Listed by the sales office for $1,295,000 this past December, the sale of 425 1st Street #3906 closed escrow last month with a (just now) reported contract price of $960,000 ($775 per square foot) for the One Rincon Hill 1,238 square foot high-floor two-bedroom.
As plugged-in people might recall, tax records suggest the same floor plan but twenty-six floors below (#1306) was sold by the sales office for just over $975,000 in 2006 and then resold for $930,000 this past June.
The re-sale of 425 1st Street #806 has been on and off the market since April 2009 and is currently asking $899,000.
UPDATE (3/4): The sales office list price for 425 1st Street #3906 on the first day of sales in 2006 (after which prices were raised) was $1,195,000.
The first day list price for #1306 was $905,000 (note the not first day sales office sale price of just over $975,000). And the first day list price for #806 was $855,000.
∙ An 06 Comp (In More Ways Than One) At One Rincon Hill [SocketSite]
∙ Listing: 425 1st Street #806 (2/2) 1,238 sqft – $899,000 [MLS]
∙ First Impressions: One Rincon Hill Sales Center [SocketSite]
Stunning. The owner must’ve lost about 30% from 2007 price. Right in line with 2307 which was sold for $560k. I wonder what 4807 will go for.
If the floor premium has somehow dropped to $3K per floor, 1306 would be worth $880, a loss of a “mere” $50K in 6 months.
So best case, it cost the happy new owner of 1306 at least ten thousand dollars a month to live in a two bedroom condo on the 8th floor next to the freeway. I’m sure he told everyone what a “great deal” he got, and how far off it was from the original price, etc.
this comp will obviously hurt valuations of condos in this building, but it’s also not a surprise.
The 5 stack in this floor range went in the $800’s initially, NOT including the floor upgrades, the blinds, and other upgrades that easily cost 10’s of thousands of dollars. And those are only 1 BR and they had around 714 sq ft if memory serves. (I could be wrong about that)
this above condo might be 1238 sq ft but it feels much much smaller than that, I’m surprised it’s that much. A lot of wasted space with hallways and big bathrooms. Leads to a very cramped LR/DR space, although at least you can put a DR table in unlike other “luxury” condos around
in the end, many of these condo buildings were billed as “luxury” but in the end there isn’t that much that is luxurious about them.
the views from those units are incredible.
I know that I tend to carp about bathrooms, but ex-sfer’s comments made me look at the plan. Why does a 2 BR condo need two bathtubs and three bathroom sinks? To me it is a ludicrous waste of space, when space is very tight. I would much rather have that extra square footage in living space.
Describing this building as “next to the freeway” is silly. Units on this side have the bulk of the building blocking bridge noise, and prevailing winds blow exhaust from the freeway toward Hunters Point and Oakland. Maybe One Rincon Hill is not for you, but lots of people like it, especially at the increasingly realistic price points that we are seeing. Because of the location, even at this relatively low floor there are views, and the amenities like the pool area are quite pleasant.
Owners in the building are getting burned by the bubble bust, but that was pretty much inevitable since there was a mad rush to buy when units were first made available and the bubble market was hot. Projecting how this owner felt about prices is a little much. It was common for people to brag about projected future prices and being able to get in the door, but winner’s curse was visible in pricing from early on.
Mole man: this unit is on the 39th floor! It’s not low.
I have a lot of personal experience in the units around this floor in this building facing this direction, both lower and higher than the 39th floor.
There is no way you can smell the highway this high up. That said, most of the windows only open a very small crack anyway. It is quite windy, so the balconies are not very usable, BUT you can open the door to get a better breeze compared to the units that don’t have a balcony. it is rather loud on the balconies even this high up due to highway noise and more importantly wind noise.
The highway noise is easily audible even above the 40th floor even with the windows closed, but you get used to it quickly… it’s sort of a “white noise” and it is not very loud. I can fall asleep easily without problem.
looking down on the highway isn’t as bad as I thought it would be. The 5 and 6 stack have views directly down the highway. During the day it’s pretty ugly (SF is kinda ugly to look at in the day) but at night it’s quite pretty with all the headlights/tail lights twinkling and moving.
the coolest unexpected thing about these units: when the fog rolls in it often rolls in under the 40th floor first, so you get a REALLY cool view of the clouds moving in UNDER you. then they creep up the building.
worst unexpected thing: these units get a lot of sun and it quickly boils in the units, thus Air Conditioning is a must or you have to close your shades, which is dumb since you’re paying for the view.
overall: although I’ve never been a big fan of ORH, the views are great and living there works fine. I wouldn’t call much about it luxury, and that is the really the biggest problem (luxury pricing for what are in essence pretty basic condos).
if these were priced in the 700k range for 2 BRs and 500k range for 1BRs I would crow about them, because they’d be affordable practical housing in a not-so-great location that served a great purpose.
