Once again, the attempted flip of One Rincon Hill (425 1st Street) #1802 first hit the market seeking $1,399,000. Withdrawn and then leased (asking $5,250/mo), #1802 returned to the market in August with a list price of $1,299,000. Having been reduced five times since, the two bedroom condo is now asking $999,900 ($764 per square foot).
As plugged-in people know, 425 1st Street #1802 was originally offered by the sales office for $980,000 (not including any upgrades) when it first opened its doors well over two years ago. And the 1,309 square foot “02” two-bedrooms with Bay Bridge views are considered to be some of the most desirable units in the building.
At the same time, the attempted flip of the first reported resale (425 1st Street #2202) remains optimistically priced at $1,359,000; the list price for 425 1st Street #2103 has been reduced to $1,075,000 (asking $1,229,000 in March); and the listing for 425 1st Street #2307 was withdrawn from the MLS after 200+ days on the market (having been reduced down to $749,998, originally asking $849,000).
∙ Listing: 425 1st Street #1802 (2/2) – $999,900 [MLS]
∙ Listing: 425 1st Street #2202 (2/2) – $1,359,000 [MLS]
∙ Listing: 425 1st Street #2103 (2/2) – $1,075,000 [MLS]
∙ The First “Official” Resale At One Rincon Hill Closes Escrow: #2202 [SocketSite]
∙ Same Same But Different: 425 1st Street #2103 For Sale (Or Rent) [SocketSite]
∙ Four Floors Lower, But Asking One Hundred And Fifty Thousand Less [SocketSite]
∙ First Impressions: One Rincon Hill Sales Center [SocketSite]
∙ Trying To Establish The True Secondary Resale Market: One Rincon Hill [SocketSite]