While the re-resale of One Rincon Hill (425 1st Street) #2202 closed escrow two months ago with a re-reported contract price of $1,150,000, the resale of 425 1st Street #3102 (“Seller says Sell!”) closed escrow on 5/8/09 with a reported contract price of $1,166,000.
Keep in mind that “02” two-bedroom units on the 28th, 31st, 51st and 54th floors are considered “deluxe” and offer an additional 149 square feet of space over the other non-penthouse 02’s albeit mostly in the form of “closets.” That being said, while #2202 resold for $879 per square foot in March, #3102 resold for $805 per square foot in May.
UPDATE: According to tax records 425 1st Street #3102 was originally purchased from the sales office for $1,260,000 (7.5% above its resale).
∙ A Return To Reality For A One Rincon Hill “02” Stack Resale (#2202) [SocketSite]
How does one use that extra closet in the deluxe units ? It seems to open up to the kitchen and living room areas and does not directly connect to any bedroom.
Perhaps this is just a small windowless bonus room instead ?
I think the extra closet will probably used as walk-in pantry.
Agreed – the big closet just looks like a big “bonus” room. I’ve seen similar rooms billed as a “den” by other developers, but maybe there are no outlets / connectivity in this room…
Whoa! Could these really be dropping more than 10% in 2 months? Yikes!
Open it up both sides and make it a formal dining or use it as a study/office?
The comparison of $/sf is very misleading because all of the additional sq ft in 3102 is in the closet. Those are the cheapest sq feet in the building. So, no, prices have not dropped 10% in two months.
Do you think the only resales of this nature will be in the million plus range? Was this listed or are these resales only available through agents?
@ condoshopper.
This unit was listed on MLS, the same agent that resold the other short sale at One Rincon.
it would be nice to have the extra closet space, especially if you don’t live an ascetic existence. it’s a great place for storage especially if you have large things that you want out of the way but still somewhat handy. (like a skateboard or a kitchenaid mixer or a tent as example)
alternatively, you could put a small desk and computer in there and then have a somewhat separate office area.
@ anonn and runningwithscissors:
I have been in these units both pre and post completion, so hopefully my words have merit to you.
This buyer has paid $16,000 to be 9 floors higher and for the extra closet. I would say the closet is worth the 16K and the price drop in two months equals the value of being 9 floors higher. So how much would value the view from 9 floors higher?
And yes, I admit to being an ass for pontificating without ever having set foot in ORH.
🙂
That unit (or ones like it) will be able to be had for under $800k in the next few years. Who are these suckers?
I think this sale shows some relative stability at ORH in the last few months, at least with respect to the perceptions of the limited class of knifecatchers still out there buying in this range.
9 floors higher (as noted) and extra closet/storage space in unit, which I personally think is a big deal for someone with a lot of hobbies/interests (having lived in smallish Manhatan apartments in the now distant past and having to juggle a few bicycles, skis, guitar cases, etc.).
I don’t believe the $1.15M sale price for a minute on 2202, thinking it was more likely $1.038M (see the earlier thread). So, an extra 12% total for the extra square footage/gigger bathroom and 9 floors higher seems consistent with rough stability in underlying value.
As leveraged asset classes unravel, you’ll often see these intermittent stair steps of rough stability on the way down. Then another event happens that gives sellers an excuse to say, “It wasn’t my fault, no one could have foreseen this”, and that gives them to cover/fortitude to face their poor investment choice/admit error and cut their losses. Not everyone behaves this way, but you only need a critical mass of sellers to act like this to reset market levels, as markets are set at the margins.
149 square feet of closet is worth way more than $16k (I bet more like $50K) but value of a higher floor is at least $10K per floor. $90K would be a 8% drop.
Looks to me like you get a storeroom AND a much bigger hall closet with the option on the right.
The height matters greatly for these units because lower floors are closer to the bay bridge and higher floors have the very best views which are the biggest draws for these plans.
BobN is right. You get two extra closets; you people aren’t seeing the one in the foyer/entry hall.
UPDATE: According to tax records 425 1st Street #3102 was originally purchased from the sales office for $1,260,000 (7.5% above its recent resale).
Um, I don’t know why y’all are calling the closet in the unit on the right an “extra” closet — you’ll note the master bedroom HAS NO CLOSET. it appears to have an extra bath that looks exactly like a closet. = )
Regarding the odd units with the extra large closet: If they could have flipped the hall bath into that space they could have humongified bedroom #2.
The 06 plan has a wierd master closet too, it’s in the hallway.
Yes, 9 floors on that side makes big difference. It’s twice above the freeway and the balcony will be almost usable. Worth $100k in my book.
Still, it should cost you almost $6000 to rent it in order for buying to make sense. Given 3106 with city/bridge view goes for $4200, that’s not likely.
Not a fan of One Rincon Hill but I gotta give this sale it’s props. Sold for only less than 10% under the original sales price from early 2007! Since late 2008, anything that gets sold for under 10% from its peak, is actually pretty darn good.
Am i reading this correctly, Socketsite?
Only 2 units left at Hayes
70% Sold at Arterra
5 homes left at One South Park
75% sold at Rincon Hill
60% sold at Infinity with 100 in contract
7 units left at 170 King
20% Blu
75% Soma Grand
10% Millennium
Can this all be true that all these new developments in the market, even with the economy; SOMA/South Beach sales has been brisk?
60% for phase 2 Infinity only right? Anyone know where phase 1 stands?
Infinity is on fire right now, selling more than one per day over last four weeks.
it appears to have an extra bath that looks exactly like a closet. = )
Something to do with the bidet police, I suspect.
“Sold for only less than 10% under the original sales price from early 2007! Since late 2008, anything that gets sold for under 10% from its peak, is actually pretty darn good.”
ORH started selling in July 2006 not early 2007. 3102 would have sold for $1K/sq.ft. late 2007.
either way but SOMA is hot hot hot hot!!!!
As someone who does not live on soma (I’m in the mish), I gotta admit that I’m warming up to the place. 2 weeks of out of town family visiting; their hotel in soma; running back and forth constantly- I saw more and more interesting restaurants, etc make their appearance. And Folsom 6-13st has always been cool.
As these towers get closer to selling out, and once the new transbay terminal and Folsom becomes a pedestrian mall (I know…probably years from now) soma will be pretty sweet! I think it will turn put to be a wise RE investment 5-8 years from now, and people will look back on these days of soma struggling with nostalgia.
keep dreaming.. rates may be low for a long time, but the corruption in the mortgage market is over..
Apropos of the feeling that SOMA is destined for better times is this quote:
“It is evident to the close observer that the proposed new [real estate development] at Third and Townsend streets, with its greatly increased facilities, will accommodate a great and important area which is building up rapidly and will unquestionably improve materially.”
–Charles S. Fee, Passenger Traffic Manager of the Southern Pacific Railroad, upon announcing plans for San Francisco’s extravagant new $500,000 Mission Revival style depot in SOMA in 1912.
Waiting, waiting…
Don’t worry, some all cash buyers will swoop in and… oh, never mind…
She’s also been taking a handful of all-cash buyers on tours of expensive new properties in San Francisco, including the Infinity and One Rincon Hill condominiums, and has every intention of playing the developers against each other to secure the best deals. “In this market, the buyer’s broker rules,” she said.