I don’t know how much more “next to the freeway” ORH could be. Saying it ain’t is like saying Joan Rivers hasn’t had any work done. She’s just aged gracefully and in a manner that had defied gravity.
ORH is okay and its okay that its next to the freeway if that’s your cup of tea.
Ummm…ORH is about as close to the freeway as you can get without being directly onto one of the lanes. To say it isn’t is just plain ridiculous.
Anyway, I toured this floor plan somewhere in between the 30th and 40th floor and I can confirm ex-Sfers observation that it is pretty noisy on the balcony even from that high up. I didn’t mind the configuration although the supporting beam does eat into your living space. The best thing about this unit is the glass wall views from the kitchen. Very cool. Anyway, I do think the ORH floorplans are generally way better than Infinity but unfortunately the location blows.
Actually, if I really liked this hood (which I don’t) I’d buy one of the townhomes. One is currently listed for 925K and it’s over 1500 square feet. Way better value. Views are great but I’d take the extra 300 square feet.
“ORH is about as close to the freeway as you can get without being directly onto one of the lanes.”
Well, it is possible to be a little closer.
For all those whining about being on top of the freeway, at least the residents do not need to wait to get onto the Bay Bridge. This saves around 30 mins in traffic on a busy weekday. Imagine cutting all those cars that’s been idling for an hour and getting right into their lane from the driveway of ORH. Makes me feel special.
Who cares about the 2nd tower. It’s better to have an empty lot next to us. Hopefully we can somehow break down the fence and let our dogs piss and poop over there.
As for the gym, we do not need a 5,000 sq feet gym. Using our 200 sf room is perfect. We call it neighborly bonding. You really get to know your neighbors when there’s 10 people waiting in the room. (I got to know Recent ORH Buyer really well. We are “buddies”!!!)
I’m glad they are still 75% sold. At least the elevator is usually empty.
I’m not worried about a 25% price cut. I bought at One Rincon Hill because I love the location and access to the Bay Bridge On Ramp. Plus I plan to live in my 1 bedroom 650 sf condo for the rest of my life. I did not buy it as an investment.
Your truly,
Huh!
The point isn’t that the freeway isn’t close, obviously. The issue is how people react when looking at possibly buying and what matters.
On the negative side remarks that I have heard commonly come up are “too small” and “unimpressive kitchens” and “not enough closet space” and “generic condo box”. On the positive side are remarks about the views, attractions of Rincon Hill, the outdoor space, and so on.
The only mention one ever hears of “near the freeway” or “near a gas station” or “missing second tower” is from critics who are either critical of the property market mess as a whole or who have some kind of competitive thing going on since they bought at Infinity or wherever else nearby. It makes sense that people shopping anywhere South of Market are either tolerant of traffic or limiting their search to units facing alleys or side streets. This location is also near to and has views of the waterfront, downtown, South Park, Mission Bay.
“in the end, many of these condo buildings were billed as “luxury” but in the end there isn’t that much that is luxurious about them.”
I scratched my head when seeing that the guest bedroom has the balcony and the master bedroom doesn’t. In addition to the weird hallways in this stack that waste a bunch of space, just a badly designed stack if you ask me.
The best thing about my unit at One Rincon Hill is that it fits my Ikea dinning table.
huh – best response of the post (both of them!) – Thank you. I realize some bought expecting to flip but I hope most people living in the building enjoy it as much as you do. Cheers!
@huh: it’s spelled dining..not dinning.
@noearch: Dont be a d!ck, everyone makes typing mistakes. Even you have errors on your website, so don’t waste time posting because somebody adds as extra “n”. Thannk you.
Yeah Doug Shoemaker, don’t be a dick. Don’t hate because I live in the tallest building west of the Mississippi.
I have the concierge at One Rincon Hill posting these messages for me on Socketsite, so spelling is not their thing. It’s a great use of my HOA dues.
With your expertise in design, how do you think I should upgrade my shoebox condo, Mr. Shoemaker?
As mentioned, I furnished my condo with top of the line Ikea furniture. I don’t care of the exterior of the building, I’m just so so happy I can fit a full table at my place.
Yours truly,
Huh!
huh:
you don’t live in the tallest building west of the Mississippi
you used to live in the tallest RESIDENTIAL-ONLY building west of the mississippi.
