September 27, 2010
A One Rincon Hill Resale Right Where We Called It: Down 22.8%
On Friday the resale of One Rincon Hill (425 1st Street) #3908 closed escrow with a reported contract price of $660,000 ($874 per square foot). Purchased from the sales office for $855,000 in June 2008 ($1,132 per square), call it a 22.8% drop in value for the big view one-bedroom over the past two years.
As we wrote in July, "we’ll call it a 20-25 percent drop in value for One Rincon Hill #4308 and its comps over the past two years."
∙ Still Not "Cheap" But Now Five Percent Even Cheaper [SocketSite]
∙ The First Listed Foreclosure At 425 First (One Rincon Hill) [SocketSite]
∙ Additional One Rincon Hill '08 Stack (And Year) Perspective Redux [SocketSite]
First Published: September 27, 2010 8:00 AM
Comments from "Plugged In" Readers
Now the magic question is: what will be the Sept. 2011 price?
Posted by: suspicious at September 27, 2010 11:08 AM
So that's $27K less than #4308 (which was $3K less than #4408). Still don't understand why people thought these were $1000+/sqft properties in 2008.
Posted by: sfrenegade at September 27, 2010 11:30 AM
As I said in a previous thread, plenty of marginal financing in this building. Unit 2605 (710 sq.ft.) was sold in March 2008 for around $710k (2009 assessed value). There was a $417k first and $210k second, both courtesy of BofA, so approx. 10% down. Unit 2605 recieved a NOTS on July 28, 2010.
Posted by: EBGuy at September 27, 2010 2:37 PM
Unit 3401 (837 sq.ft.) received a NOD on Aug. 18, 2010. Originally purchased with a first and second from BofA in late May, 2008.
Posted by: EBGuy at September 27, 2010 2:48 PM
Unit [#4104] (605 sq.ft.) was taken back by FreddieMac on July 1, 2010 for $458,979. Original financing in October 2008 provided by BofA. As they say in the business, coming soon...
Posted by: EBGuy at September 27, 2010 3:02 PM