We’re still working on an “official” update with regard to Infinity closings and move-ins, but a plugged-in reader and uberexcited contract holder swings by the building and reports:
Update on closing dates…We just went by the building…the lobby is pretty much up and running, just needs furniture. There are now doormen at the front desk. We spoke with one of them briefly and he said the first move in will be this coming Monday [2/4]. I was a bit uncertain of this as I thought they were still waiting for the final “white paper” from the CA Dept of Real Estate.
We’re now scheduled for a walk through mid February with an end of Feb. close…can hardly wait.
Also, if you’ve not been to the Studio Becker showroom (8th and Townsend), I’d encourage you to do so. They can help you with adding additional storage in the kitchen (e.g. adding to the island, converting the upper [cabinetry] to fully functional storage versus closed/fixed fronts, etc.) The team there is outstanding.
∙ Walkthroughs At Infinity: A Chance To Share Your Impressions [SocketSite]
∙ Infinity Update: Construction, Tower Two, And Possibly Even Sales [SocketSite]
There is a significant problem/design flaw with the upper kitchen cabinetry in all Infinity units. The bottom of the cabinets is at least 24 inches above the countertops. Industry standard is about 17 inches. There is immense wasted space. This means that (a) at least seven inches of cabinetry is missing, and (b) shorter people are going to have trouble reaching things in the cabinets. Has anyone else noticed this?
I stopped by Saturday night and the place looked great. I was also told that the first move in was on Monday and that the courtyard would be open at that time. I’ll be stopping by on my way home from work to see how it turned out. Although, I don’t know that I would actually want to be moving in just yet. By my count, they have 5 floors to go on the second tower. I give them about one month to top out and another 2-3 months to get the glass up and the crane down.
That’s fabulous news! Hope some of the new residents might hop on over to the One Rincon Hill sales center on Monday, February 11th at 6pm for the 2nd Rincon Hill Neighborhood Association meeting. Welcome to our quickly rising neighborhood!
Unlike Rincon, these guys seem like they did things right. From the design, to construction schedule, to sales staff, amenities, etc, they have been a class act. Kudos to everyone involved in the project and congrats to the buyers. Looks like they will be quite pleased.
Isn’t Rincon a neighborhood? Your post makes no sense rolls eyes
I spoke with an agent from the Mark Co. the other day and was told that first closings (and move-in) would be next week.
On a side note, last night I walked by the entrance to the completed tower on Main street and it looked fantastic and beautifully lit.
“There is a significant problem/design flaw with the upper kitchen cabinetry in all Infinity units. The bottom of the cabinets is at least 24 inches above the countertops. Industry standard is about 17 inches. There is immense wasted space.”
I have a differnt issue with these cabinets. The very upper cabinets feature a fixed front. Apparently in some units, there is duct work behind these; in some units, there is no duct work. If there is no duct work, the team at Studio Becker can add in operable doors and shelving. I think in all the units, there space above the fridge can be converted. I’m not certain why the developer didn’t address this on a case by case basis.
Just wanted to say, although not a buyer, I admire this project and walked by the lobby the other night and it looked spectacular. The whole project is really quite attractive and I am sorry I did not get in on this when it was first available.
Is the infinity closing units from top to bottom? I heard this but wasn’t sure the truth… any one plugged in?
They start with hight teen floors. I am guessing that those units with no upgrades will be the first few.
I can confirm they have a security person sitting in the lobby of the tower on Main Street – noticed him when I walked by the building on my way home tonight.
I’m so excited. The complex looks fabulous! The landscaping, beautiful common areas, and extra wide sidewalks will make this a great place for walkers.
I don’t move in till May/June, but will see if security lets me walk around.
Anyone move in yet? Mind sharing your experience?
I’m posting here for the first time at the risk of getting caught in the midst of the Infinity-1RH mudslinging. I will admit that we recently purchased a 1278 sq. ft. 2BD/2BA at 1RH and the over-ridding reason was the price point that was 20% less per square foot than the Infinity. The unit has floor to ceiling south beach views in the bedrooms [that will not go away, for the foreseeable future] along with upgraded hardwood floors and a custom walk-in closets. Admittedly, we ‘teamed’ with a party who had made a deposit two years ago, so we were able to avail of lower pre-construction rates. We were really turned off by the Infinity’s price points [over $1000 for even obscured views] along with the fact that we were stuck with the white cabinets in the kitchen and the IKEA looking cabinets in the bathrooms. The comparable del tongo cabinets at 1RH in both the bathroom and kitchen were, in our opinion, far superior. Are we the only ones that were really turned off by Infinity’s lack of upgrade options?
To be fair, the noise from the highway at 1RH on the lower floors was more than we imagined [with the balcony door open] although it is quiet with all windows and doors shut. The Infinity does have the better location, although let’s not forget that it’s also just a block and a half from the bridge and will also get its share of the pollution. With anywhere from 20-30% inventory [an estimate based on conversations with the sales office] left in the first tower, are they really going to be able to sell tower 1 off and maintain the price points for tower 2? I’m curious as to what others think. Thanks.
This is great news Infinity buyers! I got my call yesterday for a close of the 2nd week of March (treetop). I have already seen my unit twice and its better than I expected. It feels nice and the swimming pool, exercise room, lobby, etc. are class A. Also, the bamboo on the backside is very nice. It makes me feel great about the whole purchase.
I would love to post some pics but my designer has them. I didn’t get any upgrades – going to get the wooden floors myself. Anyone interested in pooling in for a wood floor contractor? Or know of someone good and cheap?
hey newbaby what floor and which treetop building are you in (A or C?)
im also in a treetop (building c), but i havent heard anything yet about move-in. I also didnt do any upgrades since the design center is a joke rip-off.
I’m in building C, just got the closing date of late Feb.
newbaby,
Let me know if you find a good contractor for the wood floors. Are you going dark or light?
I have a corner unit in the tower and will also upgrade the floors. I close around May.
