425 1st Street #4408 View
Hours after our noting the bank-owned listing for 425 1st Street #3908 at $695,000, the sales office at One Rincon Hill reduced the list price for 425 1st Street #4308 from $780,000 to $749,000 ($992 per square foot).
Today, the sale of 425 1st Street #4408 closed escrow with a reported contract price of $690,000 ($914 per square foot), the 755 square foot view one-bedroom had most recently been listed by the sales office for $785,000.
Considering the sale office sold #3908 for $855,000 in June 2008 ($1,132 per square), and taking into account a five floor higher premium, we’ll call it a 20-25 percent drop in value for #4408 over the past two years.
And the argument that $695,000 for #3908 is “cheap” simply because #4308 is listed for $780,000 $749,000? Not so strong.
UPDATE: 425 1st Street #4308 is now listed as in escrow and with contingencies waived. This ought to be interesting. Hopefully the buyers had the inside scoop with respect to the contract price for #4408.
The First Listed Foreclosure At 425 First (One Rincon Hill) [SocketSite]

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Comments from “Plugged-In” Readers

  1. Posted by Snark17

    Being on a balcony at that height would make me very nervous.

  2. Posted by J

    Being on a balcony at that height would make me very nervous.
    How about being on a balcony at that height AND underwater?

  3. Posted by Snark17

    falling…. drowning…. falling…. let’s just say I would not sleep well.

  4. Posted by Gil

    You gotta know near the top you can feel the building sway.

  5. Posted by huh!

    I do not find any negative comments on One Rincon Hill to be funny.

  6. Posted by D

    From Satre’s Being and Nothingness:
    “I stand at the edge of a precipice and look down. I begin to feel a little dizzy. What’s
    going on here?
    “It can hardly be that I am, in any objective sense, afraid of falling over the edge (at least
    not in most cases). Let’s suppose the ground is reasonably firm, the wind is not blowing
    so hard it’s going to puff me over the rim, there’s no real likelihood of an earthquake.
    None of that is what is really causing my dizziness.
    “No. For Sartre, what is bothering me is not the possibility that I might fall; it’s the
    possibility that I might jump.”

  7. Posted by redseca2

    There were slight rumbles a week ago or so that Tower 2 at One Rincon may actually be built.
    That said, which stacks will lose the only reason to live here, the view?

  8. Posted by Snark17

    Ultimately some people will fall/jump from these balconies. I think the idea would bother me if I lived there.

  9. Posted by BobN

    I assume tethers come standard with these units.

  10. Posted by SocketSite

    UPDATE: 425 1st Street #4308 is now listed as in escrow and with contingencies waived. This ought to be interesting. Hopefully the buyers had the inside scoop with respect to the contract price for #4408.

  11. Posted by Outsider

    redseca2 @5:11pm – base on the location of the empty lot planned for building 2, I would say the 08 stack would lose a significant portion of the bridge and water view. Using the photograph above as reference, one should still see the Infinity towers and everything to the left but not to the right which includes the Bay Bridge.

  12. Posted by eastbaymike

    I think Outsider has it backwards. The two towers will be offset, not parellel to the freeway. Hence the names “south tower” (the exiting building) and “north tower” (the future building). The north tower will be built at the corner of Fremont and Harrison. Using the photo above, the Infinity towers will be blocked by the north tower but the bay bridge will still be visible to all units on the east side for the south tower.

  13. Posted by joh

    Being on a balcony at that height would make me very nervous.
    I lived on the 38th floor of a Vancouver high-rise for a bit over a year, and while I’m normally a bit scared of heights, the balcony didn’t scare me at all. Perhaps the height was offset by the fact that there were high-rises all around, unlike ORH, which is all by its lonesome self.

  14. Posted by Fish

    Being at NE corner protected on two sides and away from the freeway, 08 has the only useful balcony in ORH. Too bad it’ll suffer the most when the tower 2 is built.

  15. Posted by jimyleo

    I have been quite impressed with ORH’s stability. I have not felt ANY movement in the building,even on windy days. This may be attributed to the bedrock location and the effective structural design. The location of the new tower diagonally offset northeast will still provide for great views directly East and North. The only view that will be blocked is of the Infinity….which would be no big loss.

  16. Posted by mikel

    Wow. $695K for a 750 sq. ft. one bedroom. What a steal.

  17. Posted by Willow

    Like the Infinity, Two Rincon Hill will be the better of the two buildings in terms of location and views. (Assuming it gets built, which I sincerely hope it does.) It’s going to be a little farther away from the Bay Bridge. Not by much, but the units facing Harrison St will have less bridge noise to deal with. If they also ever get funding for the Harrison Street Park it could actually be quite livable. This is all at least 5 years away I suspect but it’s only going to get better.

  18. Posted by Outsider

    mikel@11:13 – I do not believe in paying for view but the unit here has pretty spectacular view of both the city and the water, incluing the bridge. I am guessing an identical unit on the lowest floors may be in the mid to high 400s ? I agree with Willow R-2 would be a better building if it ever gets built but with two structures side by side, you will always have units facing each other no matter how high you go. Mind you R-1 and R-2 will be in very close proximity so some of the owners will be truly be in up close and personal positions.

  19. Posted by sfrenegade

    “I have not felt ANY movement in the building,even on windy days. This may be attributed to the bedrock location and the effective structural design.”
    I’m not sure that the lack of perceived movement necessarily says anything about bedrock or structure. Many tall buildings in seismic zones are specifically designed to move in order to absorb the seismic forces. Sometimes there are counter-weights and other mechanical devices to help with this. It might be that the movement under normal conditions is not sufficient for you to notice, but that you might notice in a quake.

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