to get one back from the building. As far as they have stated, they will not offer extra spaces for sale or rent EVER.
As for the value of the building, you could tell which units had a space or not but it could potentially increase the average amount of time it takes to sell a unit in the building. I guess a lot of people would have to sell their spaces for this to have any effect.
Posted by: Anonymous at December 6, 2006 6:47 PM
I know the current thread is on amenities, but I have been trying to find anywhere that folks in contract are willing to divulge purchase prices on the higher floors? It can be anonymous, after all! I would love to consider 1RH, but have been afraid to even look at a 2BR since the 1BR's seem to be in the $800K - $1M range.
Posted by: Anonymous at December 7, 2006 12:03 AM
I'd be happy to give you an overview of the Rincon Hill Area market. I feel I can give you an accurate market analysis, because I have represented 15 Buyers currently in contract at One Rincon Hill, sold several units at The Metropolitan and within the last month represented 2 buyers in purchases at the Watermark. Of coarse the downside is I am a Real Estate Broker! (jk!)
[Editor’s Note: Sounds great. So how about posting a brief overview and analysis for the community?]
Posted by: Paul Hwang at December 7, 2006 9:14 AM
"It's another example of how a developer is trying to squeeze every penny out of you."
hhmmm. last time i checked, developers are typically in the for-profit game. so, in america, what that means is, EVERY for-profit business tries to maximize PROFIT
Posted by: indulge at December 7, 2006 1:16 PM
Duh, you must be the developer! ;-)
Posted by: Anonymous at December 7, 2006 5:47 PM
1R reverted their website to the lame-o original one where you can only see a couple floor plans. socketsite- do you know what happened?
[Editor's Note: Don't worry, we've been told that the "new and improved" site should be back soon. Apparently they’re updating some of the additional information. (Perhaps working on some of the wording…)]
Posted by: Anonymous at December 8, 2006 6:03 PM
they did mention that they'll have valet parking there for visitors charging downtown market rates per hour for parking. i guess they are adding the spaces people are giving up to the pool of spaces for public parking via valet.
Posted by: Anonymous at January 23, 2007 3:06 AM