CFAH

One Rincon Sales Center (www.SocketSite.com)

Well, we finally made it over to the multi-million dollar One Rincon Hill Sales Center (511 Harrison) last night for the “Select One” (i.e., not quite VIP) “Preview Event.” It lived up to all the hype. And all of a sudden, the sales center at The Palms (amongst others) just seems so early 2006…

Most likely you’ve already read about the touchscreen kiosks that allow you to browse floor plans, views, and availability (floor plans 02 and 06 appear to be popular); the model unit (floor plan 03) with simulated views from the 45th floor (complete with a little box of grass on the balcony for Fido); and the gaggle of people eagerly awaiting their chance to throw down 3% deposits (we were skeptical of the initial reports, but apparently it’s true, well over 200 of the 376 units have already been reserved).

And then there’s our first impression of the model unit: small (especially the living/dining area) but relatively well designed; nicely appointed kitchen with Sub-Zero/Bosch appliances and Del Tongo cabinetry (which the uberexpensive collateral materials somehow manage to list as “Sub Zero” and “del” Tongo); and decent closet space but with freakishly cheap doors (hopefully not the final finish). Eight basic floor plans for the majority of the tower (not too sure about the three bedroom/penthouse floors), four basic color schemes, and perhaps 30 floors finishes from which to choose.

The crowd was younger than we were expecting (based on the price point), and there was a palpable buzz of excitement in the air. In fact, it almost felt like people were buying into an exclusive new San Francisco club (and lifestyle) rather than just a new condo development. Based on what we’ve seen, we’d be surprised if One Rincon has any difficulty selling out in record time (and well ahead of the Watermark).

And as an extra bonus to our loyal readers, we scored the recipe for the “One Gincon”: 2 oz. Gin, 1.5 oz lemongrass syrup, splash of ginger puree, ice, and club soda in a tall glass. Now that’s a scoop. (Okay, so perhaps they were handing out little recipe cards.)

Now might be an opportune time to talk, discuss, and gossip amongst yourselves.

UPDATE: According to a tipster, 250 deposits were made in the four days of “pre-sales.”

Comments from Plugged-In Readers

  1. Posted by bulllish

    Forget One Rincon here’s a house in Parkside which got 50% more than what the person purchased it for in 4/30/04. And 16% OVER his asking price. Just closed this week. Niiiice.
    http://www.sfarmls.com/scripts/mgrqispi.dll?APPNAME=Sanfrancisco&PRGNAME=MLSLogin&ARGUMENTS=-ASL,-AL,-A,-N305354,-ACP

  2. Posted by John Mayer

    Went to the sales office today. sales appointments are booked up until tuesday. most of the 2-bedrooms are already sold out. very aggressive sales staff… a lot of investors buying up homes.

  3. Posted by Fred

    Alsolutly, the hotest real estate project in the history of San Francisco!! Better than 2006 Washington, 10 Coop Apartments sold in 1925 (still the most sought after apartment in SF); better than 611 Washington (1st luxury residential highrise, 33 units sold in 1984; better than Four Seasons, 144 Units reserved in 6 weeks – January-2000, avg price $1.8
    ; better than the St Regis Residences – 106 sold in 6 months May 2006, avg price $2.4M;
    Now 1 Rincon Hill, an era of “real estate downturn” accoring to most of the articles & comments on Socketsite & other journals pumping out scare journalism, recieves offers on over 200 condominiums in 2 days and it is still a hole in the ground. If it sells out (with reservations) in 6 months it will be over $700 Million in sales.
    You are a witness to the hotest real estate market in the history of San Francisco!!
    Congrats to 1 Rincon Hill.
    From Chiswick, London
    Fred

  4. Posted by Pat

    Fred – learn how to spell.
    Also how can I get a penthouse, is there an aftermarket or futures market for the premier units?
    Pat

  5. Posted by Ed

    Is anybody actually drinking this Kool Aid? I’m surely not.

  6. Posted by John Mayer

    Long-term I think it’s a great investment. But 700-1000 HOA is simply ridiculous.

  7. Posted by Mike

    Probably a nice building, but the location! I can’t believe anyone would pay $1000/sq ft to live at the entrance to the busiest bridge in the US.
    I’ll go out on a limb and say this is the proof the boom is over, the one last blowout before we stagnate.

  8. Posted by John Mayer

    The views are amazing depending on the unit. The 2 bdrm corner-units on the north-east corner have views of Golden Gate, downtown, and Bay Bridge – that’s really amazing. However, the neighborhood is sort of strange, but a few walks down you’re at the Ferry Terminal Plaza and you have the nice Embarcadero as your jogging track. I think the location is fine as long as you are higher up (lower levels would be sort of crappy). Anyway, for a building not ready until another 2 years, I think its a bit risky to pre-reserve on a set sales price without knowing where the real estate market is headed…

  9. Posted by Damion

    Really, John? Do you think prices for brand new highrises with fabulous views are going to be lower in two years than they are today? Even though right now there’s more inventory than the market is used to seeing, it’s not like we’re in Miami or Vegas or even New York, with a fabulous highrise on every block.

  10. Posted by charlie

    why anyone would want to purchase a condo in a building with piece of crap architecture like this is a mystery to me. But then, even well-educated wealthy people running big banks and investment companies make stupid investments, a la the subprime mortgate debacle!
    The architects and city planners that foisted off this Tour de Merde on the city of San Francisco should be exiled to Siberia.

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