Thanks,
infinitybuyer@gmail.com
We will be the first few to close. Our date is in mid Feb(that means this week or early next week). I just received all the documents which need to be reviewed before you improve your unit. It is a good idea that we can share the same contractor who are familiar the procedures. Our unit is in building B. We plan to have the work done on the floor, the lighting, the window covering, the closet and adding some shelves. It is not going to be a easy job!!
I’d be curious about how much you are going to save doing it yourself. We went through the design center (I know, ripoff) but after looking at some similar items at Expo (and Home Depot–though the stuff was junk) I wonder how much we overpaid.
For example, the closets were about 5K (one walkin one good sized entry closet fully decked out). Seems OK to me. Anyway, good luck!
anon: I have recommend my friends who bought their units to go with Infinity upgrades if it is possible. The only reason that I did upgrade mine is that I didn’t like what they could offer. You may save some money by doing yourself, but time is money too.
We’re in the B building in an “f” stack unit. We recieved our pre-close documents today, do a walk through in the coming week and close by the end of February. We’ve heard that 30 units will close by the end of the month. If you’ve not done so, you should think about looking at interest rates. We’ve worked with Well Fargo and floated down from 6.75% (locked in August) to 5.875% this past week.
We’re looking to redo the 2nd bathroom tile and would be interested in talking with others who want to coordinate with a contractor. Also, has anyone heard anything about what if any approvals you need from the HOA to change out interior elements?
We’re in the B building in an “f” stack unit. We recieved our pre-close documents today, do a walk through in the coming week and close by the end of February. We’ve heard that 30 units will close by the end of the month. If you’ve not done so, you should think about looking at interest rates. We’ve worked with Well Fargo and floated down from 6.75% (locked in August) to 5.875% this past week.
We’re looking to redo the 2nd bathroom tile and would be interested in talking with others who want to coordinate with a contractor. Also, has anyone heard anything about what if any approvals you need from the HOA to change out interior elements?
We’re in building c on the 6th floor.
Yes, I have one contractor that my agent recommended – who is out of san rafael – he’s good and quite reasonable. Can everyone who is interested tell me about how many sq ft are you looking at? And I can get a quote from him for a collective. This contractor originally quoted me 40% less than the design center for nice wood. And it will only take him 2 days – one to tear out the old and one to put in the new.
We’re going to do the whole place in light wood (including the bedroom). I wanted to do dark for more contemporary but my feeling is that it will become a little closed off. The lobby looks great with the light walls light flooring and dark furniture. My designer has chosen a really nice palette that reflects San Francisco and the exterior as well.
Regarding closets, I think we’re doing simple Elfa or Ikea because the custom closets eat up a lot of space.
We are also going to have an electrician because there is very low lighting – the den has practically no light and neither does the bathroom. So I am looking into that as well.
newbaby,
I’m probably looking at approx 800sqft of hardwood floors. I’m going to put high-end carpet in the bedrooms. Will you do your new flooring immediately upon move-in?
Feel free to contact me by email:
infinitybuyer@gmail.com
hi all,
i have run into an issue – my loan provider citibank is dropping infinity as an approved project.
among the approved lenders – who is the best – wells, chase or countrywide?
i am in favor of chase because they are a big bank and can offer a jumbo loan. but if you could help me out here with your thoughts i would appreciate it.
newbaby
newbaby, i’d be interested in this also. post what you find out.
don’t use countrywide. They are soon to be Bankrupt or absorbed into Bank Of America. (my guess is bankrupt)
either way it could cause a hassle with your mortgage payments. (when the bankruptcy occurs or if transfer to another bank occurs then you have to deal with figuring out who to pay and making sure the mortgage payments are being applied to your mortgage).
Avoid Countrywide like the plague.
I have a wells fargo loan, and it works well for me because I have a wells fargo checking acct. and wells fargo savings account, so I can do automatic payments and do quick online payments and it’s all right there. Thus far their servicing has been excellent.
Wells is also one of the largest mortgage lenders in the country, and is headquartered in SF and also Minneapolis.
I don’t know much about Chase.
I’d see which one will give you a loan… and then look at the terms.
I used Bank of America–and got a really good rate.
My wife and I bought a condo in the tower. We shopped among the Infinity’s pre-approved lenders (Wells Fargo, Countrywide and Chase) and decided to go with Wells because they had the best rates for the type of loan we were looking for.
We’re pretty conservative and so opted for a 30-yr fixed, fully amortized loan for our first. Wells consistently had the lowest rates for this loan – we checked regularly until we had to lock. Wells’ rate was usually 0.25% lower than Countrywide’s and 0.625% lower than Chase’s.
Not sure how these banks compare on a different type of loan like a 7-yr ARM. Definitely shop around.
On another note, Christopher, who is the Wells loan officer, is really great. He provides good service.
Depends on the size of your loan. Wells Fargo has some strange language that is not very clear. I had my ARM rate increased by 1/12 of a point because I did not maintain a checking account with 10% of the loan balance and this happened in month 9 of the life of the loan. This was for a large loan though, but the point is I could not find it in the loan documentation other than periodic reviews can impact your interest rate. That does not sound fixed to me, but I’ll be shopping for a new loan after a while.
Maybe a stupid question, but does Infinity allow buyers to use brokerages outside the list of approved lenders?
I have several brokers I like to use that always give me good rates, and I don’t close till June so I haven’t even thought about closing yet.
dp, what was Christopher at WF offering for a 5/1 or 7/1 ARM loan? Thanks.
Use all three, then take the one with the best terms. I currently am locked in with both Chase and CW. Chase has the better rate (Low 5% v. mid 5%), but chase seams to be harder to get approved by. Also, I’ve found the Chase contact to be difficult to work with, does not return calls, and seams to make a lot of mistakes. I got my disclosure from them and it was a mess and full of mistakes. So, again, I’d work with all three, don’t limit your options until you know the rate and all the costs along with whether or not you are approved.
Maybe a stupid question, but does Infinity allow buyers to use brokerages outside the list of approved lenders?
You can use whoever you want. I think for the original prequal you needed to use one of the preferred lenders, but for the loan you can use anyone.
