Having hit the market priced at $1.95 million in March, a price which was subsequently reduced to $1.835 million in May, the sale of the “coveted” south-east corner unit #1902 in the One Rincon Hill tower at 425 First Street, a 1,309-square-foot unit with “commanding Bay Bridge and water views,” has just closed escrow with a contract price of $1.79 million or roughly $1,367 per square foot.

And yes, that’s 30.2 percent above the $1.375 million price the unit fetched in April of 2013, at least on a straight-line basis.

But having been listed for $2.15 million in December of 2015, the 425 1st Street #1902 was marked-to-market and traded for $2.19 million in March of 2016 as well, representing an 18.3 percent drop in value for the view condo from the first quarter of 2016 to today on an apples-to-apples basis (having jumped 59.3 percent from early 2013 though the end of 2015 in the post-recession boom).

Comments from Plugged-In Readers

  1. Posted by JakeSF

    One Rincon Hills Condominium is now under building litigation. The value of all of the units in this condo building are encumbered by the litigation – which should be settled within 6-12 months. I wouldn’t consider it an apples-to-apples comparison given that the last time the unit traded on the market – there was no pending litigation.

    • Posted by SocketSite

      While a valid point, and the cloud of litigation can impact one’s ability to refinance or secure a purchase loan, keep in mind that construction defect suits are fairly common; the suit is close to being settled; and the settlement should ultimately benefit the homeowners association (which filed the suit).

  2. Posted by KOB

    30 percent above the 2013 purchase price is nothing compared to what investing in the S&P 500 would have generated.

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