That designation later shifted to Millenium.
(ORH:641 ft. Millenium 645 feet).
however, as with all things “tall”, Millenium’s top floor is actually at 592 feet, the roof is 605, and the antenna is 645.
before you cry foul, ORH has been measured as being 605 up to 641 feet depending on what you count (especially since you have those partially underground levels)
most people use the 641 ft figure, including Emporis
===
it doesn’t matter anyway because The Austonian in Austin Texas is the tallest residential tower West of the Mississippi.
it’s top floor is 607 ft, roof is 622 ft, and antenna 683.
It does look like the ’06’ units haven’t fared so well. However, the “freeway” side of the building paints a slightly different picture.
4202, a 2/2 facing the bridge, sold for $1.2m in early December 2009. 4402, also a 2/2, sold around the same time for $1.4m. These are not too many floors removed from 3906 featured here. However, not surprized these two didn’t get any coverage on SS as they would be a positive R.E. story.
ex SF-er: ORH is the tallest residential (only) building in SF. Millenium has commercial space at ground level.
UPDATE: The sales office list price for 425 1st Street #3906 on the first day of sales in 2006 (after which prices were raised) was $1,195,000.
The first day list price for #1306 was $905,000. And the first day list price for #806 was $855,000.
ex SF-er, please do not rain on my parade. The sales office at One Rincon Hill told me that we are in the tallest west of Mississippi.
Everyone who’s bashing One Rincon Hill is just jealous of the fabulous location, beautiful exterior and our wonderful gym.
Living at One Rincon Hill is priceless.
@huh:
You really need to get a life.
You remind me of the definition of a puritan by Mencken: “The haunting fear that someone, somewhere, may be happy.”
@annony – let me mark you down as 1 of the haters.
10 years from now, people are going to look up at One Rincon Hill and say to themselves, “Gosh, I wish I lived up there.”
It’s a wonderful life up here, just ask my new BFF -Recent ORH Buyer.
Okay, we get it, you like the place, that doesn’t mean others will.
People love that Stanley Saitowitz on Folsom, I think its just okay, but thats why people buy different things. To say one is better than the other (especially when comparing ORH to Infinity) is just ridiculous.
Folks, Austin, Texas now has the tallest all-residential building west of the Mississippi:
http://en.wikipedia.org/wiki/Austonian
i don’t get why it matters to be the tallest pure residential building west of a river.
Some people find ranked lists to be fun things to talk about, others do not. C’est la vie.
Paging Dr. Freud…
LOL..you still spelled it wrong.
Well you know what the saying goes; Guys who live in the tallest buildings usually have bigger d****!
For the record, huh! and huh speaks for himself/herself and have no connection to me. I’m surprised that this is the type of content the editor simply let’s drag on and on. Slow news day?
Not sure what’s funnier – huh!’s antics, or the people taking them seriously. Although sarcasm is often lost in translation in blogland.
I’m currently looking out the window at One Rincon Hill. The left lane of the bridge is a little slow, there is a slow moving truck. This is 1 of the pluses of my unit. I’m “plugged” into the Bridge’s traffic.
Please let me know if anyone needs any traffic updates.
I’m on the 10-15th floor and I feel like I’m on top of the world.
Yours truly,
Huh!
Mockery is indeed the highest form of flattery.
Huh!: Let me know if those prevailing winds up there are blowing the exhaust fumes to Oakland and Hunters Point!
🙂
Willow,
The smell of fumes is actually a little intoxicating -Very enjoyable. Makes my partner very h**ny!
Yours Truly,
Huh!
It is interesting how serious you critics are with your trivialization. Try standing along Bryant at Delancey during rush hour and you’ll hear and smell what I mean. That’s a very different experience from being by the pool at ORH. Since it can’t possibly be prevailing winds then maybe a magic spell causes the difference? Perhaps the massive hordes of violent homeless prevented you from even walking around there?
This building is really interesting. It is sad that all you can comprehend is how close it is to the freeway. Point scoring and internet gamesmanship may be fun, but does it really add value? Really?
It is interesting how serious you critics are with your trivialization.
Do you really think so? I think some soul has been lost. Too many people don’t care about a single thing other than mockery on here.
I agree with anonn. I do not appreciate people poking fun or mocking One Rincon Hill.
The location at One Rincon Hill is almost unbelievable and speechless.
I feel very special to live at One Rincon Hill. Do you think I really care that the sales office cut prices by 25%?
Yours Truly,
Huh!