We’ve been working with Chris at Well Fargo and he’s been very helpful and has provided good insight into the market.
Wells has a builder best program which allowed us to lock our rate for up to 360 days with 1/8th point of your locked rate if you close within 9 months and another 1/8th point if you close within 6 months of the original lock. You can also float down the rate anytime 60 days prior to the close. You can also switch products (which we did) We locked initially at 7.0% (with a 10/1 ARM) back in the fall when the market was going crazy (rates had been as high at 7.5%). On Feb 3rd we changed to a 7/1 ARM and locked in at 5.875%. This rate required us moving $50K in assets (e.g. IRA) to Wells. Chris was great in navigating the market day by day to get to our rate.
One note – the underwriting process has gotten much more stringent (no suprise here) so some of the documentation they will ask for seems a bit excessive.
Also, given how hectic the market has been, Chris and his team are super busy…but he’s been engaged with us and responsive when we we’ve needed him.
I’m a recent infinity buyer with a projected move-in date of early May. Should I be concerned that citibank is dropping the infinity as an approved project? I don’t have a lot of experience in condo/home purchases but this move suggests some uncertainty about the project (at least in the eyes of citibank).
Should I be concerned that citibank is dropping the infinity as an approved project?
I’m not an expert, but from my talking with a number of mortgage brokers, new buildings, esp. with commercial units, can be a little more problematic. I wouldn’t read much into it.
Personally, I had no troubles with BofA.
New buildings of a certain size, high-rises for sure, are usually financed by the larger banks.
Most other mortgage lenders shy away from these properties until a certain percent of the units are sold or inhabited, basically once the pricing has been accepted by the market.
In normal times, I would have expected WaMu to be one of the lenders as well, but that there are only 3 for a project of this size is indicative of a lack of confidence. Citi’s action speaks tons as they are basically saying that they are not sure of the market value of the units and are waiting it out. Not good news, and not just for Infinity buyers I would imagine.
Watch out for using Chase. I read on the web Chase is notorious for selling your private information to second and third marketing companies. It’s one of the ways Chase makes money. Then it happened to me all too soon. My credit card got bought out by Chase and shortly followed an on onslaught of junk mail even after opting out.
“Should I be concerned that citibank is dropping the infinity as an approved project?”
not necessarily.
1) you should buy your home to be a home, not as an “investment”. So in the end as long as you’re happy with your purchase price and you can afford your payments you’ll be fine. (with a cushion of course in case of job loss or other unanticipated expenses).
2) Residential real estate around the country has been hurting for a long time now (excepting SF). A lot of lenders have put the entire state of California on a blacklist due to its poor prognosis of housing values. the lenders are no better at forecasting future RE values than anybody else, they simply follow trends. The trend of late has been that RE values are falling, especially high cost condos around the nation. Thus, some lenders will pull out, yes even in SF (SF is not more “special” than the other markets that have taken a beating)
3) citi pulling out likely has more to do with their own financial position than anything else (there is a possibility that they were insolvent). thus, they may not have the money to lend.
thus, overall, I doubt that Citi pulling out of Infinity has much to do with Infinity specifically… more to do with Citi itself and macroeconomic trends.
and again, others may like Countrywide, but I strongly recommend you avoid them like the plague. Do you want to have a loan with a company that’s BEST chance of survival is to be bought out by another company? and if it isn’t bought out then it will go Bankrupt? it is a big hassle making sure your mortgage payments are credited to a bankrupt institution. (do you think a BK institution keeps on enough staff to make sure billing is done correctly?)
hey ex SF-er, thanks for the analysis. this is probably an elementary question, can you elaborate on exactly why getting a loan from a company that goes bankrupt is a bad thing? is it mainly because of the hassle of making sure your mortgage payments are sent to the right party? the terms of the loan itself shouldn’t actually change, right? please help out a wondering soul…
Last year I got a loan with American Home Mortgage a few months before they went belly up. My mortgage servicing was quickly sold to Wells Fargo and my HELOC servicing was sold a few months after the bankruptcy filing to EMC. I never experience any hassles in making my payments.
In normal times, I would have expected WaMu to be one of the lenders as well, but that there are only 3 for a project of this size is indicative of a lack of confidence.
This isn’t accurate. There may be 3 “preferred” lenders, but you can get a mortgage from anyone. New developments typically only have a small number of preferred lenders. BofA has done lots of loans in this building.
“is it mainly because of the hassle of making sure your mortgage payments are sent to the right party?”
correct.
“the terms of the loan itself shouldn’t actually change, right?”
correct.
Rillion: I don’t doubt that a transition can go smoothly… I am only asserting that it MIGHT be a pain in the butt.
as example: look at all the foreclosure proceedings around the country that are being BLOCKED right now because the lenders can’t prove that they own the mortgage!!!!
(google “Judge Boyko, Ohio, Foreclosure” for more info)
I had family members in the past who almost lost their home because their lender went BK and wasn’t crediting their payments (they were cashing them, but not crediting). This was during the S&L crisis of the 80’s.
i’m not saying it’s for sure going to happen.
I’m only saying that if you have 2 choices, and one is likely to go BK, choose the other one!
if nothing else, if you’re lazy like me you simply make your house payment an “automatic withdrawal” each month and don’t worry about it.
if your servicers change, then you have to watch your mail like a hawk to make sure that you switch your auto-pay.
also there are certain provisions that MIGHT change (I’m not sure about this part, any experts?)
