January 20, 2012

Still Not Cheap (But Half A Million Cheaper Than In 2008)

Just listed for $2,350,000 or $1,207 per square foot, the list price for 425 1st Street #5204 isn't exactly cheap. But having been purchased for $2,916,000, it is 19.4 percent ($566,000) cheaper for the One Rincon Hill three-bedroom today than in August of 2008.

∙ Listing: 425 1st Street #5204 (3/3) 1,947 - $2,350,000 [waterfront-sfviews.com]

First Published: January 20, 2012 10:45 AM

Comments from "Plugged In" Readers

Wait, is that wall-to-wall carpet in the living room? For $1200/sf? Kitchen and baths are also quite prosaic. The views are stunning - I guess they assume you'll be stunned into not noticing the rest of the place. Would love to see a floorplan. Seems that they had a lot to work with but didn't do much with it.

Posted by: sunnyvalesteve at January 20, 2012 11:44 AM


Posted by: Hitchcock at January 20, 2012 12:23 PM

Wachovia who?
Talk about bad timing...

Posted by: EBGuy at January 20, 2012 1:01 PM

This one is owned by a dentist and 785 Cole, the subject of the thread a bit below this one, is owned by a different dentist.

Coincidence or the start of a trend? Did some dental investment adviser finally tell their clients it was time to throw in the towel on SF real estate?

Posted by: tipster at January 20, 2012 1:33 PM

^^^Seriously? I've got a youtube 4 u

Posted by: eddy at January 20, 2012 1:51 PM

@sunnyvalesteve - http://www.onerinconhill.com/images/floorplan/3-Bed_TSelect_04.jpg

That balcony with northeastern exposure looks COLD. I guess it could be a good place for a cup of coffee in the morning.

Posted by: Jeremy at January 20, 2012 2:42 PM

I love this site. Out of curiosity, and because I am in the market to purchase and I've noticed that not all info is readily given by RE agents, how does one look up prior loan/financing on a property? I can dig up permits and sales history, but it may be nice to know about the financing that was used. Thanks for any help. The comment about the dentists prompted my question btw.

Posted by: Donovan at January 20, 2012 3:24 PM

An August 2008 buyer deserves a much bigger loss than 20%.

Especially an ORH buyer.

Posted by: El Bombero at January 20, 2012 3:45 PM

@donovan: try property shark.

Posted by: Bernie Hill at January 20, 2012 6:10 PM

zestimate is $2.15M and
2011 tax assesment is $1.9M


$1207 psf asking sounds a little rich to me. I say it drops another couple hundred grand before it sells and the total losses top a mil on this puppy.

Posted by: Up! Up! Up! at January 20, 2012 6:37 PM

Thanks Bernie Hill! Good info in that site.

Posted by: Donovan at January 21, 2012 6:44 PM

I lived in One Rincon for a year and hated almost every minute of it. What a crappy place! Yes the views were nice. But everything is crammed into a small footprint that is barely liveable and my apartment was noisy with terrible ventilation. I found the management team to be painful too. Still way overpriced. For that kind of money I would suggest the Millennium which I hear is better although I've never stayed there.

Posted by: anonymous at January 23, 2012 3:42 PM

what a complete joke. when you see the photo on top you'd think the living room was spacious. but click on the listing website and you'll see how tiny and claustrophobic it really is

Posted by: anonymous at January 23, 2012 3:47 PM

Yes that's the magic of a fisheye lens combined with postprocessing. The clue that you're being snookered into thinking that the room is bigger than it is would be the coffee table in the foreground that appears to be tilted at a steep angle towards the viewer.

Posted by: The Milkshake of Despair at January 23, 2012 3:54 PM

I have friends who lived there and were very disappointed for the reasons described above. You can buy a pretty nice mansion in other parts of the bay area for $2.4 million.

Posted by: anonymous at January 24, 2012 8:27 AM


Posted by: tipster at January 24, 2012 9:37 AM

Heck you can buy a pretty nice mansion in St. Francis Wood for $2,4M.

Posted by: NoeValleyJim at January 24, 2012 9:40 AM

I'm not going to comment on the price but I think the floor plan makes sense. It's functional and there's really no wasted space. I do agree that the living/dining room is on the smaller side considering the entire unit is almost 2000 SF but you could remove the wall of bedroom two if you wanted something on a larger scale.

Posted by: Willow at January 24, 2012 12:58 PM

After 378 days on the market asking 19.4% less than its August 2008 purchase price, the listing for 425 1st Street #5204 was withdrawn from the MLS today without a reported sale.

Posted by: SocketSite at January 30, 2013 2:20 PM

Post a comment

(required - will be published)

(required - will not be published, sold, or shared)

(optional - your "Posted by" name will link to this URL)

Remember Me?

(you may use HTML tags for style)

Continue Perusing SocketSite:

« Existing Sales Pace Up And Supply Drops As Median Drops As Well | HOME | Polk Street Parking Lot Shuttered, Apartments Ready To Rise »