January 18, 2011
Zero At Infinity Versus The Five At One (Rincon Hill)
While we count at least five condos (including at least one two-bedroom) at One Rincon Hill currently scheduled to hit the courthouse steps within the next 30 days (versus simply being in default), we don’t count any at Infinity although we are tracking at least three that appear to be on their way (again, including at least one two-bedroom).
First Published: January 18, 2011 11:00 AM
Comments from "Plugged In" Readers
Watching these two buildings has been like watching the careers of Kobe Bryant and Vince Carter unfold. Random analogy? Yes. But let me explain.
Kobe (Infinity) and Vince (Rincon) came on the scene at roughly the same. Both represented something exciting, new, and dynamic - the "next generation" of the NBA. While the players weren't identical by any means, they timing of their entrance caused people to constantly draw comparisons.
A decade later, nobody even uses them in the same sentence. Vince (Rincon) fell off quickly, became plagued with injuries and developed a questionable work ethic. Kobe (Infinity) went on to become everything he was expected to be, and a little more.
Posted by: Sambo at January 18, 2011 11:16 AM
So I take it that Shaq and Gasol represent downtown, transit and amenities and therefore Kobe's proximity to them blah, blah, blah...
Posted by: sparky-b at January 18, 2011 11:21 AM
Are the early Infinity buyers analogous to young hotel employees from Colorado then?
Posted by: J at January 18, 2011 11:34 AM
Fine... my analogy kind of crapped the bed. But it made sense to me at the time.
Posted by: Sambo at January 18, 2011 11:37 AM
I see these as two hollywood films.
Infinity is Napolean Dynamite because (obviously) of my favorite line: "I already made like a finity of those at scout camp"
ORH is like The Towering Inferno (for different obvious reasons).
Posted by: A.T. at January 18, 2011 11:46 AM
"Are the early Infinity buyers analogous to young hotel employees from Colorado then?"
It took me a second...but I just spit coffee all over my computer!
Posted by: SFSal at January 18, 2011 12:30 PM
Sambo: I don't like the Kobe reference because you're implying Infinity is a MVP building which I don't think it is... (More importantly I don't think buyers are going to get all star returns either!)
Keeping with the sporting analogy I'd say ORH is more like Alex Smith from the 49ers. Lots of hype initially but ultimately a bust and a poor investment. He is still young enough however to redeem himself and carve out a respectable career. I'd liken Infinity to Jason Campbell. Not a superstar but is always going to be competitive and will be serviceable in the long term.
Posted by: Willow at January 18, 2011 12:57 PM
The season has hardly begun and you're already predicting who's gonna win the championship?
Posted by: Buy High Sell Low at January 18, 2011 1:00 PM
I'm confused. Are you saying ORH is like "Kiss of the Spiderwoman: The Musical" and Infinity is "A Chorus Line"?
Posted by: broadwaygrrrl at January 18, 2011 2:59 PM
One Rincon, Infinity
Bitter winner tears
Posted by: OneEyedMan at January 18, 2011 3:10 PM
ORH is like Monta Ellis. Infinity is like Stephen Curry. Both have their fanboys. Each camp's fanboys will defend the crap out of their favorite building/player. Both are overrated. I'd trade them both for a real allstar.
Posted by: brandno at January 18, 2011 3:12 PM
Best thread conversation EVAR.
So...the Millenium is Michael Jordan?
Posted by: Rincon Hill Billy at January 18, 2011 3:51 PM
Millenium is Sam Bowie
Posted by: OneEyedMan at January 18, 2011 3:59 PM
Sambo, both players have made plenty of money, for themselves and their employers. Not the case in either situation that you tried to compare. By the way Brandno, Curry is not overrated. Though Lee is a good PF, imagine a real center. Look at Curry's stats, even Ellis...not bad. There is only a few really good All Stars in the league.
Posted by: PPC at January 18, 2011 4:01 PM
How about Ryan leaf and Tony mandarich?
Posted by: Draft busts at January 18, 2011 4:16 PM
The Artani Randolph???
The Brannan Wright, right?
Posted by: sparky-b at January 18, 2011 4:18 PM
Willow - 5 coordinators in 6 years, I get it with Campbell. Your analogy though, really makes me think you are high. I suggest ESPN.com or Pro Football Talk.
Posted by: PPC at January 18, 2011 4:19 PM
The good news is that i just refinanced my Infinity condo at 4.25% The bad news is that I am down 250k as an early purchaser.
Posted by: rickrocket at January 19, 2011 7:10 AM
how did they let you refinance? Did you appraise high enough?
Posted by: alazyman at January 19, 2011 7:33 AM
Yeah, rickrocket, how were you able to refinance? As far as I am aware, no bank would let one refi if the property is underwater, unless you make up the difference with additional cash/money somehow, which I imagine you did not do. Are you sure you didn't get a loan modification, which is completely different than a refi?
Posted by: No_Way at January 19, 2011 8:42 AM
Optimistic appraisal + huge downpayment + points?
Posted by: J at January 19, 2011 11:21 AM
I also recently refi'd. It was a hassle, paperwork-wise, but the appraisal wasn't a problem. (I didn't ask what the appraisal was--don't really want to know).
Of course, I'm not underwater, (and I doubt that rickrocket is either, even with a 250K haircut).
Posted by: Mikey at January 19, 2011 11:55 AM
It is possible to re-fi even if your home has dropped in value as long as you have enough equity to be considered by the bank to be an acceptable risk. If not you have to bring some more cash to the table. Not everyone played the zero down game...
Posted by: Willow at January 19, 2011 2:01 PM
Willow has it right. We refi'ed a few months ago. I'm sure our place has dropped in value quite a bit the last three years but the new loan was only 30% of the appraisal (which I received; I'm surprised Mikey did not as I thought it was required) so it went through fine. Even with that extremely low risk for the lender the amount of time and paperwork and confirmations of income, assets, etc. was shocking. The no-down, no-doc days truly are behind us (surprise, surprise, sales volume has plummeted).
Posted by: A.T. at January 19, 2011 2:20 PM
What about The Metropolitan? Is it like Tomlinson? Old as time but still retains that fighter value!!
Posted by: LT at January 20, 2011 11:14 AM
Just to add to the conversation - I'm a resident at the Infinity and I also Refi'd recently - about 3 months back. The appraisal that came back stunned me. $110K over my purchase price. Appraisals are pretty subjective and honestly, I don't put much weight in them, but it still surprised me. Then again, I was a late buyer of a unit in tower 2.
Posted by: RefiDork at January 20, 2011 6:06 PM