As example, I get a 0.125% reduction in my mortgage payment by having a Wells Mortgage and a Wells Checking acct with auto-payment. (my loan is 5.125%, but 5% so long as I autopay from Wells checking). I’m not sure that I would be able to keep that if Wells went BK and transferred the loan to BofA as example.
here’s the downlow
citi dropped infinity because the bottom is completely retail and they need 50% occupancy as of 2008. otherwise they are the best i have experienced.
i am trying to get approved with wells and chase because the countrywide quote was a joke.
wells gave me a mid 5 rate for the arm and so did chase. but wells has no prepay, so…we’ll see – depending on which loan comes through.
i am working with nancee fujitake at chase who is very good.
thanks for all the input!
addendum:
be careful about non-approved lenders. yes, you can go with them, but you can’t be sure that when closing time comes everything will be smooth because of new changes in 2008. citi was fine until last year and then my broker said that it wont go through. at least he was honest and told me right away. some brokers wont tell you and will try to push the loan anyway.
wells gave me a mid 5 rate for the arm and so did chase. but wells has no prepay, so…
I got 4.875 5/1 with 0 points from BofA.
wow, anon, that seems really low – awesome! how’d you score that rate – is that for a jumbo mortage?
that is an awesome rate. do you have this officially from bofa or is this just a quote? coz they sent me something like this in email but did not send a good faith. from what i understand bofa does not do jumbo – so there needs to be 1 conforming and one a 2nd – is this the rate with both?
and you are sure they will close on infinity.
congrats, that’s really good.
“I’m posting here for the first time at the risk of getting caught in the midst of the Infinity-1RH mudslinging. I will admit that we recently purchased a 1278 sq. ft. 2BD/2BA at 1RH and the over-ridding reason was the price point that was 20% less per square foot than the Infinity. The unit has floor to ceiling south beach views in the bedrooms [that will not go away, for the foreseeable future] along with upgraded hardwood floors and a custom walk-in closets. Admittedly, we ‘teamed’ with a party who had made a deposit two years ago, so we were able to avail of lower pre-construction rates. We were really turned off by the Infinity’s price points [over $1000 for even obscured views] along with the fact that we were stuck with the white cabinets in the kitchen and the IKEA looking cabinets in the bathrooms. The comparable del tongo cabinets at 1RH in both the bathroom and kitchen were, in our opinion, far superior. Are we the only ones that were really turned off by Infinity’s lack of upgrade options?
To be fair, the noise from the highway at 1RH on the lower floors was more than we imagined [with the balcony door open] although it is quiet with all windows and doors shut. The Infinity does have the better location, although let’s not forget that it’s also just a block and a half from the bridge and will also get its share of the pollution. With anywhere from 20-30% inventory [an estimate based on conversations with the sales office] left in the first tower, are they really going to be able to sell tower 1 off and maintain the price points for tower 2? I’m curious as to what others think. Thanks.”
“Recent ORH buyer ”
You are not alone. I agree with you that both projects have their pros and cons. I had similar observations regardng location with Infinity being slightly better, but only a couple blocks from ORH. I used to live one block from there at Spear and Harrison and you are correct about Embarcadero traffic and noise from the Muni Trains. The entire Rincon area receives the fallout from the bridge.
I must admit, for the $ I was somewhat disappointed with the finishes and upgrades at Infinity too…all white seems a little “Boring” …and it looks like buyers are just paying the cost of making changes on their own.
Overall, there really should be no disagreement over taste. Both projects have a lot to offer and will be a nice improvement to the City.
The 4.875 rate is for a conforming loan (I’m taking a small second out for the rest). I got it after the most recent rate cut when the rates somehow dropped quickly for a bit. I’ve done loans with them before and have very good credit, so I think I got one of the better rates they offer.
BofA does do jumbos, I think, but the loan guy recommended doing a 1st and 2nd because the jumbo rates are pretty high.
I was under the impression that Infinity had already closed units and had people move in. Apparently, that is not the case. A friend that is a ORH buyer just closed at Chicago Title Company (also handling Infinity) and learned that there have not been any closing of Infinity. Supposedly, they are to begin next week. Is this correct?
I had the impression that Infinity was farther along in the process. My friend is moving into ONH in less than a week and told me that at least 4 others are already living there. Has there been a delay at Infinity?
J-Lee,
I think your mistaken. They have closed a number of units. There are also a few that are occupied.
There have been some closings at the Infinty. We conducted our walk through on Monday a few residents have moved in. If you go by in the evening, you can see a few of these. We’re scheduled to close on Friday. Our understanding is that 30 units are scheduled to close by the end of the month.
Just got into a contract at the Greenwich with Citi. They are tightening up a bit and not issuing 2nd HELOC loan (was planning to put 15% down, now up to 20%) but their rates beat everybody’s I’ve talked to (Chase, Wells, BofA and IndyMac) by at least 25 bps for every loan tenor.
Chase is 2nd best from what i’ve seen, if you’re planning to put less than 20% down, you should get it pronto …. my contact at Chase told me that they won’t be issuing loan with less than 20% down after first week of March.
Good luck!
J-LEE,
Infinity has been closing units for almost 2 weeks. They already have concierge service and 24 security in the lobby of the tower. Last I heard the tower had around 10 buyers move in (some of the balconies have plants, trees and other personal belongings).
I had a tour last week and the gym is complete and functional, including the Olympic size indoor pool, which is spectacular if I may say. The courtyard is complete, except for the area surrounding the second tower, and the Boulevard restaurant is under construction.
Are they already providing valet parking and concierge service at One Rincon? The lobby and driveway doesn’t look ready to me. Also, any news on Rincon’s second tower? I thought ground breaking was scheduled for January.
I must admit, for the $ I was somewhat disappointed with the finishes and upgrades at Infinity too…all white seems a little “Boring” …and it looks like buyers are just paying the cost of making changes on their own.
“J-LEE”
It does seem like there are a bunch of people redoing their second bathrooms, their floors, even their cabinets. Call me absurd, but for $1000+ per square foot I would expect a unit to be impecable, not requiring a single finishing touch.
The key criteria for my fiance and I were, first and foremost, great views, followed by great finishes. For the money ORH has superior views, hands down. This is particularly true with the first Infinity tower about to be encompassed by highrises to the north and to the west plus it already has Infinity Tower two to the south-east.
In terms of finishes, I would still give the edge to ORH given that I had a choice of what suited my tastes as opposed to being stuck with the bland standard white. One will have to see what happens with the amenities, although the Infinity currently seems to have the edge.
Call me absurd, but for $1000+ per square foot I would expect a unit to be impecable, not requiring a single finishing touch.
