November 25, 2009

A Bit Of "02" Irony (And 80 Percent Sold) At One Rincon Hill

One Rincon Hill (www.SocketSite.com)

On the heels of yesterday’s height of the fire sale flames post with respect to The Infinity, we turn our attention to One Rincon Hill. So far the lowest priced two-bedroom sale we have identified on a price per square foot basis seems to be 425 1st Street #1102.

The 1,309 square foot two-bedroom sold for a reported $695,000 ($531 per square) in May. We’d be remiss not to note the "02" stack irony.

Of the 396 units of One Rincon Hill, we believe they remain at just under 80 percent sold.

UPDATE: We've pulled our reference to #4902, it's reported sales history is just a bit too odd. With respect to #1102, however, a plugged-in reader adds:

1102 was sold on opening night to an "insider". Contract price was $925,000 and he was all excited because it was such a "steal". (I was at the party.) By closing time he had moved out of town and so he bailed on the contract. I believe he lost his deposit.

If accurate, call it a discount of 24.8 percent to move it in May.

Recounting The Height Of The Infinity "Fire Sale" Flames [SocketSite]
A Return To Reality For A One Rincon Hill "02" Stack Resale (#2202) [SocketSite]

First Published: November 25, 2009 10:30 AM

Comments from "Plugged In" Readers

The 80% figure includes both sold and rented units I assume.

Not that tower 2 wasn't dead already, but doesn't to $550 or so sq/ft figure confirm that Tower 2 does not pencil out?

Posted by: Gil at November 25, 2009 10:38 AM

It looks like someone tried to flip #4902 almost right away and failed miserably -- very suspicious:

http://www.redfin.com/CA/San-Francisco/425-1st-St-94105/unit-4902/home/17304914

http://www.redfin.com/CA/San-Francisco/425-1st-St-94105/unit-4902/home/17319822

Why would someone list the property 1 month after buying it? Maybe the conspiracy theorists on the other thread were right about sham sales?

[Editor's Note: We've pulled our reference to 425 1st Street #4902, its reported sales history is a bit too odd.]

Posted by: sfrenegade at November 25, 2009 10:57 AM

Note that 2102 is currently listed for $1.18M and has been since early July. 5402 is listed for $1.795M, with a previous sale price of $1.5625M in September 2008. 4102 sold for $1.17M at the end of October, so that price for 2102 looks steep.

http://www.redfin.com/CA/San-Francisco/425-1st-St-94105/unit-2102/home/17304936

http://www.redfin.com/CA/San-Francisco/425-1st-St-94105/unit-5402/home/17304617

(odd 2nd listing for 5402 that has no info -- maybe a Redfin burp): http://www.redfin.com/CA/San-Francisco/425-1st-St-94105/unit-5402/home/22897252

http://www.redfin.com/CA/San-Francisco/425-1st-St-94105/unit-4102/home/17304875

Posted by: sfrenegade at November 25, 2009 11:04 AM

Just want to clarify things: all '02 units have the exact same floor plan, right? The only variation among the units would be therefore finishes/applicances; nothing structural or size-related. And the first two numbers are for the floor, I assume.

So we have a 49th floor unit selling for 718k, an 11th floor unit for 695k. Are there solid gold toilets in the other units or something? If not, that 21st floor unit appears headed for a 400k or so haircut, which is paltry in comparison to 5402's million dollar overpricing.

If anyone can justify those prices, I'm all ears.

[Editor's Note: With respect to whether or not the "02s" all share the same floor plans, we believe that's the case up to the 50th floor...with the exception of floors 28-31?]

Posted by: dch at November 25, 2009 11:33 AM

Here's a fact:

1102 was sold on opening night to an "insider". Contract price was $925,000 and he was all excited because it was such a "steal". (I was at the party.)

By closing time he had moved out of town and so he bailed on the contract. I believe he lost his deposit.

I'll let the number crunchers do the math. Yikes, wasn't the 02 stack the one to have with the bridge and bay view?

That is some scary DE-preciation.

Posted by: MB Pionner at November 25, 2009 12:31 PM

With regard to One Rincon Island...

So with prices falling into the bay...what's a owner to do? Does anyone think that the HOA will remain solvent? I hear that some of the dues are over 1K per month...how long will the developer continue to fund the unsold units in spite of the fact he was forced to cough up the 5 million in fees to the city. I am beginning to hear of strategic defaults...like the Four Seasons. How do you think the 80% of the owners feel about living in a Zombie building? I have heard that 80% sold number is....well closer to 60%. And what happened with the water damaged units caused by the broken line a few months ago...any word on how much that impacted the building? The developer did a good job of keeping that little glitch under wraps.

Posted by: doumind at November 25, 2009 1:03 PM

"I am beginning to hear of strategic defaults...like the Four Seasons. How do you think the 80% of the owners feel about living in a Zombie building? I have heard that 80% sold number is....well closer to 60%"

I'd never travel that neighborhood at night so I can't verify, but someone posted in the past few days that at night it appears the lights are mostly on from 8 to 40 but off above 40. That factors out at more like 60% occupied.

Posted by: Gil at November 25, 2009 1:38 PM

"And what happened with the water damaged units caused by the broken line a few months ago...any word on how much that impacted the building?"

This must have been a pretty big broken pipe to cause problems on more than one floor. I am also curious about what the real story was and how extensive the problems in the building were.

Posted by: jeff2 at November 25, 2009 1:55 PM

Hey Doumind,
can you tell us a little more about the water damaged units / broken line? Funny because I asked a sales agent if there were any water damage issues at ORH like there were at the Infinity and she said "nope" and quickly changed the topic. Whats the scoop. Site like this are ideal for full transparency of these things.

