It’s a One Rincon address with two days on the market and three bedrooms (and baths). Purchased for $2,019,000 ($1,037 per square foot) in September 2008, 425 1st Street #3004 is back on the market and asking $1,998,000 ($1,026 per square) today.
∙ Listing: 425 1st Street #3004 (3/3) 1,947 sqft – $1,998,000 [MLS]
Hmmm… I’m going to go out on a limb and predict that this will sell for less than 1000/sqft.
I actually really like this unit (I’ve been in this floor plan but I don’t think it was this unit).
it is very livable, and I like the views as well.
as with all the ORH units, I think the bathrooms and bedrooms are oversized compared to the LR/DR/kitchen areas, but at least here it works out better (unlike the 1 and 2 BR plans).
I’m always flabbergasted by SF pricing, so I have a hard time commenting on it. That said, it seems hard to believe that this unit would still sell for north of $1k/sq ft, especially given what’s going on in the markets (RE, equities, etc).
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only caveat: I may be confused but picture #24 shows a southern view of Sutro tower. I don’t recall this unit having that view. So maybe I’m wrong about liking this floorplan.
I still say the building is an eyesore and can only take a little solace in the fact that the second tower won’t be built.
Does anyone know the percentage of units sold in ORH? In the evening there are not too many lights on in the building so I’m guessing it is still struggling.
hmmm…I often drive across the bay bridge in the evening, and there are lots of lights on in the building.
For the curious, I’ve put a link to the floor plan in the URL above.
Er “below.” But it, uh, above this post. Just below the above post.
The second tower will eventually be built because people still approve and there is still money to be made building it. If the building were struggling then unsold inventory would be steeply discounted instead of being allowed to sit.
I’m not sure lights will tell you the story of how many of these units have sold. A fair amount of owners are only part time users of the building, and thus their units will be dark at night.
I will say that the building is more lively than it was in the past. It seems a mixture of owners and renters and full timers and part timers. in general the people seem quite friendly and I know of a few friendships that have budded in the building.
In the past, I never saw anybody in the elevators ever. now, it is pretty common to have one or sometimes two groups of people share the elevator. This is a big change. (given how many units there are, i’d guess that more people should be sharing the elevator if the building was at max capacity, but there is noticeable change).
Nice floor plan. 38C at the Infinity sold north of 2 million recently so they may very well find a buyer. (It was a 3/2 and 300 square feet smaller.) Of course many feel that Infinity is a far superior building…
On T2 for ORH, it’s going to be a really long time before it gets built. Best case scenario in my mind is 3-5 years. Worse case is 10 plus years. (Of course unless it is totally scrapped and never happens.)
I recently spoke to the sales office and was told between 85% and 90% of the building in sold (about 40 units remain of 376). I checked with the valet parking and they had similar numbers. Reportedly, there is nothing in the mid and lower floors and the 1 bedrooms are essentially gone. As an owner, I appreciate that ORH did not throw us under the bus and do a “Slash and Burn” sales effort. The was possible only because of the delay in building Tower 2. The 2nd tower will eventually be built, but not for several years when it is more economically feasible.
Ex Sfer,
This unit has two balconys (North and East). That west photo would have been taken from the North balcony.
jimyleo – it won’t matter if they didn’t do slash and burn if the Infinity, Brannan and Watermark are slashing and burning – which we have been seeing. it also won’t matter once your ORH neighbors find themselves under water when they need to re-sell and they are forced to slash and burn if they need to sell. the market is the market no matter how hard the sales office tries to hold it off.
Reasons why I LOVE One Rincon Hill
#1) Empty lot next to the building. Everyone complains about open space. Over at ORH, we have plenty of Open Space. Look next to us, across the street and a half block down, all empty lots to enjoy open space. Plenty of gravel to play with.
#2) Our small gym. Who doesn’t like the smell of 10 people in 1 small room with 3 equipments.
#3) LOCATION, LOCATION, LOCATION: Freeway, freeway, freeway. No wait to jump on the bridge.
#4) Outdoor pool. Who cares if it’s next to the freeway. It’s outdoors! California is always in the high 80’s especially San Francisco!
#5) Management/HOA is against animals. Who wants a dog in the city? They belong in Vallejo/Rihcmond
#6) Price. I don’t care that better buildings in the area are cheaper. Those who bought their unit from a flipper before they closed got the best deal possible. I do not believe what Socketsite says. No way prices are 30-35% cheaper. There’s 13 units for sale at ORH and I bet they will all go above asking and get sold quickly.
#7) My Ikea desk fits nicely in my kitchen. Perfect with my Rainbow Bright artwork.
#8) It’s a beautiful building. I am trying to submit it to the Phaidon Top World Building list. I sent them multiple pictures of ORH but haven’t heard back. – They must be real busy.
^ I’m actually quite surprised by #5. Is it true that no pets are allowed at ORH?
I appreciate that ORH did not throw us under the bus and do a “Slash and Burn” sales effort.
It your fellow ‘buyers’ that you have to worry about. Looks like Unit 3908 (1/1, 755 sq.ft.) was taken back by Well Fargo on April 16, 2010. Coming soon…
Unit 904 (1/1 605 sq.ft.) received a NOD on April 14, 2010.
I spent some time crawling One Rincon on the SF Recorders website. There is plenty of Countrywide financing in this building. Anyone have some insight into the types of loans they were underwriting the first half of 2008 (before being acquired by BofA)? I’ve got a feeling the worst is yet to come…
How funny huh!, One Rincon Hill was selected as one of the world’s Best Tall Buildings 2008 buildings in 2008 by the Council of Tall Buildings and Urban Habitat
http://www.ctbuh.org/Publications/BooksReports/AwardsBook/tabid/753/language/en-GB/Default.aspx
Of course, they are noted experts, and you are not.
And, no, #5 is not true.
How do I join the EBGuy Fan Club? His research is the type of information Real Estate “professionals” SHOULD be providing to clients instead of feel good slogans and boosterisms.