I did my walkthough on Sat. The place was very well done and there were very few items on the punchlist. We upgraded the floors (as I’m sure most people in the Infinity and ORH did). The kitchen cabinets are fine, well built and very nice looking (even if it wasn’t something I would have chosen). The countertops are great. Overall, I think they did a great job with the fit and finish. Except for the floors and closet built ins, it was all standard.
“It does seem like there are a bunch of people redoing their second bathrooms, their floors, even their cabinets. Call me absurd, but for $1000+ per square foot I would expect a unit to be impecable, not requiring a single finishing touch.”
Recent ORH buyer,
I think both development has it’s pros and cons. I had lunch at Waterbar yesterday and even though it was cloudy and rainy, the location and views were spectacular. After lunch, we took a short, one block stroll to the Infinity to show our friends the courtyard and where the new Boulavard restaurant would be located (yes, we’re big food fans). Then we walked back to the waterfront and my friends kept telling me again and again how beautiful and scenic the whole waterfront neighborhood is.
I think both developments are wonderful. I got my waterview corner unit above the 28th floor for less than $1000/sqft (got in early). My deeded parking space is worth $75,000. If I deduct $75,000 off my price, then my unit would come out to $915/sqft. Honestly I wouldn’t give up my space for $100,000 now since parking spaces in downtown keeps getting rarer and rarer. For some, views are paramount, for me it’s all about location, neighborhood amenities, and deeded parking space. I plan to upgrade parts of my unit, but as a DYI type of person, I plan to do much of the work myself.
Congrats on your new purchase!
Someone needs to post some pics of the Infinity amenities!
Does anyone know how sales are going? Is there any fallout? When will the new tower be available? I do like this project and the area. Congrats to the new Buyers who have moved in.
“I got my waterview corner unit above the 28th floor for less than $1000/sqft (got in early). My deeded parking space is worth $75,000. If I deduct $75,000 off my price, then my unit would come out to $915/sqft. Honestly I wouldn’t give up my space for $100,000 now since parking spaces in downtown keeps getting rarer and rarer. For some, views are paramount, for me it’s all about location, neighborhood amenities, and deeded parking space. I plan to upgrade parts of my unit, but as a DYI type of person, I plan to do much of the work myself.”
Another Infinity buyer
Congrats on your purchase too. I guess we are not the DYI type, so we are all for the unit being ready to move in without requiring further alterations. Sounds like your price point is friendly relative to what the sales office thinks they can get today. That may be why Tower I still seems to have a fair amount of availability.
In my earlier post, I mentioned that we bought in for 800 per sq. ft. on the 11th floor … which is actually more like the 6th floor. That breaks down as follows – $725 per sq ft [actual cost] including hardwood floor upgrades, carpet upgrade, shower stall upgrade, custom window blinds, and custom closets in the master bedroom [small walk in closet] and linen closet. However, to compare apples to apples, I added another $75 per sq. ft [hence the total of $800 per sq. ft] which comes to around $96000, because we don’t have a deeded parking spot. We are not huge fans of valet parking, but, to be fair, we do have one parking spot we can avail of, even if it isn’t deeded.
Accordingly, I think using $800 compares apples to apples [or as close as I could come] for our unit versus the Infinity. Our 2/2 unit has floor to ceiling bedroom views of the bay, the south beach marina and will get great sunrises reflecting off the water during the summer. Having lived at the Metropolitan [with similar views] this visual is something we treasure. We also have Twin Peaks views from our living/dining area … these are okay, but importantly neither will be obsured by any proposed new construction. Clearly this is not the case for the Twin Peaks [and City] views at the Infinity. Moreover, with all the upgrades we ordered, we move into a condo with all of our desired features, with just a few items that needed to be ‘fixed’ from our walkthough. We didn’t see anything that came close to this $800 per sq. ft price point, with comparable views and upgrades factored in at the Infinity … not close.
We think that the Boulevard II addition is great [we are foodies too] and don’t mind the 3 block walk to the Infinity to dine there. That and the new Embarcadero restaurants [Waterbar and another?] are places we will also likely visit soon. The slightly longer walk to get there [for us] isn’t an issue … unless the winds continue to howl like they did this past Sunday 🙂
The ORH negatives – it’s definitely noisy with passing cars when we are out on our balcony. We would probably prefer and indoor pool [as we had at the Met] but at least the outdoor one will be heated. That whole area is still very much a work in progress. The gym for Tower I is way small, but I guess the “larger gym” with attached aerobics studio will be at the second tower. To be fair, we rarely use the pool/jacuzzi [although it’s nice that its there] the gym is important to us, so the current situation is a bit of a bummer.
Hi another infinity buyer,
Your price point is really great for having waterviews. We also bought in the Infinity and paid almost $1000/sqft range for a corner unit with partially obstructed waterviews. For an apples-to apples comparison, how early did you get in and are you facing the bay bridge side or the northern side?
Have any of the Infinity buyers secured a storage unit? We’re closing this week and were able to get a storage unit but this was negotiated early on. I’m curious what other’s experiences have been. There seems to have been a lot of confusion around this.
We conducted our walk through last week and while it wasn’t sparkling clean, we were pleased with the fit and finishes. We did have 3 pages of punch list items but the vast majority of these were small items (e.g. marks on paint, bathroom door lock not locking, etc.) we wanted to make sure we documented everything given that legally we had to do so. The sales and closing team is really responsive and want to make sure we’re happy and satisfied.
and one more infinity buyer,
I got in during the first 2 weeks of release. If I had gotten in during the first 2-3 days, the prices were even better!
I didn’t get the NE corner unit. That is the highest priced corner and started at around $1300/sqft and up. The other corners were competitively priced around $1200-900/sqft for upper levels depending on the floor and view.
recentinfinitybuyer,
Can you tell me more about the storage? How can I get my hands on one and how much were they? What floors were they located on?
Thanks!
Has anyone realized that for early movers in Feb, Comcast cable has not yet set up service in the building and it may be several weeks before this happens?
Has anyone realized that for early movers in Feb, Comcast cable has not yet set up service in the building and it may be several weeks before this happens?