Posted by: SOMA buyer at November 25, 2009 2:12 PM

A buddy of mine lives on one of these 02 stacks on a 50+ floor, and let me tell you that the view is tremendous. The image of the bay bridge with the cars coming over from the east is very cool, and the moon reflecting off the bay at night is almost impossible to describe.

Posted by: I must say at November 25, 2009 2:29 PM

"I'd never travel that neighborhood at night..."

Gil - In terms of safety there's nothing to worry about. I've walked through RH many times and it's unlikely that any harm would come to you. :-)

Posted by: Willow at November 25, 2009 2:45 PM

"With respect to whether or not the "02s" all share the same floor plans, we believe that's the case up to the 50th floor"

Looks like 32-50, all the floors are the same:
'01 is a 1/1 Deluxe
'04 is a 1/1 Junior
'05/'07/'08 is a 1/1
'02/'03/'06 is a 2/2

There are exceptions:

28, 31, 51, and 54 are "Tower Deluxe" -- 6 units per floor instead of 8 units per floor, '02 is a 2/2 deluxe (oddly seems non-deluxe except for the Bay Bridge view compared to other units on the floors), all others are 2/2

29, 30, 52, and 53 are "Tower Select" -- 4 units per floor, '01 is a 2/2 plus Den, and the others are 3/3 Deluxes

55-58 are "Sky Levels" -- also 4 units per floor, '03 is a 3/2, and all else are 2/2 plus Den

59/60 are Penthouse -- also 4 units, same as Sky Levels

Are floors 27 and below like 32-50?

Posted by: RinconHellYeah at November 25, 2009 2:47 PM

5402:

54th Floor

11.5 foot floor to ceiling windows.

No unit above the Living Room, Kitchen and 2nd Bedroom.

2 Bedroom with Den 2 Bath 1449 sf per the developer.

Panoramic Bay and 3 Bridge views.

Here are the pics and floorplan: http://skyboxrealty.com/property_detail.php?property_ID=48

Posted by: Paul Hwang at November 25, 2009 4:32 PM

Lucky there's blue sky. Just look closer at the photo, which is taken from a rather forgiving angle of the building and surrounding. You have to be a complete idiot to buy a home here now. I don't care if the price gets cut in half. It'll be at least 5 to 7 years before hearing any real discussion of 2nd tower, let alone actually being built. Even if it did get built at the far end of horizon, by then there will be other newer and much better projects on the market. Seriously, I hope this developer shares the big money he publicly claimed he would be making from this project with the current owners here. Anyone still got the link from a couple of years ago?

Posted by: east bay renter at November 25, 2009 6:25 PM

east bay renter,

Well I grew up in the east bay, so I can undertand your affinity for it.

But what's up with all the negative vibes?

Some people like a good view.

Just curious

Posted by: Paul Hwang at November 25, 2009 7:26 PM

Paul,

I come from an architecture background. Simply put, this building makes an angry for what it did to this city's urban landscape. There are other new additions to this city that drive me nuts such as the Intercontinental Hotel. But you wouldn't be interested in hearing about them since you didn't represent anyone there.

Posted by: east bay renter at November 25, 2009 8:18 PM

Sorry you are so angry.

Well, I'm probably not as sophisticated as you, I don't have an architecture background, but I prefer One Rincon Hill and the Intercontinental Hotel over what was previousley there.

There is beauty in everything.

Happy Thanksgiving.

Posted by: Paul Hwang at November 25, 2009 9:21 PM

East bay Renter. You must come from a rather pathetic architecture background if you are still a renter AND in the east bay. I suspect you have other issues, as represented by your previous bogus post (racist claim) via a "colleague" that a bunch of homes at one Rincon were owned by "chinese" from overseas when I know for a fact that perhaps one buyer in the entire building is not an American citizen. And One rincon is 80% sold. 400+ people live there. Look in the windows at night. The Millenieum, meanwhile, is pitch black through its bulk on the west...as at least two of this "poser" posters should know. Just sayin...

Posted by: armando at November 25, 2009 10:44 PM

"Sorry you are so angry........."

Who needs sophistication when you are already loved by dozens of fully satisfied clients like family? Thanks for being sorry. It’s a scarce sentiment these days especially in your industry.

Posted by: east bay renter at November 25, 2009 11:01 PM

armando,

You got me. I'm a racist renter who still lives in the east bay!

Posted by: east bay renter at November 25, 2009 11:06 PM

I was recently in ORH for the first time on the 26th floor. I personally ( and unexpectedly) liked it much better than the Infinity units that I had been in. Great views, interesting layout, less of a "hotel" feel. I agree, however, that rising HOA's are a huge risk.

I was ready to hate it, but I didn't at all.

Posted by: mktwatcher at November 26, 2009 11:34 AM

Indeed, not all the '02 units have the same floor plan -- or are even in the same place. On 55 and up, the 02 unit is on the south/east corner, with views of the Bay, Twin Peaks, and the city, and when the weather is right, the Farallons on the horizon.

The absence of lights doesn't mean the unit is empty. Some of us just work late. :-) Check out this cool time-lapse video of ORH: http://www.youtube.com/watch?v=MY_3NDH_4Po

I continue to be baffled by people who think that the postponement of Tower 2 has a big negative effect on Tower 1. The HOA is independent, so there's no issue about dues. Yes, it will be nice when we can share a bigger fitness center, but for now, we have more than ample parking space and storage space, and we have the pool all to ourselves.

Note: One of the redfin pages for 5402 has an aerial view of the Metropolitan . No wonder there's confusion. (link)

Posted by: skyguy at November 28, 2009 10:22 AM

Does anyone have insight into the pricing around 1 bedrooms at one rincon at present? Are they going for under $500K?

Posted by: anonymous at November 29, 2009 1:48 PM

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