Yes, but they have DirectTV and Uverse available. Last I heard Comcast was 30-60 days out.
We just closed on a 2-bed corner unit at the Infinity. I shopped around for rates but in the end I went with Wells Fargo, one of the preferred lenders. Chris Davis over at Wells Fargo helped me out the whole way and I would recommend him if you want to get closed at the Infinity.
another infinity buyer – sorry I didn’t get back to you sooner. We were busy closing the past few days. We’ll get our keys tomorrow. An observation or two on the closing process. It’s clear that the developer and their closing team are not on the top of their game. There were several problems we encountered. These were cleared up due to the hard work by the team at Chicago Title. Seems like the files being sent over to them aren’t always complete/accurate. Regarding the storage, my understanding is that there are no more storage units available. It’s been a mystery on how many were avaiable and when they were available. I don’t think there’s much chance for getting one at this point.
As a future infinity buyer (planning to close in May) I’m concerned about the number of postings I saw on craig’s list already about units available for rent. Any idea what percentage of units will end up being rentals? For those curious about what some of the units (and views) look like, check it out on craig’s list. I’m impressed at the steep monthly for the 1 and 2 bedrooms.
On a different topic, I feel this is a very uncertain time for real estate in California and even SF. I’ve purchased property before but starting to get cold feet about pressing forward with my unit at the infinity. I have a feeling that if I back out, someone else will snatch it. I suppose that since I’m planning to live there for at least 4-6 years I should be able to ride out a dip.
@JSchwantz – you hit the nail right on the head – indeed we are in uncertain times concerning many aspects of the California real estate market as well as San Francisco in general. However, if you are planning on living at your unit at The Infinity for several years – or even 4-6 years as you mentioned – and you truly believe you are going to enjoy living there – then yes, you will ride out the ‘dip’.
Enjoy your new place – I would be very excited.
JSchwantz, I agree that we are in uncertain times, but I think the uncertainly only pertains to how far prices will fall, not whether they will continue to do so. Why do you think someone will snatch up the unit if you back out? Given the high prices of these places, the slow volume, and tightened lending requirements, I think it is much more likely that the unit will be offered at a steep discount. If you plan to sell in 4-6 years, you are far better off waiting a bit and buying at a significant discount to prices that were offered previously. There are lots of recent buyers who are stuck now and cannot sell because they cannot afford the huge loss they will incur. You very well may be in that position in 4-6 years.
I think it is much more likely that the unit will be offered at a steep discount
It all depends, of course, on the unit and what you paid for. Some units may be discounted if they went back on the market (if you bought late and paid a premium for a non-view unit). But, for example, in my case I got a lower priced unit that I’m confident would sell for 10% more than I paid for it. Of course there’s no way of knowing that unless you sell 😉
Tishman Speyer has pretty deep pockets, I think they’ll hold the line on the sales price, even it takes a while to unload the last units.
Has anyone had trouble getting any of the banks to lock in rates when you request such? If so how did you handle it?
recentinfinitybuyer,
Thanks for the info. I had a feeling it would be hard to get a storage space now.
Can you tell me more about the closing problem. What specifically went wrong with your closing?
Congrats on your new home.
recentinfinitybuyer, I too would be interested in hearing more about the closing problem you mentioned, in particular the “Seems like the files being sent over to them aren’t always complete/accurate.” Was it the sales team or the banking team you worked with that made the errors? I am sure your advice would help the many people eager and exited to move in make the process smoother should they run into a similar situation. Congrats – you are so lucky to be living in such a great building!
recentinfinitybuyer are you the same Recent Infinity Buyer that posted back in August?
somewhat by increases in construction materials.
“In July, we bought in the low teens floor in the tower and at the time there were very few units in the tower left. As we complete the contract, we had a chance to look at the open units sell sheet and it was sparse. Seems like the higher sales percentages (e.g. 90%) seems resonable. The building is really coming along nicely…while there may be short term flucuations, I liken the investment to Tower 1 of the Brannan. Quality and location sell.
Has anyone else worked with the Wells Fargo Rep? Experiences? I’ve not been impressed but do like the programs they are offering.”
Thanks “g”
By the way stopped and walked around the site today – it looks awesome! The security staff in the lobby were friendly, came out greeted me and asked if they could help in any way, lobby entrances on tower 1 and Main street mid rise are perfect, care was also put in to smaller punch list items such as planting bamboo a long the property line of the data center next door…it seem’s most developments just leave the ugly wall exposed.. this is a top tier development so exited for it to finish…
There is a link for those of you that have not seen it which posts wonderful pics of the development… pretty cool as it shows beginning stages of the project up to this past week..not sure who is snapping the photos but it has been fun to watch…if this link below does not work go to skyscraperpage.com and search for the Infinity San Francisco…
http://forum.skyscraperpage.com/showthread.php?t=67546
Finally recentinfinity buyer… and Recent Infinity Buyer be that you are the same posters or not… did you end up going with Wells, and did it work out ok given you mentioned you were not impressed?
Trying to pin down our financing – only reason I am asking all these lender questions.. any insight you can give would be greatly appreciated.
thanks again!
g – Like I said I worked with Wells Fargo and had a good experience. I actually locked in a “builder best rate” with them back in September, and when rates started falling in the subsequent months – they floated me down to a good rate. I shopped arond online – but couldn’t find anything that could compete. Since they know the project so well – they don’t have the issues other lenders have with new projects which include commercial space. I just closed on Friday.
As for the title closing – everything went smooth for me over at Chicago Title.
We did our walkthrough the previous week – and found just a few little nicks here and there – but nothing major. The builder says they will have these problems fixed in a few weeks.
So far so good in the common areas. The club room is pretty sweet – and the gym is great. It’s got nice equipment, plenty of treadmills, and a seperate “studio” room for spinning, yoga, training classes. The pool is very nice – only 2 lanes but very long and it’s getting heated up now to 80 degress F.
Kevin thanks good to hear.
RecentInfinitybuyer did you get things squared away?
Yep…got everything squared away. The file issues were mainly about missing items such as not showing upgrades, seller design center credits, etc. Nothing major, just glitches in the process. Sales team at the Infinty has been great smoothing things out.
recent..happy to hear it. we are set to move in in the next few months ourselves and are very exited; this development is fabulous! Given the state of the economy and all the comments including yours regarding either not being satisfied with lenders, financing falling through, etc. (pit of’s sad and horrible story).. I have been getting a bit nervous. We have a great down, strong finance backgrounder, fico the whole nine but still it seems like if all the details are not perfectly in place things can quickly head south in today’s market.. I know it will all work out but still want to keep a float on the state of it all… hear what everyone else is experiencing so we are prepared… Again congrats and thanks for the info.
g,
You can also try Citibank. Despite what was mentioned in this blog a couple weeks ago about Citibank dropping Infinity, it’s not completely true. Citibank will provide loans for Infinity, but they are not a preferred lender. You will have to approach Citibank for the loan. If your credit is great (725+) and have 20% down, which seems like you have, then Citi may get you the lowest jumbo loan rates. Check them out.
Good luck!
I moved in last week, and though there are still some bugs to work out with the building, I have to say that the team here, from the sales office to the lobby “ambassadors” to the HOA to the concierge are absolutely top notch! It really is like living in a (nice) hotel. It’s far exceeded my expectations so far. Although the building is pretty empty right now, hopefully they can keep up the level of service when it’s fully occupied.
Is anyone ok with the $250 cert fee?
I would echo anon’s comments about the team in place. Everyone, (from the HOA office, to the concierge to punch list crew) has been on top of their game. They are very responsive and extremely polite/helpful. The team is like the staff at a luxury hotel. Best of all, they’re not stuffy or stiff, just great people doing a great job.
For those who have moved into the Infinity already, did you use one of the three “preferred” movers? I believe the list includes Doubleday, Shamrock, and Celtic. Also, we called Delancey Street movers who told us they were a preferred mover for the Infinity, but when we checked with the management company, they told us they were not, so that was a bit sketch from our point of view. Just wondering if people have any opinions or good/bad experiences.
Thanks!
Same thing happened to me when I called Delancey Street movers! Sketchy… But they are much cheaper than the three preferred movers.
Hi All, just wanted to let you know that we finally closed with Wells Fargo at 5.5% no points! Chris and Todd at Wells have been phenomenal with the speed at which they close. Chicago Title was great as well. No glitches and the rate we were promised was the rate that we received.
A note on Citibank, their 2008 guidelines say that the condo project needs to be at least 50% occupied before they can give the loan, so pls be on the safe side.
Thanks guys for all your help.
I know that I have promised some readers quotes on flooring and I will be doing that soon.
Anyone used Studio Becker for wardrobes??
Even if Delancey isn’t a preferred mover for the Infinity, I’d still strongly recommend them. They did a fantastic job for my move. I can’t say enough good things about their movers. Plus it’s for a good cause.
Haven’t looked into Studio Becker for wardrobes (though I bet they are pricey) but I am going to check out whether they can install the top cabinets in the kitchen (currently it’s just a dummy front). There’s a lot of space up there I’d hate to waste.
Hi g,
Did Delancey Street movers pad the elevator and the hallways? Were they familiar with the layout of the building? The move-in instructions seem a bit complicated (i.e., loading dock in the back, can’t go through the lobby, etc.) and since I’m moving in in April, I just want to make sure that things will go smoothly. Thanks.
Sorry for the confusion, but I’m not an Infinity resident. Delancey was great though, so I don’t doubt they’d be able to more than handle any detail however complicated.
Thanks for the clarification, g.
G #2 posting re: Delancey movers… Other “g” here (posted prior regarding financing etc.) To clarify so there is no confusion I will change my posting name.. sorry if you had posted before I aquired the name and did not see it…
Looks like there are 2 “g” posting on the thread.
G #2 posting re: Delancey movers… Other “g” here.. (posted prior regarding financing etc.) So there is no confusion I will change my posting name.. sorry if you had posted before I aquired the name “g” and did not see it…
new baby the 5.5 no points, what product was that if you don’t mind? Did you lock and if so when? Thnx..
We’re scheduled to close in June, but haven’t locked in financing. Has anyone talked with the preferred lenders lately? We’re leaning toward a jumbo I/O product (we’ll put 20%++ down), and are thinking we’ll stay 5-10 years. Getting a little worried we’ve missed the boat in terms of getting a decent rate…can anyone confirm?
The 5.5% was a 30 year conforming loan fixed for 5 years. I locked a couple of weeks before closing end Feb early March. You could call Chris Davis at Wells 415-247-1281
The other thing for you infinity buyers – none of the punchlist items were completed and now they want us to go through Titan to get these items done….just be aware.
i am still awaiting the quotes on the wood floors..
The 5.5% was a 30 year conforming loan fixed for 5 years. I locked a couple of weeks before closing end Feb early March. You could call Chris Davis at Wells 415-247-1281
BofA might have better rates. Mine was a 5/1 for under 5%, but that was a few weeks ago.
The other thing for you infinity buyers – none of the punchlist items were completed and now they want us to go through Titan to get these items done….just be aware.
I believe Titan is coordinating it, but TS is actually doing the work (at least they did for me).
Any disabled buyers at the Infinity having trouble with the developer?
Has anyone heard of cancellation of purchase contracts at the Infinity due to the drastic changes in mortgage lending? My lender just completely changed terms on me and I dont think I will qualify for new financing? Any advice on this would be appreciated!
You probably can’t get your deposit back. The contract doesn’t have a loan contingency, at least mine didn’t. You just have to work with the sales team to see what they can do for you. Maybe the developer will have some flexibility, who knows?
Good luck!
We just moved in last weekend. We got a corner unit; on the lower teen floor. I have to say it was a pleasant surprise that we can see a lot of water from our living room. I personally like the “Armani clean line” interior of the place. A note to those who plan to use movers not on the recommended list: The management will want you to have insurance for all the movers; we ended up paying so much extra just to get the work done and I’m certain not happy about it.
Also, it didn’t look like they fixed any of the “defects” observed during the walk through.
Very interesting!
Is anyone else having problems with closing, walk throughs, etc?
We moved into the Infinity back in March. This past week – the warrenty people called US asking if there was anything else on the punchlist OR anything new that we had found wrong with the place.
They came up and fixed all the various issues we had found after we had moved in. They are being very pro-active about making sure the buyer is happy.
Just curious, does anyone know the dropout rate at The Infinity. I look at craigslist once every week and see only the studio unit that somebody is trying to “asign”. Does The Infinity allow this like One Rincon? I see a bunch of units for sale over there. I thought both building had a no sale/flip restriction?
I also was pre-qualified about 8 months ago by a preferred lender and now there isn’t a bank in sight that will lend to me despite my excellent credit, 10% deposit and healthy salary. I too could use some advice about what to do at this point. I have a feeling this is happening more than T.S. would like to admit.
If I lose my 3% this will be a very good yet expensive lesson for me. Surely the insightful readers of socketsite have some recommendations. Any timely advice is appreciated since my escrow is quickly closing……
The problem I have with Infinity, One Rincon, and all the other new developments out there is that prices at these new developments are still peak 06-07 pricing, while the market in SF and the Bay Area in general are DECLINING.
So the dilemma is whether to go ahead and close knowing you may be underwater as soon as you close (like buying a new car), or take the 3% hit and taking a chance that prices may decline 5, 10, 15% in the coming months/years (anyone notice prices are much softer now at the Met, Brannan, Beacon, etc…??).
If I was a gambling man, I would walk and buy back at a 10% discount 1-2 years from now.
That’s the dilemma I’m dealing with now and I haven’t decided what to do!
former buyer, what’s your chances of getting your deposit back? Have you tried negotiating with the sales office?
@ infinity buyer (maybe):
You’re spot on. Infinity is way overpriced for this market even after taking into consideration the fact that new condos are usually sold for 5-10% more than their true value.
What to do? I do agree that the value will decline more than 3%. Somehow it seems much more difficult to walk away from a 3% deposit than it is watching your home value drop 5% or even 10%, as long as you’re not selling. I plan to be in it for 6-8 years so maybe purchasing might be the way to go.
If I do walk away, I’m not sure what my chances are of getting my deposit. I have negotiated with the sales office but they’re useless in this matter. I will not go down without a fight.
@former buyer
With a 6-8 year time horizon you’re probably OK. I don’t think you can time the housing market. If you like the place and can afford it, then I’d say buy. The Infinity has so many different floor plans that I think the price potential varies greatly. If you have one of the units with great, protected views, I’d say you’re OK. If you have no view and a funky layout, then you might consider walking away.
Have you checked BofA? I had no problem getting a loan (I have a lower priced unit). Banks are still lending…
Can someone tell me what banks they are using for the infinity and who’s offering the better programs? Also, if I lock with one bank, what happens if I decide to use another bank? Is there a penalty? Thanks in advanced.
former buyer,
Good luck. Let me know your outcome.
I still think Infinity is the best condo development south of Market. The location can’t be beat so I guess there should be a premium. I looked at the Met and One Rincon buildings a couple weeks ago and the location was so poor I couldn’t imagine living there. The non-stop traffic drove me crazy and I was only there for a couple hours.
I have a 3-4 year horizon. The silver lining is that I locked in pricing very early so there’s comfort in knowing units more expensive than mind are closing at Infinity. I just keep going back and forth on whether I should close or walk.
Does anyone know the fallout rate? Seems most people are closing at Infinity rather than walking.
nig,
I believe Infinity is going with Wells Fargo and BofA. Usually when you lock in a rate, there could be a penalty of 1/4 pt if you go with someone else. But that all depends on the bank.
I think you can use any bank for Infinity, but Wells and BofA are the preferred ones.
Good luck,
infinitybuyer@gmail.com
I live at Bridgeview, and have a view of Infinity from my living room window. As a soft indicator, I have been watching the number of units with window coverings, and the number of units with lights on at night. Over the last several weeks, there has been a steady increase in the number of occupied units.
It is hard for a building to accommodate more than 1-2 move-in’s per day, and I would not be surprised if some weekdays saw no move-in’s. Given the current environment, it appears that Infinity is doing a good job closing units.
R, thanks for that update. I don’t live in the area now but do visit frequently and agree with your observation. That’s a good sign if sales are still occurring in this volatile market. I’m sure many are in my situation and would rather not walk away from their deposit.
I think the critical question is whether or not the second tower will be more expensive. If I walk away and lose 3% but values drop 3% or more, I’m better off. IMHO many are waiting for sales to begin on the second tower, and hence, units will be more expensive.
I know this is an old thread but i’ve recently moved into building A and am wrestling w/the window treatment project. I have quotes from National Blinds, but am wondering if anyone else knows of other contractors that have experience in working in the Infinity? I also know that there are some that won’t work there due to some of the requirements around insurance, etc. Any assistance is appreciated and looking forward to meeting the neighbors!
Can any one share the punch list they used to do a walk through at building A? we will be doing ours soon and we are first time buyers and want to know if there is anything specific we should look out for.
I don’t know what’s going on at the Infinity sales office. I have been trying to get a hold of the sales office for the past month and just recently got a call-back. I have been trying to work with the sales office to close escrow on my unit and they would not call me back. When they finally did, they notified me that everyone that hasn’t closed yet will be dealt with on a case-by-case bases through arbitration. I was like, “WTF”? Try calling people back! I will definately be seeking legal counsel — ridiculous!
Did you miss your close date? I would think they *want* your money, unless they believe you have no means to close!
Yes, I did miss my close date because the lender suddenly demanded a significantly higher deposit and I needed more time. I was trying to communicate this with the sales office and see if there were other options. I would have just dropped by the sales office in person if I had more time. It was just frustrating because they were very confused — whether or not I did my walkthrough, whether or not they sent me a default letter already, whether or not I wanted this or that. It wasn’t until recently that they decided to get their act together and I FINALLY closed.